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
Ships patrolling the Mediterranean have plucked more than 3,700 migrants from overcrowded and unsafe boats in the last two days, Italy's coastguard said on Tuesday. Ships from several countries, including those taking part in a European Union mission called "Triton"
Ocean Safety, a company in the worldwide supply, distribution, service and hire of marine safety equipment, announced its appointment as sales and service agents for the full range of Narwhal SOLAS approved Rescue Boats. Narwhal models include the SV-420, SV 480
Gondan GRP Division has handed over two 36 knots maximum speed patrol boats. Yesterday the GRP Patrol Boats built for the Maritime Service of the Spanish Guardia Civil by Gondan Shipyard were officially delivered in Cádiz, Andalucía.
Production of Customs and Border Protection’s coastal interceptor vessels to commence immediately SAFE Boats International informs it has been awarded a contract from U.S. Department of Homeland Security, Customs and Border Protection (CBP) to build up to 52 coastal interceptor
Tuco Marine Group of Denmark discloses the newest vessel in the ProZero series of Fast Rescue Boats, Daughter Crafts and Workboats; The New 10m WIND FARM SERVICE BOAT. The new design is released shortly after Tuco won the order for two 11m Wind Farm Service Boats that have been ordered
The U.S. Navy exercised an option on its contract with Willard Marine, Inc. requesting five more 11-meter rigid inflatable boats (RIBs) in addition to the 10 that the Navy had previously ordered in 2014. Willard Marine will provide three 11-meter Open Center Console (OCC) boats that will
The U.S. Coast Guard (USCG) monitored the salvage of the sunken Bigbi Thursday, two miles north of Little Creek, Va. The Bigbi sank at approximately 5:40 a.m., Saturday. The four-man crew of the Bigbi activated their emergency personal indicating radio beacon
One of the best-known commercial fishing vessels in the world, the Cornelia Marie, has just undergone life-extending surgery. The Bering Sea crabber has gained a wide public following both for the family saga of ownership and for her role in the television series Deadliest Catch that portrays the
TT Club has long championed a variety of measures designed to increase safety throughout the container supply chain. In Rotterdam last week, Kevin King, the Club’s Regional Director EMEA took the opportunity to address an audience of container operators
A new quick release off-load lifting hook is being introduced at Seawork by H Henriksen of Norway for use principally with emergency rescue boats (Stand A237). The new hook is the first in the world to be compliant with the newly introduced NORSOK R-002 lifting equipment regulations
CTruk Boats formally handed over the first new craft built at its River Colne production facility in Colchester when the latest MPC22 offshore wind farm service vessel (WFSV) was officially named by owner CWind at the Seawork show in Southampton.
Caterpillar Marine has announced Cat power solutions have been selected to power 16 new build Patrol Boats for the Republic of Korea Navy (ROKN). Each Patrol Boat will be equipped with two Cat C32 main propulsion diesel engines and two Cat C9 ship service diesel generators
Combat, Patrol and Law Enforcement Vessels Meet Multiple Missions with varied business plans. U.S. firms building patrol, combat and law enforcement craft are weathering government budget cuts by strengthening ties with clients and public agencies
Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today that Clean Ocean Access is its Official Charitable Partner for the 45th Annual Newport International Boat Show. A 501(C)3non-profit organization
Norway's Maritime Partner is set to reach a landmark in its history as it completes the construction of its 2000th vessel since founding in 1994. Maritime Partner CEO Peder Myklebust said the Aalesund based company is ‘immensely proud’ that its 2000th boat will be delivered to its