Two of the leading mutual insurance providers for the global shipping and logistics sectors announced that they are considering a merger that could change the maritime insurance landscape.

The UK P&I Club and TT Club, both managed by Thomas Miller, shared that they are in the initial stages of talks about combining their operations to form a new organization that would cover the entire maritime and transport industry.

These two organizations have long histories: the UK P&I Club was founded in 1869 and currently insures over 270 million tonnes of shipping, while TT Club, established in 1968, serves more than 1,400 members in container operations, ports, terminals, and logistics.

The UK P&I Club is one of the 12 International Group P&I Clubs that provide liability coverage for shipowners against various risks, such as pollution, collisions, and crew claims. Meanwhile, TT Club specializes in insuring ports, terminals, and logistics providers, offering coverage for liability and equipment across the intermodal supply chain. Together, they represent a major part of the mutual insurance model essential for global shipping and transport risk management.

Jan Valkier, Chairman of the UK P&I Club, said, “Looking into a merger with the TT Club shows our strategic goal of achieving greater scale, diversification, and sustainable growth. This merger would establish a leading mutual insurance company in the maritime and transport sector, backed by strong financial resources.”

Valkier also reaffirmed the UK P&I Club’s dedication to the International Group, calling it “a cornerstone of our identity.”

The two clubs have collaborated for years through their shared management and agreed in November to officially discuss deepening their relationship. The new entity would make the most of their combined strengths in the maritime and transport fields, while keeping their independent brands and services that have built their strong reputations.

Morten Engelstoft, Chairman of TT Club, pointed out the existing synergies between the two organizations. “The TT Club and UK P&I Club already have a solid relationship and operational advantages,” he stated. “By merging our capabilities while maintaining our independent brands, we will provide even more value to our members.”

Both clubs noted their aligned visions aiming for excellent member service, growth, efficiency, and financial stability as primary motivations for the potential merger. TT Club boasts a strong record of member loyalty, with an annual retention rate of over 95% and some members insured for more than 50 years.

Currently, discussions are in the early stages and are expected to progress in the coming months, with no final decision made yet.