TT Club announces strong financial results and maintains AM Best A- (Excellent) rating
The TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2013, maintaining its A- (Excellent) rating by agency AM Best for the 8th consecutive year.
- $186.3 million gross written premiums
- $12.0 million surplus
- Total assets of $641.4 million
- Total surplus and reserves $161.6 million
- AM Best Financial strength rating maintained as A- (Excellent)
- Number of claims continuing to decline
- 2013 financial year combined ratio of 87.4%
Knud Pontoppidan, Chairman of the TT Club, said: "The TT Club's strong financial performance in the past 12 months, which has been recognised in our maintained A- (Excellent) rating by AM Best, has been echoed in our claim levels which have declined compared to figures recorded in recent years. A pivotal contributing factor to this positive picture is the work that we have carried out to restructure our business in order to better match the overall premium income to the TT Club. Cost management has been a focus area for the TT Club and this approach will continue in the current year to maintain Member premiums at the lowest sustainable levels."
Charles Fenton, Chief Executive of the TT Club, said: "Our positive financial results are a reflection of the healthy position of the TT Club in the industry and this was endorsed by our AM Best rating. Despite the tough premium rating environment, the TT Club's premium levels have remained as expected at the beginning of the year and we remain committed to working with members and brokers to maintain our position as the world's leading provider of international transport and logistics insurance. "
About TT Club:
The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.
Peter Owen, ISIS Communications
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