Credit rating agency Standard & Poor's (S&P) has maintained Britannia P&I's 'A' rating for financial strength and its outlook as stable, suggesting it is well positioned to tackle a difficult market.

Britannia welcomed the positive commentary on the club's financial position.

It comes at a time when many protection and indemnity clubs are facing a raft of expensive claims and four years of premium erosion that may force them to hike rates.

“It is a snapshot of our financial position at this point in time, but what we take greater comfort from is that they expect us to be in a very strong financial position over the next two years,” chief financial officer Jo Rogers said.