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Launch of cooperation with the World Maritime University

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:

First lending library in Arkoi’s school by AHHIC

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

AHHIC in ELNAVI special report in Marine Insurance

“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.

Read more: ELNAVI NOVEMBER 2018 AMERICAN HELLENIC HULL INTERVIEW

The fastest-growing hull and machinery insurance company, reports newmoney.gr

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

CEO’s interview in Club’s 41st currents edition

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

Currents Issue Number 41 – October 2018

Circular #6 American Hellenic Hull Insurance updates and business progress

American Hellenic Hull reports significant premium growth

September marked completion of an operationally profitable second quarter of the year for American Hellenic Hull. At a 9th October meeting in Cyprus, AHHIC’s Board of Directors was extensively briefed on the robust state of the company.

Chairman, Vince Solarino, stated: “We at American P&I Club will continue to support further growth in the turnover of American Hellenic and we firmly believe that it represents a new, growing, dynamic force in marine insurance markets across the world”.

Particularly noteworthy was a significant increase in premium for the year to date, thanks partly to a number of new accounts added at the end of month. Τhe gross written premium for the period of January to September 2018 increased by 16% compared with last year at the same stage. At the end of September, the company’s insured fleet showed a year-on-year increase of 15%, numbering 2,160 vessels. The average line of cover stood at 8%.

Data presented to the Board by the managers also showed that AHHIC’s total assets for September 2018 were 18.5% higher than at the end of 2017, whereas the ratio of current assets to current liabilities stood at 445% compared with 330% at the end of last year. The underwriting loss ratio stands at 67.6%, while the company’s operational expenses are 12.9% below budget amounts.

During the briefing the managers reported that in September, AHHIC’s own funds stood at 116.1% of the Solvency Capital Requirement (SCR) and 159.30% of the Minimum Capital Requirement (MCR).

“We are delighted about the company’s continuing upward trend and its profitable operation,” said Ilias Tsakiris, CEO of American Hellenic Hull. “American Hellenic provides highly synergistic hull and machinery solutions to the global shipping industry, while our track record is second to none. We shall continue developing our reputation and growing brand-recognition of AHHIC throughout the world’s key shipping communities. Our target is to double the value of the company’s initial investment within the next five years,” stated Mr. Tsakiris.

Circular #6

American Hellenic Hull represents a new force of growing energy within the marine insurance markets across the world

In a transaction negotiated during 2015, and accomplished as to its final details in June 2016, the American Club has made a significant investment in the establishment of a new company in Cyprus, American Hellenic Hull Insurance Company, Ltd., in order to develop a presence in the hull and machinery market, an area highly germane to the Club’s activity in the P&I sector.

Complying with the rigorous financial and operational imperatives of the European Union’s Solvency II regime, American Hellenic Hull has continued to achieve excellent progress since it commenced operations and now boasts a substantial, and growing, portfolio of first class international fleets.

American Hellenic Hull stands ready to provide highly synergistic hull and machinery solutions to the global shipping industry motivated by the same levels of customer care which it shares with its investor, the American Club itself. This combination of capabilities represents a new force of growing energy within the marine insurance markets across the world.

Read Circular in Club’s website at https://www.american-club.com/files/files/cir_36_18.pdf

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Five consecutive months of profitable operations for American Hellenic Hull

American Hellenic, the American Club’s hull insurance subsidiary, 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. During the year 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).

American P&I Club and American Hellenic Hull welcome shipping world as Posidonia 2018 opens

The American P&I Club together with affiliate American Hellenic Hull Insurance Company maintained their tradition of holding a major reception for shipping guests on the eve of the opening of the biennial Posidonia shipping event in Greece.

The glittering event was held on Wednesday 30 May at Akrotiri Restaurant & Club in Aghios Cosmas, a coastal suburb of Athens. Attendees during a wonderful evening included many of the leading names of the Greek shipping industry, representatives of major international broking houses and financial institutions, and other prominent guests from the international maritime community. Greece’s Minister of Shipping & Island Policy, Panagiotis Kouroumplis, also honored the event with his presence.

Underlining their support for the two organisations, guests included many shipowners from all over the world who are members of the American Club and/or insured with American Hellenic Hull. The hosts voiced their gratitude to the hundreds of guests who attended the reception, especially the many shipowners present. Deputy Chairman of the Club’s Board of Directors, Markos Marinakis, welcomed the guests.

The Club Manager’s Chairman and Chief Executive, Joe Hughes said: “The American Club and its management deeply appreciate the support of the Greek shipping community, which is reflected in a continuous increase in membership and turnover.’’

As a highlight of his speech acknowledging the huge importance of Greek shipping for the American Club, the Manager’s President and Chief Operating Officer Vincent Solarino entertained the audience with his own rendition of the classic Frank Sinatra song ‘My kind of town’, changing New York in the lyrics to Athens.

American Hellenic Hull Chief Executive Ilias Tsakiris thanked the shipping community for its faithful support of the hull & machinery insurer that has been operating for just two years but already insures a fleet of 2,500 vessels with gross premium of $18.5m.

A fine April for American Hellenic

American Hellenic Hull Insurance 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 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 company’s rapid growth 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 AHHIC as the loss ratio normalized after increasing during the first quarter of the year.

“We are continuing to grow in strength and in recognition among international shipowners,” says Mr. Tsakiris. “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”.

Please read Lloyd’s List published article here