BRITANNIA P&I OPENS A BRANCH OFFICE IN COPENHAGEN

 

On 1 January 2020, Britannia P&I’s Exclusive Correspondent in Denmark (B Denmark P&I), will become a full branch office and be renamed TR(B) Denmark.

The new branch office will continue to be headed by Mr. Michael Boje-Larsen, a lawyer with considerable experience in maritime law, including P&I and FD&D cover. Michael is supported by Rishi Choudhury, an Associate Director of Britannia P&I, a FD&D specialist who has been working with the Club since 2006.  Further expansion of the team is planned for early 2020.

Denmark is an important market for Britannia P&I and accounts for approximately 16% of its entered tonnage. Having a full branch office in Copenhagen further enhances service delivery to its Members whilst enabling the Club to consider other business opportunities in the region.

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NEW HEAD FOR BRITANNIA’S GREEK OFFICE

Britannia P&I Club is delighted to announce that KONSTANTINOS SAMARITIS will be taking over as head of its office in Greece with effect from 1 January 2020.

Konstantinos is a qualified Greek lawyer and accredited mediator. He joined Britannia’s Managers, Tindall Riley, in 2018, having previously worked in both Standard and Skuld’s Greek operations for ten years. Konstantinos has also worked for a US listed shipowner and at a local law firm.

“This is exciting news” says Britannia CEO ANDREW CUTLER “and I am pleased that our team in Piraeus will be headed up by Konstantinos, who has studied and worked in Greece for his whole career.  The Greek market is very important to us and we believe that with Konstantinos at the helm we will continue to grow and develop relationships with our local Members”.

Konstantinos takes over from David Harley, who is leaving Britannia with the Club’s best wishes after twenty years’ service.

Konstantinos will continue to work with the local team, which includes Denise Dellow, Vasilios Kakamoukas and Penelope Foka together with the continued support from the claims and underwriting teams based in Britannia’s London office.

 

Korea P&I and Britannia P&I Collaborate

On 5 December 2019 The Britannia Steam Ship Insurance Association Limited (Britannia P&I) and The Korea Shipowners’ Mutual Protection and Indemnity Association (KPIA) established a new collaboration agreement, Korea-Britannia P&I Collaboration ‘KBC’.

This new facility, which is exclusively available to Korean shipowners and operators, will provide cover on a mutual basis excess of a primary USD500,000 layer insured by KP&I.

Britannia P&I, trusted since 1855, has 114m gt of mutual tonnage from over 240 members across 30 countries.  In August 2019, S&P re-confirmed Britannia P&I’s A (Stable) rating with financial strength above the AAA level and ‘exceptional’ liquidity.

KP&I is a P&I Club established subject to Korea’s Shipowners Mutual Protection and Indemnity Insurance Act 2000. Rated A- (Excellent) by A.M Best, KP&I has a membership of 22.6m gt and 253 members.

Shipowners with vessels entered in KBC will become members of both Britannia P&I and KP&I.  KP&I will market the facility and handle claims within their primary USD500,000 layer while Britannia P&I will assume responsibility for handling any larger or complex claims with a potential to exceed the primary layer. Britannia P&I will also issue all compulsory certificates thereby guaranteeing compliance international maritime conventions.

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Britannia P&I: Added Strength In Singapore

Britannia P&I’s Managers, Tindall Riley, adds four new colleagues to their Singapore team.

This expansion reinforces Britannia’s strategy of developing its regional hubs, bringing service closer to Members.  TR(B) Singapore was established in September 2018 (taking over from the former exclusive correspondent of almost 20 years) and Britannia’s Singapore branch licence was granted in February of this year.

FRANCIS CHURCH, having moved moving from the Managers’ London office, joins as a regional underwriter.

DAPHNE CHUA, a 4 years PQE Singapore lawyer, joined the team in July to support P&I and FD&D service.

JACOB DAAMGARD, a dual qualified deck and engine room mariner, has also moved from the Managers in London to lead Britannia’s regional Loss Prevention activities.

KATHERINE LEE, a compliance expert, joins as Compliance Officer for the Singapore branch.

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Britannia declares another USD20m capital distribution to Members

Highlights:

  • Britannia reports another strong financial performance, with an aggregate USD80.6m post-tax surplus for the year.
  • The Board approves a further USD20m capital distribution, to be paid to P&I mutual Members with ships on risk as at midnight 15 May 2018.
  • Members have now benefited from USD61m of deferred call waivers and capital distributions since October 2016.

Financial overview:

In the past 18 months, Britannia’s Members have benefitted from USD61m (or 32.8% ETC) of deferred call waivers and capital distributions, as well as nil General Increases for both P&I and FD&D calls for 2017/18 and 2018/19.   Even allowing for these distributions, S&P has confirmed Britannia’s rating of A (stable), AAA capital and exceptional liquidity (up from strong).

