AHHIC renews support for the Greek Shipping Hall of Fame

Prestigious industry event honours historic shipping personalities as well as strongly supporting children’s charity Hellenic Hope

American Hellenic Hull Insurance Company was once again for 2019 among the leading supporters of the annual Greek Shipping Hall of Fame Induction Ceremony & Dinner.

The Hall of Fame dinner, one of the most prestigious events in the maritime calendar, honours the historic greats of the Greek shipping industry and each year two new Inductees are unveiled, based on the votes of the organisation’s distinguished Academy of members.

As a Premium Sponsor of the event, which also supports the worthy Greek children’s charity Hellenic Hope, American Hellenic was acting as one of the strongest supporters of the event for the fourth straight year.

“We are proud to be a leading supporter of the Greek Shipping Hall of Fame,” said the company’s Chief Executive Officer, Ilias Tsakiris. “Our management roots are in Greek shipping, a business community that for many decades has played a lading role in global seaborne transportation.

“The Hall of Fame honors the personal commitment, imagination and expertise of some of the industry’s historic personalities, who have helped Greek shipping adapt over the years to remain at the forefront of the maritime adventure,” he continued.

“The maritime industry never stands still and American Hellenic’s team provides a personal, innovative and experienced service that meets the evolving needs of shipowners,” Mr Tsakiris added.

About 650 guests including many leading shipowners together with their business partners from Greece and overseas participated in the glittering event at Megaron, the Athens Concert Hall.

The event concluded with the announcement of the latest Inductees to the Greek Shipping Hall of Fame – George S. Coumantaros (1922-2016) and John P. Goulandris (1907-1950). The two past giants of the industry bring to 30 the number of Inductees now in the Hall of Fame, which was launched in 2007.

The event raised a total of Euros 44,000 for the children’s charity Hellenic Hope. The Greek Shipping Hall of Fame has partnered with the charity for the last six years.

 

Attached photo: American Hellenic Hull Chief Executive Officer Ilias Tsakiris being interviewed at the Greek Shipping Hall of Fame Induction Ceremony & Dinner 2019 in Athens

 

 

 

AHHIC flies the flag for Greece, Cyprus and marine insurance at WMU

The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).

AHHIC and WMU sealed their cooperation with a highly successful joint event held at the university’s headquarters in Malmo, Sweden, on Wednesday, April 3.

At the event, AHHIC’s Chief Executive Officer Ilias Tsakiris shared his knowledge and experience in marine insurance with WMU students, who are seen as future key maritime decision-makers in numerous countries across the world.

Mr Tsakiris’ presentation followed a fruitful debate, during which the students raised questions on the future of the marine insurance market and the emerging issues related to IMO’s new regulations.

Mr Tsakiris’ visit to the university included a meeting with Prof. G. Theocharidis and WMU President Dr. Cleopatra Doumbia-Henry that enabled them to discuss concerns related tο new trends in shipping and marine insurance, as well as details of the future cooperation between AHHIC and the WMU.

As the sole cooperation of its kind between a marine hull insurance company and the WMO, American Hellenic Hull’s initiative is considered important for greater understanding of the marine insurance sector as well as underlining the status of the Piraeus and Limassol maritime service clusters.

 

Please see event’s highlights in the below video link:

AHHIC at the World Maritime University

 

 

 

Ilias Tsakiris in the 3rd Capital Link Cyprus Shipping Forum

In February Capital Link organized its third annual Capital Link Cyprus Shipping Forum at the Columbia Plaza in Limassol. The event, held under the auspices of the Republic of Cyprus and Maritime Cyprus, was a huge success drawing delegates from abroad as well as from the local Cyprus shipping community, including major shipowners, government officials, shipmanagers, financiers and other leading industry participants.

The Forum highlighted the Cyprus shipping industry and the Cyprus flag which has been recognized internationally as a quality flag. It also focused on the island’s significant role as a maritime, energy and logistics cluster and more generally as an attractive investment and business destination.

Sponsorship of the event was led by the Cyprus Union of Shipowners and included support from the Bank of Cyprus and a number of leading companies, drawn from various sectors. Sponsors included the American P&I Club, represented by Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company.

Participating as a conference panelist, Mr. Tsakiris analysed the current state of the marine insurance market and the emerging trends in marine insurance industry.

American Hellenic Hull’s market forecast in 2018 for marine insurance premiums rise was more than accurate, as Mr. Ilias Tsakiris reaffirmed increase in premiums commenting on market’s performance for 2019. He underlined that the degree of the rate increases will also depend on whether new capacity enters the market in other parts of the world in response to the more favourable rating environment.

In addition, Mr Tsakiris elaborated on pricing of the risks deriving from new IMO regulations, mainly on IMO 2020 emission regulations, and their effect on the marine insurance market. “Diligent and prudent Owners should have no fear in any increase of insurance rates following the implementation of IMO2020 as they will be adequately prepared”, he mentioned.

