Members of the UK P&I Club and TT Club have voted in favour of a merger that will bring together two mutual insurance organisations serving different parts of the global transport industry.
The UK P&I Club provides protection and indemnity insurance for shipowners and charterers, while TT Club specialises in insurance and risk management for businesses involved in transport and logistics. The proposed combination will establish a group covering the cargo supply chain, from shipping and port operations to terminals and wider logistics activities.
The Clubs confirmed the outcome following separate Special General Meetings held on 7 and 8 October. The votes followed a member consultation and voting process that began in September. Subject to regulatory approval, the merger is due to take effect on 20 February 2027.
According to the two organisations, the merger will bring together their respective insurance portfolios, technical capabilities and industry relationships within a single group structure. The UK P&I Club currently insures more than 250 million tonnes of owned and chartered tonnage, while TT Club provides cover for 80% of the world’s container fleet and has an insurable interest in more than 70 of the world’s top 100 ports.
The Clubs estimate that the combined group will generate annual premium income of approximately USD $750 million and hold free reserves of around USD $888 million. They also forecast an overall 5% improvement in the combined ratio following the merger.
The organisations cited geopolitical uncertainty, rising claims costs, technological developments and competition for specialist expertise as factors shaping the operating environment for transport insurers. They said combining their operations would provide a broader base of technical knowledge and financial resources to address risks affecting multiple stages of the cargo supply chain.
The Clubs expect the enlarged organisation to provide members with access to a wider range of specialist expertise, technology and distribution channels. Their existing capabilities in underwriting, claims handling and loss prevention will form part of the combined group’s operations. The stated objective is to strengthen the support available to members while maintaining the specialist services associated with each Club.
Despite the merger, the UK P&I Club and TT Club will continue to operate under their established names and brands, retaining their individual positions in the market. Both organisations will maintain their existing underwriting, claims and service teams, allowing members to continue dealing with familiar contacts. Separate Club Committees will provide oversight for each organisation within the wider group.
Jan Valkier, Chairman of the UK P&I Club, commented: “Our Members have given a clear and resounding endorsement to this merger, and I thank them for their support. This is a landmark moment for both Clubs. Together we will create a group that is genuinely different from anything else in the market, with the scale, financial strength, insight and investment capacity to meet an increasingly complex and connected risk environment. Members will continue to work with the people they know and trust, and the UK P&I Club remains firmly committed to the International Group, which is a cornerstone of our identity.”
Morten Engelstoft, Chairman of TT Club, added: “For more than 50 years the TT Club and the UK P&I Club have worked side by side, so this merger is a natural evolution of a relationship built on shared values. Our Members recognise that the risks facing their businesses are increasingly interconnected with adjacent industries. By combining our expertise across ships, ports, terminals and the wider supply chain, we can offer broader knowledge, deeper technical insight and greater access to specialist talent and technology, while preserving the specialist, club-level service and distinct identity our Members value.”
The new group’s parent company will be United Transport Mutual Limited (UTM). The Clubs said the company will oversee group governance and provide shared resources, financial support and operational platforms. Responsibility for individual insurance products, underwriting strategies and member services will remain with the UK P&I Club and TT Club.
UTM will also become the parent entity for the proposed acquisition of Thomas Miller Holdings. The acquisition follows the acceptance in September of a joint offer from the Clubs by Thomas Miller’s shareholders. The organisations expect regulatory approval for the transaction in the coming weeks.
Governance arrangements for UTM will include representatives with executive and non-executive experience from both Clubs. Niels Smedegaard, who has served on the boards of the UK P&I Club and TT Club, has been appointed Chairman, with Jan Valkier and Morten Engelstoft taking on co-Chair roles. Simon Beale and Marcus Hine will also join the parent company’s board.
As part of the leadership changes, Andrew Taylor will become Chief Executive Officer of UTM. William Beveridge will succeed Taylor as Chief Executive Officer of the UK P&I Club, while Kevin King will continue in his role as Chief Executive Officer of TT Club. The appointments, alongside other changes at executive level, will be implemented in stages as the merger progresses.
Taylor noted: “United Transport Mutual has been created to let every part of the group do what it does best. By bringing the management business into mutual ownership, value that previously left the Clubs will now be retained within the group and reinvested for Members, in the people, expertise, service and technology that will define the mutual of the future.”
The Clubs said they intend to manage the integration in stages, with consideration for members, customers and employees throughout the process. They confirmed that the merger will not alter existing day-to-day arrangements for members, brokers or clients.
