“Combined ratio in January 2020 stood at 88.6%”
American Hellenic Hull Insurance Company (AHHIC) is continuing its remarkable growth. January 2020 was the third best month in AHHIC’s history in terms of gross earned premium. From May 2019 onwards, the monthly results have consistently been among the best since the company’s inception.
AHHIC’s insured fleet stood at 2,636 vessels, a year-on-year increase of 16%. Furthermore, the underwriting profit for the three-month period November 2019 to January 2020 jumped to 45%, not including an additional 14% benefit from release of technical provisions at end of year. The gross loss ratio fell to 48.9% in January and the combined ratio decreased to 88.6%.
During January, the company’s assets increased by 6%. Current assets are 4.85 times current liabilities and represent 3.4 times the total amount of open claims, including all technical reserves. Of AHHIC’s total liabilities, 52% is covered with cash and short- to medium-term investments in US Treasury bills.
“The new year begins with a record-breaking January in terms premium. As we charge full steam ahead into the new decade, we stand ready to face a wide range of challenges in the marine insurance industry. AHHIC’s upward trend will continue and our vision is to turn the fastest growing hull and machinery insurance company into the market’s global leader”, stated Mr. Ilias Tsakiris, CEO of AHHIC.
American Hellenic Hull represents the fastest-growing, dynamic force in marine insurance markets across the world aiming to provide more commitment, reassurance, consistency, proactivity and adaptability.