“However, we fear that vessels will be exposed to potential engine damages, which may result to hull damages from groundings or collisions as a consequence of loss power or claims for salvage assistance. In general, all marine insurance related products/rates could also be adversely affected due to increased claims’ activity”, Mr. Tsakiris told the conference.

Please read Press Release or visit http://forums.capitallink.com/shipping/2019cyprus/

 

 

Launch of cooperation with the World Maritime University

American Hellenic Hull has proudly launched its cooperation with the World Maritime University (WMU) based in Malmö, Sweden.

The World Maritime University was founded by the International Maritime Organization and its aim is to help the IMO and IMO member states to ensure safe, secure, and efficient shipping on clean oceans through education, research, and a network of graduates who will build the capacity of maritime administrations around the world.

Our welcome reception for WMU’s students visiting Greece for their field study program, was held on Friday, March 8th at the premises of the Piraeus Marine Club.

The joint event, that included AHHIC’s presentation on Marine Insurance, marked the start of an effort to develop better links among WMU’s graduates, American Hellenic Hull Insurance Company and the marine insurance industry.

Mr. Ilias Tsakiris, CEO of AHHIC, will introduce Marine Insurance to all WMU’s students in Malmö, Sweden, on Wednesday, April 3rd at 15:00,  delivering a lecture under the title: “Current and Future Challenges for Shipping in the Realm of Marine Insurance”.

Please see event’s highlights in the below link:

American P&I Club and American Hellenic Hull welcome shipping world as Posidonia 2018 opens

The American P&I Club together with affiliate American Hellenic Hull Insurance Company maintained their tradition of holding a major reception for shipping guests on the eve of the opening of the biennial Posidonia shipping event in Greece.

The glittering event was held on Wednesday 30 May at Akrotiri Restaurant & Club in Aghios Cosmas, a coastal suburb of Athens. Attendees during a wonderful evening included many of the leading names of the Greek shipping industry, representatives of major international broking houses and financial institutions, and other prominent guests from the international maritime community. Greece’s Minister of Shipping & Island Policy, Panagiotis Kouroumplis, also honored the event with his presence.

Underlining their support for the two organisations, guests included many shipowners from all over the world who are members of the American Club and/or insured with American Hellenic Hull. The hosts voiced their gratitude to the hundreds of guests who attended the reception, especially the many shipowners present. Deputy Chairman of the Club’s Board of Directors, Markos Marinakis, welcomed the guests.

The Club Manager’s Chairman and Chief Executive, Joe Hughes said: “The American Club and its management deeply appreciate the support of the Greek shipping community, which is reflected in a continuous increase in membership and turnover.’’

As a highlight of his speech acknowledging the huge importance of Greek shipping for the American Club, the Manager’s President and Chief Operating Officer Vincent Solarino entertained the audience with his own rendition of the classic Frank Sinatra song ‘My kind of town’, changing New York in the lyrics to Athens.

American Hellenic Hull Chief Executive Ilias Tsakiris thanked the shipping community for its faithful support of the hull & machinery insurer that has been operating for just two years but already insures a fleet of 2,500 vessels with gross premium of $18.5m.

A fine April for American Hellenic

American Hellenic Hull Insurance continues to soar with best-ever month

American Hellenic Hull Insurance Company is continuing its remarkable growth that has seen the company beat all internal targets during its first two years of operation.

The company has just recorded its best-ever month and has now reached a total of 2,200 vessels currently insured. This represented an expansion of 43% compared with the number of ships covered by AHHIC at the same point of 2017.

“April was the best month in our history so far, in terms of underwriting result,” says CEO Ilias Tsakiris. At the end of April cash and invested funds stood at record levels, equivalent to 42% of the company’s total assets. During the first four months of 2018, gross written premium showed an increase of 28% compared with the same period last year, reaching about $18,5 million.

A scheduled capital increase to support the company’s rapid growth contributed to a significant increase in the company’s Solvency Capital Requirement. During the first financial quarter of the year, SCR improved by 8% to 114%, despite a sharp increase in claims during the period.

April was also a satisfying month for AHHIC as the loss ratio normalized after increasing during the first quarter of the year.

“We are continuing to grow in strength and in recognition among international shipowners,” says Mr. Tsakiris. “We look forward to the remainder of 2018 as we dynamically apply our vision of providing competitive and reliable bespoke insurance coverage to quality shipowners around the world”.

Please read Lloyd’s List published article here

American Hellenic Hull supports the Greek Shipping Hall of Fame for the third time in a row

The Greek Shipping Hall of Fame’s fourth annual Induction Ceremony & Dinner took place on the evening of Monday 19 March at Megaron, The Athens Concert Hall.

About 630 guests from the Greek shipping community, key business partners and friends from overseas enjoyed the Welcome Drinks Reception and an exciting Induction Ceremony programme that celebrated Greek shipping and its remarkable history.

