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
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
TT Club’s Senior Underwriter, Dan Negron, speaking at the recent TOC Americas Conference in Miami outlined his views on future Latin American trade growth and the pressures that this will create on the region’s transport infrastructure. Excerpts from his address follow: “Two examples of robust economies are Colombia and Peru. The latter has grown its export trade by a multiple of five over the last decade
Christopher Brown has been appointed Asia Pacific Regional Director of the UK P&I Club from October 1st. He will also be responsible for providing services to all Thomas Miller’s managed Clubs, particularly UK P&I, TT, UK Defence, ITIC and the Lloyd’s insurer Dex. Based in Hong Kong, Brown will head Miller’s regional management team, leading the offices in the region and supported by experienced managers Nick Sansom in Singapore and Barton Phillips in Sydney.
A delegation from Xiamen, China accompanied by the CEO of COSCO UK visit the London offices of Thomas Miller. The purpose of the visit by the delegation was to understand more of the shipping/insurance sectors in London and to foster good relations. The six-person Xiamen delegation was headed by its Vice Major, Mr Kang Tao together with Simon Yang (Shicheng), the CEO of COSCO UK. Xiamen is the second largest city in the Fujian province of China with a population of 4 million
In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a consequence of dynamic changes in global trade. Statistics compiled by the World Bank reflect the fast-growing influence of the so-called South-South trade routes between Latin America
Analysis of the TT Club’s claims over a number of years has highlighted that wind damage to quayside cranes is the biggest weather related cost to terminals. Due to their size, profile and location on the quayside, these cranes are particularly susceptible to wind, and care must be taken in the design and operating procedures to protect against the crane being blown over or along the rails. Such incidents can be prevented, or at least the collateral damage caused can be restricted
Two AHTS (80 metric ton bollard pull with dynamic position capability) One 36 meter fast utility/crew boat with option for a second vessel Continues its fleet renewal and expansion program to capitalise on strong demand for offshore support vessels
With more than a dozen patrol boats and a fireboat built by Gladding-Hearn Shipbuilding, Duclos Corporation and operating in New York Harbor, the NYPD’s Harbor Unit turned again to the Mass.-based shipyard for five new patrol/rescue boats, three 61-footers and two 70-footers
Heavy seas at Phi Phi Island have sunk a large passenger ferry, beached a cargo boat and heavily damaged at least six speedboats and 20 longtail boats, inform the Phuket Gazette citing Thailand Marine Police officials. The Andaman Jet Wave ferry
Louisiana-based aluminum boat manufacturer Metal Shark Aluminum Boats LLC has been awarded a contract to produce up to 350 specialized vessels for the United States Navy. The fixed-price contract is for the construction of the Navy’s High Speed Maneuverable Surface Target (HSMST) vessels
The U.S. Navy awarded General Dynamics Electric Boat two contract modifications worth a total value of $16.8 million to perform nuclear and nonnuclear maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics
US Department of Defense has issued the following Navy contracts for construction of high speed maneuverable surface targets (HSMSTs). The contracts are awarded to Silver Ships Inc., Theodore, Ala. and Gravois Aluminum Boats LLC, doing business as Metal Shark Aluminum Boats LLC, Jeanerette, La
Diesel engine distributor Mack Boring & Parts Co. celebrated the opening of their New Bedford, Mass. facility with a two-day open house. The event was capped with a ribbon cutting ceremony hosted by the New Bedford Area Chamber of Commerce.
Four crew members were rescued by the joint SAR team of the Philippine Coast Guard, Bantay Dagat and the local police from a half-submerged motor boat that was supposed to deliver house construction materials in Agutaya, Palawan last Sunday, November 17.
An East Valley couple vacationing to celebrate their first anniversary found themselves abandoned in the ocean, after a dive trip went wrong off the coast of Thailand, reports KHOU.com, Houston, Texas. Lexa and Jake Mendenhall recently became certified scuba divers
CWind, a provider of services to the offshore wind industry, has announced a second of its vessels, the CWind Resolution due to be named later today in Brightlingsea, has gained the new class notation ‘Wind Farm Service Ships’ introduced by Bureau Veritas earlier this year.
The maritime community in the United States has watched with interest as Harley Marine Services has expanded from the West Coast to the East and Gulf Coasts and now the Inland Waterways. As with other expansions, carried out by Chairman and CEO Harley Franco, this one
The U.S. Coast Guard towed a disabled catamaran with one person aboard Tuesday after the boat lost steering approximately six miles offshore from Cape May Inlet. Watchstanders at Coast Guard Station Cape May received a mayday call from the captain of the 44-foot Empire State reporting the boat
Wärtsilä has been contracted by German-Swedish ferry operator TT-Line to retrofit an exhaust gas cleaning system to its Ro-Pax vessel, the M/S Robin Hood as part of TT-Line's Green Ship strategy. The full turnkey project will be managed by Wärtsilä thereby minimizing downtime
With the arrival of MOL Caledon, DP World’s London Gateway received its first scheduled ship call last week. Specialist freight transport and cargo handling insurer, TT Club provides the liability cover for the U.K.’s newest container terminal.
Freight transport insurance specialist TT Club said it is continuing its efforts to reduce risk in the supply chain. Through constant analysis of the claims it receives, the international insurer has pinpointed an array of operational circumstances that more commonly cause dangerous incidents