The Association’s ability to continue to assist Members is a consequence of repeated strong underwriting results; with 2017/18 seeing a USD64.6m underwriting surplus and a USD48.6m gain on its investment portfolio. Overall, the Association’s balance sheet reserves rose by USD50.6m. This is after taking into account the USD30m capital distribution made to Members during 2017. [The surplus assets in Boudicca (which are available to meet future claims) stood at USD211.6m.]

Given this further strengthening of the Association’s capital position, the Board decided to declare another USD20m capital distribution, payable to mutual Members with ships on risk as at midnight GMT 15 May 2018 (pro rata based on premium). This immediate benefit to Members re-affirms the Association’s commitment to mutuality, while reflecting its continuing financial strength which provides a high degree of security to its Members. The Board will review the Association’s financial position further at its October meeting.

Claims

While higher than in the 2016/17 policy year (a remarkably light one for claims), claims during the 2017/18 policy year were well within projection.   Large claims (those expected to cost the Association USD1m or more) have remained consistent in number but returned to the higher average seen in earlier years. IG Pool claims (Britannia has no Pool claims in 2017/18) have also seen an increase, with a number of high profile casualties. Nevertheless, they remain within projection.

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Britannia Appoints New Exclusive Correspondent in Taiwan

In a move to maintain the highest possible service levels to its Members in Asia, Britannia P&I has recently made two important changes.

In April last year, Britannia’s Managers, Tindall Riley, acquired the club’s Exclusive Correspondent in Japan, Cornes P&I.

Renamed Tindall Riley (Britannia) Japan, the acquisition demonstrated the importance of Japanese shipowners to Britannia. “The renaming of the Tokyo office was the immediate change, with the office continuing to provide Britannia’s Japanese Members with outstanding levels of service” said Andrew Cutler, CEO Britannia.  He added that “2018 will see further initiatives in Japan, which we will announce in due course”.

In another development, and after many years of representing Britannia in Taiwan, Capt. Mike Chiang, the founder of Chiang Marine Services (CMS), has decided to retire.

CMS’s Exclusive Correspondent role is therefore passing to a successor company, B Taiwan P&I Correspondent Co., Ltd. which will be headed by Ms Euly Luo who is well known to Britannia’s Membership in Taiwan, having served with CMS for 30 years. As is to be expected, handover has been conveniently fixed to happen at noon on 20th February 2018.

The new company details are:

B Taiwan P&I Correspondent Company Limited

Room 806, No.205, Dunhua South Road, Section 1,

Taipei 10690, Taiwan, RoC

Telephone: +886 2 2731 8000

Fax: +886 2 2731 8021

Email: newmatter@btaiwan.com.tw

Ms Euly Luo     Mobile: +886 932 143445       Email: euly@btaiwan.com.tw

“The CMS team provided a quality service to Britannia’s Members over the years, helping us enjoy good business in Taiwan. We will maintain those high standards with the new correspondent while wishing Capt. Chiang a healthy and happy retirement,” said Andrew Cutler.

Britannia P&I Hosts European Members’ Forum in Greece

The important role that Members from Europe play within the Britannia P&I Club was among the issues discussed at its annual European Members Forum held on 9 November in Athens.

The Forum, now in its 21st year, which was attended by 52 Members from across Europe, underlined the Club’s commitment to remaining accessible while providing Members with a personalised service.

The Forum coincided with the announcement that Britannia will be opening an office in Greece within 2018.

“Holding the European Forum in Greece was important given that it is the home to many of the world’s major shipowners, a number of whom are Britannia Members. Opening a Britannia office in Greece will mean that we can enhance the personalised service to those and future Greek Members,” said Andrew Cutler, CEO of Tindall Riley (Britannia) Ltd.

Dale Hammond (Director, FD&D and claims director for the Club’s Greek membership) and Simon Williams (Director, Underwriting and who has underwriting oversight for the Club’s Greek membership) will oversee arrangements for establishing the office.

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Britannia P&I Hosts Asian Members’ Forum in Hong Kong

Following Britannia’s P&I European Members’ Forum in Athens earlier this month, the Club also hosted an Asian Members’ Forum on 21st November in Hong Kong.

These regional Forums demonstrate the Club’s strategy of providing Members with a local personalised service, backed by a global presence in the market.

The Asian Members’ Forum outlined Britannia’s strategy, which has included the Club strengthening its presence in the region, with its Managers having recently taken over a longstanding Exclusive Correspondent with offices in both Tokyo and Kobe, Japan (renamed Tindall Riley (Britannia) Japan Ltd).

More announcements will follow in the coming months involving the Club’s initiatives in Hong Kong and Singapore.

“The Asian Members’ Forum is an important event given that half of our membership is based in the region. Enhancing our personalised service to Members by having dedicated Britannia owned local offices in key territories is vital,” said Andrew Cutler, CEO of Britannia and the Managers.

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