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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/

Conference

‘From Cyprus we cover a world of ships’, says American Hellenic Hull at Maritime Cyprus 2017

  • American Hellenic Hull Insurance company (AHHIC) was a key supporter of “Maritime Cyprus 2017”
  • AHHIC was event Gold Sponsor and sponsored the official Opening Reception
  • The AHHIC Board of Directors and the Chief Executive introduced the company and its services to hundreds of top shipping executives from across the world

American Hellenic Hull Insurance company (AHHIC) was one of the leading participants at “Maritime Cyprus 2017”, held from 8-11 October 2017 in Limassol, Cyprus. Every two years the international conference and exhibition attracts a high level of visitors, not only from the resident shipping community in Cyprus but also from the maritime industry all over the world. This year American Hellenic was the event’s Gold Sponsor and donor of the official Opening Reception as well as an exhibitor.

Maritime Cyprus, first established in 1989, has become an established shipping event organized by the Ministry of Transport, Communications and Works and the Department of Merchant Shipping in cooperation with the Cyprus Shipping Chamber and the Cyprus Union of Shipowners.

Underlining the prestige of the event and its importance for the Cyprus economy, it was officially opened by H.E. the President of the Republic of Cyprus, Nicos Anastasiades. Besides the conference, featuring internationally-reputed speakers, a maritime services exhibition provided a platform for leading companies to promote themselves to more than 850 shipping executives from around the globe. This year’s event was widely seen as the largest and most successful in Maritime Cyprus’ history.

American Hellenic Chief Executive Ilias Tsakiris stated: “We were proud to support Maritime Cyprus 2017. It has become a major event in the international maritime calendar and Cyprus’s complete shipping infrastructure is an invaluable asset for Europe and for the international shipping community in general”.

AHHIC promoted itself under the slogan ‘From Cyprus we cover a world of ships’. “In a very short space of time, our company has grown into a global provider of marine insurance with a large fleet, catering to leading shipowners from several continents,” Mr. Tsakiris said. “But we also emphasise the importance of our headquarters country – Cyprus,” he said. “The Cypriot shipping industry is dynamic, professional and growing day by day. It’s an inviting country for business, services, and talent.”

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Circular #5 American Hellenic Hull Insurance updates and business progress

September was best month so far for American Hellenic

After 15 months of successful operations and faster than expected growth, American Hellenic Hull’s Board of Directors analyzed the company’s standing during its meeting of 11th October that took place in the Four Seasons Hotel, Limassol, Cyprus, under the chairmanship of Vincent Solarino. The Board also focused on forthcoming business challenges and the pending rating of the company by AM Best.

AHHIC’s managers reported that the company now has more than 2,000 vessels insured, a fleet that stands 33% above projections, and that premium income has increased by 39% over the past four months. The loss ratio currently stands at 56.17%.

September was the best month in the company’s young history in terms of insurance profitability. Buoyed by these encouraging figures, AHHIC now begins its scheduled annual roadshow in the Far East.

The managers informed the Board of Directors that the company for the first time will be able to submit its third-quarter results to the Superintendent of Insurance fully via the Asseco SII Engine. All necessary technical tests were successfully completed by the actuarial, IT and accounting teams during summer.

Circular #5

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Press Release “Maritime Cyprus 2017” Conference

On the occasion of the “Maritime Cyprus 2017” Conference, which will take place between 08 – 11 October 2017, a press conference was held on Friday, 29th September 2017, at 12:30 p.m., at the Conference Room of the Ministry of Transport, Communications and Works.

During the press conference the Minister of Transport, Communications and Works, Mr. Marios Demetriades, the Chairman of the Organising Committee of the Conference and Permanent Secretary of the Ministry of Transport, Communications and Works, Mr. Alecos Michaelides, as well as representatives of the Department of Merchant Shipping, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners, presented this year’s Conference.

The Minister of Transport, Communications and Works, Mr. Demetriades stated that Cyprus is one of the most important shipping centres in the world with an integrated infrastructure in all shipping sectors and one of the largest ship management centers in the world and the largest in Europe. He stressed that Cyprus has a modern and high quality fleet, that ranks eleventh in the world and third in the European Union. “In recent years there has been a small but steady development of the Cypriot fleet, something that makes us happy” said Minister Demetriades.

Reference was also made to the contribution of shipping to the Cyprus economy and that the objective of all stakeholders is the continuous development and improvement of the Cyprus shipping. As Mr. Demetriades pointed out, “the creation of the Deputy Ministry of Shipping will significantly improve the efficiency and responsiveness of our maritime administration to the needs of international shipping, will increase the competitiveness of the Cyprus Shipping, give further impetus to the Cyprus fleet and enhance the attractiveness of the country as a destination for shipping companies”.

The Conference was then presented by the Chairman of the Organising Committee of the Conference, Mr. Alecos Michaelides. As reported by Mr. Michaelides, the Maritime Cyprus Conference, which was first established in 1989, acquired great significance, and ranks as one of the largest shipping conferences in the world, attracting to Cyprus hundreds of maritime executives.

The main theme of this year’s Conference is “Yesterday’s World, Tomorrow’s Today”. The Official Opening of the Conference will take place on Sunday, 8th October 2017, at the Amathus Beach Hotel, in Limassol. During the Opening Reception, the winner of the “Cyprus Maritime Award 2017” will be announced and bestowed.

Mr. Michaelides, mentioned that the working part of the Conference will be held in Limassol, at the “Evagoras Lanitis Centre”, between 9th and 11th October 2017. The Official Opening of the working part will take place on Monday, 9th October 2017, at 09:05 a.m., by H.E. the President of the Republic of Cyprus. Distinguished guests such as the IMO Secretary-General, H.E. Mr. Kitack Lim, the European Transport Commissioner, Ms. Violeta Bulc, and world class experts will analyze and discuss specialised issues of concern to the shipping industry.

The Chairman of the Conference presented in brief the Conference Programme, which will consist of 8 interesting panel discussions.

On Monday, 9th October, three panel discussions will take place. The first panel will focus on the current and future regulatory framework for shipping while the second panel on the future of the tanker owners. The third panel will deal with the future of the shipowners in general. On Tuesday, 10th October, a debate on environmental issues will be held, while the second panel will emphasize on the use of smart and modern technology in shipping. On the same day, an afternoon session entitled “Maritime Cyprus: Young Executives”, for young shipping professionals under the age of 40, will take place. On Wednesday, 11th October, the discussions will deal with the current geopolitical developments in the Eastern Mediterranean, while the second panel will concentrate on the market forecast.

Concluding, the organizers thanked all the sponsors for their generous support and their contribution to the organization of the Conference. In particular, they thanked the Platinum sponsor of the Conference, Eurobank, the Gold sponsors: American Hellenic Hull Insurance and Bank of Cyprus, the Silver sponsors: CIPA, Ernst & Young Cyprus Ltd, PwC Cyprus and Bureau Veritas Cyprus Ltd, the conference media sponsor, CyBC and the print and digital media sponsor, the Gold and In Business magazines.

MARITIME CYPRUS 2017- PRESS RELEASE