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Alt Text Logo of Lloyd’s List naming Top 10 in marine insurance 2020

Lloyd’s List: Ilias Tsakiris among the Top 10 in Marine Insurance 2020

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American Hellenic Hull CEO Ilias Tsakiris has been named among the Top 10 in Marine Insurance 2020 by Lloyd’s List, the internationally reputed information provider for shipping since 1734.

Mr. Tsakiris was included for the first time in the publication’s annual Top 10 in Marine Insurance 2020, published as part of its eagerly-awaited ‘One Hundred People 2020 Edition’, a list of the most influential people in shipping.

According to Lloyd’s List, The Top 10 in marine insurance list is collated by Lloyd’s List editorial team and considers a mixture of traditional power-brokers in an insular niche, as well as those doing noteworthy things within it.”

His entry notes that Mr. Tsakiris is “at the head of a dynamic new entrant in the sector, and he is shaking things up.”

Since its inception in 2016, AHHIC has invested in innovation, becoming the fastest growing marine hull and machinery insurance company globally.

During 2020, AHHIC exceeded all projections and reached the milestone of 3,000 insured vessels in its hull portfolio.

Recent pioneering steps made by Mr. Tsakiris include a partnership with World Maritime University to launch a postgraduate diploma in marine insurance. A firm believer in sustainability, he has also led AHHIC to become the first marine insurer to sign up to the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance. The company has similarly become the first in its sector to sign the UNEPFI Sustainable Blue Economy Finance Principles. AHHIC was the only dedicated marine insurance company that participated in the development of UNEPFI’s first global guide to managing environmental, social, and governance (ESG) risks in non-life insurance sectors.

“This comes as welcome recognition of all the effort that has been invested in establishing American Hellenic Hull as a reputable force in the market in such a short space of time,” Mr. Tsakiris commented.

“Being listed among the Top 10 in Marine Insurance 2020 professionals internationally by Lloyd’s List, a historic information provider synonymous with the shipping and insurance industries, is a great encouragement for all of us in AHHIC. We look to build on our success to date and further invest in our strategy of being a leader in sustainable marine insurance,” he added.

 

AHHIC’s outstanding performance continues in 2020

Outstanding underwriting performance in first half of 2020

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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.

American Hellenic Hull Insurance

Positive first quarter of 2020 for American Hellenic Hull Insurance

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Positive first quarter of 2020 for American Hellenic Hull Insurance Company

  • 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.

World Maritime University and AHHIC serving the SDG4

World Maritime University and AHHIC come together to advance quality in education

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Following the first of its kind Memorandum of Understanding signed by the World Maritime University (WMU) and American Hellenic Hull Insurance Company (AHHIC) on cooperation in the field of marine insurance, American Hellenic Hull and its CEO, Mr. Ilias Tsakiris, welcomed WMU’s students visiting Greece for their field study program, in a reception that took place on February, Tuesday the 27th at Hellas Liberty Museum.

At American Hellenic Hull, we are striving to serve the Sustainable Development Goal No 4, aiming to advance quality in education, by sharing our knowledge and expertise in the field of marine insurance and achieving the interconnection between the educational institutions and the shipping industry.

At the event, Mr. Ilias Tsakiris shared his knowledge and experience in marine insurance with WMU students, who are seen as the 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.

Furthermore, during the reception WMU’s Professor Mr. George Theocharidis provided a keynote speech, presenting WMU’s students, while Ms. Elina Souli, Regional Business Development Director of the Shipowners Claims Bureau, managers of The American P&I Club, shared her expertise on the P&I perspective with regards to marine insurance.

AHHIC will continue to invest in education, as among the areas of agreement of the MoU between AHHIC and WMU, are a marine insurance postgraduate diploma, professional development courses, and marine insurance related events.

The World Maritime University is established within the framework of the International Maritime Organization (IMO), a specialized agency of the United Nations. As IMO’s premier centre of excellence for maritime postgraduate education, research, and capacity building, the University offers unique postgraduate educational programmes, undertakes wide-ranging research in maritime and ocean-related studies, and continues maritime capacity building in line with the UN Sustainable Development Goals.

 

 

 

AHHIC’s outstanding performance continues in 2020

AHHIC’s Business Continuity Plan in response

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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.

Eirini Gerani at The Global Maritime Forum

AHHIC’s Eirini Gerani at The Global Maritime Forum

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Eirini Gerani at The Global Maritime Forum addresses the challenges the maritime industry is facing

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”.

Ilias Tsakiris and Dr. Cleopatra Doumbia-Henry, WMU President, seal collaboration in maritime education

WMU and AHHIC collaborate in maritime education

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World Maritime University and AHHIC collaborate to include marine hull and machinery insurance in maritime education

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

 

 

 

 

Five consecutive months of profitable operations for American Hellenic Hull

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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).

Launch of cooperation with the World Maritime University

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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:

AHHIC’s outstanding performance continues in 2020

AHHIC’s outstanding performance continues in 2020

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AHHIC’s outstanding performance continues in 2020

“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.

 

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