International transport and logistics insurance firm TT Club has announced a solid set of results for 2016.
The mutual, which has operations around the globe including in Australia, saw gross premiums earned hit US$177.8 million, compared with US$172 million in 2015. Total assets of the business in 2016 were US$613 million, compared with US461.8 million in 2015, while the firm had a surplus of US$5.2 million, compared to US$4.8 million.
Chairman of TT Club, Ulrich Kranich, announced the results – his first since taking over from Knud Pontoppidan as chairman - and said that 2016 was a challenging year for the business as instability around the world continued to make an impact.
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“2016 was a good year for new business for the Club and its member retention rate continued at the very high levels of recent years, [and] premium income was managed to satisfactory levels,” Kranich said. “Attritional claims in 2016 were as expected, however, and positively contrasted to 2015, large claims in 2016 were just below the long-term trend level.”
Kranich noted that the main claims event of the year was the demise of Hanjin Shipping which led to claims from transport operators.
In addition, the firm retained it’s A- (Excellent) financial strength rating from AM Best for the eleventh successive year as regulatory and solvency capital remained strong, with the firm expecting to retain its rating over the coming year.
Charles Fenton, chief executive of TT Club, said that against “trying economic circumstances,” the business will look to work with brokers to keep its place in the market.
“As we continue to work towards keeping insurance costs down, we remain committed to working with members and brokers to maintain our loss prevention and service levels to sustain our position as (one of) the world’s leading provider(s) of international transport and logistics insurance,” he said.
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