TT Club appoints a Property and Energy underwriter

Recognising market pressure for one-stop shopping, the TT Club recently announced that it would expand its ports and terminal operators' cover to include property and energy related risks. To assist in the development of this new business sector, the Club has appointed Niels H. Aaskov as its Property & Energy Underwriter.

Chief Executive, Paul Neagle provides further details:

"The TT Club is a specialist in providing liability insurance cover to port and terminal operators. However most such organisations also have property risks for which they require cover. Many terminals which are primarily container handling facilities, also have 'energy risks', typically berths for handling oil and oil products. The Club has taken a decision to position itself so that it is able to underwrite such risks as part of an overall package. Indeed, this strategy has already paid dividends with the acquisition of major business in the Americas and Europe. "

Mr Aaskov points out that many more TT members have property risks and in due course, the Club will be offering to provide appropriate cover:

"The fast-developing logistics and supply chain management sectors offer us major opportunities. Many forwarders and logistics & supply chain specialists now have large property assets such as warehouses and distribution centres and they require cover for these buildings and their contents wherever in the world they are located."
Mr Aaskov joins the TT Club from AIG where he was Assistant Vice-President, AIG Global Property Facility. He has extensive experience of writing property and energy business around the world and has wide contacts in non-marine areas of the market which, formerly, have not been part of the TT Club's business but which are becoming relevant as the transportation industry's insurance requirements evolve.

Mr Neagle notes that Mr Aaskov has excellent linguistic skills:

"Niels' first language is Danish but he also speaks Norwegian, Swedish and some German besides excellent English. In an organisation as international as the TT Club, this is of great benefit and we will be looking for ways to capitalise on these special skills."