Britannia P&I releases first sustainability report

The insurer has also moved for a new CFO

Britannia P&I releases first sustainability report


By Ryan Smith

Britannia P&I has announced the publication of its first sustainability report, as well as the appointment of a new chief financial officer-designate.

The report defines Britannia P&I’s starting position for its sustainability initiative, the company said. It outlines how the company is embedding the management of climate-related risk into its business strategy and integrating sustainability into its business processes.

Britannia said that sustainability does not simply encompass climate change – it informs a company’s overall approach to improving corporate social behaviour and demands sound corporate governance. The report aims to apply environmental, social and governance concepts to all operations of the club.

“Sustainability is essential for a P&I club, as members rely on us to be their long-term, trusted partner,” said Anthony Firmin, chair of Britannia P&I. “As you read this report, we trust that you will find our transparency and approach instils confidence that Britannia P&I will continue to thrive and build on its long history, which stretches back to 1855.”

“As a key contributor to the marine sector, we view sustainability not as a target but as an essential,” said Andrew Cutler, CEO of Britannia P&I. “Understanding the implications of ESG in the short and long term allows Britannia P&I to support its members now, as well as to plan its strategy and manage capital over a longer period of time.”

The club’s sustainability strategy takes into consideration the demands of its regulatory bodies. It is also shaped by the United Nations’ 17 Sustainable Development Goals and the UN Environment Program’s Principles for Sustainable Insurance. Britannia said it would adopt the World Economic Forum approach to measuring its ESG performance.

CFO-designate named

The company, along with its manager, Tindall Riley & Co, also announced the appointment of Richard Heppell as CFO-designate.

Heppell will join the company September 06. He is a chartered accountant with more than 30 years of industry experience. Heppell most recently served as CFO for Neon, a specialist insurer and Lloyd’s managing agent. He has also served as CFO at MS Amlin Underwriting, and held various positions at QBE.

Heppell will work alongside Britannia’s current CFO, Philip Whittaker, during a transition period before taking on the CFO role. Whittaker will then revert to his previous role as chief operating officer.

“We are delighted that Richard is joining us as chief financial officer-designate,” Cutler said. “Richard brings a wealth of experience, having held several senior financial positions in the insurance industry, which will be of great benefit to our business and to our members.”

“It is an exciting time to join this prestigious and longstanding club,” Heppell said. “I am very much looking forward to joining Tindall Riley and Britannia and playing a key role in helping the club maintain and develop its financial strength and further improve service levels to its members.”

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