A.M. Best Co. announced that it has upgraded the financial strength rating to B++ (Very Good) from B+ (Very Good) of Bermuda-based Through Transport Mutual Insurance Association Limited (TT Bermuda) and assigned a stable outlook.
Best also announced that it has assigned an initial financial strength rating of B++ (Very Good) to Through Transport Mutual Insurance Association (EurAsia) Limited (TT EurAsia), the London-based subsidiary of TT Bermuda, also with a stable outlook. “The two companies collectively trade as the TT Club,” the bulletin noted.
TT Bermuda’s rating “reflects the significant improvement in the company’s consolidated prospective risk-adjusted capital position, resulting from a revised business plan and reduction in net retained risk through changes to the reinsurance programme. The rating continues to reflect the positive trend in TT Bermuda’s consolidated financial performance,” said Best.
TT EurAsia’s rating is based on “the company’s excellent risk-based capitalisation, very good business profile and solid financial performance,” said Best. It “regards TT Eur/Asia as a core subsidiary of TT Bermuda.”
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