The UK P&I Club has decided to join the growing list of protection and indemnity insurers diversifying into fixed premium marine insurance.
But while most P&I mutual insurers have had to painstakingly build up a portfolio of fixed premium work, the UK Club has been gifted a huge book of business by its third-party manager Thomas Miller.
The UK Club will provide the capital to support managing general agent Thomas Miller Specialty's combined fixed premium businesses, which include Hanseatic Underwriters, Lodestar Marine, Osprey Underwriting Agency and Navigators.
