The UK P&I Club has launched a new Fixed Premium Protection and Indemnity (P&I) product targeting owners of smaller vessels, following the integration of Thomas Miller Specialty Marine (TMS) into its operations.
Branded as UK Fixed, the product provides fixed premium P&I cover for a wide range of vessels, including offshore support ships, tugs, utility craft, general cargo carriers, and inland watercraft. The offering builds on TMS’s existing fixed premium book and reflects the club’s strategic focus on expanding its presence in the commercial marine insurance sector.
UK Fixed will be incorporated into the club’s underwriting structure, with members gaining access to the UK P&I Club’s broader risk management and loss prevention resources. According to the club, the alignment is intended to provide consistent service standards across both its mutual and fixed premium offerings.
William Beveridge (pictured above), chief underwriting officer at UK P&I Club, said the initiative represents a significant step in broadening the club’s portfolio and growing its market share among operators of smaller tonnage.
“Through significant efforts to align our operations, risk appetite, and standards, we have positioned the fixed premium portfolio for sustainable and profitable growth,” he said.
Fixed premium P&I products offer an alternative to mutual cover for smaller vessel operators who may prefer a more predictable pricing structure. These products have gained traction in recent years, particularly among regional and specialist vessel owners who may not require the full scope of mutual association membership.
The UK P&I Club, one of the oldest and largest mutual marine liability insurers globally, is among a number of providers expanding their fixed premium offerings as part of broader efforts to adapt to evolving demand in the marine insurance market.
