September was the best month so far for American Hellenic Hull Insurance. After 15 months of successful operations and faster than expected growth, American Hellenic Hull Insurance Board of Directors analyzed the company’s standing during its 11th October meeting in the Four Seasons Hotel, Limassol Cyprus, under the chairmanship of Vincent Solarino. The Board also focused on future business challenges and the pending rating of the company by AM Best.
AHHIC’s managers reported that the company now has more than 2,000 vessels insured, a fleet that stands 33% above projections, and that premium income has increased by 39% over the past four months. The loss ratio currently stands at 56.17%.
The managers informed the Board of Directors that the company, for the first time, will be able to submit its third-quarter results to the Superintendent of Insurance fully via the Asseco SII Engine. All necessary technical tests were successfully completed by the actuarial, IT, and accounting teams during the summer.
September was the best month in the company’s young history in terms of insurance profitability. Buoyed by these encouraging figures, American Hellenic Hull Insurance Company now begins its scheduled annual roadshow in the Far East.