May 17 - The TT Club - a liability insurer for the international transport and logistics industry - has issued its performance figures for year ending December 21, 2012.
TT Club increased its gross written premiums to USD182.3 million in 2012, up from USD181.7 million in 2011; its combined ratio* improved to 96.3 percent from 99.6 percent in 2011. The mutual also maintained its A- (excellent) financial strength rating and its A- issuer credit rating - as audited by US based rating agency, A M Best.
The TT Club is made up of Bermuda based Through Transport Mutual Insurance Association Ltd (TTB) and its UK based subsidiary, TT Club Mutual Insurance Ltd (TTI).
"The outlook for both ratings remains stable," commented an A M Best spokesperson.
"The ratings of TTI reflect the integral part it plays in TT Club's strategy, as well as the extensive reinsurance protection provided by TTB, which is expected to maintain excellent consolidated risk-adjusted capitalisation in 2013," he added.
TT Club chairman, Knud Pontoppidan, stated: "In spite of these challenging global economic conditions the Club has maintained a stable financial platform in 2012 from which to deliver our core product and value adding services."
*Combined ratio - total claims and expenses divided by net earned premiums