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‘In Business’: From Cyprus we cover a world of ships

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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:

In Business From Cyprus we cover a world of ships

AHHIC flies the flag for Greece, Cyprus and marine insurance at WMU

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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:

AHHIC at the World Maritime University

 

 

 

Ilias Tsakiris in the 3rd Capital Link Cyprus Shipping Forum

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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/

 

 

Circular #6 American Hellenic Hull Insurance updates and business progress

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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

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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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Ilias Tsakiris participates in Capital Link Cyprus Shipping Forum

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In February Capital Link organized its second annual Capital Link Cyprus Shipping Forum at the Columbia Plaza in Limassol. The event, held under the auspices of the Republic of 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 maritime 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 hub and more generally as an attractive investment and business destination.

Sponsorship of the event was led by Bank of Cyprus and included support from the Cyprus Union of Shipowners 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 looked at where it is heading. He cautiously concluded that the days of a soft marine market may be over – at least temporarily. Specifically, he commented on the effect of recent extreme weather events on the pricing models of marine underwriters, asking if storms such as Hurricanes Harvey, Irma and Maria had been a blessing in disguise, allowing underwriters at last to stop the downward spiral of marine premiums.

Accessing cyber risks and security was becoming an increasingly serious issue for marine underwriters and could not be ignored, said Mr. Tsakiris. “Cyber risks are real and are far from being remote,” he told the conference. “As cyber risks are new and there is very little historical data, evaluating and pricing such risks is one of the biggest challenges facing the insurance industry today”.

Please read Press Release or visit http://forums.capitallink.com/shipping/2018cyprus/

Season’s greetings

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We would like to inform you that the American Hellenic will not be sending Christmas Cards.

Instead of that we feel that a donation to those who have real needs these Holy days is more meaningful, together with our warmest wishes to the Association of Naval Parents of Children with Special Needs “ARGO”.

Please note that our office will be closed for Christmas and New Year’s holidays on the following dates:

  • Monday December 25th
  • Tuesday December 26th &
  • Monday January 1st

Season’s greetings and best wishes for a Merry Christmas and a Ηappy New Year!

The team of American Hellenic Hull

‘From Cyprus we cover a world of ships’, says American Hellenic Hull at Maritime Cyprus 2017

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  • American Hellenic Hull Insurance company (AHHIC) was a key supporter of “Maritime Cyprus 2017”
  • AHHIC was event Gold Sponsor and sponsored the official Opening Reception
  • The AHHIC Board of Directors and the Chief Executive introduced the company and its services to hundreds of top shipping executives from across the world

American Hellenic Hull Insurance company (AHHIC) was one of the leading participants at “Maritime Cyprus 2017”, held from 8-11 October 2017 in Limassol, Cyprus. Every two years the international conference and exhibition attracts a high level of visitors, not only from the resident shipping community in Cyprus but also from the maritime industry all over the world. This year American Hellenic was the event’s Gold Sponsor and donor of the official Opening Reception as well as an exhibitor.

Maritime Cyprus, first established in 1989, has become an established shipping event organized by the Ministry of Transport, Communications and Works and the Department of Merchant Shipping in cooperation with the Cyprus Shipping Chamber and the Cyprus Union of Shipowners.

Underlining the prestige of the event and its importance for the Cyprus economy, it was officially opened by H.E. the President of the Republic of Cyprus, Nicos Anastasiades. Besides the conference, featuring internationally-reputed speakers, a maritime services exhibition provided a platform for leading companies to promote themselves to more than 850 shipping executives from around the globe. This year’s event was widely seen as the largest and most successful in Maritime Cyprus’ history.

American Hellenic Chief Executive Ilias Tsakiris stated: “We were proud to support Maritime Cyprus 2017. It has become a major event in the international maritime calendar and Cyprus’s complete shipping infrastructure is an invaluable asset for Europe and for the international shipping community in general”.

