Shareholders in Thomas Miller Holdings have accepted a joint acquisition offer from UK P&I Club and TT Club at a rate exceeding 89%. The result advances a deal that forms one part of a two-stage consolidation across the managed mutual sector.
The offer was made on June 18 by TMH Bidco, a special-purpose vehicle established jointly by the two clubs. Completion is expected in the fourth quarter of 2026, subject to regulatory approvals that are currently in progress. Thomas Miller said its business continues to operate as usual in the interim.
As part of the transition, two TMH Bidco representatives will join the Thomas Miller Holdings board.
The Thomas Miller acquisition runs alongside a separate merger between UK P&I Club and TT Club. Both clubs entered formal merger discussions in November 2025, driven by growing pressures across global transport and maritime sectors. Among them are rising claims severity, regulatory scrutiny and more complex operational risk.
Both clubs have since signed a framework agreement committing them to the merger. Completion is targeted for February 20, 2027, subject to the required approvals.
Jan Valkier, chairman of UK P&I Club, said the shareholder response marked a step forward in the strategic ambitions of both clubs. "This marks a significant step forward in the strategic ambitions of both the UK P&I Club and TT Club and reflects a shared confidence in the direction we are taking together for the Group's long-term benefit," Valkier said.
Morten Engelstoft, chairman of TT Club, said the outcome offered both clubs a stronger platform. "Taking full ownership of Thomas Miller will provide both Clubs with a stronger platform to build on their shared strengths while maintaining the high standards of service and support that our Members value," Engelstoft said.
Thomas Miller, founded in 1884, manages a number of mutual clubs, among them UK P&I Club and TT Club. It provides claims handling and risk management services to shipping, transport and logistics clients across international markets.
The move continues a consolidation trend in the P&I sector. In 2022, North P&I Club and Standard Club merged to form NorthStandard, with combined annual premiums of around US$750 million. At the time it was one of the largest combinations in the mutual marine insurance market.
UK P&I Club provides protection and indemnity insurance to shipowners and charterers across international trade routes. TT Club specialises in insurance for the freight, logistics, and supply chain sector. Both are mutual organisations.
