Offer document published for the Recommended Cash Offer by TMH Bidco (a company owned by UK P&I and TT Club) for Thomas Miller with a valuation of approximately £156 million
June 2026
UK P&I Club is one of the world’s leading maritime mutual insurers, providing Protection and Indemnity (P&I) insurance to shipowners and operators.
Founded in 1869, it is owned by its members rather than external shareholders and is a member of the International Group of P&I Clubs.
TT Club is a specialist mutual insurance provider serving the global transport, logistics and supply chain industry.
Established in 1968, it provides insurance and risk management services to ports, terminals, freight forwarders, logistics operators, warehouse operators, and transport companies worldwide.
Both UK P&I and TT Club are managed by Thomas Miller.
Thomas Miller is an international provider of insurance, risk management and professional services, with a history dating back to 1885. The group manages a range of mutual insurance businesses and specialist insurance services, primarily serving the maritime, transport and professional services sectors.
As the manager to UK P&I Club and TT Club, it provides underwriting, claims handling, risk management, investment management and administrative support.
On 25 November UK P&I Club and TT Club announced that they were currently engaged in discussions regarding a potential merger between the two mutual insurers.
On 25 March 2025 the Boards further announced that in addition to the ongoing merger discussions, the two Clubs had jointly submitted a nonbinding proposal to acquire the entire issued share capital of Thomas Miller Holdings, the management company shared by both organisations, although no binding agreement has been reached at that stage.
Publication of Offer Document
The Perivan shareholder communications team was delighted to work with Reed Smith who acted as Legal Adviser on the offer and ancillary documents which were successfully published and posted to qualifying shareholders on 18 June 2026.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies and are a market leader for the production of documentation relating to Mergers & Acquisitions.