The members of the UK P&I Club and TT Club have approved a merger of the two mutuals, TT Club announced on 8 October. Voting opened in September and ended at separate Special General Meetings on 7 and 8 October. The clubs said members voted "strongly in favour" but did not publish the percentages.
The combined group will have premium income of about US$750 million a year and free reserves of about US$888 million, according to the announcement. The UK P&I Club insures more than 250 million tonnes of owned and chartered ships. TT Club covers 80% of the world's container fleet and has an insurable interest in more than 70 of the world's 100 largest ports. The clubs expect the merger to improve the combined ratio by 5% overall.
A new parent company, United Transport Mutual Limited (UTM), will hold both clubs, which keep their names and brands. Niels Smedegaard becomes chairman of UTM, with the two club chairmen, Morten Engelstoft and Jan Valkier, as co-chairs. Andrew Taylor moves from the UK P&I Club to become chief executive of UTM. William Beveridge succeeds him at the UK P&I Club, and Kevin King stays as chief executive of TT Club.
The merger is due to take effect on 20 February 2027, subject to regulatory approval. In a related step, the shareholders of Thomas Miller, the manager that both clubs share, accepted a joint acquisition offer from the clubs in September. UTM will be the parent of that business, and the clubs expect regulatory approval for the acquisition in the coming weeks.
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TT Club ↗Company · 8 Oct 2026
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