2020 Financial Statements – Britannia declares another strong set of results

Highlights

  •  Satisfactory year with an underwriting surplus of USD29.3m
  • Strong investment return (7%) yielding USD61.9m
  • Increase in total capital resources net of USD25m capital distribution
  • Steady tonnage growth during the year and a strong 2020/21 renewal
  • The Association is well placed to meet the financial and operational challenges of the COVID-19 pandemic

 

Financial overview

 After a third consecutive renewal with a zero general increase, total calls and premiums for 2019/20 were down marginally on the prior year.  However, lower claims incurred in the financial year resulted in a satisfactory underwriting surplus of USD29.3m and a net loss ratio of 79.9% (2018/19 – 83.8%).  The well diversified investment portfolio produced a strong return of 7% overall, with equities being the strongest performer at 16.5%.  All asset classes produced a positive result and the overall investment gain was USD61.9m, nearly twice the long-term target.

Capital resources grew by USD31.4m, after taking account of the USD25m capital distribution made to mutual Members in the year and remain above the economic capital target set by the Board.

In the period immediately after the year end, investment markets were impacted by the uncertainty caused by the COVID-19 pandemic and much of the investment gain made during the year was reversed.  However, the Association’s strong financial position leaves it well placed to face the challenges posed by the uncertain global economic conditions likely to be experienced in the months and years ahead.

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Britannia Publication – Risk Watch: analysis of a collision in dense fog and traffic

 

Britannia P&I Club has just published the latest edition of Risk Watch on its website. This popular publication provides case studies and articles on a variety of topical issues for shore-based maritime personnel.

As well as recent Club news and an introduction to the team working in Britannia’s Hong Kong branch and hub, the current edition marks the releases of the latest in the loss prevention department’s series of BSAFE posters, this time focusing on the recurring issue of enclosed spaces.

Also included is an interesting review of a collision last year between a container ship and a fishing vessel off the coast of China, written by Graham Wilson, Associate Director in the loss prevention department.

The report of the casualty investigation has recently been published by the Singapore Transport Safety Investigation Bureau, and the article provides a useful analysis of the report’s main findings.

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Britannia Hosts Members’ Seminar in Piraeus

Britannia P&I Club is hosting a one-day Members’ seminar in Piraeus on Thursday 27 June. The seminar is aimed at senior managers, superintendents, DPAs and serving officers of Britannia’s Members.

The programme will include presentations on the implications and challenges of the Sulphur Cap 2020, passage planning and safety management.

A line-up of very experienced Britannia senior managers will be presenting and on hand to offer advice, including:

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