Members of the UK P&I Club and TT Club approved the merger of the two specialised mutual insurers, the first operating mainly in the maritime sector and the second with reference to the entire maritime and land logistics chain. The Voting took place at two extraordinary general meetings held on Wednesday and Thursday after a consultation launched in September.

The merger will take effect on February 20, 2027, subject to regulatory authorisations, and will create a group that covers mostly shipowners and charterers (UK P&I Club) and logistics, ports and terminals (TT Club) operators. The UK P&I Club secures over 250 million tonnes of owned and rented, while the TT Club covers 80% of the world's shipping container fleet and has interests insurable in over 70 of the world's top 100 ports. According to the two clubs, the group will have an annual bonus of around 750 million of dollars and free reserves of about 888 million.

The operation involves the creation of a parent company that will will call United Transport Mutual Limited (UTM) and guarantee governance, capital solidity and shared platforms. Both clubs will retain their name, brand, positioning and committees as well as underwriting, claims and support teams. Everyone will continue to define their own products and their own Recruitment policy. In addition, the UK P&I Club will remain in the International Group, the association that brings together the main P&I clubs in the world.

The operation will have a second part. Last June, in fact, the two clubs have submitted an offer to acquire Thomas Miller Holdings, the company that manages the UK P&I Club and TT Club and also controls other activities. Thomas' members Miller accepted the offer and completion The acquisition is expected in the fourth quarter of this year. UTM will also be the parent company of Thomas Miller.

The two clubs motivated the operation with the need to make Faced with a scenario characterized by geopolitical uncertainty, Rising cost of claims, rapid technological change, and competition for specialized skills.