Managing Director’s Note
We have been operating for the last 27 years in the heart of shipping, delivering results to our capacity providers against all possible adversities, from the usual negative market circles to extreme phenomena such as bank closures and draconian capital controls.
Whilst, our competitors were enjoying stable and secure environments in major insurance capitals of the world with disastrous to mediocre results, Hellenic Hull was growing, thriving and eventually establishing a brand name synonym to success, underwriting profit and tangible results.
Hellenic Hull’s philosophy is simple. We are standing by our clients by being responsive and proactive to their needs whilst maintaining a firm, consistent and coherent underwriting behavior. Our marketing strategy is unique, we promote the institutional and educational character of our Underwriter in Greece and Cyprus.
A history of good management
With reference to American Hellenic Hull Insurance Company, the numbers speak for themselves. The company was launched in 2016 by Hellenic Hull Management and American P&I Club, the company’s sole shareholder, with the vision of establishing it as a leading hull and machinery underwriter. Hellenic Hull and American Club were able to apply their experience, traditional expertise, and infrastructure towards reaching this goal. Almost six years into our voyage, we are firmly established worldwide as a leading marine insurer. Growth has exceeded our most ambitious targets and projections.
In 2021, we achieved an excellent operating performance and a record-breaking year in our insured portfolio. Our fleet reached a monthly average of 3,100 insured vessels on throughout the year. Also noteworthy was a restructuring of the fleet of vessels in our portfolio in order to improve its performance and targeted initiatives to reduce operating costs.
This year we expect that the hull and machinery market will stabilize, with more sustainable premiums, and that further opportunities will arise within the sector. We are also optimistic that in 2022 the worst consequences of the Covid-19 pandemic will come to an end, enabling the global market to find stability.
In November 2021, American Hellenic Hull Insurance Company was renamed American Steamship Owners Marine Insurance Company (Europe), or American Club (Europe) for short. The move reflects both the success of the fast-growing marine hull insurer and the American Club’s desire to further expand its footprint in the European market.
As American Club (Europe), American Hellenic Hull Insurance has extended its activities into protection and indemnity insurance since February 2022, while the company continues to operate globally for hull and machinery business using the American Hellenic Hull trade name.