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AM Best Places Credit Ratings of Through Transport Mutual Insurance Association Limited and Its Subsidiaries Under Review With Developing Implications

LONDON--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating 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 actions on the Credit Ratings (ratings) follow the announcement on 13 July 2026 that TT Club and United Kingdom Mutual Steam Ship Assurance Association Limited (known as UK P&I Club) have signed a framework agreement, which formally commits both Clubs to a merger that is expected to conclude on 20 February 2027, subject to all required approvals. In addition, TT Club and UK P&I Club announced that their joint offer to acquire Thomas Miller Holdings (TMH) has received support from the majority of TMH’s shareholders. TMH manages TT Club and UK P&I Club, in addition to a variety of other mutual organisations and specialist insurance services businesses. The acquisition of TMH is expected to be completed in fourth-quarter 2026, subject to the receipt of requisite regulatory approvals that are currently in progress.

The ratings of TT Club are expected to remain under review with developing implications until its merger with UK P&I Club and acquisition of TMH close, and AM Best has assessed the impact of these transactions on TT Club's credit rating fundamentals.

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.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Naz Botea, ACA
Senior Financial Analyst
+44 20 7397 0313
naz.botea@ambest.com

Kanika Thukral
Associate Director, Analytics
+44 20 7397 0327
kanika.thukral@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

AM Best


Release Versions

Contacts

Naz Botea, ACA
Senior Financial Analyst
+44 20 7397 0313
naz.botea@ambest.com

Kanika Thukral
Associate Director, Analytics
+44 20 7397 0327
kanika.thukral@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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