Posts

shutterstock_543698917

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

DosAhpAXoAI6yWg.jpg large

shutterstock_336054278

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).

AHHIC_publication_times

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.’’

 

the times cover

Team photo

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.

shutterstock_56991721

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

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/

Navigate with confidence

Season’s greetings

We would like to inform you that the American Hellenic will not be sending Christmas Cards.

Instead of that we feel that a donation to those who have real needs these Holy days is more meaningful, together with our warmest wishes to the Association of Naval Parents of Children with Special Needs “ARGO”.

Please note that our office will be closed for Christmas and New Year’s holidays on the following dates:

  • Monday December 25th
  • Tuesday December 26th &
  • Monday January 1st

Season’s greetings and best wishes for a Merry Christmas and a Ηappy New Year!

The team of American Hellenic Hull

shutterstock_224716726

American Hellenic Hull strives to meet the insurance requirements of Greek shipping

Despite the turbulence and complexity of the global shipping market, American Hellenic Hull Insurance Company intensifies its efforts to protect the clients’ interests and provide the best insurance solutions.

The CEO of AHHIC, Mr. Ilias Tsakiris describes the range of the group’s insurance products/services and he refers to the long-standing relationship with Greek shipowners.

”In the face of today’s challenges, we aim to remain close to our customers, supporting them and striving to meet their insurance requirements in the best and most professional way. We can’t change the market conditions for owners but we can turn our insurance relationship with them into a ‘safety net’ and at the very least ensure they have nothing to worry about regarding insurance of their most valuable assets”, Mr. Tsakiris states.

Interview to Mr. Stefanos Papandreou, Elnavi editor

Click to read the full article

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.”

Photo gallery

Press Release here