The Britannia Steam Ship Insurance Association is to waive premium due on the last two policy years and not seek a general increase at the February 2017 renewal.
Despite suffering the biggest loss in the protection-and-indemnity (P&I) market last year, the club has decided not to collect $11.5m of premium due for the years to February 2015 and 2016.
The move lifts the total premium waived by the Britannia Club over recent years to $51m and confirms the financial resilience of the mutual that started the P&I business more than 160 years ago.
The
