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            october 24, 2019

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Busworld 2019

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Insurer TT Club notes strong January 1 to August 31 performance


Britain's TT Club, a leading international transport and logistics insurance provider, has declared US$121.4 million in gross earned premiums from January 1 to August 31, according to Shipping Gazette.
With total assets of $503.6 million, it has also declared a surplus and reserves $167.4 million and an "AM Best Financial" strength rating of A- (Excellent).
The TT Club also reported that the number of claims continued to declined during the period and 85 per cent of stake holders felt the club always meets or exceeds the service commitment.
Said TT Club CEO Charles Fenton: "Now claim levels have continued through from 2013 which have contributed to TT Club's strong financial performance in the year to date.
"We have obtained a mid-year combined ratio which is below 100 per cent and slightly below the board's requirement. This is a very healthy place to be," he said.
"The current soft market conditions we are seeing have negatively impacted premium levels, but this has been offset by good growth in member reported volumes and also by net new business.
"The club's retention in the year to date has been excellent and that, coupled with on budget new business performance, is making a positive impact on premium income," Mr. Fenton said.
"We will continue to build on our current success and remain as the leading provider of insurance and related risk management services to the international transport and logistics industry," he said.

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