A MERGER has been proposed between maritime insurer UK P&I Club and risk management firm TT Club.
The mutual insurers sought to combine transport and maritime expertise after working together closely for many years.
At separate board meetings in November, both clubs agreed to explore the possibility of turning two into one.
UK P&I Club chairman Jan Valkier said they remained committed to membership of the international group, considered a cornerstone of the club’s identity.
“Exploring a merger with the TT Club reflects our strategic focus on achieving greater scale, diversification and sustainable growth,” she said.
“This merger would create a market-leading maritime and transport insurance mutual, with an exceptional service offering underpinned by enhanced financial strength.”
The merged club is expected to enhance and provide an integrated service for members, while meeting the evolving needs of the industry.
The strategic visions of the UK P&I and TT Clubs are closely aligned, in each case they are focused on providing exceptional service to members, delivering growth, efficiency and improving financial stability.
Both clubs believed the merger will accelerate progress towards their shared strategic goals.
In a statement, UK P&I said the combined club would support its members, the broader maritime and transport industries, as well as address specific challenges and future opportunities.
TT Club chair Morten Engelstoft said discussions were still in their early stages.
“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.
“Whilst no final decision has yet been made we are confident that this opportunity creates exciting prospects for both clubs,” Mr Engelstoft said.
Discussions about the merger are expected to continue over the coming months.