THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION HOLDINGS LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Board has a reasonable expectation that the Britannia Group has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date when these financial statements were approved and signed. Accordingly, the Board considers it appropriate to adopt the going concern basis of accounting in preparing these financial statements.”

Group structure

1. THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION HOLDINGS LIMITED · parent
   1. The Britannia Steam Ship Insurance Association Limited (Britannia (UK)) 100% · United Kingdom · Underwriting
   2. The Britannia Steam Ship Insurance Association Europe (Britannia Europe) 100% · Luxembourg · Underwriting
   3. Universal Shipowners Marine Insurance Association Limited (USMIA) 100% · Bermuda · Reinsurance
   4. Hydra Insurance Company Limited - Britannia Cell 100% · Bermuda · Reinsurance
   5. Hydra Insurance Company Limited - General Cell 8.33% · Bermuda · Reinsurance

Significant events

• “The Boards agreed a capital distribution payable to mutual Class 3 Members' vessels that renewed at 20 February 2025. The distribution amounts to 18% of net premium (which equates to approximately 12% on a Gross ETC basis) and has been offset against the premium due for the 2025/26 policy year. On the Britannia Group's renewed book, this amounts to USD28.9m.”
• “Francis Scott Key Bridge Incident: On 26 March 2024, the container ship DALI, which is entered with the Britannia Group, allided with one of the pillars of the Francis Scott Key Bridge in Baltimore at approximately 01:30 local time, during its voyage from Baltimore to Colombo. The exact cause of the incident is still under investigation by the National Transportation Safety Board (NTSB), which has issued interim updates, although the final report is not expected until later in 2025. The ship's owners and their managers continue to cooperate with the relevant authorities. In incidents of this nature, there is typically a presumption of liability on the part of the vessel, although the potential for comparative fault also exists. The total value of losses and the extent of final liability remain uncertain at this stage. Claims arising from the incident will fall within the 2024/25 policy year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -0.2%

  £214,095,626 → £213,651,594

• Cash

  -33.1%

  £135,011,119 → £90,352,854

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Operating profit

  -206.6%

  £25,623,425 → -£27,304,670

• Profit before tax

  -116.8%

  £43,203,113 → -£7,260,193

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers