TT Club's Reports Strong 2003

Thursday, March 25, 2004
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 and reserves to US$57.3 million, while total assets at US$386.5 million (up 18% from US$326.3 million) were at their highest for five years. Net worth increased 10% from US$62.8 million to US$69.3 million.

The Club's gross premium income declined marginally to US$149 million (down 2% from US$152 million) as it focused on positive underwriting results but investment income including foreign exchange gains increased from US$8.3 million to US$17.1 million. The overall surplus after tax for the year was US$7.1 million from last year's US$10.7 million, but excluding extraordinary items totalling US$5.9 million the operating result showed a healthy 21% improvement of US$2.3 million.

"I am pleased to report a successful year of consolidation during 2003," commented Sir David Thomson, Chairman of the TT Club. "Our underwriting performance has improved, we have achieved another positive investment return and our free reserves have grown."

Under extraordinary items the Club has reflected the termination of its five-year finite reinsurance agreement with Swiss Re and replacement with a three-year quota share reinsurance with the same Group. Additionally, the TT Club's Board has written down the book value of its joint venture investments at Bolero.net and TT Neptunus Services Ltd, the latter company transferring its business to the joint venture partner, BV-Unicon.

Looking forward to 2004-2005, Mr Paul Neagle, Chief Executive, forecast that business volumes would increase in line with world trade - driven by US imports and Chinese exports - and that insurance rates would remain hard and results positive.

"We are maintaining our drive for capital growth in order to regain our A minus rating as quickly as possible," he said. "We are on target to achieve this by maintaining underwriting discipline, continuing to reduce attritional claims, investing conservatively and focusing on service quality for members and brokers."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1029 sec (10 req/sec)