2015/16 financial year results

• Owned tonnage reduced by 2.4%
• Premiums reduced by 3.5%
• Gross and net paid claims increased by 11.7% and 1% respectively
• Net incurred claims increased by 44.6% (putting this in perspective however 2014/15 was an exceptionally low incurred claims year for Britannia, and incurred claims in 2015/16 are still 16.7% lower than in 2013/14)
• Very marginal underwriting deficit (USD 2.4m underwriting loss)
• -2.5% investment loss
• Overall deficit of USD 32.9 million
• Assets and free reserves reduced by 3.6% and 6% respectively

Britannia is entered into a reinsurance contract with Boudicca Insurance Company Limited, located and regulated in Bermuda.

Boudicca Insurance holds assets in a way that cannot be dissipated to the detriment of the reinsurance contract with Britannia.

This is intended to be a tax efficient vehicle for a proportion of Britannia's reserves.

For the sake of effective comparison, we have consistently included Boudicca's assets in the figures set out in our summary page for Britannia.