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
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
Christopher Brown has been appointed Asia Pacific Regional Director of the UK P&I Club from October 1st. He will also be responsible for providing services to all Thomas Miller’s managed Clubs, particularly UK P&I, TT, UK Defence, ITIC and the Lloyd’s insurer Dex. Based in Hong Kong, Brown will head Miller’s regional management team, leading the offices in the region and supported by experienced managers Nick Sansom in Singapore and Barton Phillips in Sydney.
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
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 cadre of volunteers navigate the regulatory labyrinth and a host of safety requirements to bring back to life an enduring symbol the nation’s can-do spirit and resiliency. Early next year, a 78-foot Patrol Torpedo 305 boat, being restored at the National WWII Museum, should be U.S
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.
Rolls-Royce waterjets and MTU diesels to power 17 new patrol boats for the Qatar Coastguard Rolls-Royce has secured a £15.8 million contract to supply Rolls-Royce MTU high-speed engines and a suite of waterjet propulsion systems for the the Qatar Coastguard’s 17 fast patrol
The top stories this week covered everything from a DP system failure, a facelift for a WWII torpedo boat, and some mysterious tankers off the coast of Philadelphia. The tanker Olympic Flag was carrying 650,000 barrels of Angolan crude when it dropped anchor seven miles off the
Twenty-nine migrants died of hypothermia aboard Italian coast guard vessels on Monday after being picked up from a boat adrift near Libya, reigniting criticism of the government's decision to end a full-scale search-and rescue mission last year.
Big increase in number of migrants dying in Mediterranean * Italy ended full-scale rescue operation last year * Pope Francis calls for solidarity with migrants (Adds comment, details) By Steve Scherer ROME, Feb 11 (Reuters) - More than 300 people probably died this week after
Coming in the Maritime Reporter & Engineering News February 2015 edition: Boat owner Josh Harris and captain Casey McManus, leaders of the commercial crab fishing boat Cornelia Marie made famous on the Discovery Channel’s hit show Deadliest Catch
A revolutionary new concept in marine propulsion, the first Volvo Penta Forward Drive (FWD), debuted today at an exclusive event at the Miami International Boat Show. Opening up a new realm for recreational water sports, the Volvo Penta FWD begins with forward-facing dual counter-rotating
A pair of newly-built workboats, 26' mooring boats Chbika and Naila, were built to operate in Tangier, Morocco, but were unable to maneuver as required, having particular difficulty running at slow speeds with their original transmissions and ended up failing sea trials
The National Marine Manufacturers Association (NMMA) presented an Innovation Award to Volvo Penta for its new Forward Drive (FWD) propulsion system in the Alternate Drive Technology category at the 2015 Miami International Boat Show today
A Maltese cargo ship was heading to assist a migrant boat with around 100 people on board in difficulty off the coast of Libya on Friday, and an Italian coast guard vessel was helping two other boats, Italian coastguards said. More than 300 African migrants have already died attempting to reach
Navionics, the leader in location-based content for the recreational boating and outdoor markets, announced today the release of a new SonarCharts chart card for use with several Garmin GPS chartplotters. Featuring extraordinary bottom contour detail of up to 1 foot in the US and Canada
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
Lowrance announced the upcoming software update for the HDS Gen3 fishfinder/chartplotter series — enabling wireless compatibility with the complete line of C-Monster compatible Power-Pole products. These efficient hydraulic anchors and all-electric Micro Anchor products quickly and
Class-leading offshore energy crew transfer vessel operator Seacat Services today launches Seacat Courageous, the firm’s second 26-metre crew transfer vessel, as it continues to support the growth of the European offshore wind market.