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
Italy's navy rescued 290 migrants and recovered six bodies from the water near a half-sunken rubber boat on Thursday, the first sea deaths recorded on the North Africa to Italy route this year, a spokesman said. The navy rescued 109 migrants from a large rubber boat in the morning
Spring is the busiest season for United Yacht Transport, the North American leader in boat transport. The international boat transporters are set to complete various shipments in the upcoming months. In the beginning of the year
Honda Marine, a division of American Honda Motor Co., Inc. and marketer of a complete range of outboard marine 4-stroke engines, announced today a new OEM agreement with BRIG USA. BRIG Boats (www.brig-ribs.com) is a manufacturer of foldable and rigid inflatable boats (RIBs) for every budget
A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said. The incursion came amid heightened tensions on the Korean peninsula
Moore Boat has introduced its all new aluminum 25-foot outboard, The Moore 25 OB. The Moore 25 OB was designed in house and with the assistance of CDI - Band Lavis Division. The new boat is the builder’s first application of its patented Moore Boat hull design propelled by an
SAFE Boats International, a manufacturer of aluminum, patrol and response boats located in Bremerton, Wash., has manufactured and delivered two new 41-foot Center Console – Offshore Interceptors for the Royal Bahamas Police Force adding to its growing fleet of SAFE Boats.
The U.S Navy has awarded General Dynamics Electric Boat an $89.8 million contract modification to continue development of the Common Missile Compartment for the U.S. Navy’s Ohio Replacement submarine and the Royal Navy’s Successor-class ballistic-missile submarine
UK marine industry grows for fourth consecutive year; new figures released at the London Boat Show 2016 The U.K. leisure, superyacht and small commercial marine industry continue to grow, according to new statistics published today by British Marine at the London Boat Show 2016.
In keeping with their reputation as a nation that can overcome all obstacles, Vietnam is rebuilding its aging fishing fleet. With a government program of soft loans, designated Decree 67/ND-CP, fishermen are building boats along 28 coastal provinces from the north to the south of Vietnam.
The Greece based agent Franman SA, has been appointed exclusive representative for TUCO Marine’s ProZero vessel line in Greece, Cyprus and Egypt, where Franman SA will be promoting the ProZero line of patrol boats, interceptors and workboats.
Thirteen people died on Saturday after a small tourist boat sank amid strong winds off a remote island in the Caribbean sea, Nicaraguan government spokeswoman Rosario Murillo said. The victims, all from Costa Rica, died when the "Caribbean Queen" sank near Little Corn Island
General Dynamics Electric Boat expects to hire nearly 4,000 people in the coming years as it ramps up production on Navy submarines, the Associated Press reports. Electric Boat is projecting a positive outlook for 2016 for revenue and employment, saying 1
Willard Marine, Inc., recently delivered a SOLAS 670 rescue boat to the U.S. Army to serve aboard the USACE Dredge McFarland in Philadelphia, Pennsylvania. Outfitted with a Volvo Penta D3 220hp inboard engine paired with a Hamilton Jet HJ2274 water jet
Italy's coast guard said on Tuesday it had coordinated the rescue of 1,271 migrants from rubber and wooden boats in several operations off the coast of Libya. Italy was long at the frontier of seaborne migration from North Africa, but most of the hundreds of thousands of people arriving in
South Korean maritime police on Wednesday withdrew divers after they failed to find at least five people believed to be trapped inside a Chinese fishing boat that capsized near a small southwestern island off South Korea on Wednesday, reports AP.