S&P Global Ratings affirms Britannia’s ratings as ‘A’ (stable)

S&P Global Ratings, the world’s leading independent credit ratings provider, has affirmed its ‘A’ rating on the Britannia P&I Club. It added that the outlook remains stable over the next three years based on its view that the Club’s current capital buffer well exceeds S&P’s ‘AAA’ level requirement.

S&P based its findings on Britannia’s extremely strong level of capitalization and its strong market position in the P&I mutual business, where it has “a track record of quality in its underwriting” and added that the Club “enjoys strong returns”.

The report also notes that with a five-year average net combined ratio (2014-2018) of 88.9%, Britannia’s operating performance has exceeded its long term break-even target and the peer average during this period.

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