Published: 20 June 2023


  • Strong 2023/24 renewal, with a significant year-on-year increase in owned tonnage to 142.0m gt (from 134.7m gt). Chartered tonnage reduced to 51.0m gt giving an overall total entered tonnage of 193m gt
  • Further significant improvement in the underwriting result from previous year, with a combined ratio of 106.6% (down from 116.4%)
  • Overall result for the year was a loss of USD77.8m post tax
  • The net return from the investment portfolio was negative, reflecting the volatility in all investment markets
  • Changes to the Britannia Group structure include the merger of the two Bermuda reinsurers in the Britannia Group, USMIA and Boudicca, and restarting a limited amount of underwriting from Britannia (UK)
  • S&P rating remains A (with a negative outlook) and free reserves at USD510.0m.



The Britannia Group’s underwriting result shows significant improvement from the previous year, with a combined ratio of 106.6% compared with 116.4%. The remedial action undertaken in addition to the increase in Estimated Total Call (ETC), has put the Britannia Group on course to meet its target of breakeven underwriting. Further increases in ETC have been achieved at the 2023 renewal as part of a continuing process to ensure that a sustainable, balanced result is achieved. Calls and premiums were higher than in the prior year, at USD258.1m compared with USD216.9m, due to increased rates at the 2022 renewal as well as new tonnage. The investment performance in 2022 suffered from the volatility in all markets and at 20 February 2023 reflects the mark to market valuation at that time rather than losses realised from sales. The net return from the Britannia Group’s investment portfolio was negative in all classes over the year, although it was broadly in line with market indices. The overall result for the year was a loss of USD77.8m post tax (following a loss of USD14.0m in 2022).



Claims incurred in the financial year were marginally higher than the prior year, but on an increased tonnage. As at 20 February 2023, the aggregate cost of retention claims for the current policy year, including the estimates for outstanding amounts, was USD169.4m. This compares to USD143.9m and USD136.6m at the same stage in the 2021/22 and 2020/21 policy years respectively. In 2022/23, 25 high value claims in excess of USD1.0m were reported with a current aggregated estimate of USD70.0m. This compares with 16 claims estimated at USD46.4m at the end of the 2021/22 policy year and 20 claims estimated at USD63.4m in 2020/21. As at 20 February 2023, four incidents resulting in Pool claims had been notified by the International Group (IG) clubs for the 2022/23 policy year, with a USD74.6m cost to the Pool. This compares to 11 Pool claims at the same stage in 2021/22 with a cost to the Pool of USD487.0m



Anthony Firmin, the Britannia Group’s Chairman, commented as follows:

The Britannia Group’s capital position remains one of the strongest in the IG and Standard & Poor’s continues to rate the club as A (but with a negative outlook). This year‘s renewal, with our targeted increase of 10%, was a major step towards returning to a stable outlook.

Our Members again showed their appreciation of our high standard of service, with over 98% renewing and many increasing their entered tonnage. I am also pleased to see some notable new Members join us, who are planning to grow their entry with the Britannia Group as their relationship with us develops.




20 FEB 2023
(GT million)

20 FEB 2022
(GT million)

  USD(‘000) USD(‘000)
CALLS AND PREMIUMS 258,140 216,931
NET CLAIMS INCURRED (169,933) (164,888)
INVESTMENT INCOME (63,781) 16,048
NET OPERATING EXPENSES (46,490) (39,113)
FREE RESERVES 510,032 587,869
COMBINED RATIO 106.6% 116.4%
EXPENSE RATIO* 15.39% 12.53%
STANDARD & POOR’S RATING A (negative) A (negative)

* In accordance with the International Group Agreement 2021 the Britannia Group is required to disclose the average expense ratio for its P&I business for the past five years. This measures all of the Britannia Group’s costs, except those related directly to the management of claims, as a percentage of call, premium and investment income for a five year period.

For further details please refer to the full Britannia Group Annual Report and Financial Statements 2023 available on our website.


Media contact

Neil Smith, Head of Communications, Tindall Riley (Britannia) Limited:  +44 (0)7741 800420