BRITANNIA ANNOUNCES A FURTHER USD10M CAPITAL DISTRIBUTION AND NO GENERAL INCREASE FOR 2019/20
October 18, 2018
At its Members’ Representative Committee and Board Meetings on 16 October in Hamburg, Britannia P&I Club announced that for 2019/20 there would be no General Increase to its advance call for P&I Members. In addition, Britannia continues to set its release calls for open policy years at nil.
A further USD10m capital distribution was also announced to P&I mutual Members based on premium for ships on risk at midnight BST 16 October 2018.
Likewise, there will be no General Increase for 2019/20 to its advance call on FD&D. To further support its FD&D Members, from 2019/20 Britannia will cap at USD150,000 individual Members’ one-third contribution towards the cost of any FD&D claim.
“Britannia’s strong capital position means that, since October 2016, we have been able to return USD75m in deferred call waivers and capital distributions to Members, while seeking no General Increase in P&I for the past three years or FD&D for the past five years,” said Nigel Palmer OBE, Chairman of Britannia.
“In the same period, we have enhanced our service offering in Asia whilst establishing a presence in Greece and Denmark. This underlines the Club’s commitment to its Members by continuing to provide the highest quality service.”
“Standard & Poor’s have recently reconfirmed Britannia’s strong financial performance and positive capital position with an A (stable) rating. Prudent yet proactive financial management by the Managers has enabled both Members and the Association to benefit from positive returns” said Jo Rodgers, CFO of Tindall Riley (Britannia) Limited.
For further information please contact:
Jo Rodgers, CFO, 07921 233 714 firstname.lastname@example.org
Mike Hall, CUO, 07912 387386 email@example.com
Andrew Cutler, CEO, 07738 997 329 firstname.lastname@example.org