

(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.
ICS, BIMCO, European Shipowners | ECSA, INTERCARGO and INTERTANKO have released a joint industry statement... Read more
NovaAlgoma Cement Carriers Limited, a joint venture between Algoma Central Corporation and Nova Marine... Read more
The Swedish Club has announced the appointment of Julia Ju as the new Chief Executive and Area Manager... Read more
The International Association of Dry Cargo Shipowners (INTERCARGO) has condemned the recent armed attack... Read more
NORDEN has announced that they have sold two additional vessels, one Supramax bulk carrier and one MR... Read more
Columbia Group CEO, Mark O’Neil, has paid tribute to Turkey’s ‘resilient and innovative... Read more
Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has signed... Read more
The IMO has formally agreed to start the revision of outdated regulations for nuclear-powered ships.... Read more
In advance of the IMO Day of the Seafarer’s focus on ‘My Harassment-Free Ship’, Sailors... Read more
The threat of prosecution from a criminal investigation should never be held against an individual seafarer... Read more