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WMU and AHHIC sealed their cooperation in marine insurance

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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).

On the occasion of Maritime Cyprus 2019, hosted by the Deputy Ministry of Shipping and the Government of Cyprus, the World Maritime University and American Hellenic Hull Insurance Company signed a Memorandum of Understanding on cooperation in the field of marine insurance. The WMU and AHHIC recognize their mutual interest in the field of maritime and oceans, development and expertise and protection of the marine environment. A marine insurance postgraduate diploma, professional development courses, and marine insurance related events were among the areas of agreement between the WMU and AHHIC.

Dr. Cleopatra Doumbia-Henry, WMU President, hailed the signing of the MoU: “It is an honor for me being here to sign the first MoU of its kind in the field of marine insurance with American Hellenic Hull, subsidiary of the American P&I Club. I am very delighted that we will support each other in terms of education. The WMU is founded by the IMO, with the mandate as an education, research and capacity-building institution for the Maritime and Oceans community. It is very important for us to cooperate with American Hellenic Hull supporting our students to enhance their knowledge in the field of marine insurance. By supporting WMU, AHHIC also supports the IMO in the effective implementation of regulations and compliance in areas of importance.  International conventions must not only be signed and ratified, they must also be effectively implemented in law and in practice. This will ensure that the maritime industry will continue to be the engine to secure and drive the world economy, with 80% of world trade being carried by sea”.

Ms. Natasa Pilides, Shipping Deputy Minister of the Republic of Cyprus underlined: “It is great honour to have you all here special thanks to your participation at the Maritime Cyprus 2019 Conference and Exhibition. We appreciate that American Hellenic Hull is a really important company within the Cyprus maritime cluster. We wish to thank AHHIC for its support of Maritime Cyprus 2019 as a gold sponsor, and its initiative to sign this MoU, within its framework. The Shipping Deputy Ministry places great focus on education and wishes to create an environment in which young executives are nurtured and developed professionally in such a way as to expand the expertise available within our maritime cluster. The MoU signed today will contribute in this direction and we are looking forward to its implementation”.

Mr. Philippos Philis, President of the Cyprus Shipping Chamber, addressed the Signing Ceremony stating at the same time the important role of education and expertise to the young talent who lead the future of shipping.

Mr. Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company, stated: “AHHIC is striving to promote Cyprus as a world center not only for shipping, but also for education and excellence. In cooperation with the American P&I Club, American Hellenic Hull, would like to extend that this cooperation with the World Maritime University will provide a curriculum to young executives that will be the next decision makers in our industry. We wish to facilitate their education as part of the Cypriot Maritime Cluster. Furthermore, we would like to invite WMU to increase its presence in Cyprus, bearing in mind Cyprus’ tradition as a maritime nation. The Minister and the Government are trying to enhance education within the maritime cluster and we wish that the WMU will endorse their efforts for a better global maritime community”.

The MOU shall have a duration of five (5) years

 

 

 

 

Ilias Tsakiris in “The Investor Greece 2019”

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American Hellenic Hull and its Chief Executive Ilias Tsakiris are featured in The Investor Greece 2019, a special edition published by The Investor, the leading business guide.

“We are the fastest growing hull and machinery insurance company in the world,” Mr Tsakiris told The Investor in an interview, describing some of the company’s goals and milestones achieved since the launch of the new insurer in 2016.

The company’s target “is to become an A-rated leading marine underwriter which will help us towards our goals of providing insurance to over 10,000 vessels and generating income of more than €100 million in a few years’ time”, he stated.

Readers of The Investor are informed of AHHIC’s background as a joint venture with the American P&I Club and its status as the first marine insurance company licensed in Cyprus under the requirements of the Solvency II directive.

“We are operating from scratch combining the best of the American, Greek and Cypriot approaches,” said Mr Tsakiris. “The company was an immediate success and has been accepted worldwide. Today, we offer insurance to nearly 2,500 vessels.”

Discussing the reasons for the company’s impressive start, Mr. Tsakiris emphasized its different approach as a marine hull insurer and management’s background within the shipping industry.

“Insurance is a commodity and we differentiate ourselves by a bespoke approach based on trust with our clients,” he told the magazine. “Personally, I started as a seafarer serving on board ships from the age of 17. We speak exactly the same language as our clients, we have a strong knowledge of shipping and we understand shipowners.”

According to Mr Tsakiris, AHHIC has also invested heavily in technology from the beginning, enabling it to grow quickly while offering the same quality of service. It emphasizes speed of response, from providing quotations within 24 hours to settling claims faster than the industry average.

The company’s centers of operation are in Cyprus and Greece and it is steadily expanding internationally. “The fact that the company is based in Limassol, Cyprus, with an affiliated office in Piraeus, among other locations, is a great competitive advantage as AHHIC can offer a global footprint while having a privileged understanding of the local market,” Mr. Tsakiris said.

“We are the only real marine underwriter in the region and I hope we can have more players based locally in the future.” Mr. Tsakiris underlined his belief that Greece as a major shipping nation could establish itself as a leader in maritime services as well, including playing a more important role in the marine insurance sector.

“We have always believed in the potential of the Greek shipping sector. Even though Greek shipowners own 20% of the world’s shipping capacity, Greece and Cyprus didn’t have a single local insurance provider specialized in this sector”, he pointed out.

Read More: Ilias Tsakiris in “The Investor Greece 2019”

 

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

 

 

 

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

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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.