- About us
- IBJ Awards
- Free Sample
- Contact us
Britannia retains its ‘A’ (stable) rating
(Posted on 07/10/20)
Britannia P&I Club’s overall credit rating has once again been confirmed as ‘A’ (stable) by S&P Global Ratings, the world’s leading independent credit ratings provider. S&P added that Britannia’s outlook remains stable over the next two years, based on its view that the Club’s current capital buffer well exceeds S&P’s 'AAA' level requirement.
S&P noted the difficult trading conditions experienced in 2020/21, with significant earnings volatility, but they also recognised Britannia’s ‘large capital cushion’ available to ‘soften the blow’ and they expect that the Association will return to profitable underwriting and investment performance in 2021/22.
The stable outlook reflects S&P’s view that ‘Britannia will sustain its competitive position by keeping its underwriting focus on its core P&I business’, they also expect that the Association’s capital position ‘will remain extremely strong over the next two years’.
S&P also stated that Britannia ‘benefits from well-articulated conservative risk tolerances across the organization, the expertise of the experienced and long-standing management team, and good knowledge transfer across the organization’.
Commenting on the news, Jo Rodgers, Chief Finance Officer of the Club’s Managers, Tindall Riley (Britannia) Limited, said that the rating continues to reflect Britannia’s core value of financial strength through sound financial management.
Despite underwriting losses in the 2019/20 policy year and the difficult investment markets seen in the first part of 2020, Britannia remains financially very robust. However, a disciplined approach to underwriting will be necessary at the 2021/22 renewal in order to maintain the right balance of premiums to claims.
Hong Kong-based Pacific Basin Shipping Limited has announced the launch of its PB Carbon Neutral Voyage... Read more
Classification society DNV has introduced the shipping industry’s first competence standard for... Read more
At the International Maritime Organization’s Marine Environment Protection Committee meeting this... Read more
The Swedish Club has launched a new online training programme, aimed at delivering proactive loss prevention... Read more
Synergy Group, one of the world’s leading ship managers, has further expanded its global footprint... Read more
ABB's equipment package for Himilaya Shipping's ultra large bulk carriers will feature innovative shaft... Read more
Shipping needs a “King Arthur-style” round table of many relevant bodies to fully represent... Read more
Anglo American has set an ambition to achieve carbon neutrality across its controlled ocean freight... Read more
Columbia Shipmanagement (CSM) has announced it is furthering its efforts to promote crew positive mental... Read more
As the world considers the harsh realities highlighted by COP26, INTERCARGO warns that shipowners can... Read more