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
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
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.
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 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
The U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) is responsible for security and facilitation operations at 328 ports of entry throughout the United States. Missions include the pursuit, boarding and searching of suspect vessels, seizing vessels and contraband
Louisiana-based boat builder Metal Shark says it is ramping up production to build an inventory of stock vessels, with the goal of reducing lead times and enhancing its service to customers. Metal Shark has traditionally custom-built each vessel to accommodate its customers’ unique
Philippine-born Ananya Surangpimol won a prestigious scholarship to Japan in 1971 and, after a year of intensive Japanese, entered Tokyo University of Fisheries, one of the first Asian women to do so in a former all-male imperial university. There she completed a master’s degree in food
Five mariners rescued April 15 by the U.S. Coast Guard reunited with their rescuers Thursday in Clearwater, Fla. Various members from Coast Guard Sector St. Petersburg, Station Yankeetown and Air Station Clearwater attended the reunion
From tragedy to triumph: A former college basketball star preserves a passion for the water thanks to Mercury Marine Mercury Marine develops and manufactures technology designed to enhance the boating experience. The marine engines manufacturer recently teamed up with Belzona boats to
ASIS Boats has debuted its last release, a 9.8m Amphibious RIB able to achieve speeds of 55mph on water. Special composite material and Kevlar has been used in the boat construction to keep it light weight and strong at the same time.
Amphenol Industrial Operations (AIO) sponsored The National WWII Museum during their endeavor to bring patrol torpedo boat PT-305 back to the water. The restoration began ten years ago, and AIO has been involved since 2014. It supplied a number of its 97 Series connectors to enable the PT-305 team
Humanitarian groups operating rescue ships off the coast of Libya picked up more than 700 migrants out of seven flimsy and overcrowded boats on Wednesday, Italy's coast guard said. The Phoenix rescue ship, operated by the Malta-based non-governmental organisation MOAS
Vittoria Shipyard, which is one of Italy’s main constructors of military and commercial boats, has laid down the challenge to the international tug market with orders from the Russian and Algerian governments for a total value of 15 million Euros.
Four suspected migrant smugglers were killed in an exchange of fire with the Libyan coastguard off western Libya on Thursday, spokesman Ayoub Qassem said. Qassem said the clash started when the coastguards tried to apprehend heavily armed gunmen whose boat was located near a migrant vessel
A newly built pilot boat Kara Yusuf, named after the owner’s grandfather, went into service on March 4, 2017 in Turkey. The boat will provide pilot transfer service in the southwest region of the Marmara Sea. Designed by Robert Allan Ltd
Some 20 people died and about a dozen were missing on Friday after a wooden boat carrying about 60 wedding guests hit a cargo ship and sank in southwestern Myanmar, local officials said, in the third big marine accident in the country in as many years.
Far out in the South China Sea, where dark blue meets bright turquoise, a miles-long row of fishing boats anchor near Scarborough Shoal, backed by a small armada of coastguard projecting China's power in Asia's most disputed waters.
Alabama's Horizon Shipbuilding is bustling with activity. New York Fast Ferries are being quickly delivered, large AST tugs are being built and launched, and vessels of all sizes are cycling through weekly for refurbishment and refit.
A U.S. Navy World War II PT boat, which was recently restored and rebuilt by volunteers at The National WWII Museum in New Orleans, has been equipped with modern state-of-the-art battery chargers from Newmar. After more than a decade of volunteer-provided planning and restoration work