The members of the two Protection and Indemnity clubs 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 with cover for 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 20th 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.
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.
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
