Britannia's technical performance is improving, although it was less than that of some peers. The combined ratio (profit and loss) remains above 100% and therefore consequently we regard Britannia's competitive position as less strong than previously. Britannia's capitalization remains extremely strong and supports the rating. We affirmed our 'A' ratings on Britannia and maintained the negative outlook. On Nov. 8, 2023, S&P Global Ratings affirmed its 'A' long-term insurer financial strength and issuer credit ratings on mutual insurer The Britannia Steam Ship Insurance Assn. Europe. The outlook remains negative. The negative outlook reflects our view that we could lower our ratings by one notch in the next 12-24 months if Britannia is unable to improve its combined ratio FY2024 and
