Britannia P&I Club has announced that for 2018/19 there will be no P&I General Increase to its advance call. A further $10m capital distribution will be made to P&I mutual members based on premium for ships on risk at midnight BST October 17th 2017. This assessment followed a $20m capital distribution to Members by the Club in May 2017.
The announcements were made at a Members’ Representative Committee Meeting followed by a Board Meeting on October 17th, where Britannia added that there would be no General Increase for 2018/19 to its advance call on FD&D.
Chairman Nigel Palmer said that “Britannia’s strong capital position means that since October 2016, we have been able to return $44.4m in deferred call waivers and capital distributions to Members, while not seeking any General Increase or increase in deductibles”.
For FD&D Britannia will now pay the first $7,500 (up from $5,000) for each claim. This will see most FD&D claims being dealt with free of deductible for Members.
Jo Rodgers, CFO Tindall Riley (Britannia), noted that Britannia’s “strong financial performance and positive capital position” had enabled the Club to announce no General Increase for the past two years and increases of only 2.5% for the three years prior to that. “This proves that the Association is being managed prudently yet proactively to the benefit of all its Members”, Rodgers said.
Meanwhile, Britannia unveiled a new brand identity on October 20th. The Club said that the new image had been designed to “visually depict how Britannia has developed and modified its services to meet the changing demands of its Members in a challenging marketplace, whilst recognizing its roots in shipping”.
“Although traditional P&I and FD&D business remains at our core, the Club has been quick to react to new insurance challenges in the maritime sector. We wanted our new and modern identity to reflect this and to help us shape our business for the 21st century and beyond,” said Andrew Cutler, CEO of Tindall Riley (Britannia) Ltd.