Members of TT Club and UK P&I Club voted in favor of merging the two organizations on October 7 and 8, 2026. This merger is designed to create the first joint transport insurance that covers the entire supply chain of goods. The new group will include maritime, logistics, ports, and terminals industries.
Details of the Merger
The voting on the merger took place during special general meetings of the two clubs, and the voting process began in September 2026. This merger will be effective from February 20, 2027, and is subject to regulatory approvals. This voting marks an important milestone in creating a united group that will have a distinct competitive edge in the marine insurance and logistics markets.
The UK P&I Club, as one of the largest marine insurance entities, insures over 250 million tons of cargo belonging to its members, while TT Club covers 80% of the world's container fleet and has insurance interests in over 70 of the top 100 ports worldwide. This new organization anticipates its annual revenue to reach approximately 750 million dollars and its free reserves to reach about 888 million dollars. It is also expected that this merger will contribute to a 5% improvement in the combined ratio.
Challenges and Opportunities
In a context of geopolitical uncertainties, rising claims costs, rapid technological changes, and increasing competition in specialized skills, this merger uniquely positions these two clubs to assist their members in facing complex and interconnected risks. The merger of these two clubs will create larger scale, financial strength, and resilience that will help provide long-term value for members.
Members of the clubs will benefit from leading market technical expertise, greater access to specialized knowledge and technologies, and broader resources and distribution networks across the supply chain. These will be supported by the combined depth of the clubs in insurance, claims, and risk prevention.
Both clubs will retain their names and brands, and members will continue to support their existing insurance, claims, and service teams. Each club will have its own dedicated committee to ensure close oversight of their activities.
John Walker, Chairman of the UK P&I Club, stated: “Members have decisively voted for this merger, and I appreciate their support. This is a historic moment for both clubs.”
Morten Engelstoot, Chairman of TT Club, also said: “This merger is a natural evolution of a relationship built on shared values. Our members know that the risks present in their businesses are increasingly interconnected with adjacent industries.”
The parent company of this group will be called United Transport Mutual Limited (UTM) and will provide governance, financial strength, and stability to support the clubs. The UK P&I Club and TT Club will independently shape their insurance products and approaches.
Andrew Taylor, CEO of UK P&I Club, concluded: “United Transport Mutual is designed so that each segment of the group can perform at its best.”
