8 August 2002

Appoints Colin Lewin as Chief Operating Officer

TT Club, the transport and logistics industry's leading provider of insurance and related risk management services has appointed Colin Lewin as Chief Operating Officer, effective 1st October 2002. Mr Lewin, currently Asia Pacific regional manager for TT Club, will take over the operational management of underwriting and claims in order to leave CEO Paul Neagle free to manage the strategic development of the business following its extensive planning initiative last year with Ernst and Young.

Mr Lewin has been involved in the insurance and transport industry for more than 20 years, joining TT managers Thomas Miller in 1986 after six years in various operational roles in the transport sector. He returns to London after a period of over eight years building and running TT's Asia Pacific business based in Hong Kong.

Lewin commented, " TT has grown at an average rate of 10% per annum for the last twenty years with net premiums rising from US$15m in 1980 to US$105m in 2001. This is an enviable record but we recognise that future growth must be coupled with strict underwriting and claims handling disciplines that reflect market trends. The radical change in market conditions over the past year present us with an unparalleled opportunity to capitalise on the Club's core values that centre around excellent service, reliability, professionalism and integrity."

The COO role will encompass the management of TT's three administrative regions and various centralised functions in order to ensure that operations remain efficient , thus ensuring that the Club maintains its position as market leader in its defined niche - transport insurance.

Neagle comments, "Colin's experience of managing operations in Asia equip him to undertake the role of managing the company as it moves forward with its new business plan. I welcome him back to London where, together with the Director of Underwriting, Brian Wood, and the Finance Director, Julian Chowdhury and myself, we will form a new core management team. This team will act as the interface with the Club Board, dealing with strategic issues such as business planning, finance, regulation and the overall direction of TT's global business."

Succeeding Lewin as TT's Director in Asia-Pacific is Andreas Mueller. As a qualified shipbroker, Mueller has worked extensively in the maritime industry in Europe, Africa and the Middle East. He joined Thomas Miller and Co in 1987 as an underwriter for the TT Club. Working in the Korean and Taiwanese markets Mr Mueller has helped build the market from just three members to its present level, constituting 25% of the Club's Asia-Pacific membership.

ENDSNote 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 policy-holders with industry-leading 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

Tel + 44 (0)20 7204 2642

E-mail:

ian.lush@thomasmiller.comMedia contact:

Michael Haig and Peter Owen, ISIS Communications

Tel +44 (0)1737 248300

E-mail:

info@isiscomms.comA full archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com