For the seventeenth year in succession, International Transport Intermediaries Club (ITIC) has paid a renewal credit to its members. For the year ended 31 May, 2012, members received a total of $5.2m. In the past seventeen years, ITIC has returned more than $67.3m to members in credits.

ITIC Chairman Peter French says, “One of the unique strengths of a mutual is the absence of shareholders, allowing its members to benefit from any financial surplus. Solvency II, the new regulatory regime with which all insurers within the EU will have to comply by 1 January, 2014, will have an impact on the future capital requirements of the business. This will necessitate our maintaining strong reserves not only to ensure compliance, but also to sustain continuity credits at renewals in the future.”

Tags: International Transport Intermediaries Club (ITIC)