In Business: Insurance Industry in Cyprus
“From Cyprus we cover a world of ships”.
American Hellenic Hull (AHHIC) has been profiled by Cyprus’ leading business information provider, ‘In Business’, with CEO Ilias Tsakiris interviewed on the new challenges facing the marine insurance industry and on his views regarding the business and supervisory framework in Cyprus.
Mr. Tsakiris said that since mid-2018 a major consolidation in the Lloyd’s and London markets has had an impact on marine insurance premium levels and that a firming of rates is expected to continue during this year.
He also considered that Cyprus may profit from developments connected with Brexit, due to the country’s favourable tax and regulatory environment.
American Hellenic Hull firmly supports the vision of the Deputy Ministry of Shipping to turn Cyprus into one of the world’s leading shipping clusters. At the same time, Mr. Tsakiris said, AHHIC is proud to act as an “ambassador” of Cyprus in all the key international s
Asked about Cyprus’ supervisory authorities, Mr. Tsakiris observed that their personnel are highly qualified and extremely business oriented with exemplary efficiency.
American Hellenic Hull’s target is to double the value of the company’s initial investment within the next five years, Mr. Tsakiris told ‘In Business’.
Read the full interview here:
Prestigious industry event honours historic shipping personalities as well as strongly supporting children’s charity Hellenic Hope
American Hellenic Hull Insurance Company was once again for 2019 among the leading supporters of the annual Greek Shipping Hall of Fame Induction Ceremony & Dinner.
The Hall of Fame dinner, one of the most prestigious events in the maritime calendar, honours the historic greats of the Greek shipping industry and each year two new Inductees are unveiled, based on the votes of the organisation’s distinguished Academy of members.
As a Premium Sponsor of the event, which also supports the worthy Greek children’s charity Hellenic Hope, American Hellenic was acting as one of the strongest supporters of the event for the fourth straight year.
“We are proud to be a leading supporter of the Greek Shipping Hall of Fame,” said the company’s Chief Executive Officer, Ilias Tsakiris. “Our management roots are in Greek shipping, a business community that for many decades has played a lading role in global seaborne transportation.
“The Hall of Fame honors the personal commitment, imagination and expertise of some of the industry’s historic personalities, who have helped Greek shipping adapt over the years to remain at the forefront of the maritime adventure,” he continued.
“The maritime industry never stands still and American Hellenic’s team provides a personal, innovative and experienced service that meets the evolving needs of shipowners,” Mr Tsakiris added.
About 650 guests including many leading shipowners together with their business partners from Greece and overseas participated in the glittering event at Megaron, the Athens Concert Hall.
The event concluded with the announcement of the latest Inductees to the Greek Shipping Hall of Fame – George S. Coumantaros (1922-2016) and John P. Goulandris (1907-1950). The two past giants of the industry bring to 30 the number of Inductees now in the Hall of Fame, which was launched in 2007.
The event raised a total of Euros 44,000 for the children’s charity Hellenic Hope. The Greek Shipping Hall of Fame has partnered with the charity for the last six years.
Attached photo: American Hellenic Hull Chief Executive Officer Ilias Tsakiris being interviewed at the Greek Shipping Hall of Fame Induction Ceremony & Dinner 2019 in Athens
The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).
AHHIC and WMU sealed their cooperation with a highly successful joint event held at the university’s headquarters in Malmo, Sweden, on Wednesday, April 3.
At the event, AHHIC’s Chief Executive Officer Ilias Tsakiris shared his knowledge and experience in marine insurance with WMU students, who are seen as future key maritime decision-makers in numerous countries across the world.
Mr Tsakiris’ presentation followed a fruitful debate, during which the students raised questions on the future of the marine insurance market and the emerging issues related to IMO’s new regulations.
Mr Tsakiris’ visit to the university included a meeting with Prof. G. Theocharidis and WMU President Dr. Cleopatra Doumbia-Henry that enabled them to discuss concerns related tο new trends in shipping and marine insurance, as well as details of the future cooperation between AHHIC and the WMU.
As the sole cooperation of its kind between a marine hull insurance company and the WMO, American Hellenic Hull’s initiative is considered important for greater understanding of the marine insurance sector as well as underlining the status of the Piraeus and Limassol maritime service clusters.
Please see event’s highlights in the below video link:
In February Capital Link organized its third annual Capital Link Cyprus Shipping Forum at the Columbia Plaza in Limassol. The event, held under the auspices of the Republic of Cyprus and Maritime 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 shipping 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 cluster and more generally as an attractive investment and business destination.
Sponsorship of the event was led by the Cyprus Union of Shipowners and included support from the Bank of Cyprus 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 the emerging trends in marine insurance industry.
