TT Club Announces 2002 Results
March 24, 2003
The Board of TT Club has announced its financial year 2002 results. The Club posted a full year after tax surplus of $10.7 million (from a 2001 loss of US$40.2 million),
supported primarily by a positive technical underwriting result of US$6.6
million (an improvement of US$35.5 million) and an increase in investment
income. As a result the Club's free reserves (undiscounted) rose by 27
percent to US$50.2 million.
Sir David Thomson, TT Club Chairman, commented: "The TT Club has faced and
dealt successfully with a tremendous challenge in 2002. Our task was to
protect the Club's solvency from any further decline after the difficulties
of 2001 and I am pleased to confirm we have achieved this objective."
Related News
Gulf Intercoastal Waterway Closed After Barge Strikes Bridge in Galveston
US Studying if Other Bridges at Risk After Baltimore Collapse
Containership Lost Power Several Times Before Striking Bridge in Baltimore
Suspected Somali Pirates Taken to Seychelles
Collapsed Baltimore Bridge Blasted into Pieces