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 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
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
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
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.
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
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
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
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
A large wooden fishing boat overcrowded with migrants capsized off the coast of Libya, the Italian navy said on Wednesday, with some 562 people rescued and five found dead. Photographs show the blue fishing boat rocking violently before capsizing, sending migrants tumbling into the sea
A migrant boat capsized in the Mediterranean on Thursday and about 100 of its passengers have been rescued while the number of dead is unknown, officials said. It was the second shipwreck in two days as sea crossings accelerate amid good weather
TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year. Knud Pontoppidan, Chairman of TT Club, said, “After very good years in 2013 and 2014
SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO).
Milaha has taken delivery of a new lift boat which will be deployed offshore, particularly in support of field maintenance efforts. Named the Milaha Explorer, the new lift boat was built by Bohai Shipbuilding Heavy Industries Co. Ltd
FUSION, announced today that it signed a partnership with Axopar Boats. Under the terms of the agreement, the full range of Axopar boats will be offered with FUSION audio entertainment including the MS-BB300 Black Box Entertainment System, MS-NRX200i Wired Remote Controller
Seventeen people were missing after a Chinese fishing boat collided with a Maltese cargo ship and sank in the East China Sea on Saturday, state media reported, citing the country's coastguard fleet. The fishing boat, Lu Rong Yu 58398, had 19 people on board when the incident happened at 3.40 a.m
Mauritius is an island nation in the southwestern Indian Ocean. The country has just 2,040 square kilometers of land on several islands but a huge exclusive economic zone (EEZ) of 2.3 million square kilometers. The major challenge of patrolling this vast area of the Indian Ocean became somewhat
The Peace Boat Ecoship’s propulsion features a combination of wind energy, anti-drag elements and cleaner fuels. The concept will be presented at the Natural Propulsion seminar by Dr. Andrés Molina, Project Director of the Ecoship Project.
Italy's coastguard said it helped rescue 801 migrants from two boats off western Sicily on Thursday, including many Syrians, amid signs that refugees from the Middle East are increasingly shunning the Greek route into Europe. More than a million migrants, many from Syria
Four Damen SPa 1605 ballistic protected security patrol vessels have been delivered to C&I Leasing Plc, a player in the Nigerian offshore support vessel market. The patrol boats, which have already undergone sea-trials, will provide security patrol and escort services for LNG tankers calling
The U.S. Coast Guard released its 2015 Recreational Boating Statistics report Tuesday, revealing that boating fatalities nationwide that year totaled 626, the third-lowest number of yearly boating fatalities on record. From 2014 to 2015, injuries decreased from 2,678 to 2,613, a 2
Tuco Marine Group of Denmark informs it has inked a new order for its 11-meter wind farm service boat from the ProZero series of fast rescue boats, daughter crafts and workboats. Tuco said the new order is from a major, but for now undisclosed, company in the European offshore market
Austal Limited welcomed Australian Prime Minister Malcolm Turnbull to the company’s Henderson, Western Australia shipyard, demonstrating the facility’s naval shipbuilding capabilities, innovation and export success.
At an International Maritime Organization (IMO) Maritime Safety Committee session in London that culminated on Friday, delegates agreed on guidance and advice to both those active in the container supply chain globally (shippers, carriers and port operators)