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Hit by Tianjin port's mega-blast, TT Club posts 65pc fall in 2015 surplus

Time：2016-05-31 Browse：167 Author：RISINGSUN

TT CLUB, a logistics insurance provider, was hit by claims from last August`s mega explosion that killed 100 and injured hundreds more in the Port of Tianjin, now announces a 65.9 per cent year-on-year decline in its surplus to US$4.8 million in 2015.

"Incidents such as Tianjin and a number of cargo-related fires meant the club experienced a higher number of large claims above $1 million than in 2013 and 2014," said TT Club chairman Knud Pontoppidan.

Gross earned premiums in 2015 amounted to $172 million on total assets of $618.1 million, while its total surplus and reserves came to $178.1 million, up 1.59 per cent year on year.

"Despite the increase in large claims, and the soft rating conditions, the club continues to be in good shape," he 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 and the club`s rating awarded by AM Best at A- (Excellent) has been affirmed for 2016.