October 8 - The TT Club has published its mid-year update for the January 1 - August 31, 2015 trading period, reporting USD116 million in gross premiums earned and total assets of USD492.8 million.
Charles Fenton, chief executive of the TT Club, said: "The Club has had a good, stable first eight months of the year in spite of the on-going challenging insurance market conditions and a return to more normal levels of large claims than experienced in 2013 and 2014."
The TT Club said the general environment in world trade during the eight months, as reported through members' turnovers, has been slightly above the average seen in recent years. This combined with good new business acquisition has bolstered premium levels.
However, these positives were counter-balanced by factors depressing premium rates, particularly resulting from low claims levels flowing from good Member records. As a result, gross earned premium for the period was USD116 million, a small reduction of 4.4 percent compared to the same period last year.
"The performance of attritional claims has been largely as expected," continued Fenton. "Not surprisingly given our successful implementation of a strategy to rebalance the Club's underwriting book." However large claims have increased in number: "There are now seven incidents above USD1 million in the year, including claims arising from the explosion in Tianjin in August." The Club forecasts that this experience of increasing claims will result in a combined operating ratio marginally higher than in 2014, but still healthy.
US based ratings agency AM Best also carried out its annual assessment during May 2015. For the ninth successive year, the rating was affirmed as A- (Excellent) with a stable outlook.
|Charles Fenton, chief executive of the TT Club.|