High pool claims in mid-2021 will likely cause Britannia's technical performance to again fall below our expectations in financial year 2021-2022. We have revised the outlook on Britannia to negative from stable owing to uncertainty over its ability to restore underwriting profitability in line with its plan. We have affirmed the 'A' ratings as Britannia's capitalization remains extremely strong and is a key strength of the ratings. On Oct. 22, 2021, S&P Global Ratings revised its outlook on mutual insurer The Britannia Steam Ship Insurance Association Europe (Britannia or the Club) to negative from stable. At the same time, we affirmed the 'A' long-term insurer financial strength and issuer credit ratings on the Club. Britannia's recent combined ratios have been
