S&P Global Ratings affirms Britannia’s rating as ‘A’ (stable)
Britannia P&I Club’s overall credit rating has been re-affirmed as ‘A’ (stable) by S&P Global Ratings, the world’s leading independent credit ratings provider. S&P added that Britannia’s outlook remains stable over the next two 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 continued high level of capitalisation and its technical profitability over the past five years, which is better than the sector average.
The stable outlook reflects S&P’s view that “Britannia will sustain its competitive position by keeping its underwriting focus on its core protection and indemnity (P&I) business.” S&P also states that Britannia “benefits from well-articulated conservative risk tolerances across the organisation, the expertise of the experienced and long-standing management team, and good knowledge transfer across the organisation through succession planning at all levels.”
Commenting on the news, Jo Rodgers, Chief Finance Officer of the Club’s Managers, Tindall Riley (Britannia) Limited, said that the rating reflected one of Britannia’s core values of financial strength through sound financial management.
“This financial strength has enabled us to return USD70 million of capital to our Members over the last three years and since October 2016 Members have benefited from deferred call waivers and capital distributions totalling USD85 million”.