AM Best Assigns Credit Ratings to TT Club Mutual Insurance N.V.

LONDON--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to TT Club Mutual Insurance N.V. (TTNV) (Netherlands). The outlook assigned to these Credit Ratings (ratings) is stable. TTNV is a subsidiary of TT Club Mutual Insurance Limited (TTI) (United Kingdom), which in turn is a subsidiary of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda). TTB, TTI and TTNV are collectively known as the TT Club.

The ratings reflect TTNV’s inclusion as a member of the lead rating unit, TTB, which has a balance sheet strength that AM Best assesses as very strong, as well as adequate operating performance, limited business profile and appropriate enterprise risk management.

TTNV is important to TT Club strategically, enabling it to service policyholders across the European Economic Area (EEA). The company benefits from implicit and explicit support, including a net worth maintenance agreement and significant intragroup reinsurance, as well as operational support provided by TTB and TTI.

TTNV was incorporated in April 2023 and received its insurance licence from De Nederlandsche Bank in December 2023. AM Best expects TT Club’s existing EEA business, which is fronted currently by a third-party insurer, to be transferred to TTNV in the second half of 2024. In April 2024, TTNV was provided with a capital injection of USD 15 million to support the expected portfolio transfer and planned premium growth.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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