Members of the UK P&I Club and TT Club have approved a merger to bring the two mutual insurers together.

The merger was approved at separate Special General Meetings on 7 and 8 October and is scheduled to take effect on 20 February 2027, subject to regulatory approvals. The combined group is expected to generate annual premium income of around US$750m, with free reserves of approximately US$888m.

The UK P&I Club insures more than 250 million tonnes of owned and chartered tonnage, while TT Club insures 80% of the world's container fleet and has an insurable interest in more than 70 of the world's top 100 ports. The merger is expected to deliver a 5% overall improvement in the combined ratio.

Both Clubs will retain their names, brands, market positions and existing member-facing teams, with separate Club Committees providing oversight.

Jan Valkier, chairman of the UK P&I Club, said: “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.”

Morten Engelstoft, chairman of TT Club, described the merger as “a natural evolution of a relationship built on shared values”, adding that combining expertise across ships, ports, terminals and the wider supply chain would provide broader knowledge and greater access to specialist talent and technology.

The group's parent company will be named United Transport Mutual. UTM will also serve as the parent entity for the proposed acquisition of Thomas Miller Holdings, following shareholders' acceptance of the Clubs' joint offer in September. Regulatory approval is expected in the coming weeks.

Niels Smedegaard has been appointed chairman of UTM, with Engelstoft and Valkier as co-chairs. Andrew Taylor will become UTM chief executive, with William Beveridge succeeding him as chief executive of the UK P&I Club. Kevin King will remain chief executive of TT Club.

The transition is expected to be phased, with no change to day-to-day arrangements for members, brokers and clients.

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