- UK P&I Club and TT Club members have approved a merger effective February 20, 2027, subject to regulatory clearance, creating a transport insurance mutual covering maritime, logistics, ports and terminals.
- The combined group will generate approximately $750 mn in annual premium income and hold $888 mn in free reserves, with an expected 5% improvement in its overall combined ratio.
- United Transport Mutual will become the parent company of both clubs and oversee the acquisition of Thomas Miller Holdings, while each insurer retains its brand, market position and existing service teams.
Members of the UK Protection and Indemnity Club (UK P&I) and TT Club have approved a merger that will create a global transport insurance mutual spanning maritime operations, logistics, ports and terminals, with approximately $750 mn in annual premium income.
According to BestWire, the two organizations received member approval at separate special general meetings held on October 7 and 8, 2026, following a voting process launched in September. The merger is scheduled to take effect on February 20, 2027, subject to regulatory approvals.
UK P&I described the proposed combination as “the first transport mutual to span the entire cargo supply chain,” bringing together two established specialist insurers with complementary positions across international shipping and logistics.
UK P&I currently insures more than 250 mn tons of owned and chartered shipping tonnage. TT Club provides insurance coverage for 80% of the world’s container fleet and maintains an insurable interest in more than 70 of the world’s 100 largest ports.
The combined organization is expected to hold free reserves of $888 mn and achieve a 5% overall improvement in its combined ratio, reflecting anticipated benefits from the integration.
“Against a backdrop of geopolitical uncertainty, rising claims costs, rapid technological change and intensifying competition for specialist skills, the merger uniquely positions the clubs to support members in navigating a risk landscape that is more complex and operationally connected than ever before,” UK P&I said.
Both mutual insurers will retain their existing names, brands and market positions. Members will continue receiving support from their current underwriting, claims and service teams, while separate club committees will maintain oversight of each organization’s activities.
The parent company will operate under the name United Transport Mutual(UTM), providing group-level governance, financial strength and shared operational platforms.
UTM will also serve as the parent entity for the acquisition of Thomas Miller Holdings, following the acceptance of a joint acquisition offer by Thomas Miller shareholders in September.
The offer was submitted through TMH Bidco, a special purpose vehicle owned by UK P&I and TT Club, the two mutual insurers currently managed by Thomas Miller.
TMH Bidco submitted its final acquisition offer in June 2026, the same month the clubs signed a framework agreement formally committing to their proposed merger.
Regulatory approval for the Thomas Miller acquisition is expected in the coming weeks. UK P&I Chief Executive Officer Andrew Taylor said the transaction should be completed during the fourth quarter of 2026, subject to regulatory clearance.
“Our members have given a clear and resounding endorsement to this merger, and I thank them for their support,” said Jan Valkier, chairman of UK P&I Club. “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.”
Valkier also reaffirmed UK P&I’s commitment to the International Group of P&I Clubs, describing membership in the organization as “a cornerstone of our identity.”
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,” Engelstoft said. “Our members recognize that the risks facing their businesses are increasingly interconnected with adjacent industries.
Morten Engelstoft, chairman of TT Club
United Transport Mutual will be governed by a parent board combining executive and non-executive expertise from both clubs.
Niels Smedegaard, who has served on the boards of both UK P&I and TT Club, has been appointed chairman of the new parent organization. Engelstoft and Valkier will serve as co-chairs, maintaining representation from both mutual insurers within the group’s leadership structure.
