ANDREW Cutler has announced his intention to step down as chief executive of the Britannia Group, best known for its Britannia P&I Club unit, from the end of this year.

He will be succeeded by Mike Hall, who currently serves as deputy chief executive.

Cutler joined Britannia in 2006 as a senior claim handler, having previously been a partner at law firm HFW, for many years being based in Asia. He became chief executive in 2012.

A major player in the P&I world, he also serves as chair of the International Group of P&I Clubs, after being elected to that position in 2022.

He will leave the latter position in November this year, when his three-year term of office expires.

Cutler said: “The time is right for me to move to my next professional stage in life, where I will pursue a portfolio of non-executive roles.”

Britannia said in a statement that under Cutler’s leadership, the group navigated the challenges of Brexit and expanded its presence in Europe and Asia, while remaining a leading member of the IG.

But there were a number of unfavourable developments last year, beginning in March, when Britannia-entered boxship Dali (IMO: 9697428) brought down the Francis Scott Key Bridge spanning Baltimore harbour.

The casualty is shaping up to be the biggest marine loss ever. However, Britannia’s payout will be limited to its $10m retention under the IG pool scheme.

In December, Standard & Poor’s downgraded its financial strength rating for Britannia from A to A-, citing “continued poor operating performance” as the grounds for the move.

The ratings agency said at the time that it expected the club to report a technical loss for the 2024-25 policy year, although investment returns should cancel that out to see modest net income.

S&P also predicted that Britannia would not achieve breakeven technical results over the coming two years, compared with its previous forecasts and expectations.

However, it boosted the outlook from negative to stable, indicating its expectation that Britannia will maintain capital adequacy above its 99.99% confidence level.

The club imposed a 7.5% target increase at the last renewal, the highest of any IG affiliate, but softened the blow with a $30m capital distribution to members.

Hall joined the Britannia Group in 2008 as an underwriter and was its chief underwriting officer from 2014 to 2022, when he stepped up into the number two slot. He is currently the chair of the IG’s reinsurance committee.

Established in 1855 as the world’s first-ever P&I club, Britannia offers P&I and freight, demurrage and defence cover to shipowners and charterers worldwide.

It is structured as a holding company that runs P&I provider entities in the UK and Europe, and two Bermuda-based reinsurers.

Its administration and management functions of Britannia P&I are provided by Tindall Riley.