MARINE FINANCE, INSURANCE & LEGAL


S&P Global Ratings Affirms Britannia’s Ratings as ‘A’ (stable)


S&P Global Ratings, the world’s leading independent credit ratings provider, has affirmed its ‘A’ rating on the Britannia P&I Club. It added that the outlook remains stable over the next three years based on its view that the Club’s current capital buffer well exceeds S&P’s ‘AAA’ level requirement.


S&P based its findings on Britannia’s extremely strong level of capitalization and its strong market position in the P&I mutual business, where it has “a track record of quality in its underwriting” and added that the Club “enjoys strong returns.”


The report also notes that with a five-


year average net combined ratio (2014- 2018) of 88.9%, Britannia’s operating performance has exceeded its long term break-even target and the peer average during this period.


The credit agency’s report recognises that the liquidity sources available to the Club are sound. In the event of major adverse claims development, it considers the Club to be well-positioned to meet any liquidity needs that may arise, largely due to the very strong credit quality of its bond portfolio, rating the Club’s liquidity as ‘exceptional’.


Commenting on the news, Andrew Cutler, CEO of the Club’s Managers, Tindall Riley (Britannia) Ltd, said the rating reflected one of Britannia’s


core values of financial strength and well-articulated conservative risk tolerances across the organisation, which was to the benefit of its Members.


This financial strength enabled us to return USD50 million of capital to our Members over the last two years. In addition, we are continually investigating how we can further improve our service levels to Members and this year we have acquired businesses in Hong Kong and Singapore along with establishing new Exclusive Correspondents in Taiwan and Denmark, and are about to open in Greece very shortly.


Senior Appointments at Britannia Maritime Consultants


Britannia Maritime Consultants is delighted to announce two senior appointments as part of its expansion into the marine casualty response market.


Mike Hammond (below) will head up a new Claims and Insurance Department while Stephan Dimke will provide technical support for digital navigation issues.


Mike brings a formidable track record


and experience to Britannia, having worked in marine claims both for shipping companies, and more recently as the Claims Manager for an International Group P&I club with a focus on the Asia Pacific region.


Mike’s skills are already in demand, particularly from companies with limited in - house capability, but also hull/P&I insurers


p42 | www.dockyard-mag.com | October 2018 that need ad hoc support/assistance.


Mike Hammond said: “I am pleased to join Britannia Maritime Consultants and look forward to working with Paul Martin and his team. The availability of technical and legal expertise through Britannia, allows us to provide a seamless service and add value to any claims department.”


Stephan Dimke (left), formerly of ECDIS pioneer company TRANSAS and currently the Managing Director of Chartworld Asia Pacific, brings with him


an enviable reputation as a global expert in digital navigation.


He recently addressed the NAV 18 navigation symposium organised by the Australian Maritime Safety Authority (AMSA) who said: “It was a pleasure to invite Stephan to speak at NAV 18. His in-depth


insight into digital navigation was well received by the audience, and we would be delighted to invite Stephan to present at our next symposium.”


Stephan said: “Now that the roll out of ECDIS is complete, it is reasonable to expect that more incidents at sea could be related to the mis-use of navigational equipment. There is a natural synergy with Britannia, who are often involved in incident investigations and reconstructions. I look forward to providing knowledge to the team and acting as an expert witness on complicated cases.”


Mike and Stephan can be contacted directly via the company web site which lists details of other available services.


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