Sunday 18th Nov, 2018

TT Club encouraged by 2017 financial results

Photo: Shutterstock
Photo: Shutterstock

MARITIME insurer TT Club has indicated it is happy with financial results for the year ended December 31, 3017.

Highlights included:

  • US$181.8m gross earned premiums (2016: $177.8m)
  • US$7.3m surplus for the year (2016: $5.2m)
  • Total assets of $597.6m (2016: $613m)

TT Club chairman Ulrich Kranich said they had taken in their stride hurricane-related claims that impacted several members’ operations in the Caribbean and North America.

“To have done so in the context of the highest ever level of insured losses on record from natural catastrophe events is a notable achievement and is especially pleasing given this year we are celebrating the 50th anniversary of the Club,” Mr Kranich said.

“The Board’s key objective is to maintain at all times its A- (excellent) financial strength rating awarded by A.M. Best.

“This rating was affirmed by Best on 24 May 2018. The business plan adopted by the Board is set to drive the business forward, while ensuring the rating is maintained, and financial performance in 2017 was in line with the business plan.”

Mr Kranich said large claims in the year were dominated by three North Atlantic hurricanes, Harvey, Irma and Maria.

“Aon Benfield has estimated the industry’s insured losses from these hurricanes to be around US$80bn,” he said.

“Set in this context, the Club’s estimated losses from the three hurricanes, at less than US$ 10 million, are testament to the success in ensuring the Club is managing its gross and net exposure successfully.”

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