MARINE FINANCE, INSURANCE & LEGAL Britannia Retains Its S&P ‘A’ (stable) Rating
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.
Is insurance the weakest link in your business?
Insurance is critical to a business’s operation and continuity in the event of a catastrophe.
Winter & Co Marine arrange commercial marine insurance portfolios for maritime businesses including manufacturers, vessel operators and service providers.
Contact Paul Winter,
Pam Klein or Helen Williams for an insurance review based on your current operational risks.
01255 831111
Winter & Co (Marine) Ltd. Maud’s Court, Tendring, Essex, CO16 0BG
t : 01255 831111 e :
info@winterandcomarine.com w:
winterandcomarine.com
October 2020
www.dockyard-mag.com 45
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
