TT Club rating upgraded to A- (Excellent) by AM Best
- Date: 04/05/2006
4 May 2006
The TT Club has received a boost from industry ratings agency AM Best, which has upgraded the Club’s financial strength rating to A- (Excellent) from B++ (Very Good). AM Best declares the outlook for the rating as ‘stable’. The recognition comes after four years of improving financial results from TT Club that has taken its total surplus and reserves to US$112.7 million.
The ratings upgrade reflects the Club’s consistent strong underwriting performance in recent years, leading to an improvement in sustainable risk-adjusted capitalisation. In addition, the quality of capital is likely to improve as the Club reduces its dependence on reinsurance.
The ratings agency anticipates that TT Club’s excellent recent performance will continue in 2006 and 2007.
Paul Neagle, chief executive of TT Club, commented: “The return to an ‘A-’ rating after four years is the result of sustained effort by everyone at the Club and we are delighted that the outcome of Best’s latest review recognizes their hard work.”
“We have achieved consistent improvements in the key areas of an insurer’s performance: underwriting, expense ratio, surplus and reserves and net worth,” Mr Neagle said. “Every staff member has worked hard to deliver a service that has resulted in a consistently high membership retention rate of more than 90 per cent. This demonstrates the high level of loyalty and customer satisfaction shown by TT Club Members and their brokers over the last four years.”
In awarding its A- grading, AM Best noted the Club’s strengthened risk-adjusted capitalisation, excellent underwriting results and its strong specialist business profile, focused on the provision of insurance and risk management products for the international transport and logistics industry.
Note to Editors:
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.
For further information please contact:
Ian Lush, Marketing Director, TT Club
Tel: +44 (0)20 7204 2642
Peter Owen, ISIS Communications
Tel: +44 (0)1737 248300
A full archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com