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AM Best Affirms Credit Ratings of Through Transport Mutual Insurance Association Limited

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda) and its subsidiary, TT Club Mutual Insurance Limited (TTI) (United Kingdom). TTB and TTI collectively trade as TT Club. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TTB’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings of TTI reflect its strategic importance to TTB as the source of the majority of the group’s insurance business and the support that it receives from TTB in the form of comprehensive reinsurance protection.

TTB’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is well in excess of the minimum required for the strongest assessment level. The company’s balance sheet strength also benefits from a relatively conservative investment strategy. However, AM Best views TTB’s dependence on reinsurance, used to manage the group’s capacity, as an offsetting balance sheet strength assessment factor. The associated risks are mitigated partially by the high credit quality of its reinsurance partners, many of which TT Club has long-established relationships with.

TTB’s adequate operating performance is demonstrated by a five-year (2018-2022) weighted average return-on-equity ratio of 5.7%. The company’s earnings are underpinned by profitable underwriting results, demonstrated by a five-year weighted average combined ratio of 96.5% (as calculated by AM Best). In addition, the company’s overall earnings are supported by modest investment returns.

TT Club is a specialist mutual insurance organisation, operating in the international transport and logistics industry. It offers property and liability risk cover for port, ship and logistics operators, and provides loss prevention and risk management services to its members. The mutual has a strong position in its niche market, which is highlighted by its excellent member retention and supported by its global presence. However, AM Best considers TTB’s business profile to be limited, owing to its relatively small size and concentration by line of business.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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