The UK P&I Club ('the Club'), one of the leading providers of protection and indemnity insurance, announced today the Board agreed to redeem its $100 million hybrid bond following PRA approval.
In the year that leading international freight insurer TT Club celebrates its 50th anniversary, FIATA's Young International Freight Forwarder of the Year Award (YIFFYA) also passes a significant milestone. The 2018 competition witnesses the 20th year of support and collaboration between TT Club and FIATA. Sponsorship of FIATA's YIFFYA continues to be a priority for TT Club.
International Transport Intermediaries Club (ITIC) has successfully defended a ship manager against allegations of negligence made by a shipowner following the loss of a lifeboat overboard.
Thomas Miller, the international provider of market leading insurance services, has appointed David Smith as Group Risks & Compliance Director with effect 25 June 2018. Reporting to the Group's Chief Operating Officer, Ann Haugh, David will be responsible for the Thomas Miller risk and compliance framework and will co-ordinate regulatory activity across the Group.
TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2017, and A.M. Best affirms its A- (Excellent) rating.
2017 was a good year for the Club. The underwriting surplus of $29 million was the largest in recent years. This, when coupled with a strong investment return of over $43 million, delivered a total surplus of $72 million. After adjusting for forward currency contracts, the Free Reserves at 20 February 2018 increased by $82 million to $540 million.
