In its fourth circular, American Hellenic Hull reported on progress in its first year of operations.
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.
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.
In its third circular, during American Hellenic Hull’s first market presentation in Cyprus, the company reported on progress in its first eight months of operations.
American Hellenic Hull presented latest details of its growth to shipping interests and officials at a first event in Cyprus. The company delivered its first-ever market presentation in Cyprus on April 6, 2017, to better introduce itself to the Cypriot shipping community and provide an update on its growth to date.
The company’s market presentation session and cocktail reception attracted about 170 attendees including Cyprus public officials, shipowners, maritime sector executives, bankers and brokers.
In a welcome address Cyprus’ Minister of Transportation, Communications and Works, Marios Demetriades, highlighted American Hellenic Hull’s fast-expanding global presence as an important example of the growth opportunities available to the Cypriot shipping cluster.
Vince Solarino, Chairman of the American Hellenic Hull Insurance Company and President of the managers of the American P&I Club, briefed the audience on the 100-year history of the American Club. He also explained the reasons for the company’s move to invest in Cyprus.
American Hellenic Hull’s CEO Ilias Tsakiris reported on the company’s progress in its first eight months of operations. The audience was told that the company has already insured 1,524 vessels from 10 countries spread across three different continents, and is working with about 100 brokers. Mr Tsakiris said that American Hellenic Hull is currently in the process of obtaining a rating from an international rating agency. He also explained the importance and benefits of positioning Cyprus globally as a shipping centre, an effort to which American Hellenic Hull is contributing.
To close the event, guests enjoyed a pleasant cocktail reception that provided an opportunity for further networking and receiving feedback from attendees, who were overwhelmingly positive in their response to the company’s presentation.
At its annual Induction Ceremony & Dinner for 600 guests, the Greek Shipping Hall of Fame announced that George L. Daniolos (1903-1994) and Nicolaos D. Lykiardopulo (1866-1963) have been elected as its two latest inductees.
In his keynote speech, American Hellenic Hull’s CEO Mr. Ilias Tsakiris highlighted the need to invest more time, effort, and resources in developing young talent for the industry. He stated: “If we are to honor those remarkable individuals who have made their mark on Greek and world shipping, we have to immediately address the challenge of recruiting the right talent. We must train them under the same principles and values and in that way keep alive the spirit of the great Greek shipowners and seafarers. Only if we invest in the next generation can we ensure that Greek shipping will continue to evolve and remain a global leader”.
Greek Shipping Hall of Fame began its life in 2007 as an idea, and today it includes 26 personalities who have made their mark on Greek and world shipping. 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), showing once again that the Greek shipping community actively contributes to wider social needs.
At an inaugural presentation to be held in Limassol, the Cypriot market will be fully informed of the company’s first seven months of growth as well as the emerging potential of Cyprus as a global marine insurance hub.
American Hellenic Hull Insurance Company will deliver its first Cyprus market presentation at Amathus Beach Hotel in Limassol, April 6, 2017. The presentation is for Cypriot officials, shipowners, marine-related executives, fellow members of the Association of Insurance Companies, and brokers. The main focus will be on the company’s growth in the seven months since it was licensed, on 1st July 2016, and on how Cyprus is becoming a global marine insurance centre.
Event speakers will be Mr. Vince Solarino, Chairman of the American Hellenic Hull Insurance Company and President of the managers of the American P&I Club, together with the American Hellenic Hull’s CEO Mr. Ilias Tsakiris.
We support this platform of open dialogue aimed at bringing the next generation into contact with decision makers in the shipping and tourism sectors
We are proud that American Hellenic Hull Insurance Company will support YES Forum for the next two years. YES Forum is a dialogue platform to connect decision makers in shipping and tourism with young students, graduates, and universities. Supporting young talent and mentoring with the necessary industry expertise are high on American Hellenic’s agenda of corporate social responsibility.
American Hellenic Hull CEO Ilias Tsakiris strongly believes in the platform and “any initiative that draws us closer to the next generation of shipping executives and equips them for the challenges ahead”. American Hellenic Hull will support the first “YES to Sea Tourism Forum” big event that will be held on 24th May, 2017 under the auspices of the Posidonia Sea Tourism Forum (at Megaron Athens International Conference Centre).
The YES Forum is a highly commendable volunteer initiative organized by two professionals who are committed to nurturing young talent to meet the needs of the business and academic communities: Ms. Danae Bezantakou, Managing Director of Navigator Shipping Consultants and Ms. Katerina Stathopoulou, Executive Director of Investments & Finance. They ceaselessly encourage senior executives to invest time in career tutoring and networking events. You can follow the initiative through Instagram, Twitter, and Linkedin and we will present regular updates on the initiative.
The third Board of Directors meeting of American Hellenic Hull Insurance Company, held in Limassol, Cyprus, heard full details of the company’s progress to date in terms of business, finances and organization
The third meeting of American Hellenic Hull Insurance Company’s Board of Directors, held in Limassol, Cyprus, thoroughly examined the company’s business, financial and organizational progress to date. After seven months of operations the company had added accounts at a faster rate than expected (+23.5%) and was able to report a fleet of 1,286 insured vessels. Operating expenses were kept at lower levels than budgeted (-10,6%). During the period the company achieved a gross loss ratio of 52.9% on written premium. Being the first hull & machinery underwriter in the region under the EU Solvency II regime, it has already an improved ratio (+48%) of eligible own funds to the solvency capital requirement, offering increased protection to policy holders.
All growth indications show that the company is close to meet its 2017 annual targets. The CEO travels every two months to visit key markets, and is supported when needed by the American Club’s business development team. To date the team has analyzed 221 prospect companies, but insured only 75 (35.4%) of them, underlining its strict underwriting criteria. American Hellenic Hull now works with more than 100 brokers around the globe and its insured vessels are mainly from the German, Cypriot, Greek, UK, and Italian markets.
CEO Ilias Tsakiris stated: “We are committed to grow the business by basing marine insurance underwriting on relationships of personal trust and custom protection for each quality ship owner. Our team is dedicated to build awareness of our brand, to increase the portfolio and to avoid financial and claims risks. Our efforts are being given invaluable support from every Board member and the American Club’s business development team”.
On 3rd April 2017 we celebrate Greek shipping heritage and we pay tribute to historic personalities who have helped to shape the industry
American Hellenic Hull will be sponsoring the annual Greek Shipping Hall of Fame event for the second 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.”
Greek Shipping Hall of Fame began its life in 2007 as an idea, and today it includes 24 personalities who have made their mark on Greek and world shipping. Each year, two or three remarkable individuals are chosen to join the exclusive gallery of Greek shipping ‘greats’. It is an exciting project that illuminates great shipping personalities who paved the way for the industry through their strong values, heritage, respect, and perseverance.