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. Best expressed its view of the insurer’s balance sheet strength: “TT Club is expected to maintain excellent consolidated, risk-adjusted capitalization in 2011 following the good operating surplus achieved in 2010.” It also commented, “The Club continues to set reserves with a significant margin established above internal actuary’s best estimate”.
The agency expects The Club’s underwriting results, which were weakened in 2010 by losses arising from the earthquake in Chile, as well as two major maritime incidents, to improve as global trading conditions recuperate. This belief is encouraged, say A. M. Best, by TT Club’s strong specialist business profile covering both property and liability in the international maritime transport and logistics markets.