TT CLUB REPORTS JUMP IN ANNUAL SURPLUS, NET WORTH
TT CLUB REPORTS JUMP IN ANNUAL SURPLUS, NET WORTH
TT Club, the intermodal insurance operator, reported a jump in its
annual surplus and in the club’s net worth for 1998.
The surplus for the year was $11 million, compared to $7 million in
1997. Net premium income rose to $98 million, from $85 million, despite a soft market and
fierce competition, TT Club said.
Claims increased to $82 million last year, from $58 million in 1997,
but the club reported a much higher investment income of $27 million for 1998, compared to
$15 million in the previous year.
The net worth — the value of the club’s assets to its members —
increased to $101 million, from $90 million in 1997.