Gallagher calls Britannia’s results “resilient”

Commenting on last week’s Britannia P&I Club results, broker Gallagher said that they had been “surprisingly resilient”, given the effect of the Covid-19 pandemic.

Gallagher said that the investment return of $59m, equivalent to 7.2%, compared to $62m the previous year, and was “significantly better than appeared to have been likely at mid-year”.

Gallagher said that the stated underwriting loss of $20.5m implied an approximate charge of $1.5m for tax and other reasons.

Britannia’s numbers were coved by IMN last week.