Two major mutual insurers are exploring a potential merger that could reshape the maritime insurance landscape.

The UK P&I Club and the TT Club revealed they are currently engaged in discussions regarding a potential merger.

The Clubs have worked closely together for many years through their common manager, Thomas Miller. 

At their meetings in November, the boards of both Clubs agreed to explore the possibility of cementing this existing relationship through a potential merger.

The merged Club would bring together complementary strengths to enable an enhanced and integrated service to members across the maritime and transport industries.

As informed, discussions remain at an early stage and will continue over the coming months.

“Exploring a merger with the TT Club reflects our strategic focus on achieving greater scale, diversification and sustainable growth,” said Jan Valkier, chairman of the UK P&I Club. “This merger would create a market-leading maritime and transport insurance mutual, with an exceptional service offering underpinned by enhanced financial strength.”

Morten Engelstoft, chairman of TT Club, highlighted the existing synergies between the two mutual insurers. “The TT Club and UK P&I Club already have a strong relationship and operational synergies,” he said. “Combining our capabilities while preserving our successful independent brands and service offering will deliver greater value to our respective Members.”