TT Club has announced it is increasing the volumes of premiums underwritten in 2002 and 2003.
The international transport insurer has signed a quota share reinsurance agreement with Swiss Re and an ...
TT Club has announced it is increasing the volumes of premiums underwritten in 2002 and 2003.
The international transport insurer has signed a quota share reinsurance agreement with Swiss Re and another major reinsurer.
Club expects to underwrite additional premiums of up to £22.9m in 2002 and a further £30.5m in 2003. The increase represents a cumulative rise of over 70%.
Chief executive Paul Neagle said: "Early indicators show that the 2002 policy year will produce a positive underwriting result, and the club expects the current favourable market conditions to last through the whole of 2003 and, possibly, into 2004."
The announcement represents the third contract placed by the club in 2002. In May a deal was placed with Swiss Re Group until the 2005 policy year.
Neagle added: "We are very pleased to have concluded these major agreements with two of the world's leading reinsurers, both of whom are triple A-rated, and we look forward to pressing ahead with our plans for growth that were announced last year."
