Hong Kong’s Insurance Authority has granted a licence to underwrite business in the territory to the Britannia P& I Club. Gaining the licence us the latest in a string of positive growth developments for the British Club.
New, exclusive correspondents for the Club have opened in Taiwan and Denmark. Meanwhile Britannia Managers, Tyndall Riley have lately purchased the Britannia correspondents in in Japan and Singapore, as well as opening an office in Greece.
In the pipeline is the activation of a licence in Singapore, obtained in late 2018 for Britannia, which will allow it to underwrite business out of the Lion State.
The Hong Kong branch office will continue to be managed by the existing team led by Tim Fuller as the chief executive, Richard Inman as head of Underwriting, Gordon McGilvray as head of Claims and Monica Kwok as head of Finance.
“The granting of the Hong Kong branch’s licence in a short space of time is testament to the hard work of all involved in Hong Kong and London, along with the determination of the Hong Kong IA to support the local marine insurance sector” said Andrew Cutler, chief executive of Britannia and the Managers.
“Half of our membership is based in Asia and the vast majority trade within the region. Establishing regional hubs in Hong Kong, Japan and Singapore is key to our strategy of providing our Members with a local service that is personalised and backed by a global presence in the market,” he continued.
Britannia recently announced that there would be no General Increase to the advance calls for the 2019/2020 policy year.
The Club’s strong financial position was re-enforced in September when S&P Global Ratings, the world’s leading independent credit ratings provider, reaffirmed its ‘A’ (stable) rating, adding that the outlook for the Club remains stable over the next three years based on the its current capital buffer which exceeds S&P’s ‘AAA’ level requirement.
In the October 2018 policy address, Hong Kong’s chief executive Carrie Lam announced, among other maritime initiatives, the streamlining of licence applications for licences for P&I Clubs by the Insurance Authority.