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
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
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 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
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, 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
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
Cruden is unveiling its new high speed boat simulator at the 7th HSBO Forum (Lisbon, May 4-6). Using detailed modelling and motion cueing techniques, as well as professional image generation developed in the automotive and motorsport industries (including Formula 1TM)
Digital Boat Profile and Customer Service Portal Gives Cutting Edge Options for Vessel Management to Boat Owners Palm Beach Gardens, Fla. VesselVanguard, infomred today a new relationship with Chris-Craft to provide a two-year subscription for its award-winning maintenance management
A 53-year-old passenger was medevaced from the cruise ship Emerald Princess nine miles off Galveston Sunday, the U.S. Coast Guard reported. At approximately 8:30 p.m., the Captain of the Emerald Princess contacted Sector Houston-Galveston watchstanders stating that a passenger smashed his
Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from
Louisiana-based shipbuilder Metal Shark has been awarded a $15,309,410 firm-fixed-price, indefinite-delivery/indefinite-quantity contract for the construction of seven-meter rigid hull inflatable boats (RHIBs) in support of future Foreign Military Sales (FMS) requirements
U.S. Coast Guard Station St. Petersburg receives service's final response boat The Coast Guard held a ceremony to recognize the 174th and final delivery of the Coast Guard’s 45-foot Response Boat-Medium at Sector St. Petersburg, Tuesday.
Continuing a time-honored shipbuilding tradition, Ship Sponsor Annie Mabus laid the keel of the submarine Colorado, on Saturday, March 7, marking the ceremonial start of construction for the 15th ship of the Virginia Class. The event was hosted by General Dynamics Electric Boat at its
Japan and Taiwan have agreed to amend fishing regulations in a fishing pact related to waters off a cluster of Taiwan-claimed, Japan-administered islands in the East China Sea. The changes to the rules are to allow for freer fishing operations around the Diaoyutai Islands
Tender announced for Pacific Patrol Boat Replacement Project The Australian Government announced a Request for Tender (RFT) to replace the Pacific Patrol Boats under the Pacific Maritime Security Program, Project SEA3036 Phase 1.
UAE-based yacht and boat builder, Gulf Craft has made three global launches of latest super yacht - the Majesty 122, the Nomad 65 and 75 from the new collection of yachts designed for the passionate seafarer. Three new luxury yachts worth a total of Dh53 million were unveiled
At least 10 North African migrants died when their rubber boat overturned in the southern Mediterranean while almost a thousand more from a total of seven vessels were rescued in a single day this week, Italian and Tunisian authorities said on Wednesday.
US Hoists Corporation of Calverton, New York has teamed up with Boat Lift SRL of La Morra, Italy to provide the marine industry with marine hoists and shuttle machines. As the North American representative, US Hoists will provide parts and service domestically for Boat Lift customers.
Josh Harris and Casey McManus, a pair of 31-year-olds who respectively own and run the fishing boat Cornelia Marie – made famous on the Discovery Channel’s cable television show Deadliest Catch – discuss with Maritime Reporter & Engineering News their decision to