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Outstanding underwriting performance in first half of 2020

November 18, 2020/in Frontpage Article, Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

American Hellenic Hull Insurance Company Ltd (AHHIC) recorded outstanding underwriting performance during the first half of 2020, amidst a challenging global environment mainly due to the Covid-19 pandemic. The company’s success derives from the timely and well executed implementation of its Business Continuity Plan, as well as the recognition of AHHIC as one of the leading players in the Marine Insurance industry.

Exceeding all projections, AHHIC managed to surpass the milestone of a 3,000 vessels strong hull portfolio, with 3,060 insured fleet for hull and machinery on 30 June 2020. With a record breaking first half year, the company showed a year on year increase of 52% in the gross written premium.

We wish to thank all our clients for their trust during these challenging times and to welcome the new additions to our portfolio, which include, among others, Starbulk Group, TMS Group, Diamond S, Chartworld and Interorient.

“Looking ahead, our three-year business plan is expected to remain unaltered as we focus on becoming the leading company in the international hull and machinery market”, said Mr. Ilias Tsakiris, CEO of AHHIC.

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AHHIC: Positive first quarter of 2020

November 18, 2020/in Frontpage Article, Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

American Hellenic Hull Insurance Company Ltd (AHHIC) can report a positive first quarter of 2020 in terms of growth and operating performance.

  • A 206% year-on-year increase of underwriting profit margin and a loss ratio of 64% as AHHIC successfully implements its business continuity plan in response to the Covid-19 pandemic

In early March, AHHIC activated its business continuity plan in response to the coronavirus pandemic. Since then, all company activities have been conducted off-site, with staff working remotely. AHHIC’s utmost priorities are to protect the health and well-being of its employees, combined with maintaining undisrupted its clients’ interests.

At 31 March 2020, the insured fleet stood at 2,637 vessels, showing a year-on-year increase of 15%. At the same time, the company’s gross earned premium for the quarter was increased by 82%.

The underwriting result (earned premium net of reinsurance cost minus claims after reinsurance recoveries) for the three-month period showed a profit margin of 26.1% compared with 15.5% in the first quarter last year. In absolute values the underwriting profit jumped by 206.1% thanks to a significant increase of premium income and the reduction of the loss ratio to 64.4%. All the company’s key performance indicators were improved.

  • Nearly 50% of company’s assets held in bank accounts and bonds, liquidity ratio increase to 625% provides protection against Covid-19 effects

The company holds 46% of its total balance sheet assets in cash and bond investments. This equates to 1.43 times the company’s premium receivables and 1.38 times open claims (before deduction of reinsurers’ share). The key liquidity ratio (current assets to current liabilities) increased to 625% from 490% at the end of 2019 and from 389% at the end of the first quarter 2019. This means that current assets are sufficient to meet the company’s short-term liabilities by 6.25 times. The company’s cash flow has been significantly strengthened amidst the Covid-19 crisis.

  • Minimal expected impact on the company’s assets from the Covid-19 pandemic – AHHIC stands ready for any catastrophic event outbreak amidst the Coronavirus pandemic

According to stress tests currently carried out by the company, negative developments in global trade and transportation during the pandemic are not expected to affect AHHIC’s financial status or growth. Some vessels are likely to be laid-up in ports and anchorages worldwide due to the pandemic’s impact on trade and as a result navigation risks and hull and machinery casualties are likely to be diminished.

Under AHHIC’s business continuity and operations plan, which is based on a hybrid structure of remote and cloud servers, the pandemic does not pose any threat to the company’s ongoing preparedness to face even another catastrophic event.

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AHHIC’s Business Continuity Plan in response

November 18, 2020/in Frontpage Article, Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

Due to the ongoing spread of the Coronavirus Disease 2019 (Covid-19), we have activated our Business Continuity Plan in response.  The World Health Organization (WHO) has assessed Covid–19 as a pandemic and this underlines the need for all parts of the value chain to react in a responsible way to address the risks and consequences of this contagious disease.

As marine underwriters, we commit ourselves to closely monitor and assess the risks and diminish high-risk behavior.

The health and wellbeing of our employees is our utmost priority. Therefore, all functions of Hellenic Hull Management and American Hellenic Hull Insurance Company Ltd with immediate effect will be conducted off-site, operating with a remote workforce.

Our management and employees all share the same dedication and loyalty, as well as the readiness to embrace innovation and respond to challenges.

They, together with our state-of-the-art information technology, enable us prevent disruptions to our business and to continue to securely provide premium, bespoke services to our clients.

As there is currently no vaccine to prevent Covid-19 infection, we will continue to remind our employees of the recommendations of public health authorities for everyday actions to avoid getting ill and help prevent the spread of respiratory diseases.

We will continuously monitor our employees to identify any cases requiring testing or treatment and we are closely monitoring the WHO and local health authorities for updates.

Our goal is that through being prepared and working together we can minimize the impact of Covid-19 on our staff, our clients and the public.

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Global challenges in the maritime industry

November 18, 2020/in Frontpage Article, Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

The Global Maritime Forum conducted its first Future Maritime Leaders Essay Competition, which gave young people (aged 18-30) a chance for their voice to be heard in the debate about the future – and companies a chance to listen.

