Britannia Steam Ship Insurance Association Choose The Bank of New York

Monday 17 January 2005 09:00 CET | News

The Bank of New York has been appointed to provide multi-currency cash processing services for The Britannia Steam Ship Insurance Association.

As stated by the company, Britannia is a mutual insurance association of ship owners throughout the world, which is registered in the United Kingdom and regulated by the UK Financial Services Authority. The Britannia Steam Ship Insurance Association was formed in 1871; in 1899, Britannia joined five other P&I clubs in a pooling agreement to share the cost of exceptionally large claims. Today thirteen clubs are parties to the agreement. Together they cover over 90% of the worlds merchant fleet and form the core of the International Group of P&I Clubs. Britannia now insures around 96 million tons of owned and chartered tonnage and is one of the largest P&I clubs, accounting for over 10% of the world merchant fleet, with many of the worlds best-known ship owners as members. Tindall Riley Marine Limited has managed Britannia and its forerunner association since inception in 1855. Today, a staff of approximately 130 is involved in underwriting, claims handling, risk management and administration.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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