International transport and logistics insurer TT Club Mutual Insurance has appointed long-time company director Ulrich Kranich as its new chairman.
Kranich will succeed incumbent TT Club chairman Knud Pontoppidan, stepping up from his current directorial post which he has held for nine years.
“We welcome Ulrich into his new position and look forward to working together to maintain the Club’s long track record of service to its members,” the insurer said in a statement.
Pontoppidan, meanwhile, will continue to serve as director for another year. He has been the club chairman since 2008 and is credited for steering the company during the global financial crisis.
The leadership change follows what Pontoppidan described as a “normal year” in 2015 for the insurer after “very good years” in 2013 and 2014.
Last May, the insurer reported gross earned premiums of US$172 million in 2015, down from US$182.2 million in 2014.
The company also announced a combined ratio of 94.4% in 2015, up from 85.6% in 2014.
Pontoppidan noted that last year’s incidents including the Tianjin explosions and some cargo-related fires meant that the insurer experienced a higher number of large claims above US$1million than in 2013 and 2014.
“Despite the increase in large claims, and the soft rating conditions, the Club continues to be in good shape,” Pontoppidan said. “The work to improve the health of the insurance book since 2009 has paid off to help to mitigate the increase in large claims in the year.”
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