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‘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.”

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Press Release here

 

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Press Release “Maritime Cyprus 2017” Conference

On the occasion of the “Maritime Cyprus 2017” Conference, which will take place between 08 – 11 October 2017, a press conference was held on Friday, 29th September 2017, at 12:30 p.m., at the Conference Room of the Ministry of Transport, Communications and Works.

During the press conference the Minister of Transport, Communications and Works, Mr. Marios Demetriades, the Chairman of the Organising Committee of the Conference and Permanent Secretary of the Ministry of Transport, Communications and Works, Mr. Alecos Michaelides, as well as representatives of the Department of Merchant Shipping, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners, presented this year’s Conference.

The Minister of Transport, Communications and Works, Mr. Demetriades stated that Cyprus is one of the most important shipping centres in the world with an integrated infrastructure in all shipping sectors and one of the largest ship management centers in the world and the largest in Europe. He stressed that Cyprus has a modern and high quality fleet, that ranks eleventh in the world and third in the European Union. “In recent years there has been a small but steady development of the Cypriot fleet, something that makes us happy” said Minister Demetriades.

Reference was also made to the contribution of shipping to the Cyprus economy and that the objective of all stakeholders is the continuous development and improvement of the Cyprus shipping. As Mr. Demetriades pointed out, “the creation of the Deputy Ministry of Shipping will significantly improve the efficiency and responsiveness of our maritime administration to the needs of international shipping, will increase the competitiveness of the Cyprus Shipping, give further impetus to the Cyprus fleet and enhance the attractiveness of the country as a destination for shipping companies”.

The Conference was then presented by the Chairman of the Organising Committee of the Conference, Mr. Alecos Michaelides. As reported by Mr. Michaelides, the Maritime Cyprus Conference, which was first established in 1989, acquired great significance, and ranks as one of the largest shipping conferences in the world, attracting to Cyprus hundreds of maritime executives.

The main theme of this year’s Conference is “Yesterday’s World, Tomorrow’s Today”. The Official Opening of the Conference will take place on Sunday, 8th October 2017, at the Amathus Beach Hotel, in Limassol. During the Opening Reception, the winner of the “Cyprus Maritime Award 2017” will be announced and bestowed.

Mr. Michaelides, mentioned that the working part of the Conference will be held in Limassol, at the “Evagoras Lanitis Centre”, between 9th and 11th October 2017. The Official Opening of the working part will take place on Monday, 9th October 2017, at 09:05 a.m., by H.E. the President of the Republic of Cyprus. Distinguished guests such as the IMO Secretary-General, H.E. Mr. Kitack Lim, the European Transport Commissioner, Ms. Violeta Bulc, and world class experts will analyze and discuss specialised issues of concern to the shipping industry.

The Chairman of the Conference presented in brief the Conference Programme, which will consist of 8 interesting panel discussions.

On Monday, 9th October, three panel discussions will take place. The first panel will focus on the current and future regulatory framework for shipping while the second panel on the future of the tanker owners. The third panel will deal with the future of the shipowners in general. On Tuesday, 10th October, a debate on environmental issues will be held, while the second panel will emphasize on the use of smart and modern technology in shipping. On the same day, an afternoon session entitled “Maritime Cyprus: Young Executives”, for young shipping professionals under the age of 40, will take place. On Wednesday, 11th October, the discussions will deal with the current geopolitical developments in the Eastern Mediterranean, while the second panel will concentrate on the market forecast.

Concluding, the organizers thanked all the sponsors for their generous support and their contribution to the organization of the Conference. In particular, they thanked the Platinum sponsor of the Conference, Eurobank, the Gold sponsors: American Hellenic Hull Insurance and Bank of Cyprus, the Silver sponsors: CIPA, Ernst & Young Cyprus Ltd, PwC Cyprus and Bureau Veritas Cyprus Ltd, the conference media sponsor, CyBC and the print and digital media sponsor, the Gold and In Business magazines.

MARITIME CYPRUS 2017- PRESS RELEASE

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