10 October 2014
The TT Club, the leading international transport and logistics insurance provider, today released a trading update for the period 1 January – 31 August 2014.
Highlights:
- $121.4 million gross earned premiums
- Total assets of $503.6 million
- Total surplus and reserves $167.4 million
- AM Best Financial strength rating maintained as A- (Excellent)
- Number of claims continue to decline
- 2014 financial year combined ratio of 92%
- 85% of stake holders feel the Club always meets or exceeds the service commitment
Charles Fenton, Chief Executive of the TT Club, said: “Low 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% and slightly below the Board’s requirement. This is a very healthy place to be.
“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.
“Our Member satisfaction levels remain high with 85% of stake holders commenting that the Club always meets or exceeds the service commitment that we have pledged.
“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.”
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Notes 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.