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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

Ilias Tsakiris square

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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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.

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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.

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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.

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.