Bühler GmbHVan AalstPort of StocktonViganCimbriaTBA Group
  • Coaltrans Global 2021
  • Cleveland Cascades Ltd
  • TOC Events
  • Port of Stockton
  • Sailors Society
  • 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

First maritime slips, trips and falls poster

(Posted on 11/05/21)

Maritime Progress, a major player in the photoluminescent marine signage arena has developed a new Slips... Read more


New bunker alerts for next generation loss prevention

(Posted on 11/05/21)

A new release of The Swedish Club’s Trade Enabling Loss Prevention tool (TELP), the next generation... Read more


Columbia and Seatrans agree strategic shipmanagement tie-up

(Posted on 06/05/21)

Columbia Shipmanagement (CSM) has continued its recent expansion by agreeing a strategic partnership... Read more


OneLearn Global signs up to Neptune Declaration

(Posted on 06/05/21)

Recently launched OneLearn Global, created to provide modern-day training solutions to serve the maritime... Read more


IMO Council membership demonstrates Jamaica’s worth

(Posted on 06/05/21)

Membership of the International Maritime Organisation is important for strengthening Jamaica and the... Read more


CCS grows bulker fleet and scores with Intercargo

(Posted on 04/05/21)

China Classification Society (CCS), the world’s fastest growing classification society, has been... Read more


Su-Nav establishes integrated ship management model

(Posted on 04/05/21)

Su Nav, the integrated ship management company, has established a comprehensive range of services over... Read more


Fednav welcomes its latest icebreaking bulk carrier

(Posted on 29/04/21)

Fednav Limited has announced that it has taken delivery of its latest Polar Class 4 icebreaking bulk... Read more


InterManager vows to source vaccinations for seafarers

(Posted on 29/04/21)

Frustrated by the lack of progress and slow pace of international efforts, InterManager has vowed to... Read more


IOMSR first flag state to partner Eyesea ocean clean up

(Posted on 29/04/21)

The Isle of Man Ship Registry (IOMSR) has become the first flag state to formally back the Eyesea initiative... Read more


Cleveland Cascades LtdCoaltrans Global 2021TOC EventsThe Wolfson Centre for Bulk Solids Handling Technology Port of South LouisianaTelestack
  • Cimbria
  • Port of South Louisiana
  • The Wolfson Centre for Bulk Solids Handling Technology

Subscribe to our newsletter

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