Eirini Gerani, Account Executive at American Hellenic Hull Insurance Company Ltd, participated in the competition stating the global challenges facing the maritime industry.

The global maritime industry is currently facing a wide range of challenges stemming from geopolitical changes, the new IMO regulations, technological evolution including Artificial Intelligence, threats to global trade growth and the need for greater sustainability. While the world is undergoing profound transformation, we consider these changes as bringing opportunity, especially from the perspective of sustainability.

Geopolitical changes that must be navigated by the maritime industry are many and various. They include the crisis in the Persian Gulf, instability in the Middle East, the widening of the Suez canal, the situation of states in Latin America, the trade war between USA and China, the rise of extremists in countries important for shipping such as Nigeria, the emergence of new maritime centers such us Singapore with the EU trying to upgrade its presence as a single maritime cluster. These are only some of the developments we currently have to deal with.

In addition, the new regulations introduced by the International Maritime Organization aim to make the shipping industry a sustainable conduit for global trade. The regulations imposing a low sulphur cap for fuel emissions from 01/01/2020, the 50% reduction of carbon emissions by 2050, proposals for slow steaming that are being discussed in the IMO’s working groups, and growing interest in cleaner fuels such as LNG, LPG, MGO and biofuels constitute a historic challenge for the maritime adventure. The transformation of the maritime industry towards a more eco-friendly environment is a path we all must walk.

Meanwhile, it is a fact that the shipping industry is one of the most proactive industries, investing more in new technologies than any other market. Smart technologies are central to many discussions. The maritime industry focuses on investments in technologies such as the Internet of Things (IoT), automation and the new unmanned vessels being trialled in the North Sea, big data analytics and cloud services. Such investments aim to modernize the industry increasing efficiencies and sustainability.

“Facing the 21st century as a “millennial”, it is a fact that our generation wishes to bring innovation that will drive the shipping industry forward. In terms of globalization, we also declare that we need a more sustainable environment. We bet on inclusive growth with a more holistic perspective on the industry and the human well-being. We have the opportunity to set a long – term sustainable economic environment, but hard work globally will be required to achieve and maintain such a goal. The investment in new talent and the safety and protection of the staff is another crucial issue we have to deal with, if we aim to consider ourselves as pioneers in the industry. To gain a more sustainable environment we shall all strengthen the pillars of Environment, Society and Economy”,  mentioned Eirini Gerani.

Furthermore, she underlined: “Personally, I am working in the marine insurance industry, one of the most sustainable industries in the entire maritime adventure. The marine insurance services shall be considered as a commodity serving the maritime industry. American Hellenic Hull Insurance Company provides hull and machinery services to the international maritime industry. My colleagues and I are committed to incorporate social, environmental and business issues into a sustainable holistic strategy towards our insurance business. Working closely and transparently with our clients, we intend to serve the UN Sustainable Development Goals to achieve inclusive growth in our business, and promote at the same time human well-being and talent”.

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AHHIC’s outstanding performance continues

February 17, 2020/in Frontpage Article, Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

“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.

Circular_AHHIC_Its outstanding performance continues

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Cyprus Shipmanagement Round Table Debate

November 7, 2019/in Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

Ship Management International’s Round Table and Cyprus Special Report

American Hellenic Hull Insurance Co.’s Chief Executive Ilias Tsakiris added his insight to a Round Table debate organized by Ship Management International magazine for the Cyprus Special Report published in its July/August issue.

The agenda focused on issues arising from the IMO 2020 low-sulphur regulations, digitalization and cyber risks, the Cyprus maritime cluster and the industry’s cooperation with the Deputy Ministry of Shipping.

With regards to IMO 2020, Mr. Tsakiris said that the new regulation is becoming a growing concern for underwriters. “We will have the question of unseaworthiness, and underwriters will rely much more on the classification societies, plus introducing and installing this type of technology will increase the insured values making the risk on the ship more expensive, so there will be more money coming out of the owners pockets by way of premium”, he told the Roundtable. Furthermore, in terms of cyber risks, he stressed that digitalization in shipping creates a new area of risk.

Mr. Tsakiris also considered that Cyprus may profit from developments connected with Brexit, due to the country’s favourable tax and regulatory environment. “I think we will see more underwriters coming in”, he said. Looking ahead to the Maritime Cyprus Conference 2019, Mr. Tsakiris stressed that all the major insurance brokers will be coming to the conference. “I think this year’s will be an even bigger success than previously,” he concluded.

Read More: Cyprus round table

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

May 17, 2019/in Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

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

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

May 6, 2019/in Images, Interview, Media Presence, News, News Feed, Press Release, Publication, Uncategorized /by Marketing

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

 

 

 

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Ilias Tsakiris in the 3rd Capital Link Cyprus Shipping Forum

April 1, 2019/in Images, Interview, Media Presence, News, News Feed, Press Release, Publication, Uncategorized /by Marketing

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/

 

 

3rd annual Capital Link Cyprus Shipping Forum
3rd annual Capital Link Cyprus Shipping Forum
3rd annual Capital Link Cyprus Shipping Forum

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Circular #6 American Hellenic Hull Insurance updates and business progress

November 6, 2018/in Images, Interview, Media Presence, News, News Feed, Press Release, Publication /by Marketing

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

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