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TT Club hails ‘stability’ as premium rises

Global transport and logistics industry insurer TT Club has reported premium and surplus growth for last year.

It recorded gross written premium of $US177.8 million ($234.16 million), up 3.37% on the previous year, and a surplus of $US5.2 million ($6.85 million), an increase of 8.33%.

The combined operating ratio worsened slightly to 95.3% from 94.4%.

“The theme of recent years of an increasing number of factors causing instability around the world has continued, and shows little sign of abating,” Chairman Ulrich Kranich said.

“Set in this context, the stability in the club’s performance is extremely welcome.

“As a mutual, the club’s finances are managed to produce a small surplus, and to achieve this was therefore an entirely satisfactory result.”

TT Club also retained its A- financial strength rating from AM Best for the 11th successive year.

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