UK P&I Club and TT Club members approve merger
Members of the UK P&I Club and TT Club have approved the proposed merger of the two marine and transport insurance organisations, clearing a key stage in plans to establish a mutual insurance group covering shipping, ports, terminals and logistics.
The decision was confirmed following separate Special General Meetings held on 7 and 8 October 2026, after a voting process that began in September. The merger is scheduled to take effect on 20 February 2027, subject to regulatory approval.
The proposed combination brings together two insurers operating across different parts of the cargo supply chain. The UK P&I Club provides insurance for more than 250 million tonnes of owned and chartered shipping 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 100 largest ports.
According to the organisations, the combined group will have annual premium income of approximately US$750 million and free reserves of around US$888 million. They also expect the merger to deliver an overall 5% improvement in the combined ratio, a measure of underwriting performance.
United Transport Mutual to oversee combined group
The parent company will operate under the name United Transport Mutual Limited (UTM), providing group-level governance, capital management and shared operational platforms.
Despite the merger, UK P&I Club and TT Club will retain their existing names, brands and market positions. Each organisation will continue to determine its own insurance products and underwriting approach, supported by a separate Club Committee.
Existing underwriting, claims and service teams will remain in place, with no immediate changes to day-to-day arrangements for members, brokers and clients.
UTM is also intended to become the parent company of Thomas Miller Holdings following the acceptance of a joint acquisition offer by Thomas Miller shareholders in September. The acquisition remains subject to regulatory approval, which the organisations expect to receive in the coming weeks.
The planned acquisition would bring the management business into mutual ownership alongside the two insurance clubs.
Leadership appointments and transition plans
Niels Smedegaard, who has served on the boards of both clubs, has been appointed Chairman of UTM, with Morten Engelstoft and Jan Valkier serving as co-Chairs. Simon Beale and Marcus Hine will also join the parent company’s board.
Andrew Taylor, currently Chief Executive Officer of the UK P&I Club, will become CEO of United Transport Mutual. William Beveridge will succeed him as CEO of the UK P&I Club, while Kevin King will remain CEO of TT Club.
The leadership appointments will take effect through a phased transition as the merger progresses.
Commenting on the proposed structure, Andrew Taylor said the intention was to retain more value within the combined organisation and reinvest it in services, expertise and technology for members.
The clubs have indicated that the merger is intended to combine their underwriting, claims and loss prevention resources while maintaining separate operations and specialist services for their respective members.
Completion remains conditional on the necessary regulatory approvals.
