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AHHIC in ELNAVI special report in Marine Insurance

“Our track record in providing Hull & Machinery cover to shipowners is second to none”, told Mr. Evangelos Gagkos, Underwriting Manager of AHHIC in ELNAVI special report in Marine Insurance.

Mr. Gagkos described company’s greatest landmarks from 2016 until today and commented on the latest trends and developments in marine insurance market, such as digitalization, decarbonization, cyber risks and the role of marine insurance broker in the future.

In addition, he mentioned that Greek shipowners have retained their role as top players in world shipping and it is clear that they operate very efficient ships that can compete successfully in an industry that is subject to greater demands for efficiency and higher environmental standards. “I think that nowadays the efficiency of Greek vessels and the high technical expertise of the shipowners is recognized and very well appreciated throughout the marine insurance market”, underlined Mr. Gagkos.

Moreover, he stressed that marine insurance market is entering uncharted waters trying to respond to the new challenges arising from the digitalization of shipping industry and the introduction of new standards.

“At AHHIC we do follow market’s trends with the aim to lead in the H&M market. Our highly qualified personnel has the right talent to respond to all those emerging issues and provide new services in compliance with the global shipping industry and IMO’s regulations. We stand ready to provide highly synergistic hull and machinery solutions to the global shipping industry. Our target is to double the value of the company’s initial investment within the next five years. But our goal is also to remain close to our shipowner clients, constantly working to fine-tune and innovate in terms of our insurance products and services to the industry”, stated Mr. Gagkos.

Read more: ELNAVI NOVEMBER 2018 AMERICAN HELLENIC HULL INTERVIEW

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The fastest-growing hull and machinery insurance company, reports newmoney.gr

A prominent example of the synergy between Greek shipping and US entrepreneurship is the American Hellenic Hull Insurance Company, a successful partnership between the American P & I Club and Hellenic Hull Management.

AHHIC, based in Cyprus, launched its operation in July 2016 and is currently the fastest-growing hull and machinery insurance company in the world of shipping.

This is supported by data presented by Ilias Tsakiris, CEO of American Hellenic Hull, to the company’s Board of Directors’ meeting of the 9th October in Cyprus, as September marked completion of an operationally profitable second quarter for the company with the insured fleet reaching 2,160 vessels representing 167 managing companies internationally.

“We at American P&I Club welcome the company’s dynamic growth and we will continue to support American Hellenic as we firmly believe that it represents a new, growing, dynamic force in marine insurance markets across the world”, said Vince Solarino, the Chairman of American Hellenic Hull.

Company CEO Ilias Tsakiris told “newmoney.gr”: “Out of respect for our clients, we approach insurance as a social imperative. One of the things that distinguishes American Hellenic from competitors is that while we operate in the largest international shipping centers, on the other hand we offer bespoke services to our clients every step of the way operating as a local provider. We focus on providing highly innovative insurance products to shipowners, while we aim to double the value of the company’s initial investment within the next five years”.

Read full article in English: Tsakiris-Solarino (American Hellenic Hull) newmoney.gr

Read full article in Greek: Τσακίρης-Solarino (American Hellenic Hull), newmoney.gr

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CEO’s interview in Club’s 41st currents edition

American Hellenic Hull remains on its dynamic upward trajectory after a profitable summer period. August was the company’s fifth consecutive month of profitable operations, thanks to the market continuing to firm and the company’s strong underwriting loss ratio of 64.7%.

At end of August, AHHIC had an insured fleet of 2,127 vessels – a year-on-year increase of 14% – with an average 7.98% line of cover. Written premium was 13% higher than at the same stage last year. Since the end of 2017 the company’s total assets have increased by 16%, while current assets are 332% of current liabilities. Long overdue items are at their lowest-ever level at about 1% while the company’s operating expenses are currently 14.3% below budgeted amounts.

In August the company’s capital stood at 116% of the Solvency Capital Requirement (SCR) and 166.6% of the Minimum Capital Requirement (MCR).

Read the full interview here

Currents Issue Number 41 – October 2018

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Circular #6 American Hellenic Hull Insurance updates and business progress

American Hellenic Hull reports significant premium growth

September marked completion of an operationally profitable second quarter of the year for American Hellenic Hull. At a 9th October meeting in Cyprus, AHHIC’s Board of Directors was extensively briefed on the robust state of the company.

Chairman, Vince Solarino, stated: “We at American P&I Club will continue to support further growth in the turnover of American Hellenic and we firmly believe that it represents a new, growing, dynamic force in marine insurance markets across the world”.

