The third meeting of American Hellenic Hull Insurance Company’s Board of Directors, held in Limassol, Cyprus, thoroughly examined the company’s business, financial and organizational progress to date. After seven months of operations the company had added accounts at a faster rate than expected (+23.5%) and was able to report a fleet of 1,286 insured vessels. Operating expenses were kept at lower levels than budgeted (-10,6%). During the period the company achieved a gross loss ratio of 52.9% on written premium. Being the first hull & machinery underwriter in the region under the EU Solvency II regime, it already has an improved ratio (+48%) of eligible own funds to the solvency capital requirement, offering increased protection policyholders.
All growth indications show that the company is close to meet its 2017 annual targets. The CEO travels every two months to visit key markets, and is supported when needed by the American Club’s business development team. To date the team has analyzed 221 prospect companies but insured only 75 (35.4%) of them, underlining its strict underwriting criteria. American Hellenic Hull now works with more than 100 brokers worldwide, and its insured vessels are mainly from the German, Cypriot, Greek, UK, and Italian markets.
American Hellenic Hull CEO Ilias Tsakiris stated: “We are committed to growing the business by basing marine insurance underwriting on relationships of personal trust and custom protection for each quality ship owner. Our team is dedicated to building awareness of our brand, increasing the portfolio, and avoiding financial and claims risks. Our efforts are being given invaluable support from every Board member and the American Club’s business development team”.