American Hellenic Hull’s market forecast in 2018 for marine insurance premiums rise was more than accurate, as Mr. Ilias Tsakiris reaffirmed increase in premiums commenting on market’s performance for 2019. He underlined that the degree of the rate increases will also depend on whether new capacity enters the market in other parts of the world in response to the more favourable rating environment.
In addition, Mr Tsakiris elaborated on pricing of the risks deriving from new IMO regulations, mainly on IMO 2020 emission regulations, and their effect on the marine insurance market. “Diligent and prudent Owners should have no fear in any increase of insurance rates following the implementation of IMO2020 as they will be adequately prepared”, he mentioned.
“However, we fear that vessels will be exposed to potential engine damages, which may result to hull damages from groundings or collisions as a consequence of loss power or claims for salvage assistance. In general, all marine insurance related products/rates could also be adversely affected due to increased claims’ activity”, Mr. Tsakiris told the conference.
Please read Press Release or visit http://forums.capitallink.com/shipping/2019cyprus/
American Hellenic Hull has proudly launched its cooperation with the World Maritime University (WMU) based in Malmö, Sweden.
The World Maritime University was founded by the International Maritime Organization and its aim is to help the IMO and IMO member states to ensure safe, secure, and efficient shipping on clean oceans through education, research, and a network of graduates who will build the capacity of maritime administrations around the world.
Our welcome reception for WMU’s students visiting Greece for their field study program, was held on Friday, March 8th at the premises of the Piraeus Marine Club.
The joint event, that included AHHIC’s presentation on Marine Insurance, marked the start of an effort to develop better links among WMU’s graduates, American Hellenic Hull Insurance Company and the marine insurance industry.
Mr. Ilias Tsakiris, CEO of AHHIC, will introduce Marine Insurance to all WMU’s students in Malmö, Sweden, on Wednesday, April 3rd at 15:00, delivering a lecture under the title: “Current and Future Challenges for Shipping in the Realm of Marine Insurance”.
Please see event’s highlights in the below link:
Enhancing education in the most remote areas.
Greek-American marine insurance company American Hellenic Hull (AHHIC) and its CEO, Ilias Tsakiris, have made one Arkoi student inhabitant’s dream a reality.
Arkoi is a small island in the Aegean that is the location of the smallest primary school in the European Union. It currently has only one student. AHHIC’s sponsorship has enabled the establishment of the island’s first lending library. The library already counts more than 1,000 books donated mainly by Greeks living abroad, and there are many more to come before the summer period.
The key person in the success of the project is the teacher Ms. Maria Faedra Tsialera, recently honored by the Academy of Athens, Greece’s National Academy, both for her daily struggle to keep the island’s school open and for her consistency in performing her duties. Her efforts include trying to attract new habitants to the island, especially children.
A joint venture of the American P&I Club and Hellenic Hull Management, American Hellenic Hull covers hull and machinery and war risks for most classes of vessel, including general cargo vessels, dry balk carriers, all types of tanker, container ships, gas carriers and passenger vessels.
Read full article in English: American Hellenic Hull Donation to Arkoi’s primary school hosting a single student_newmoney.gr
Read full article in Greek: American Hellenic Hull: Δωρεά στο σχολείο των Αρκών με τον έναν μαθητή_newmoney.gr
“Our track record in providing Hull & Machinery cover to shipowners is second to none”, told Mr. Evangelos Gagkos, Underwriting Manager of AHHIC in ELNAVI special report in Marine Insurance.
Mr. Gagkos described company’s greatest landmarks from 2016 until today and commented on the latest trends and developments in marine insurance market, such as digitalization, decarbonization, cyber risks and the role of marine insurance broker in the future.
In addition, he mentioned that Greek shipowners have retained their role as top players in world shipping and it is clear that they operate very efficient ships that can compete successfully in an industry that is subject to greater demands for efficiency and higher environmental standards. “I think that nowadays the efficiency of Greek vessels and the high technical expertise of the shipowners is recognized and very well appreciated throughout the marine insurance market”, underlined Mr. Gagkos.
Moreover, he stressed that marine insurance market is entering uncharted waters trying to respond to the new challenges arising from the digitalization of shipping industry and the introduction of new standards.
“At AHHIC we do follow market’s trends with the aim to lead in the H&M market. Our highly qualified personnel has the right talent to respond to all those emerging issues and provide new services in compliance with the global shipping industry and IMO’s regulations. We stand ready to provide highly synergistic hull and machinery solutions to the global shipping industry. Our target is to double the value of the company’s initial investment within the next five years. But our goal is also to remain close to our shipowner clients, constantly working to fine-tune and innovate in terms of our insurance products and services to the industry”, stated Mr. Gagkos.
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
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