UK P&I Club and TT Club Members Approve Merger to Create United Transport Mutual
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Members of UK P&I Club and TT Club backed the merger of both marine mutuals, which will give rise to United Transport Mutual Limited (UTM), an entity that will cover shipping, logistics, ports and terminals.
Voting Process
Approval came at separate extraordinary general meetings held on October 7 and October 8, following member consultations that began in September. According to Lloyd's List, the votes were overwhelmingly positive and there was no significant opposition. The merger is scheduled to take effect on February 20, 2027, subject to regulatory approval.
Scale of the Combined Group
UK P&I Club insures more than 250 million tons of owned and chartered tonnage, while TT Club covers around 80% of the world's container fleet and holds interests in more than 70 of the world's top 100 ports. The combined group is projected to generate annual premium income of about $750 million and free reserves of around $888 million.
Leadership Changes
Andrew Taylor will become CEO of UTM, while William Beveridge will succeed him as CEO of UK P&I Club. Kevin King will continue as CEO of TT Club, and Niels Smedegaard, who served on the boards of both clubs, has been appointed chairman of UTM. UTM will also become the parent company of Thomas Miller Holdings following the joint acquisition of the management company, which received more than 85% shareholder support in September and is expected to close in the fourth quarter of 2026.
Both organizations will retain their names, brands, underwriting teams, claims operations and separate club committees. TT Club Chairman Morten Engelstoft described the merger as a natural evolution of a relationship between the two entities spanning more than 50 years, and the clubs stated that members, brokers and clients will see no immediate changes to day-to-day service during the transition.
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