AM Best Assigns Credit Ratings to TT Club Mutual Insurance N.V.
May 10 2024 - 10:10AM
Business Wire
AM Best has assigned a Financial Strength Rating of A-
(Excellent) and a Long-Term Issuer Credit Rating of “a-”
(Excellent) to TT Club Mutual Insurance N.V. (TTNV) (Netherlands).
The outlook assigned to these Credit Ratings (ratings) is stable.
TTNV is a subsidiary of TT Club Mutual Insurance Limited (TTI)
(United Kingdom), which in turn is a subsidiary of Through
Transport Mutual Insurance Association Limited (TTB) (Bermuda).
TTB, TTI and TTNV are collectively known as the TT Club.
The ratings reflect TTNV’s inclusion as a member of the lead
rating unit, TTB, which has a balance sheet strength that AM Best
assesses as very strong, as well as adequate operating performance,
limited business profile and appropriate enterprise risk
management.
TTNV is important to TT Club strategically, enabling it to
service policyholders across the European Economic Area (EEA). The
company benefits from implicit and explicit support, including a
net worth maintenance agreement and significant intragroup
reinsurance, as well as operational support provided by TTB and
TTI.
TTNV was incorporated in April 2023 and received its insurance
licence from De Nederlandsche Bank in December 2023. AM Best
expects TT Club’s existing EEA business, which is fronted currently
by a third-party insurer, to be transferred to TTNV in the second
half of 2024. In April 2024, TTNV was provided with a capital
injection of USD 15 million to support the expected portfolio
transfer and planned premium growth.
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 www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240510715650/en/
Naz Botea, ACA Financial Analyst +44 20 7397
0313 naz.botea@ambest.com
Kanika Thukral Associate Director, Analytics
+44 20 7397 0327 kanika.thukral@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com