AHHIC promoted itself under the slogan ‘From Cyprus we cover a world of ships’. “In a very short space of time, our company has grown into a global provider of marine insurance with a large fleet, catering to leading shipowners from several continents,” Mr. Tsakiris said. “But we also emphasise the importance of our headquarters country – Cyprus,” he said. “The Cypriot shipping industry is dynamic, professional and growing day by day. It’s an inviting country for business, services, and talent.”

Photo gallery

Press Release here

 

Circular #5 American Hellenic Hull Insurance updates and business progress

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September was best month so far for American Hellenic

After 15 months of successful operations and faster than expected growth, American Hellenic Hull’s Board of Directors analyzed the company’s standing during its meeting of 11th October that took place in the Four Seasons Hotel, Limassol, Cyprus, under the chairmanship of Vincent Solarino. The Board also focused on forthcoming business challenges and the pending rating of the company by AM Best.

AHHIC’s managers reported that the company now has more than 2,000 vessels insured, a fleet that stands 33% above projections, and that premium income has increased by 39% over the past four months. The loss ratio currently stands at 56.17%.

September was the best month in the company’s young history in terms of insurance profitability. Buoyed by these encouraging figures, AHHIC now begins its scheduled annual roadshow in the Far East.

The managers informed the Board of Directors that the company for the first time will be able to submit its third-quarter results to the Superintendent of Insurance fully via the Asseco SII Engine. All necessary technical tests were successfully completed by the actuarial, IT and accounting teams during summer.

Circular #5

Providing the climate for marine cover

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High-flying new marine insurer American Hellenic Hull picks Cyprus as a base

by Nigel Lowry

This year, the American P&I Club celebrated its centenary. But it is one of the mutual’s freshest initiatives that has added a new dimension to Cyprus’ maritime services cluster.

In 2015, the club branched into hull and machinery underwriting for the first time, launching American Hellenic Hull Insurance in conjunction with Hellenic Hull Management.

Until last year, this group was focused on managing the Hellenic Hull Mutual Association, which insured about one quarter of all Greek-owned fleets.

The new hull insurer is a wholly owned subsidiary of the American Club and based in Cyprus. Receiving its operating licence last year, it became the first marine hull insurer in Cyprus — and in the wider region — to comply with the European Union’s stringent Solvency II directive.

By mid-2017, American Hellenic Hull had already soared beyond most of its key targets for the first year of operations, with premium income of more than $10m and a fleet of 1,900 insured vessels.

For the opening chapter in its existence, AHHIC has been insuring 10% lines and following traditional underwriters. On a 100% basis, the tonnage currently covered amounts to 35m gt.

But it has sought its own rating from specialist ratings agency AM Best and thereafter it expects to start leading business itself.

The company has set itself an ambitious “indicative” goal of insuring 4,000 vessels by 2020. About half the current insured fleet is owned by Greek and Cypriot owners.

AHHIC is doing business across the globe and has offices sprinkled across main European, Asian and American markets.

But the Limassol office is the company’s headquarters. It is staffed by 20 highly trained executives from Cyprus and Greece, who are responsible for delivering customer service across the company’s international network.

AHHIC chief executive Ilias Tsakiris sees great potential for Cyprus to become a leading marine insurance hub.

“The shareholders and the board of directors evaluated Cyprus as the best destination for the company’s operations,” he tells Lloyd’s List.

Its credentials include practical company legislation that eases the path for international companies to transfer their business headquarters to the island.

It also offers a growing home-based maritime community, a high level of marine insurance expertise and an educated workforce.

“It is an inviting climate in all senses,” says Mr. Tsakiris. “But, at the same time, the review process for us to gain approval was a very thorough one. It took the time necessary to evaluate such a big project, including subjecting it to many financial stress tests.

“The approval procedure favourably demonstrated Cyprus’ seriousness as a marine insurance sector,” he says.

“We are convinced that many insurance entities present in the UK will look hard at Cyprus as an option for mitigating the fallout from Brexit.”

Its horizons are global, but American Hellenic Hull is already a well-integrated member of the island’s maritime community.

Indicative of that, the company is a Gold Sponsor of this year’s Maritime Cyprus conference, as well as sponsoring the event’s opening reception.

Read Lloyd’s List article here