TT Club’s improving financial position has been acknowledged by industry ratings agency AM Best, which has revised its outlook on the mutual insurer’s rating from ‘stable’ to ‘positive’. This latest recognition marks further progress toward the goal of regaining an ‘A-’ rating. In its press release AM Best affirmed a rating of ‘B++ (Very Good)’ and indicated that the change of outlook reflects an expectation that the current ratings could be reassessed once TT Club has demonstrated a consistent track record of strong earnings. TT Club’s 2004 record performance saw gross earned premiums rise by over 20% and the total surplus and reserves increase by 58%. AM Best also noted that as a leading insurer and risk manager for the international transport and logistics industry, TT Club has a strong business position in its niche market. Paul Neagle, TT Club Chief Executive, welcomed the fact that the AM Best assessment had confirmed the increasing financial strength of the Club. “The improvement in outlook means the Club has ascended a further rung on the ratings ladder,” he stated, “and I am confident that TT is well placed to deliver consistently strong earnings in 2005 and beyond.”
TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best. TT’s issuer credit rating was also maintained at "a-" by the agency, which at the same time determined that the outlook for both ratings remains "stable." In a statement issued today announcing the Club’s ratings, A. M
The TT Club, a provider of insurance and risk management services to the international transport and logistics industry, has reported another successful year for its financial year 2003. In its annual report to its Members, the Board highlighted improvements in the strength and quality of the balance sheet as well as the policy year combined ratio - the underlying operating performance. On the balance sheet, the Club reported a 14% increase in the total surplus
The Through Transport Club, the insurance mutual for ship operators, stevedores, port authorities, transport and logistics companies and freight forwarders worldwide, has appointed Louise Bradley to the new position of director of e-commerce strategy. Based in London, the appointment highlights the growing importance of the TT Club's suite of Internet services, which include ClaimsTrac, eClaims and TTXpress.com. Bradley, a graduate in law from Queen's University, Belfast
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region.
A new United Nations convention on carriage contracts (“Rotterdam Rules”) will impact the liability of marine terminal operators when it comes into force, according to TT Club. The UNCITRAL “Draft convention on contracts for the international carriage of goods wholly or partly by sea”, now known as the Rotterdam Rules, has been submitted on 20 October 2008 to the International Legal Committee of the United Nations General Assembly
The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain Asia Conference in Singapore, TT Club’s Phillip Emmanuel drew attention to the wide-range of causes leading to insurance claims by transport and logistics operators
The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just five causes. The analysis, which was conducted on 7,000 insurance claims each costing more than $10,000 recorded between 2010 and 2014, totaling $425 million
Freight transport insurer TT Club reveals detailed results of its claims survey highlighting tank container incidents: contamination accounts for nearly half with damage to tanks adding another third Speaking at the Asia Tank Container Organization’s General Meeting in Shanghai yesterday, TT Club’s Regional Director, Asia-Pacific Phillip Emmanuel outlined the major risk exposures facing the tank container industry
Leading freight transport insurer, TT Club, apprises of its support for a unique learning initiative – 'Business on the Move'. The educational tool takes the form of a board game which is designed to be played at varying levels of complexity; suitable for primary and secondary school children as well as higher education students, management trainees and corporate continuous development schemes. TT Club sees the initiative as an imaginative means to educate and inspire young people in
Under new maritime laws all vessels and boats using Fiji waters have to abide by the rules and regulations under the Marine Transport Decree, reports FBC Maritime Safety Authority of Fiji (MSAF) will issue with an infringement notice to any vessel or boat that is not registered with
UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the
The maritime industry has seen an increased need for high speed spill response in step with expanding offshore oil exploration and production. Meeting this need is the newest skimmer boat from Washington-based shipbuilder Rozema Boat Works: a 65-foot oil spill recovery vessel (OSRV), G.M
Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today the results of this year’s Newport For New ProductsTM (NFNP) Awards. Judged on Thursday during the opening day of the Newport International Boat Show and announced at an awards
The U.S. Navy has awarded a $321.7 million contract option to General Dynamics Electric Boat to provide planning yard work, engineering and technical support for nuclear submarines. Electric Boat is a wholly owned subsidiary of General Dynamics.
The Coast Guard rescued a man from the Willamette River after his sail boat capsized near the St. Johns Bridge, in Portland, Sunday night . The man was delivered to awaiting emergency medical services at the Cathedral Park boat launch were he was checked for injuries and released.
Twenty-two migrants drowned and 200 more were rescued when a boat capsized in the Aegean Sea off the Turkish coast while trying to reach the Greek island of Kos on Tuesday, the Turkish coastguard said. A total of 211 immigrants were rescued from the boat while divers recovered the bodies of 22
Two new vessels are set to provide the Tunisian Navy with improved capabilities to conduct search and rescue and extended offshore patrols. Supplying marine engines for two new vessels is marine engine sales and service company Pacific Power Group
The United States Department of State awarded a contract to Willard Marine, Inc., to provide the Philippine National Police Maritime Group with patrol vessels equipped to conduct search and rescue operations along Philippine maritime borders.
Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder Austal Limited under a $330 million design, build and in-service support contract.
The U.S. Department of State awarded a contract to boatbuilder Willard Marine, Inc., to provide the Philippine National Police Maritime Group with patrol vessels equipped to conduct search and rescue operations along Philippine maritime borders.
Turkish police have detained four Syrians suspected of involvement in organising the passage of a boat which capsized, drowning 12 people including a toddler, as they travelled from Turkey to a Greek island, Dogan news agency said on Thursday.
The Coast Guard rescued three individuals from a 75-foot fishing vessel that sank approximately 12 miles southwest of Point Au Fer in the Gulf of Mexico, Monday. Coast Guard Sector New Orleans watchstanders were notified by a passing helicopter of a fishing vessel sinking with two
Some 50 migrants were found dead in the hold of a boat off the coast of Libya on Wednesday during a rescue operation which saved 430 other people, the Italian coast guard said. A spokeswoman for the Italian coast guard said the Swedish ship Poseidon
Coast Guard to step up enforcement of passenger boats along Florida’s coast, reminds passengers to “Ask the Captain” The U.S. Coast Guard and partner agencies are stepping up enforcement of illegally operated passenger boats in the waters along Florida’s coast