The Through Transport Mutual Insurance Association (TT Club) made a surplus of $4.2m last year to lift its free reserve to almost $150m, despite a tough market.
The TT Club, which has many liner shipping companies, ports and freight forwarders as members, made an underwriting surplus with an improved combined ratio of 96.3% and a modest investment return of 1.5%.
The two big losses impacting on the TT Club last year were Superstorm Sandy, which devastated the US north-east coast, and the devastating mid Atlantic fire on the 6,732-teu containership MSC Flaminia (built 2001).
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