Under the\u00a0Thomas Miller deal<\/a>, more than 89% of Thomas Miller shareholders accepted the joint acquisition offer in July 2026. Regulatory approval is expected in the coming weeks, and UTM will serve as the parent entity for that acquisition as well.<\/p>\nThomas Miller has historically operated as an independent management company, with value flowing out of the clubs to a third-party manager. Bringing it into mutual ownership means that value stays within the group.<\/p>\n
\u201cBy bringing the management business into mutual ownership, value that previously left the clubs will now be retained within the group and reinvested for members,\u201d Taylor said.<\/p>\n
The merger date\u00a0is the P&I calendar\u2019s defining moment, the same date on which North P&I and Standard Club merged in 2023 to form NorthStandard. That deal reduced the International Group of P&I Clubs from 13 members to 12. This merger will reduce it further, continuing a consolidation that brokers placing P&I risks have been tracking since the NorthStandard formation reshuffled market relationships at renewal.<\/p>\n
What the combined entity covers<\/p>\n
A cargo broker placing freight forwarders\u2019 liability through TT Club and marine liability through UK P&I Club has historically dealt with two separate organisations, two claims teams and two underwriting cultures, albeit managed by the same company. Under UTM, both sit within a single capital base. The clubs say member-facing service arrangements and underwriting teams will remain unchanged, and each will continue to shape its own products and member proposition independently.<\/p>\n
Jan Valkier, chairman of the UK P&I Club, said the merger created a group that was \u201cgenuinely different from anything else in the market.\u201d Morten Engelstoft, chairman of the TT Club, described it as a natural evolution of more than 50 years of working side by side.<\/p>\n
Niels Smedegaard, who has served on the boards of both clubs, has been appointed chairman of UTM alongside Valkier and Engelstoft as co-chairs.<\/p>\n","protected":false},"excerpt":{"rendered":"The combined entity will carry US$750m in annual premium and span maritime, logistics and port risks under one…\n","protected":false},"author":2,"featured_media":796867,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[59,57,58,50,56,262071,262069,262070,54,55],"class_list":["post-796866","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-uk","tag-uk-pi-tt-club","tag-uk-pi-tt-club-merger","tag-uk-pi-tt-club-merger-member-vote","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/796866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=796866"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/796866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/796867"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=796866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=796866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=796866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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