TT Club and UK P&I Club members approve merger to create the first transport mutual to span the cargo supply chain

Members of the UK P&I Club, and the TT Club have voted strongly in favour of merging the two organisations to create the first transport mutual to span the entire cargo supply chain. Together, the group will cover maritime, logistics, ports and terminals industries.  

Approval was confirmed at the Clubs’ separate Special General Meetings held on 7th and 8th October, following a Member voting process that opened in September. The merger will take effect from 20^th February 2027, subject to regulatory approvals. 

The vote is a significant milestone in the creation of a united group that is competitively distinct in the maritime and logistics insurance markets. It brings together the UK P&I Club, which insures more than 250 million tonnes of owned and chartered tonnage, and the TT Club, which 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 combined organisation will have annual premium income of around US$ 750 million and free reserves of around US$888 million. The operation is expected to generate a 5% overall improvement in the combined ratio.  

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. Merging the Clubs will create greater scale, financial strength and resilience to deliver long-term value for Members. They will benefit from market-leading technical expertise, greater access to specialist knowledge and technology, and a wider pool of resources and distribution networks across the transport chain. These will be backed by the Clubs’ combined depth in underwriting, claims and loss prevention.  

Both Clubs will retain their names, brands and market positions, and Members will continue to be supported by their existing underwriting, claims and service teams. Each Club will have its own Club Committee to provide focused, club-level oversight. 

Jan Valkier, Chairman, 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. 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, TT Club, said:

“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 Group’s parent company will be called United Transport Mutual Limited (“UTM”) and it will provide governance, capital strength, stability and shared platforms to support the Clubs. The UK P&I Club and TT Club will continue to shape their own products, underwriting approach, and Member proposition.    

UTM will also serve as the parent entity for the acquisition of Thomas Miller Holdings, following the acceptance in September by Thomas Miller’s shareholders of the Clubs’ joint acquisition offer. Regulatory approval for the acquisition is expected in the coming weeks  

UTM will be led by a parent board drawing on the executive and non-executive expertise of both Clubs. Niels Smedegaard, who has served on the boards of both the UK P&I Club and the TT Club, has been appointed Chairman alongside Morten Engelstoft and Jan Valkier as co-Chairs. Simon Beale and Marcus Hine also join the UTM board. Andrew Taylor becomes Chief Executive Officer of UTM. William Beveridge succeeds Andrew Taylor as Chief Executive Officer of the UK P&I Club, and Kevin King remains Chief Executive Officer of the TT Club. These appointments, alongside other executive-level changes, will take effect as part of a phased transition as the merger progresses.  

Andrew Taylor, CEO, UK P&I concluded:

“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’ leadership is committed to ensuring a carefully managed transition for its Members, customers and employees. There will be no change to the day-to-day arrangements with Members, brokers and clients. 

 

– ENDS –

Notes to Editors  

About UK P&I Club 
    
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 270 million tonnes of owned and chartered shipping through its international offices and claims network. ‘A – /Stable’ rated by Standard & Poor’s, the UK P&I Club is renowned for its specialist skills and expertise in underwriting, claims handling and loss prevention services. 
   
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.www.ukpandi.com 
 
About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. Its mission is to make the industry safer, more secure and more sustainable. Established in 1968, TT Club currently services more than 1400 Members – container owners, operators, ports, terminals and logistics companies, working across maritime, road, rail and air. The Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. Its average annual customer retention rate is consistently over 95%, with some Members having chosen to insure with the Club for over 50 years.    

About United Transport Mutual

United Transport Mutual (UTM) will facilitate one stronger mutual Group, comprising of distinct Clubs in the transportation and logistics industries that are united by a vision to enable safe, secure and sustainable global trade.

The Group will be grounded in mutuality that dates back to when shipowners who could not obtain the cover they needed created it for themselves. This heritage is evidenced by: UK P&I Club, founded in 1869, a pioneer of protection and indemnity insurance for more than 150 years; TT Club, the world's leading transport and logistics mutual since 1968; and a wider family of specialist mutuals and professional services businesses serving the maritime, transport and related sectors.

UTM will provide the legal, governance, and regulatory framework for the combined organisation. This includes responsibility for group strategy, approving capital frameworks, monitoring risk appetite, overseeing regulatory compliance, supervising financial, performance and ensuring that the combined Club remains resilient, well governed and aligned with Members’ long-term interests. It is also responsible for matters where a group-wide approach is necessary, including reinsurance purchase, financial reporting, major corporate decisions and the operation of shared functions.

This co-ordination of capital strength, shared platforms and collective resource allows the Clubs, mutuals and specialist businesses within the Group to perform at their best, both independently and in combination.