Press Release - TT Club's Financial Strength Rating Once More Set at A- (Excellent)
In a statement issued by the agency confirming the ratings, the mutual’s financial stability was outlined in detail. “TT Club is expected to maintain excellent consolidated risk-adjusted capitalisation in 2012,” said A. M. Best and further commented, “The Club continues to set reserves with a significant margin established above actuaries’ best estimate”.
Charles Fenton, Chief Executive of TT Club welcomed the favourable rating announcement and commented on the satisfactory operating performance “Despite the difficult market conditions during the 2011 reporting period, the Club’s Combined Ratio remained under 100% (2011 actual 98.6%) indicating that claims payments and administrative expenses together were more than offset by premium income which is a healthy position for the Club to be in.”
This was re-iterated by comments within A. M. Best’s statement, “The Club is expected to produce a combined ratio of around 100% in 2012, in line with its recent performance. Results are likely to continue to benefit from reserve releases given the club’s conservative reserving strategy. Investment income is expected to be positive but modest, reflecting a conservative investment portfolio”.
As the agency notes, TT Club has a strong specialist business profile in the international marine transport and logistics insurance market, covering both property and liability risks for port, ship and logistics operators. Its business profile is supported by a superior service standard, which underpins a high policyholder retention rate of around 95%, and by active involvement in loss prevention and risk management within the industry.
“Long-term financial stability allowing a consistent and responsible approach to underwriting along with an experienced and truly international network of offices enabling an efficient claims handling service have always been the two central tenets of TT Club’s commercial philosophy. The latest re-affirmation of our A- (Excellent) rating by A. M. Best serves as evidence of the first and our continued superior retention rate shows how happy our Members are with the second,” concludes Fenton.
TT Club’s detailed financial results for the year-end 31st December 2011 are available on the TT Club website – click here for more information
A PDF copy of A. M. Best’s Statement is attached.
About the TT Club
The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. As a mutual insurer, the TT 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.
Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating a handful of vehicles. It specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operator. Established in 1968, the TT Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors.
Emma Chalmers, Marketing Manager, TT Club
Tel: +44 (0)20 7204 2635
Peter Owen, ISIS Communications
Tel: +44 (0)1737 248300
An archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com
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