The UK P&I Club and TT Club have completed their joint acquisition of Thomas Miller Holdings, the firm that has managed both mutuals for decades.
It is a key step before the two clubs merge to form United Transport Mutual in February.
The acquisition completed on October 21. It brings Thomas Miller into the clubs’ own ownership, meaning the management expertise and any value it generates now sit within the mutuals rather than with outside shareholders.
“Bringing Thomas Miller into mutual ownership means that the expertise and service our Members rely on now sit fully within the mutuals, with the value created being retained for their benefit of our Members,” said Jan Valkier, chairman of the UK P&I Club.
The deal has moved quickly. The clubs submitted a non-binding proposal for Thomas Miller in March. In July, they reported acceptances of more than 85% from Thomas Miller’s shareholders for an offer made through TMH Bidco, a vehicle they jointly own.
Members of both clubs then voted in favour of the merger at separate meetings on 7 and 8 October. United Transport Mutual will become the parent of both clubs from 20 February 2027, subject to regulatory approval. The clubs describe it as the first transport mutual to span the entire cargo supply chain, covering shipping, logistics, ports and terminals.
The combined group has been reported at around $750 million in annual premium. The UK P&I Club has said the merger and acquisition together could generate savings equivalent to about 5% of P&I premiums.
The change ends one of the oldest arrangements in marine insurance. Thomas Miller took over management of the UK P&I Club in 1886, and has also managed TT Club. Under the traditional model, mutuals are run by an independent manager. Many P&I clubs have moved away from that model, bringing management in-house.
Both clubs will keep their own brands, products and underwriting approaches under United Transport Mutual.
Morten Engelstoft, chairman of TT Club, said the priority was a smooth and carefully managed transition for members and staff ahead of the merger.
For marine and logistics brokers, nothing changes immediately, and both clubs will continue to trade under their own names. The bigger shifts come with the merger in February.
The timing is significant. The merger takes effect on 20 February, which is also the date of the annual P&I renewal for International Group clubs. Brokers placing UK P&I Club entries should expect the renewal to coincide with the new group structure, and should check with the club early on any changes to service teams, contacts or governance.
For TT Club clients in ports, terminals and logistics, combining with a major P&I club opens up cross-selling across the supply chain. Brokers should be ready for a more joined-up offer that covers ships, cargo and terminal operations under one group.
