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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

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/

 

 

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).

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.

A fine April for American Hellenic

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American Hellenic Hull Insurance continues to soar with best-ever month

American Hellenic Hull Insurance Company is continuing its remarkable growth that has seen the company beat all internal targets during its first two years of operation.

The company has just recorded its best-ever month and has now reached a total of 2,200 vessels currently insured. This represented an expansion of 43% compared with the number of ships covered by AHHIC at the same point of 2017.

“April was the best month in our history so far, in terms of underwriting result,” says CEO Ilias Tsakiris. At the end of April cash and invested funds stood at record levels, equivalent to 42% of the company’s total assets. During the first four months of 2018, gross written premium showed an increase of 28% compared with the same period last year, reaching about $18,5 million.

A scheduled capital increase to support the company’s rapid growth contributed to a significant increase in the company’s Solvency Capital Requirement. During the first financial quarter of the year, SCR improved by 8% to 114%, despite a sharp increase in claims during the period.

April was also a satisfying month for AHHIC as the loss ratio normalized after increasing during the first quarter of the year.

“We are continuing to grow in strength and in recognition among international shipowners,” says Mr. Tsakiris. “We look forward to the remainder of 2018 as we dynamically apply our vision of providing competitive and reliable bespoke insurance coverage to quality shipowners around the world”.

Please read Lloyd’s List published article here

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/

‘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

 

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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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.