American Hellenic Hull Insurance Company 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 American Hellenic Hull Insurance Company 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 rapid growth of American Hellenic Hull Insurance Company 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 American Hellenic Hull Insurance Company as the loss ratio normalized after increasing during the first quarter of the year.
“We are continuing to grow in strength and recognition among international shipowners,” says Mr. Tsakiris. “At American Hellenic Hull Insurance Company, 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”.