TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.
- $172.0 million gross earned premiums (2014: $182.2 million)
- $4.8 million surplus (2014: $14.1 million)
- Total assets of $618.1 million (2014: $610.2 million)
- Total surplus and reserves $178.1 million (2014: $175.3 million)
- AM Best affirms financial strength rating as A- (Excellent)
- 2015 financial year combined ratio of 94.4% (2014: 85.6%)
Knud Pontoppidan, Chairman of TT Club, said: “After very good years in 2013 and 2014, 2015 was what most might be described as a ‘normal year’. Incidents such as Tianjin and a number of cargo-related fires meant the Club experienced a higher number of large claims above US$1million than in 2013 and 2014. The positive side of this claims experience was that the Club was able to demonstrate its very high levels of service by assisting Members in handling the claims.
“Despite the increase in large claims, and the soft rating conditions, the Club continues to be in good shape. The work to improve the health of the insurance book since 2009 has paid off to help to mitigate the increase in large claims in the year and the Club’s rating awarded by AM Best at A- (Excellent) has been affirmed for 2016.
“The Board and I are pleased with our very high retention levels in 2015 at 93% and the feedback we receive from Members and brokers on our service levels. A core element of the Club’s service offering is its approach to the risks faced by our members and the value delivered through the Club’s claims and loss prevention services. As a mutual insurer the Club will continue to work closely with Members to adapt its approach to their needs and deliver services to help them manage their operations more effectively.”
Charles Fenton, Chief Executive of TT Club, added: “TT Club continues to be financially strong and this is reflected in AM Best maintaining our excellent ‘A-’ rating. We remain committed to working with members and brokers to maintain our loss prevention and service levels that allow us to be the world’s leading provider of international transport and logistics insurance.”
The TT Club’s 2015 Annual Report and Financial Highlights can be downloaded here.