Britannia, one of the traditional mutually minded clubs in the International Group, continued its policy of seeking equitable renewal terms from its membership. Having adjusted rates last year to reflect the increasing costs of claims, the Club’s 2.5% general increase this year was at the very bottom of the range. This allowed the Club’s Members to benefit at a time when the world’s shipping markets remain depressed, with freight rates continuing at historic low levels.
The Club continued to attract new tonnage and members during 2013/14 and at renewal. This was countered by the loss of tonnage either because it was not possible to agree terms or because movement of ships to another Club was part of a Member’s strategy to diversify. A number of fleets were not offered renewal terms.
The Britannia Chairman, Nigel Palmer, commented: “Britannia remains a strong Club, with its Managers maintaining a robust, but mutually minded, approach for the good of the entire Membership. This will continue to hold the Club and its Members in good stead over the coming years. Those Members whose short term aspirations do not sit easily with equitable underwriting have had to look elsewhere.”
Grantley Berkeley, Chairman of the Club’s Managers Tindall Riley (Britannia) Limited added: “The Club has sought to ensure that all Members pay their fair share. As with 2013/14, it was not always possible to bridge the gap in individual Member’s expectations, resulting in some movement of tonnage. The Club maintains a healthy financial position, which will benefit all of its Members in the longer term and enable Britannia to meet future regulatory requirements.”