ITIC turns 25
To celebrate this auspicious occasion, a 25th anniversary party was held at Merchant Taylors’ Hall, in London, on Thursday 29th June 2017. The party was well attended with over 400 international guests, members, board members (from 1992 and currently), insurance brokers and lawyers – all great supporters of ITIC. The games room, filled with casino tables, a Scalextric track and giant games provided a space for competitive spirits to meet. When it all got too much, guests could rehydrate at the vodka luge, which was shaped in the number 25. The barbecue, band and photo booth all added to the garden party atmosphere, with the majority of the guests enjoying Merchant Taylors’ beautiful hidden courtyard until late into the evening.
Photos from ITIC’s party can be viewed here (hover over the photo and click on the right arrow for more photos):
Regional 25th anniversary dinners are also being hosted, globally, to further celebrate.
A special anniversary edition of the Claims Review will be released later in the year.
The story so far...
In 1992 two leading mutual insurers of ship brokers and transport industry professionals joined together. CISBACLUB, a mutual insurer of ship brokers founded in 1925, and TIM joined, to create The International Transport Intermediaries Club (ITIC). The merger promised, and has provided, a stronger base from which to supply professional indemnity insurance to transport professionals throughout the world.
ITIC has grown steadily since the merger and currently insures 2,500 members in more than 110 countries. The Club has diversified since 1992, with ITIC now also insuring transport professionals in the rail, offshore, hydrographic and aviation sectors, alongside a wide variety of marine professionals. ITIC is known for solving issues and paying professional indemnity claims, having paid out more than US$ 350 million in claims over the last 25 years.
ITIC’s finances have also grown over the last 25 years from a premium income of US$ 8million in 1992 to over US$ 50m today. ITIC is very well reserved and as such has provided credits to members at each renewal of a percentage of their premium. The ITIC board considers payments of such credits to be a very important benefit of being covered by a mutual insurer. US$ 99million of credits has been paid, to date.
ITIC is looking forward to the next 25 years and beyond.