Insurance management service provider, The TT Club, has improved its financial performance, posting a US$10.7m (£6.8m) surplus in 2002.
The surplus represents a US$50.5m (£32.2m) improvement on its 2001 result when it generated a US$40.2m (£25.6m) loss.
The TT Club claimed its improved result was fuelled by a US$35.5m (£22.6m) turnaround in its underwriting performance to a US$6.6m surplus.
The risk services provider said the turnaround was largely due to a decision to raise premiums during 2002. The company increased its gross earned premiums by 28% to US$152m during 2002.
However TT Club chief executive Paul Neagle warned: "These results are a great improvement compared to 2001, but there is still much to be done to restore the Club's financial health to its former level."
TT Club chairman Sir David Thomson said: "The TT Club has faced and dealt successfully with a tremendous challenge in 2002.
"Our task was to protect the Club's solvency from any further decline after the difficulties of 2001 and I am pleased to confirm we have achieved this objective."
