Bühler GmbHThe Wolfson Centre for Bulk Solids Handling Technology Port of StocktonTelestackTOC EventsThe Maritime Standard Tanker Conference 2020
  • The Maritime Standard Awards
  • Cleveland Cascades Ltd
  • Telestack
  • TBA Group
  • TOC Events
  • Bühler GmbH

Britannia returns more funds to members

(Posted on 02/11/20)

The Britannia Steam Ship Insurance Association Limited has declared a USD10 million capital distribution to its P&I mutual Members

Members’ renewals continue to be underwritten on their individual records, with no declared general increase (GI) for both P&I and FD&D

In September 2020, S&P re-affirmed Britannia’s A (stable) rating with capital above the AAA level with an ‘exceptional’ liquidity rating.

2020 has been challenging with investment markets severely impacted by the Coronavirus pandemic and remaining volatile. While retained claims in the current year are within projections, the picture is different for the Pool, with claims on the Pool during the first six months of 2020/21 being the highest recorded.

Successive years of low or no general increase rate rises have led to an imbalance between premium and the cost of claims. The Club will continue to redress that imbalance.

At its meeting on 20 October, Britannia’s Board recognised the challenge of having to improve rates whilst noting the Club’s continued capital strength. Addressing this challenge, the Board agreed the following series of actions;

A further capital distribution of USD10 million will be made to Members with ships on risk at midnight (BST) on 20 October 2020. This brings the total of capital distributed to Members since May 2017 to USD95 million. In the past four years Members have benefited from deferred call waivers and capital distributions totalling USD110 million.

The Managers will continue to undertake a technical based renewal of the membership, to promote sustainable premiums and restore underwriting balance. Members will continue to be underwritten individually to achieve an increase on the Association’s current estimated total call (ETC) but there will be no declared general increase. Members’ rates will be adjusted to reflect their individual claims records and risk profiles together with any Group Excess of Loss premium adjustments. There will also be minimal increases to deductible levels (which have been unchanged since the 2019/20 renewal).

Commenting on the Board’s decisions, the Association Chairman, Tony Firmin said, “I am delighted that Britannia remains financially strong despite the current challenges. The Board believes that the capital distribution demonstrates our ability to assist Members whilst recognising that an increase in rates is necessary to achieve sustainable premium levels to meet claims exposure.”

Latest News

German shipowners back IMO CO2 measures

(Posted on 23/11/20)

The member states of the International Maritime Organisation (IMO) have taken a further decisive step... Read more


Online seminar for sanctions advice

(Posted on 23/11/20)

The impact on a company of breaking sanctions, or even being perceived to have broken sanctions, is... Read more


Britannia initiative for seafarers

(Posted on 23/11/20)

Britannia P&I Club is excited to announce the launch of its new proactive online safety campaign... Read more


Moody's: bulk shipping outlook turns stable from negative

(Posted on 12/11/20)

Outlook on the global shipping industry has changed to stable from negative as shipping companies&rsquo... Read more


Crew welfare top of Colombia’s agenda

(Posted on 12/11/20)

Columbia Shipmanagement (CSM) has taken the issue of seafarer care to a new level with the introduction... Read more


METIS introduces new CPA monitoring module

(Posted on 12/11/20)

 METIS Cyberspace Technology S.A. has launched a new software module to tackle the huge challenges... Read more


Women in shipping present unified voice

(Posted on 06/11/20)

Despite the global pandemic, WISTA International – the global voice for female managers within... Read more


Higher domestic volumes for Algoma in challenging times

(Posted on 06/11/20)

Algoma Central Corporation, a leading provider of marine transportation services, has announced its... Read more


ShipMoney enhances account security

(Posted on 06/11/20)

Maritime Payment Solutions, LLC (ShipMoney), a global, industry-leading provider of payment solutions... Read more


IOM first flag to join Getting to Zero Coalition

(Posted on 06/11/20)

The Isle of Man Ship Registry has become the first flag state to join the Getting to Zero Coalition,... Read more


Cleveland Cascades LtdCimbriaTBA GroupViganPort of South LouisianaPort of Vancouver USA
  • Port of Vancouver USA
  • The Maritime Standard Tanker Conference 2020

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping