18 April 2005

TT Club's improving financial position has been acknowledged by industry ratings agency AM Best, which has revised its outlook on the mutual insurer's rating from 'stable' to 'positive'. This latest recognition marks further progress toward the goal of regaining an 'A-' rating.

In its press release AM Best affirmed a rating of 'B++ (Very Good)' and indicated that the change of outlook reflects an expectation that the current ratings could be reassessed once TT Club has demonstrated a consistent track record of strong earnings.

TT Club's 2004 record performance saw gross earned premiums rise by over 20% and the total surplus and reserves increase by 58%. AM Best also noted that as a leading insurer and risk manager for the international transport and logistics industry, TT Club has a strong business position in its niche market.

Paul Neagle, TT Club Chief Executive, welcomed the fact that the AM Best assessment had confirmed the increasing financial strength of the Club. "The improvement in outlook means the Club has ascended a further rung on the ratings ladder," he stated, "and I am confident that TT is well placed to deliver consistently strong earnings in 2005 and beyond."

ENDSNote to Editors:

The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, that include, specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

The full 2004 Annual Report and Financial Highlights can be reviewed or downloaded and printed from the home page of the web-site

www.ttclub.com

by accessing the menu item Publications/Annual reports.

For further information please contact:

Ian Lush, Marketing Director, TT Club

Tel: +44 (0)20 7204 2642

E-mail:

ian.lush@thomasmiller.comwww.ttclub.comMedia contact:

Peter Owen, ISIS Communications

Tel: +44 (0)1737 248300

E-mail:

info@isiscomms.comwww.isiscomms.comA full archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com