Particularly noteworthy was a significant increase in premium for the year to date, thanks partly to a number of new accounts added at the end of month. Τhe gross written premium for the period of January to September 2018 increased by 16% compared with last year at the same stage. At the end of September, the company’s insured fleet showed a year-on-year increase of 15%, numbering 2,160 vessels. The average line of cover stood at 8%.

Data presented to the Board by the managers also showed that AHHIC’s total assets for September 2018 were 18.5% higher than at the end of 2017, whereas the ratio of current assets to current liabilities stood at 445% compared with 330% at the end of last year. The underwriting loss ratio stands at 67.6%, while the company’s operational expenses are 12.9% below budget amounts.

During the briefing the managers reported that in September, AHHIC’s own funds stood at 116.1% of the Solvency Capital Requirement (SCR) and 159.30% of the Minimum Capital Requirement (MCR).

“We are delighted about the company’s continuing upward trend and its profitable operation,” said Ilias Tsakiris, CEO of American Hellenic Hull. “American Hellenic provides highly synergistic hull and machinery solutions to the global shipping industry, while our track record is second to none. We shall continue developing our reputation and growing brand-recognition of AHHIC throughout the world’s key shipping communities. Our target is to double the value of the company’s initial investment within the next five years,” stated Mr. Tsakiris.

Circular #6

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American Hellenic Hull represents a new force of growing energy within the marine insurance markets across the world

In a transaction negotiated during 2015, and accomplished as to its final details in June 2016, the American Club has made a significant investment in the establishment of a new company in Cyprus, American Hellenic Hull Insurance Company, Ltd., in order to develop a presence in the hull and machinery market, an area highly germane to the Club’s activity in the P&I sector.

Complying with the rigorous financial and operational imperatives of the European Union’s Solvency II regime, American Hellenic Hull has continued to achieve excellent progress since it commenced operations and now boasts a substantial, and growing, portfolio of first class international fleets.

American Hellenic Hull stands ready to provide highly synergistic hull and machinery solutions to the global shipping industry motivated by the same levels of customer care which it shares with its investor, the American Club itself. This combination of capabilities represents a new force of growing energy within the marine insurance markets across the world.

Read Circular in Club’s website at https://www.american-club.com/files/files/cir_36_18.pdf

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Five consecutive months of profitable operations for American Hellenic Hull

American Hellenic, the American Club’s hull insurance subsidiary, remains on its dynamic upward trajectory after a profitable summer period. August was the company’s fifth consecutive month of profitable operations, thanks to the market continuing to firm and the company’s strong underwriting loss ratio of 64.7%.

At end of August, AHHIC had an insured fleet of 2,127 vessels – a year-on-year increase of 14% – with an average 7.98% line of cover. Written premium was 13% higher than at the same stage last year. During the year the company’s total assets have increased by 16%, while current assets are 332% of current liabilities. Long overdue items are at their lowest-ever level at about 1% while the company’s operating expenses are currently 14.3% below budgeted amounts.

In August the company’s capital stood at 116% of the Solvency Capital Requirement (SCR) and 166.6% of the Minimum Capital Requirement (MCR).

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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.’’

 

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American P&I Club and American Hellenic Hull welcome shipping world as Posidonia 2018 opens

The American P&I Club together with affiliate American Hellenic Hull Insurance Company maintained their tradition of holding a major reception for shipping guests on the eve of the opening of the biennial Posidonia shipping event in Greece.

The glittering event was held on Wednesday 30 May at Akrotiri Restaurant & Club in Aghios Cosmas, a coastal suburb of Athens. Attendees during a wonderful evening included many of the leading names of the Greek shipping industry, representatives of major international broking houses and financial institutions, and other prominent guests from the international maritime community. Greece’s Minister of Shipping & Island Policy, Panagiotis Kouroumplis, also honored the event with his presence.

Underlining their support for the two organisations, guests included many shipowners from all over the world who are members of the American Club and/or insured with American Hellenic Hull. The hosts voiced their gratitude to the hundreds of guests who attended the reception, especially the many shipowners present. Deputy Chairman of the Club’s Board of Directors, Markos Marinakis, welcomed the guests.

The Club Manager’s Chairman and Chief Executive, Joe Hughes said: “The American Club and its management deeply appreciate the support of the Greek shipping community, which is reflected in a continuous increase in membership and turnover.’’

As a highlight of his speech acknowledging the huge importance of Greek shipping for the American Club, the Manager’s President and Chief Operating Officer Vincent Solarino entertained the audience with his own rendition of the classic Frank Sinatra song ‘My kind of town’, changing New York in the lyrics to Athens.

American Hellenic Hull Chief Executive Ilias Tsakiris thanked the shipping community for its faithful support of the hull & machinery insurer that has been operating for just two years but already insures a fleet of 2,500 vessels with gross premium of $18.5m.

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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

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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”.