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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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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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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/

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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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