On 9 December 2024 S&P announced a revised credit rating for Britannia of A- (stable), down from A (negative outlook) previously. The reasoning for this change was listed as below:
“A – The Britannia Steam Ship Insurance Association Europe (Britannia or the club) is likely to report
technical losses again this year, with investment returns expected to deliver a modest net income.
B – Furthermore, we also now forecast that the club will not likely achieve close to breakeven technical
results over the next two years, compared with our previous forecasts and expectations.”
The Club announced their disappointment with the downgrade but stand by their decision on the Calls recommendation for the 2025/26 policy year, as well as the further capital distribution (around 12% on gross premiums).
Britannia are confident of a return to an S&P A (stable) rating and remain committed to using their capital strength to support their membership.
The full announcement can be viewed below:
