The Britannia Steam Ship Insurance Assn. Europe (Britannia or the club) is likely to report underwriting losses again this year, although marking an improvement compared with the prior year. We expect strong investment results will allow Britannia to record a net profit reinforcing its excess of capital above our 99.99% confidence level. We have affirmed our 'A-' ratings on Britannia. The stable outlook indicates that we expect Britannia will maintain its risk-based capital adequacy above our 99.99% confidence level over the next two years. In addition, we expect Britannia to maintain its competitive position and for its performance to improve with the club recording results in line with similarly rated protection and indemnity(P&I) peers over this period. On June 10,
