May 6 - The TT Club has posted strong financial results for the year ending December 31, 2014, while maintaining it's A- (Excellent) rating from ratings agency AM Best.
Knud Pontoppidan, chairman of the transport and logistics insurance provider, said: "The TT Club performed well in 2014 and we have been able to further strengthen the Club's capital position."
The TT Club reported USD182 million of gross written premiums, up from USD181.1 million in 2013. Its surplus rose from USD12 million in 2013 to USD14.1 million in 2014. It posted a total surplus and reserves of USD175.7 million for FY 2014, up from USD161.6 million twelve months previously.
"The Club's strong performance in recent years has been due to the value delivered through the Club's claims and loss prevention services," Pontoppidan explained.
Charles Fenton, chief executive of the TT Club, added: "The premium rating environment remains difficult but nonetheless the Club's premium levels are at a level we expected at the beginning of the year. The TT Club is financially strong and this is reflected in AM Best maintaining our excellent A- rating."