The Bank of New York Appointed to Provide Multi-Currency Cash Processing for the Britannia Steam Ship Insurance Association.

LONDON -- The Bank of New York, a global leader in securities servicing, has been appointed to provide multi-currency cash processing services for The Britannia Steam Ship Insurance Association, one of the world's largest mutual insurance associations for ship owners.

Tony Gosden, director of Tindall Riley Marine Limited, the managers of Britannia, said, "We selected The Bank of New York because we were impressed by its commitment to serve customers in the protection and indemnity (P&I) business and cost-effective proposal, which included a highly automated multi-currency and foreign exchange system."

Tim Keaney, executive vice president and Head of Europe at The Bank of New York, said, "We are a key banking provider to the P&I mutual marine sector, with a proven track record and sound knowledge of this speciality insurance segment. Britannia is a major player in this arena, and this mandate will allow us to help them continue to provide the high quality service that their members expect."

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 world's 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 world's 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.

The Bank of New York Company, Inc. (NYSE: BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.