- expanded capabilities with office in Houston
- positive investment performance
- increased net tonnage by 10%
- American Hellenic’s tonnage ahead of projections
- Eagle Ocean Marine remains profitable
The American P&I Club, one of the 13 members of the International Group of P&I Clubs attracted maximum capacity at events held in two of the world’s major shipping hubs, Piraeus and London on December 7th and 9th 2016 for their annual Market Presentations. Placing emphasis on and crediting the know-how of the people behind the Club’s service, the Club’s Managers, SCB Inc. as well as the Club’s subsidiary American Hellenic Insurance Company’s CEO made a series of presentations highlighting the following positive developments:
- the Club continues to expand it service capabilities with the opening of an office in Houston
- investment performance shows positive despite volatile markets
- that the Club has been successful in increasing its net tonnage by 10% since last 2016 renewal date
- American Hellenic’s insured tonnage ahead of projections for year end
- Eagle Ocean Marine, the Club’s fixed P&I premium cover in conjunction with Lloyds Underwriters continues to increase in volume and remains profitable
Coming in to the Club’s centennial year, Joseph Hughes, CEO and Chairman of SCB Inc, Managers of the Club, explained that the Club continues to expand it service capabilities with the opening of an office in Houston, making it the only IG P&I Club based in the region with full claims handling abilities and emphasized that “the recent years of the unstable economic environment has strengthened the Club’s uncompromised solidarity with its membership in difficult times.” Mr. Hughes then went on to report that Eagle Ocean Marine, the Club’s fixed P&I premium cover in conjunction with Lloyd’s Underwriters continues to increase in volume and remains profitable.
Vince Solarino, COO and President, advised on the global strategy of growth through its regional business development plans implemented over recent years. He explained that this strategy played a key role in the Club’s net tonnage growth of approximately 10% during the ongoing 2016 policy year despite the greater insurance industry dealing with the continuing consequences of the recession as well as increasing competition and capacity.
Ilias Tsakiris CEO of the Club’s subsidiary American Hellenic Hull Insurance Company, Ltd. provided the update on the current market position of the now fully licensed and active insurance company indicating that the insured tonnage is ahead of projections for year end with a well-balanced and healthily diversified portfolio both regionally by broker production as well as by vessel type.
The presentations were concluded by Dorothea Ioannou, Global Business Development Director, who gave insight and a picture panoramic tour on the people behind the Club and its history; from the Club’s birth in 1917 arising out of WWI sanctions, up to the leadership of Hughes and Solarino taking the Club from a domestic US insurer in the 90’s, to global insurer and member of the IG, with five times more tonnage and a service reach and capability leading to six offices world-wide today. Ms. Ioannou stated that “it is the people that make all the difference”.
Both events which took place at the Piraeus Marine Club and Trinity House respectively attracted over 500 people when combined, with major names in both the shipowning and broking sectors in addition to the greater shipping cluster sectors.
The American Club
American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.
The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping. In addition to full cover for Protection and Indemnity, the Club offers Freight, Demurrage and Defense as well as Charterers’ Liabilities risks. In recent years, the Club has grown and diversified its services, offering also fixed-premium solutions and H&M subsidiary insurance options.
The American Club has been successful in recent years in building on its US heritage born from the merging of all nationalities, to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.
The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and its Managers have subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.
For more information, please visit the Club’s website: http://www.american-club.com/ .
Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.
Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.
For more information, please contact:
Managing Director and Global Business Development Director
Shipowners Claims Bureau (Hellas) Inc., Piraeus office for Shipowners Claims Bureau, Inc., NY, Managers of
American Steamship Mutual Owners Mutual Protection & Indemnity Association
Tel.: +30 210 4294990 | Mob.: +30 6946 681 874