American Hellenic Hull sponsored the annual Greek Shipping Hall of Fame event for the third time. CEO Ilias Tsakiris stated: “American Hellenic Hull Insurance Company is once more delighted to support the Greek Shipping Hall of Fame. We feel a strong connection with this event because it conveys the important message that Greek shipping still leads and navigates the industry. We welcome the opportunity to come together this evening to honor Greek shipowners as risk takers and achievers. Today, we see the Greek fleet is as strong as ever and continuing to grow.  American Hellenic Hull Insurance Company’s global network is there to meet its evolving needs.”

A highlight of the 2018 Induction Ceremony was the announcement of the latest Inductees to the Greek Shipping Hall of Fame – the 2017 Inductees. The Inaugurators for 2017, Alekos N. Goulandris and Vasilis M. Mavroloeon, were mentioned through interviews with the family and warmly welcomed for their contribution and achievements at the prestigious event. This marked the 10th anniversary of the birth of the Greek Shipping Hall of Fame when the very first four Inductees were unveiled in a short ceremony back in 2007 – an event that was also remembered and celebrated during this year’s programme.

The Greek Shipping Hall of Fame donated a portion of the event proceeds to the Greek children’s charity, Hellenic Hope (www.hellenic-hope.org) by the internationally-renowned classical crossover singing star Mario Frangoulis, showing once again that the Greek shipping community actively contributes to wider social needs.

Our 2018 market forecast was accurate!

IUMI confirms American Hellenic Hull CEO’s recent predictions of a firmer market ahead

International Union of Marine Insurance Chairman Dieter Berg recently offered a positive outlook for the marine insurance business in 2018. “During the latest round of renewals,” wrote the IUMI chief, “premiums rose in marine lines affected by losses as well as those unaffected – signaling that the soft market has definitely come to an end.”

Mr. Berg’s statement confirms American Hellenic Hull’s earlier market predictions for this year. Notably, Ilias Tsakiris, American Hellenic’s Chief Executive, said in a February 2018 speech at the Capital Link Forum in Cyprus that “…the days of a soft marine market may be over.” In his talk Mr. Tsakiris commented on the effect of recent extreme weather events on pricing by marine underwriters, and asked if storms such as Hurricanes Harvey, Irma and Maria had been a blessing in disguise for insurers, allowing underwriters at last to stop the downward spiral of marine premiums.

The insurance industry has emerged from 2017 with massive losses, driven mainly by natural catastrophes. The hurricane season resulted in up to US$100bn in damage. Multiple lines of marine insurance business were affected, including yachts and cargo, as well as ports and terminals.

AHHIC expects an improved market environment for 2018. This assessment is backed by encouraging prospects for the global economy and our own portfolio and renewals’ increase. We see growth for marine insurance, as premium income correlates with growth in trade volumes and global market value.

Recently asked for market and growth parameters, Mr. Tsakiris stated: “Market growth is always a mix of various parameters coming together: the global economy, talent, service differentiation, and customer value. We at American Hellenic can’t influence global risks, but we have in place the right talent, a bespoke service and measurable customer value in every single interaction we have with our customers in the US, Europe and Asia”.

Ilias Tsakiris participates in Capital Link Cyprus Shipping Forum

In February Capital Link organized its second annual Capital Link Cyprus Shipping Forum at the Columbia Plaza in Limassol. The event, held under the auspices of the Republic of Cyprus, was a huge success drawing delegates from abroad as well as from the local Cyprus shipping community, including major shipowners, government officials, shipmanagers, financiers and other leading industry participants.

The Forum highlighted the Cyprus maritime industry, and the Cyprus flag which has been recognized internationally as a quality flag. It also focused on the island’s significant role as a maritime, energy and logistics hub and more generally as an attractive investment and business destination.

Sponsorship of the event was led by Bank of Cyprus and included support from the Cyprus Union of Shipowners and a number of leading companies, drawn from various sectors. Sponsors included the American P&I Club, represented by Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company.

Participating as a conference panelist, Mr. Tsakiris analysed the current state of the marine insurance market and looked at where it is heading. He cautiously concluded that the days of a soft marine market may be over – at least temporarily. Specifically, he commented on the effect of recent extreme weather events on the pricing models of marine underwriters, asking if storms such as Hurricanes Harvey, Irma and Maria had been a blessing in disguise, allowing underwriters at last to stop the downward spiral of marine premiums.

Accessing cyber risks and security was becoming an increasingly serious issue for marine underwriters and could not be ignored, said Mr. Tsakiris. “Cyber risks are real and are far from being remote,” he told the conference. “As cyber risks are new and there is very little historical data, evaluating and pricing such risks is one of the biggest challenges facing the insurance industry today”.

Please read Press Release or visit http://forums.capitallink.com/shipping/2018cyprus/