AM BEST REVISES TT CLUB’S RATING
AM Best, a rating agency for the insurance sector, has favorably altered part of its prior rating for the Through Transport Mutual Insurance Association Ltd. (TT Club).
Best maintains TT’s rating at B+, but changed the accompanying “negative outlook” to a “stable outlook.”
The improvement came after a review of the TT Club’s performance since last May, when the Club reported its 2001 loss of $40 million in the U.S., including a strengthening of claims reserves to $23 million.
The necessity to strengthen reserves was due mainly to an adverse estimated claims position in 1999 and 2000.
According to a TT Club statement, Best had been favorably persuaded by the Club’s new controls on investment exposure, strict policy rules for new and renewing business, increased premiums, and a tough attitude to adverse long-term business.
