Members of the UK P&I Club and TT Club have formally voted in favour of merging both organisations to establish the first transport mutual covering the entire cargo supply chain. The decision was confirmed during Special General Meetings on 7 and 8 October following a voting process opened in September. Subject to regulatory approvals, the combination will become effective on 20 February 2027 under a new parent entity named United Transport Mutual Limited (UTM), which will also serve as the parent body for the acquisition of management business Thomas Miller Holdings.
The consolidated entity unites the UK P&I Club, which insures more than 250m tonnes of owned and chartered tonnage, with TT Club, covering 80% of global container fleets and an insurable interest in over 70 of the top 100 ports. Financially, the joint organisation will generate an annual premium income of around US$750m, hold free reserves of approximately US$888m, and target an overall 5% improvement in its combined ratio. The expanded group will provide enhanced capital scale, underwriting depth, and distribution networks across maritime, ports, terminals, and logistics operations.
Both mutuals will retain their existing brand identities, individual market positions, and dedicated underwriting and claims teams, supported by independent Club Committees for club-level oversight. UTM’s governance will be led by Niels Smedegaard as Chairman alongside Morten Engelstoft and Jan Valkier as co-Chairs, with Andrew Taylor appointed Chief Executive Officer of UTM. Concurrently, William Beveridge will succeed Taylor as CEO of the UK P&I Club, while Kevin King remains CEO of TT Club, ensuring continuous management arrangements for members and brokers.