United Kingdom
P&I Portal

Britannia

The Britannia Steam Ship Insurance Association Limited
45 King William Street, London, EC4R 9AN, UK
britanniapandi.com t +44 (0)20 7407 3588

Aon’s comment

With the proposed merger now a memory, the club move on. Results are excellent with Free Reserves standing at USD 512,696,000.

The club has once again lowered the deferred call by 10% for 2015/16. Whilst there are no guarantees, there is every possibility the same reduction will apply for this year. Britannia and Gard are the best performing clubs in calling for lower premiums. This augurs well for the future. We are also led to believe the club will amended its rules to allow for additional premium returns away from the traditional deferred call.

Britannia presently holds the greatest level of Free Reserves which relate to 197% on annual income.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
3,600 2,925 2,924
Total owned entered GT
2016 2015 2014
106,000,000 109,000,000 108,000,000
Total chartered GT
2016 2015 2014
36,000,000 27,000,000 23,000,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 260,272 269,726
Excess Calls 0 0
Reinsurance Premiums -43,413 -48,941
Total Income 216,859 220,785
Expenditure Net claims incurred -192,276 -132,991
Net operating expenses -26,986 -24,963
Total expenditure -219,262 -157,954
Underwriting result pre investment/other financial income and tax -2,403 62,831
Investment/other financial income -29,128 11,854
Tax/interest charged -1,340 -1,016
Overall result -32,871 73,669
Free reserves 512,696 545,567

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating A A
Outlook Stable Stable
Type of rating Interactive Interactive

**Calls and premiums for the year ending 20 Feb 2015 include the reduction in the 2014/15 P&I deferred call from 45% to 37.5% and the FD&D deferred call from 50% to 30%.

Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 5.0 15.0 12.2 5.0 5.0 5.0 12.5 12.5 2.5 0.0
Supplementary Call Record % 40/40 40/32.5 40/40 40/40 40/40 45/45 37.5/35 45/40 45/45 45/45

Release Call Percentage - as at February 2017

2014 2015 2016 2017
0% 5% 7.5% 15%