The TT Club announced its financial results for the year ended December 31, 2014, maintaining its A- (Excellent) rating by agency AM Best for the eight consecutive year.
Highlights:
Knud Pontoppidan, Chairman of the TT Club, said, “The TT Club’s strong financial performance in the past 12 months, which has been recognized in our maintained A- (Excellent) rating by AM Best, has been echoed in our claim levels which have declined compared to figures recorded in recent years. A pivotal contributing factor to this positive picture is the work that we have carried out to restructure our business in order to better match the overall premium income to the TT Club. Cost management has been a focus area for the TT Club and this approach will continue in the current year to maintain Member premiums at the lowest sustainable levels.”
Charles Fenton, Chief Executive of the TT Club, said, ”Our positive financial results are a reflection of the healthy position of the TT Club in the industry and this was endorsed by our AM Best rating. Despite the tough premium rating environment, the TT Club’s premium levels have remained as expected."