In closing, I am proud of the AHHIC team, its leader, Ilias Tsakiris and the hard-fought accomplishments during 2020. The best is yet to come!
Chairman's Note
January 1, 2020 presented us with a new decade and promise to see clearly ahead with 20/20 vision, albeit with headwinds created by well-intended environmental initiatives like the 2020 Sulphur Cap, which produced both P&I and H&M related claims. Sustainability initiatives were also embraced and actively engaged by much of the global industries. The future looked bright, economies were strengthening, and the challenges and initiatives looked doable on a world-wide scale.
However, like a 100-year storm, Covid-19 swept over the world triggering a pandemic that most of the world was unaware and unprepared for at the start of this very promising decade. The economic and human loss hit most countries with a tsunami-like wave that has devastated businesses and lives on a scale that most people alive today had ever experienced. And the wave of this insidious invisible enemy is still sweeping over us triggering continuing lockdowns of personal and business activities.
Quickly adapting from the sudden impact to our traditional method of managing the Company to a mostly ‘remote’ method during these unprecedented times surely speaks volumes to the effective business model and instinctive flexibility and sustainability of the American Hellenic Hull Insurance Company and its talented team of professionals.
We are also proud of our accomplishments during a difficult 2020 as the number of vessels insured increased to more than 3,000, preliminary year-end financial results at near break-even, Solvency Capital Requirement ratio reaching 130%, and finishing with a strong liquidity ratio exceeding 840%. The new year has also started off strong with continued growth and favorable projections.
Our internationally recognized CEO, Ilias Tsakiris, has continued to keep the American Club’s subsidiary investment on course for continued intelligent market expansion and profitability with a focus on sustainability, as demonstrated by Ilias’ initiative in signing of a MOU with the World Maritime University to launch postgraduate diploma in marine insurance. Ilias has also been elected to IUMI’s Ocean Hull Committee, and named as a leading player in marine insurance by Lloyd’s List.
