Press Release: TT Club Rating Maintained at A- (Excellent)
21 June 2010
Leading US rating agency A.M. Best has again confirmed mutual insurer TT Club's financial strength rating as A- (Excellent), as well as the issuer credit rating of 'a-'. The agency said that the outlook for TT Club over the next year is 'stable
A.M. Best expected TT Club to, "Maintain strong consolidated risk-adjusted capitalisation in 2010 despite a small decrease in retained earnings". The agency commented positively that TT Club, "Employs a prudent approach to setting reserves with a significant margin established above internal actuary's best estimate."
Charles Fenton, CEO of TT Club, expressed satisfaction with the confirmation of an A- rating. "Although 2010 represents another challenging year as the global economy recovers, the Club's strong balance sheet and high level of solvency positions it well for the economic up-turn."
TT Club's business strategy includes; further development of the high service standards offered to the Club's traditional core market sectors, including port operators, cargo handling facilities, and container owners and lessors; a focus on the transport and logistics sector in order to grow the business; and strong cost control.
In the agency's opinion, TT Club has a good specialist business profile in the international marine transport and logistics insurance market. A superior service provision and strong industry involvement support the Club's business profile and contribute to a high policyholder retention (greater than 90%).
- ENDS -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.www.ttclub.comNote:
- A PDF copy of AM Best’s News Release, reference ‘A.M. Best Affirms Ratings of TT Club’ is attached for your information.
- TT Club’s Financial Highlights and Annual Report for the 2009 financial year are available from the clubs website at ttclub.com by accessing the publications menu.
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