Marine insurers UK P&I and Britannia have failed to reach an agreement on a proposed business merger, the companies have announced.
In a recent statement, the two insurers said they have terminated their discussions on the planned merger, which was first announced in February.
The companies said their boards have been in talks in the past months, but failed to seal a transaction.
“While a number of potential synergies and benefits were recognised, no agreement could be reached on acceptable terms, and the discussions have now been terminated,” the insurers said.
Both insurers refused to make further comment.
In an earlier statement, Britannia said a merger with the right company was considered to be the best option for achieving its goals.
“Ultimately, it is hoped that merger would deliver significant benefits to the existing Members of Britannia and, by extension, to the future members of the new, merged Club. Such benefits would include greater capital efficiency, cost efficiencies and enhanced service levels,” the insurer said.
According to UK P&I, the boards’ merger talks happened simultaneously with discussions between the insurers’ managers, Thomas Miller and Tindall Riley, both leading international providers of insurance and professional services.
The talks between the two managers would have also led to a merger if the insurers decided to combine their businesses, UK P&I said.
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