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Cyprus Shipmanagement Round Table Debate

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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.

 

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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

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.”

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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

Circular #4 American Hellenic Hull Insurance updates and business progress

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In its fourth circular, American Hellenic Hull reported on progress in its first year of operations.

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Cyprus Shipmanagement Round Table Debate

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Ship Management International’s issue 66 March/April 2017, Cyprus Special Report, Round Table Debate

Ship Management International drew together leaders of the Cyprus shipping cluster to discuss key issues facing shipping. Chaired by SMI Editorial Director Sean Maloney, panelists included Giles Heimann, Corporate Director Fleet Personnel, Bernhard Schulte Shipmanagement; Capt. Eberhard Koch, Chairman, CEO and Partner of Oesterreichischer Lloyd Shipping; Mark O’Neil, Future CEO of the intended Columbia Marlow merger; Andrew Brown, Group Technical Director, Interorient Shipmanagement; Andreas Chrysostomou, Independent Maritime Expert; Capt. Eugen Adami, Immediate Past President of the Cyprus Shipping Chamber and owner and Managing Director of the Mastermind Group; Ilias Tsakiris, CEO American Hellenic Hull  Insurance Company; and Alexandros Josephides, Deputy Director General of the Cyprus Shipping Chamber. Other members of the cluster who were unable to attend in person, have contributed written answers to the questions posed.

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Lloyd’s list reports on American Hellenic Hull’s growth progress

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American Hellenic Hull Insurance, the new American P&I Club-backed marine hull insurer established last year in Cyprus, has set itself an ambitious growth target over the next three to four years. The article on Lloyd’s List (find the article here) reported what the Chief Executive, Ilias Tsakiris told at a shipping and insurance gathering in Limassol “the company has a target of insuring 4,000 vessels by 2020.”

Just nine months after it received its operating license, American Hellenic Hull is already covering a fleet of more than 1,500 ships from 10 different countries across three continents. The portfolio included all types of vessels, but foremost were bulk carriers and tankers, said Mr. Tsakiris.

 

Circular #3 American Hellenic Hull Insurance updates and business progress

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In its third circular, during American Hellenic Hull’s first market presentation in Cyprus, the company reported on progress in its first eight months of operations.

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