TT Club Posts 92% Combined Ratio For H1

International transport and logistics insurer TT Club has recorded a combined ratio of 92% for the first half of 2014, driven partly by a decline in the number of claims.

The company recorded gross earned premiums of $121.4m (£75.6m) in the first half of 2013.

TT's total assets in the period were $503.6m, while surplus and reserves totalled $167.4m.

Charles Fenton, chief executive of the TT Club, said: "Low claim levels have continued through from 2013 which have contributed to TT Club's strong financial performance in the year to date. We have obtained a mid-year combined ratio which is below 100% and slightly below the board's requirement. This is a very healthy place to be."

"The current soft market conditions we are seeing have negatively impacted premium levels but this has been offset by good growth in member reported volumes and also by net new business.

"The club's retention in the year to date has been excellent and that, coupled with on budget new business performance, is making a positive impact on premium income.

"We will continue to build on our current success and remain as the leading provider of insurance and related risk management services to the international transport and logistics industry."