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.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
