The recovery plan at the TT Club is in full swing as strong year end results have shown.
The Club posted a 20% increase in gross earned premiums from $149m in 2003 to $180m in 2004. There was also a 37% fall in net claims from $68,550 in 2003 to $42,840 in 2004.
On the balance sheet, total assets grew by 15% to more than $446m while the total surplus and reserves reached a record $89.53m, a 56% increase over 2003.
TT Club president and chairman Sir David Thomson said: “This exceptional set of results represents the accomplishment of the three-year recovery programme that was put in place by the Board in early 2002.
“We now have a strong balance sheet and a competitive business that is recognised as the clear market leader in our chosen niche.”
