THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION HOLDINGS LIMITED SOLVENCY AND FINANCIAL CONDITION REPORT Year Ended 20 February 2025 1 Contents Directors’ responsibility statement ............................................................................................... 3 Auditor’s report .................................................................................................................................. 4 A. Summary ......................................................................................................................................... 9 B. Business and performance ...................................................................................................... 10 B.1. Business .................................................................................................................................... 10 B.2. Underwriting performance .................................................................................................... 13 B.3. Investment performance ........................................................................................................ 14 B.5. Any other information ............................................................................................................ 15 C. System of Governance .............................................................................................................. 16 C.1 General information on the system of governance ......................................................... 16 C.1.1. Overview ................................................................................................................................. 16 C.1.1.1. Board structure ................................................................................................................. 16 C.1.1.2. Key functions ..................................................................................................................... 18 C.1.2. Material changes to the system of governance ........................................................... 19 C.1.3. Remuneration ........................................................................................................................ 19 C.1.4. Related party transactions ................................................................................................. 20 C.2. Fit and proper requirements ................................................................................................. 20 C.3. Risk management system ..................................................................................................... 21 C.4. Own Risk and Solvency Assessment (ORSA) ................................................................. 24 C.5. Internal control system .......................................................................................................... 25 C.6. Internal audit function ............................................................................................................ 27 C.7. Actuarial Function ................................................................................................................... 27 C.8. Outsourcing .............................................................................................................................. 28 C.9. Adequacy of system of governance ................................................................................... 29 C.10. Any other information .............................................