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 U.S. Coast Guard aircrew from Air Facility Newport rescued a man from a capsized boat about a mile west of Devil’s Punchbowl State Park, Monday morning. The aircrew safely hoisted the man aboard the MH-65 Dolphin helicopter and transported him to the Air Facility in good condition
Lake Assault Boats, part of Fraser Shipyards and a manufacturer of purpose-built, mission-specific fire and rescue boats,has announced that the company’s boats are now listed on the U.S. government’s General Services Administration (GSA) Schedule.
Australia based shipbuilder Austal Limited has been awarded preferred tenderer status by the Commonwealth of Australia for the Pacific Patrol Boats Replacement (PPBR) Project involving the construction of up to 21 steel-hulled patrol vessels and through life sustainment over 30 years in a total
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
ICHCA’s inaugural International ‘Innovation in Safety’ Award was presented in recognition of APM Terminals Buenos Aires Terminal 4’s “Safety Logging System”. Barcelona, Spain – APM Terminals Buenos Aires
When the Port of Toronto’s 45-year-old single screw tug, William Rest, got some hull damage while breaking ice, the incident lent new impetus to plans for a new boat. Like the original, the new boat would do a variety of tasks from tending to dredging
Three fishermen rescued from sinking boat off Galveston South Jetty A U.S. Coast Guard boat crew rescued three fisherman after their boat began sinking early Sunday morning near the jetty off Galveston. Crewmembers of the shrimp boat Jana Lynn called Sector Houston-Galveston
The National WWII Museum announced plan to return restored, operational Higgins Patrol-Torpedo Boatto Lake Pontchartrain; fundraising campaign to support move to permanent boathouse, testing for civilian rides The National WWII Museum announced plans to return restored patrol-torpedo (PT)
The Coast Guard rescued a father and son Saturday after their sailboat grounded near Sarah Island in Hingham Harbor. Watchstanders at Coast Guard Sector Boston’s command center were alerted to the distress at about 5 p.m. after the pair used a cell phone to call for help.
United Arab Emirates shipyard Grandweld has secured its position as the number one regional shipyard for the offshore segment, completing construction of a total of 17 vessels over the space of the last year. Latest projects include advanced crew boats, dive maintenance and support vessels
About 100 Chinese fishing boats have been detected encroaching in Malaysia's waters in the disputed South China Sea, Malaysia's state news agency and a coastguard official said on Friday. The reported encroachment on Thursday is the latest action by Chinese vessels to raise concern in
Indonesian authorities sank 23 foreign fishing boats on Tuesday (Apr 5), saying they were "operating illegally in the archipelago's vast waters in continuation efforts for anti-poaching", China's Xinhua news agency reported.
North River Boats’ formula for success: anchored in a diverse portfolio and customer base. Tucked away in Roseburg, Ore., North River Boats began simply enough in 1974 by building jet powered boats to run shallow, technical white water rivers
Taking the Furuno 15X8 series radar out for a spin; Furuno’s newest entry has found a welcome place on inland waters. Furuno’s newest radar is now on the market. The first workboat installation of the company’s FAR-15X8 series was completed in late February and
Norwegian Archipelago Services purchases another ProZero 10.5 meter workboat; Holmestrand Municipality commissions the vessel for the Archipelago services Norwegian Archipelago Services has bought a second ProZero workboat. The vessel was sold by Tuco Marine in Denmark in close