This report does not constitute a rating action. Overview Key strengths Key risks Robust capitalization, with significant capital redundancy at the 99.99% confidence level. A largely undiversified product concentrated within the protection and indemnity (P&I) lines. Close and long-standing relationships with shipowner members, with a strong mutual ethos and selective approach to underwriting. Exposure to the volatile marine P&I insurance market, with high claims variability. Britannia’s capital will remain a key rating strength over the next two years. The club holds excess capital at the 99.99% confidence level and we expect it will maintain a clear buffer over this level over 2027 and 2028. Brittania's regulatory capital ratio remains robust as well, although it decreased slightly to 231% in fiscal
