Latest news with #TTClub
Arab News
6 days ago
- Business
- Arab News
Tawuniya partners with TT Club to elevate Saudi transport & logistics risk management
TT Club, an international insurer for the transport and logistics sectors, has entered into a strategic reinsurance partnership with The Company for Cooperative Insurance, or Tawuniya, a Saudi insurance provider. The collaboration facilitates the launch of a newly approved liability insurance product tailored specifically to the transport and logistics industry in the Kingdom. The new product, approved by Saudi Arabia's insurance regulator in January, enables Saudi-based transport and logistics operators to access global-standard liability coverage through Tawuniya, with TT Club acting as the reinsurer. This development directly aligns with Saudi Arabia's Vision 2030 ambitions to transform the nation into a global logistics hub. Recognizing this strategic direction and the evolving risk landscape, TT Club and Tawuniya are working together to provide this vital specialized liability coverage. Kevin King, CEO of TT Club, said: 'As Saudi logistics operators expand internationally and adopt world-class operational standards, they are also developing their risk management strategies. Specialist liability insurance is a cornerstone of those strategies, in that it protects operations, supports reputational integrity, and helps to enable sustainable growth.' The partnership does not involve a traditional joint venture or shareholder agreement. Instead, it acts practically as a commercial collaboration to provide market-leading coverage within the framework of Saudi Arabia's well-regulated insurance landscape. Sultan Alkhomashi, CEO of general sector at Tawuniya, said: 'This partnership with TT Club strengthens our ability to serve Saudi logistics operators with world-class insurance solutions that meet the highest international standards. Together, we are helping build safer, more resilient supply chains and supporting the Kingdom's long-term vision to be a regional and global logistics powerhouse.' TT Club has also recently strengthened its board of directors with the appointment of Saffia Abdulla Kanoo in June. Kanoo is vice president and international business director at Kanoo Logistics, one of the longest-established logistics businesses in the Middle East. Based in Saudi Arabia, she has worked across air cargo, shipping, customs clearance and specialized logistics services.
Zawya
7 days ago
- Business
- Zawya
Saudi Arabia's transport and logistics safety and risk management reinforced by Tawuniya and TT Club strategic partnership
TT Club, the leading international insurer for the transport and logistics sectors, has entered into a strategic reinsurance partnership with The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's foremost insurance provider. The collaboration facilitates the launch of a newly approved liability insurance product tailored specifically to the transport and logistics industry in the Kingdom of Saudi Arabia. The new product, approved by Saudi Arabia's insurance regulator in January 2025, enables Saudi-based transport and logistics operators to access global-standard liability coverage through Tawuniya, with TT Club acting as the reinsurer. This development directly aligns with Saudi Arabia's Vision 2030 ambitions to transform the nation into a global logistics hub. Recognising this strategic direction and the evolving risk landscape, TT Club and Tawuniya are working together to provide this vital specialised liability coverage. Kevin King, CEO of TT Club, commented: 'As Saudi logistics operators expand internationally and adopt world-class operational standards, they are also developing their risk management strategies. Specialist liability insurance is a cornerstone of those strategies, in that it protects operations, supports reputational integrity, and helps to enable sustainable growth.' The partnership does not involve a traditional joint venture or shareholder agreement. Instead, it acts practically as a commercial collaboration to provide market-leading coverage within the framework of Saudi Arabia's well-regulated insurance landscape. Sultan Alkhomashi, CEO of General Sector at Tawuniya, commented: 'This partnership with TT Club strengthens our ability to serve Saudi logistics operators with world-class insurance solutions that meet the highest international standards. Together, we are helping build safer, more resilient supply chains and supporting the Kingdom's long-term vision to be a regional and global logistics powerhouse.' TT Club has also recently strengthened its Board of Directors with the appointment of Saffia Abdulla Kanoo in June 2025. Kanoo is Vice President and International Business Director at Kanoo Logistics, one of the longest-established logistics businesses in the Middle East. Based in Saudi Arabia, she has worked across air cargo, shipping, customs clearance and specialised logistics services. Kanoo brings decades of industry leadership and a strong alignment with TT Club's mission to create a safer, more secure and sustainable future for the industry. About TT Club TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. Its services are designed to support operators' long-term success by mitigating business risks and protecting against loss. TT Club is known for its in-depth industry expertise, financial strength, and global service reach. About Tawuniya Tawuniya Insurance was established in 1986 and is the first nationally licensed insurance company in the Kingdom of Saudi Arabia. Tawuniya offers a comprehensive range of insurance services that operate in accordance with cooperative insurance principles accepted in Islamic law. Tawuniya was listed in Brand Finance's Top 10 Insurance Brands in the Middle East for 2021. Additionally, the company won the award for Best Health Insurance Brand in the Kingdom in 2022, granted by Global Brands magazine. Media Enquiries Contact: TTClub@
Business Wire
13-06-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Through Transport Mutual Insurance Association Limited and Its Subsidiaries
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of 'a-' (Excellent) of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda) and its subsidiaries, TT Club Mutual Insurance Limited (TTI) (United Kingdom) and TT Club Mutual Insurance N.V. (TTNV) (Netherlands). TTB, TTI and TTNV are collectively known as the TT Club (the club). The outlook of these Credit Ratings (ratings) is stable. The ratings of TTB reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings of TTI and TTNV reflect their strategic importance to TTB, and the implicit and explicit support that they receive from TTB, particularly in the form of comprehensive reinsurance protection. TTB's balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, which is well in excess of the minimum required for the strongest assessment level, as measured by Best's Capital Adequacy Ratio (BCAR). The club's balance sheet strength also benefits from a relatively conservative investment strategy and a long track record of prudent reserving, with releases of overall reserves recorded in all financial years, except 2023. AM Best views TTB's moderate dependence on reinsurance, used to manage the club's capacity, as an offsetting balance sheet strength assessment factor. The associated risks are mitigated partially by the high credit quality of the club's reinsurance partners, many of which TT Club has long-established relationships with. TTB's adequate operating performance is demonstrated by a five-year (2020-2024) weighted average return-on-equity ratio of 4.3%. TTB reported technical losses in 2023 and 2024, in part driven by higher reserves booked for U.S. bodily injury claims due to the elevated loss experience of this line in recent years. To mitigate the risk of adverse development in prospective years, management has been increasing the reserve margin, which it holds in excess of the best estimate reserves. In addition, TT Club elected to expense the cost of an information technology project upfront in years 2021 to 2024, rather than capitalising it on the balance sheet. These factors resulted in the company reporting a five-year weighted average combined ratio of 100.8%. The club's overall earnings remain supported by modest investment returns, reflecting the conservative asset allocation. TT Club is a specialist mutual insurance organisation, operating in the international transport and logistics industry. It offers property and liability risk covers for port, ship and logistics operators, and provides loss prevention and risk management services to its members. The club has a strong position in its niche market, which is highlighted by its excellent member retention and supported by its global presence. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
