Britannia Group’s 2025 results affected by higher retained and Pool claims

The Britannia Group’s result for 2024/25 is a deficit of USD9.8m, with what it calls a a very disappointing combined ratio of 137.7%, materially driven by events outside the control of the Britannia Group.

2024/25 saw higher than usual high value retained claims (in number and aggregate value). 2024/25 is also likely to see record high Pool claims. The ultimate gross cost of the Baltimore Bridge incident remains unclear, but regardless it is a very significant claim for the Britannia Group. The full and final net cost is included in the result for 2024/25.

There was also a one-off additional expense to allow for a decision by the UK tax authority (HMRC) on the treatment of Britannia Europe’s UK branch. That decision is being appealed.

Net of those events, the combined ratio would be approximately 105% before factoring in the effect of the 8.1% investments return on the result.
 


Britannia says its strategic goal remains to return to breakeven underwriting, equivalent to a combined ratio of 95%-105%, over a sustainable timescale. In the meantime, it remains financially robust with an S&P AAA capital rating.
 


Looking ahead, the start to the 2025/26 policy year has been positive, with Britannia’s retained claims and also the International Group’s Pool claims being well within projections. In addition, our investment returns to date are good notwithstanding volatility in the markets.
 


Egied Verbeeck, Britannia Group’s Chairman, commented: “From a financial standpoint, Britannia P&I remains robust and well-positioned for the future. Our measured approach towards achieving balanced underwriting reflects our mutual ethos. Our investments performed well and reinforced our financial stability, enabling us to provide security for our Members in an increasingly complex insurance landscape.
 


“Looking ahead to the 2025/26 policy year, we recognise the uncertainties posed by ongoing geopolitical tensions, the inflationary environment, cyber threats and ever increasing regulations. Nevertheless, I remain confident in the Britannia Group’s path going forward. With the continued support of our Members, the dedication of our Managers and the strength of our partnerships within the IG, we are well-equipped to navigate these challenges and embrace the opportunities ahead.”
 


The Britannia Group Annual Report and Financial Statements 2025 will be published on the Britannia website following final audit clearance.