The TT Club, part of the Thomas Miller-managed stable of mutual marine insurers, has seen its premiums grow and doubled its profits in its latest financial year.

The London-based mutual said it earned a surplus of $16.5m in 2018 compared to $7.3m in the previous year.

Premiums also increased from $181.8m to $195m over the same period.

Its combined ratio was 87%, meaning it earned more in premiums than it paid out in claims and expenses.

The strong performance helped the TT Club to grow its reserves from $193.1m to $209.5m.

The reserves grew despite the club only returning a 1.7% investment gain against the budgeted 2%.

The profits also came even though the insurer was also exposed to two expensive claims, the Maersk Honam fire and Hurricane Michael.

TT Club chairman Ulrich Kranich said a strong premiums performance in a difficult insurance market had helped the clubs finances.

“In spite of the premium environment being on the whole challenging, the club’s premium income grew in 2018. The volumes declared by members were higher than in recent years, new business was good and retention remained high. Notably, premium growth was achieved without the addition of single large accounts and the balanced growth targeted and achieved in recent years has continued,” he said.

“The growth in the number of policyholders, reducing average premiums per policyholder, has resulted in a good level of financial stability enabling the club to focus on providing service to members and brokers and assisting the industry with loss prevention.”