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
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
The TT Club, an international transport and logistics insurance provider, released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT Club’s strong financial performance in the year to date. We have obtained a mid-year combined ratio which is below 100% and slightly below the Board’s requirement
One person was killed and two people were injured when a boat ran aground on Shutes Folly off Charleston, South Carolina, late Thursday evening, the U.S. Coast Guard reported. One man was killed after being ejected from the vessel. Two female passengers were treated for injuries and
TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary session of the TOC Asia Conference in Singapore on Tuesday, he advised ports and terminals to take a measured approach
China on Wednesday defended the actions of its vessels in the disputed South China Sea after the Philippines accused China's coast guard of using water cannon on Philippine fishing boats and urged Manila to increase its "education" of its fishermen.
More than 700 migrants are feared to have drowned 'like rats in cages' on a smuggler boat because they were locked in the hold when it capsized off the Libyan and sank in the Mediterranean sea. The African migrants, who are thought to have included women and children
The first of the two Patrol Boats built for the Spanish Guardia Civil was launched at Gondan Shipyard’s facilities in Ribadeo. The contract was signed last summer. With an overall length of 20.5 m and a beam of 5.0 m, these boats have been built in Aluminum and Fiber (GRP) in
Forty-one boat migrants reported drowned in Mediterranean - IOM Forty-one people have drowned in the Mediterranean trying to reach Italy by boat from Libya, four survivors said when they arrived at the Sicilian port of Trapani, according to the International Organisation for Migration
Hundreds of people desperate to be rescued from a packed migrant boat in the Mediterranean pushed to one side when they saw a ship approach, capsizing the craft and pitching everyone into the sea where hundreds died, an official said on Wednesday.
The U.S. Coast Guard held a ribbon cutting ceremony today at Coast Guard Station Menemsha to mark the opening of a new boathouse on Martha’s Vineyard in Chilmark, Massachusetts. The event unveils the new building after the old boathouse burned down on July 12, 2010
SAFE Boats International informs it has recently completed an order for two SAFE 65-Foot Full Cabin Inboard Boats for the Tunisian Navy. The first boat has recently arrived in Tunisia and the second boat is in the process of being delivered, the builder said.
Willard Marine, Inc. has been awarded a contract to supply the Nepal Army with two newly designed aluminum riverine boats. Under the contract, issued by the U.S. Navy Foreign Military Sales (FMS) office, Willard Marine is producing two 31
The U.S. Navy has awarded General Dynamics Electric Boat a $32.6 million contract modification to perform nuclear-maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics.
The maritime bureau of Fujian province confirmed that 13 people went missing after a cargo boat capsized off Taiwan. According to maritime officials, the cargo vessel "Zhen he 168" capsized off Taiwan's Xiquan Island
Workboat and marine energy device builder Mustang Marine has won a $5.34m contract to construct three new pilot boats for the Port of Milford Haven. The Pembroke Dock-based company is now looking to recruit new workers locally in a number of skilled positions to meet an increased demand
The Greek ferry that ran aground just outside of port on the Aegean Island of Kassos Wednesday night is still stuck. The 227 passengers and 55 crew aboard the Vitsentzos Kornaros are facing the prospect of a third night stuck on the ferry
Moore Boat LLC recently delivered the first of three all new aluminum Moore Shallow Shuttle 23 RIB’s to Seacrets, Jamaica USA after the vessel’s successful completion of various sea trials and the U.S. Coast Guard’s final simplified stability test