Announcing its financial results for the year ended December 31, 2016, TT Club said it had $177.8 million in gross earned premiums compared to $172 million in 2015. Meanwhile, total assets went down from $618.1 million in 2015 to 2016’s $613 million.
The transport and logistics insurer also recorded total surplus and reserves of $185.8 million, an increase from $178.1 million in 2015. TT Club Chairman Ulrich Kranich said 2016 was a good year for new business while member retention rate continued at very high levels.
In his inaugural report since taking over from Knud Pontoppidan in July 2016, Kranich also welcomed more good news – AM Best affirming TT Club’s A- or ‘excellent’ financial strength rating for the eleventh year in a row.
“The Club retained its A- (Excellent) financial strength rating from AM Best for the 11th successive year and maintaining this rating is one of our main objectives,” he said. “Financial performance was in line with the Board’s business plan and the financial year combined ratio – the main measure of operating performance – was within its target risk appetite.”
The provider’s 2016 financial year combined ratio was at 95.3%, with a surplus of $5.2 million. Kranich said large claims in 2016 were just below the long-term trend level.
“Regulatory and solvency capital remained very strong in the year and is forecast to continue as such in 2017, and accordingly it is expected the Club will maintain its AM Best A- rating in 2017,” he added.
Meanwhile, TT Club chief executive Charles Fenton said the firm remains committed to working with members and brokers to maintain the insurer’s loss prevention and service levels. Fenton also added that TT Club will continue to work towards keeping insurance costs down.
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