Britannia P&I has said there will be no general increase in its protection and indemnity premiums for the upcoming year in a move expected to be followed by other members of the International Group (IG).
London-based Britannia is traditionally the first to declare on a general increase to its P&I advance calls and often sets the tone for other P&I mutuals.
Following member’s representative committee and board meetings, it also agreed to return a further $10m in capital redistribution to members.
In another sweetener to members, Britannia said it would set release calls for open year policies at nil.
Britannia chairman Nigel Palmer said the measures reflected Britannia’s financial strength.
“Britannia’s strong capital position means that, since October 2016, we have been able to return $75m in deferred call waivers and capital distributions to members, while seeking no general increase in P&I for the past three years or freight demurrage and defense for the past five years,” he said.
