The TT Club has introduced a 15% across the board rate rise, its second in 18 months.

The rate rise is effective immediately, as the transport mutual attempts to regain its A rating

The TT Club suffered in 2001, with a $40m loss halving its worth and its AM Best rating dropping to B+ with a negative outlook.

Global underwriting head Brian Wood said that TT Club got "back to basics" in 2002, with an initial 20% across the board rate increase.

AM Best upgraded its outlook to stable and TT signed long-term contracts with two top reinsurers.

The club established a global risk management department and new management team, introducing the role of chief operating officer.

"Our aim is to get back to an A rating at the earliest possible opportunity, but in reality it will take a couple of years," Wood said.

"We found that even after the 20% increase, base rating levels were still only two-thirds of the levels they were at the beginning of the 1990s.

"Another 15% general increase, effective immediately, is in line with market increases this year."