- American Hellenic Hull Insurance Company Ltd receives operating license from Cyprus authorities
- Backed by the American P&I Club and managed by Hellenic Hull Management, new insurer will be active worldwide in covering hull & machinery risks for shipowners
LIMASSOL, CYPRUS, 1st July, 2016: The American Hellenic Hull Insurance Company (AHHIC) Ltd is pleased to announce that the Cyprus regulatory authorities have approved the company’s operating license. The company, established in Cyprus in 2015 by the cooperation between the American P&I Club and Hellenic Hull Management, is now officially in operation with immediate effect. AHHIC is a global insurer and covers all hull and machinery risks for shipowners worldwide. American Hellenic Hull is the first marine insurance company in its region that meets all the requirements of the European Solvency II Directive.
Management and operation of the new insurer has been undertaken by Hellenic Hull Management, led by managing director Ilias Tsakiris. Hellenic Hull’s team of assessors has already been working to ensure the new company’s initial growth and American Hellenic Hull will start with a healthy legacy of tonnage entered with the Hellenic Hull Mutual Association, which is in run-off.
American Hellenic Hull was recently presented to the international shipping market with a large reception at the Posidonia 2016 international fair in Greece. The company’s first event, the evening reception attracted 4, 000 people from the maritime sector including senior representatives of 350 shipowning groups. The sponsors and managers of American Hellenic Hull thanked shipowners present at the gathering for their support for the new venture. It was underlined that the company is ready to compete for a significant share of marine business worldwide in all the major markets.
Chairman of the American P&I Club, Arnold Witte said: “I wish to thank the teams from both companies that have worked hard to create American Hellenic Hull, but above all thank you to the Greek and international shipping community for their immediate support, ”
Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company, said: “My colleagues and I are extremely proud of our strategic alliance with the American Club. Our 20-year history of management and operating knowledge in the marine insurance market guarantees the success of this major new international marine insurer, which will be marketed globally but will offer clients the benefits of a local service approach.”