shutterstock_1013349559

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”.

Capital Link post

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/

39087286-Typewriter-detailed-macro-closeup-typing-text-Latest-News-large-detail-vintage-press-TV-radio-intern-Stock-Photo

Circular #4 American Hellenic Hull Insurance updates and business progress

In its fourth circular, American Hellenic Hull reported on progress in its first year of operations.

Read more

Round Table photo

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.

Learn More

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.

 

39087286-Typewriter-detailed-macro-closeup-typing-text-Latest-News-large-detail-vintage-press-TV-radio-intern-Stock-Photo

Circular #3 American Hellenic Hull Insurance updates and business progress

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.

Read more

 

DSC_7274

The first Cypriot marine Hull & Machinery underwriter is already a global player

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.

American Hellenic Hull’s CEO in his Hall of Fame keynote speech

Honor the Greek Shipping Pantheon by investing in new talent

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.

Globe

American Hellenic Hull’s first market presentation in Cyprus

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.

YESForum

American Hellenic Hull supports ‘YES Forum’

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.