TT Club confident after renewals battle

Port Strategy: incoming chief executive Charles Fenton is pleased with the renewals result Incoming chief executive Charles Fenton is pleased with the renewals result
Industry Database

Mutual insurer TT Club has retained the vast majority of its prime ports and terminals portfolio, following hard fought start-of-the-year renewal negotiations.

The club, managed by the Thomas Miller group, staved off aggressive moves to lure away those of its members which had first-class loss prevention records. Charles Fenton, chief executive-designate of the club, said that with most details of January renewal cover finalised, the insurer had retained well over 90% of its business and had made good progress in its goal of "rebalancing" its total portfolio, which will place greater emphasis on lability cover and the transport operator category.  

It is known that in mid-2008, Hutchison Port Holdings left the club and reportedly DP World by mutual agreement later placed cover for its property side elsewhere.

Mr Fenton said that the ports sector would continue to be around one-third of the TT Club book going forward.  

Speculation that rates would harden across the market has proven unfounded, after some London and international insurance carriers bid down rating levels in the hope of attracting businesses with "clean" claims records.

Mr Fenton will assume the post of chief executive in March, succeeding Paul Neagle who is to head Thomas Miller Investment, seen as a strategic growth area following the recent acquisition of business from Singer & Friedlander in the Isle of Man.

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