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American Hellenic Hull in ‘The Times’ newspaper

American Hellenic Hull Insurance Company has been featured in The Times, the long-established UK daily newspaper.

In a Greece special report published on June 26, 2018, The Times identified insurance as a sector offering opportunities after the Greek economic crisis. It also noted that marine insurance is “a big player”, supported by the country’s shipping industry, which is “a global force” in the maritime business.

Highlighting American Hellenic Hull’s impressive year-on-year growth, The Times report interviewed company chief executive Ilias Tsakiris. Here is Mr Tsakiris’ full statement:

“The insurance company American Hellenic Hull had its best month in April, insuring 2,200 vessels – up 43 per cent on the year. Its chief executive Ilias Tsakiris says the backing of US entrepreneurs, along with the company’s Greek heritage, is helping it succeed, ‘’plus the fact that in this part of the world there are no real marine underwriters.’’

‘‘New growth will be coming from Europe and the US, and the Far East is a massive market of course – we have offices in Shanghai and Hong Kong. However, the insurance market there is very strong. To penetrate this market you have to have a strong track record and show you can serve the people well.’’

 

the times cover

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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

Full Room

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.

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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”.

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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/

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American Hellenic Hull strives to meet the insurance requirements of Greek shipping

Despite the turbulence and complexity of the global shipping market, American Hellenic Hull Insurance Company intensifies its efforts to protect the clients’ interests and provide the best insurance solutions.

The CEO of AHHIC, Mr. Ilias Tsakiris describes the range of the group’s insurance products/services and he refers to the long-standing relationship with Greek shipowners.

”In the face of today’s challenges, we aim to remain close to our customers, supporting them and striving to meet their insurance requirements in the best and most professional way. We can’t change the market conditions for owners but we can turn our insurance relationship with them into a ‘safety net’ and at the very least ensure they have nothing to worry about regarding insurance of their most valuable assets”, Mr. Tsakiris states.

Interview to Mr. Stefanos Papandreou, Elnavi editor

Click to read the full article

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Providing the climate for marine cover

High-flying new marine insurer American Hellenic Hull picks Cyprus as a base

by Nigel Lowry

This year, the American P&I Club celebrated its centenary. But it is one of the mutual’s freshest initiatives that has added a new dimension to Cyprus’ maritime services cluster.

In 2015, the club branched into hull and machinery underwriting for the first time, launching American Hellenic Hull Insurance in conjunction with Hellenic Hull Management.

Until last year, this group was focused on managing the Hellenic Hull Mutual Association, which insured about one quarter of all Greek-owned fleets.

The new hull insurer is a wholly owned subsidiary of the American Club and based in Cyprus. Receiving its operating licence last year, it became the first marine hull insurer in Cyprus — and in the wider region — to comply with the European Union’s stringent Solvency II directive.

By mid-2017, American Hellenic Hull had already soared beyond most of its key targets for the first year of operations, with premium income of more than $10m and a fleet of 1,900 insured vessels.

For the opening chapter in its existence, AHHIC has been insuring 10% lines and following traditional underwriters. On a 100% basis, the tonnage currently covered amounts to 35m gt.

But it has sought its own rating from specialist ratings agency AM Best and thereafter it expects to start leading business itself.

The company has set itself an ambitious “indicative” goal of insuring 4,000 vessels by 2020. About half the current insured fleet is owned by Greek and Cypriot owners.

AHHIC is doing business across the globe and has offices sprinkled across main European, Asian and American markets.

But the Limassol office is the company’s headquarters. It is staffed by 20 highly trained executives from Cyprus and Greece, who are responsible for delivering customer service across the company’s international network.

AHHIC chief executive Ilias Tsakiris sees great potential for Cyprus to become a leading marine insurance hub.

“The shareholders and the board of directors evaluated Cyprus as the best destination for the company’s operations,” he tells Lloyd’s List.

Its credentials include practical company legislation that eases the path for international companies to transfer their business headquarters to the island.

It also offers a growing home-based maritime community, a high level of marine insurance expertise and an educated workforce.

“It is an inviting climate in all senses,” says Mr. Tsakiris. “But, at the same time, the review process for us to gain approval was a very thorough one. It took the time necessary to evaluate such a big project, including subjecting it to many financial stress tests.

“The approval procedure favourably demonstrated Cyprus’ seriousness as a marine insurance sector,” he says.

“We are convinced that many insurance entities present in the UK will look hard at Cyprus as an option for mitigating the fallout from Brexit.”

Its horizons are global, but American Hellenic Hull is already a well-integrated member of the island’s maritime community.

Indicative of that, the company is a Gold Sponsor of this year’s Maritime Cyprus conference, as well as sponsoring the event’s opening reception.

Read Lloyd’s List article here

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Cyprus Shipmanagement Round Table Debate

Ship Management International’s issue 66 March/April 2017, Cyprus Special Report, Round Table Debate

Ship Management International drew together leaders of the Cyprus shipping cluster to discuss key issues facing shipping. Chaired by SMI Editorial Director Sean Maloney, panelists included Giles Heimann, Corporate Director Fleet Personnel, Bernhard Schulte Shipmanagement; Capt. Eberhard Koch, Chairman, CEO and Partner of Oesterreichischer Lloyd Shipping; Mark O’Neil, Future CEO of the intended Columbia Marlow merger; Andrew Brown, Group Technical Director, Interorient Shipmanagement; Andreas Chrysostomou, Independent Maritime Expert; Capt. Eugen Adami, Immediate Past President of the Cyprus Shipping Chamber and owner and Managing Director of the Mastermind Group; Ilias Tsakiris, CEO American Hellenic Hull  Insurance Company; and Alexandros Josephides, Deputy Director General of the Cyprus Shipping Chamber. Other members of the cluster who were unable to attend in person, have contributed written answers to the questions posed.

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Lloyds List

Lloyd’s list reports on American Hellenic Hull’s growth progress

American Hellenic Hull Insurance, the new American P&I Club-backed marine hull insurer established last year in Cyprus, has set itself an ambitious growth target over the next three to four years. The article on Lloyd’s List (find the article here) reported what the Chief Executive, Ilias Tsakiris told at a shipping and insurance gathering in Limassol “the company has a target of insuring 4,000 vessels by 2020.”

Just nine months after it received its operating license, American Hellenic Hull is already covering a fleet of more than 1,500 ships from 10 different countries across three continents. The portfolio included all types of vessels, but foremost were bulk carriers and tankers, said Mr. Tsakiris.

 

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American Hellenic Hull begins operations

Backed by the American P&I Club and managed by Hellenic Hull Management, new insurer will be active worldwide in covering hull & machinery risks for shipowners.

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