A.M. Best Affirms Ratings of TT Club

Business Wire, March 28, 2007

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Through Transport Mutual Insurance Association Limited (TT Bermuda) (Bermuda) and its wholly owned subsidiary, Through Transport Mutual Insurance Association (EurAsia) Limited (TT EurAsia) (United Kingdom). The two companies collectively trade as TT Club. The ratings of TT EurAsia continue to reflect A.M. Best's view that the company is an integral part of TT Club's worldwide strategy. The outlook for both ratings remains stable.

Although TT Club's anticipated performance is likely to be somewhat weaker than previously expected, A.M. Best believes the company will maintain excellent risk-adjusted capitalisation in 2007-2008. The impact upon capitalisation of poor underwriting performance in 2006 was offset by strong investment returns and a USD 30 million subordinated loan (issued in October 2006). The company continues to benefit from comprehensive catastrophe reinsurance protection.

TT Club is likely to achieve an adequate net profit after tax of approximately USD 5-10 million in both 2007 and 2008 (USD 6 million in 2006). Combined ratios in the region of 105% are likely in 2007-2008 (down from 111% in 2006) due to the softening rating environment and discounts the company is expected to offer certain TT Club members (in line with its mutual operating objectives). A.M. Best believes the underwriting deficits will remain at a manageable level and are likely to be offset by investment income.

TT Club continues to maintain a strong specialist business profile focused on the provision of insurance and risk management products for the international transport and logistics marine industry. Gross premiums written are likely to remain stable at USD 210 million in both 2007 and 2008 (USD 205 million in 2006).

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Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.