American Hellenic Hull gained its Solvency II licence on June 24th this year and began operating on July 1, and is already looking to become a global player, with more than 1,000 vessels covered in its first six months as an insurer, American Club President and COO Vince Solarino told an audience in London as part of a market update for American P&I Club, its fixed premium operation Eagle Ocean Marine (EOM), and American Hellenic Hull (AHHIC).
“It’s a proud moment for the American Club and I am happy to say that it is performing better than expected”, he said.
AHHIC chief executive and chief underwriter Ilias Tsakiris said that the company, which formed in September 2015, was a BBB equivalent, and was aiming for its own credit rating. It currently provides 99.5% of capital for all its cover and has a solvency capital of 230%. It writes hull and machinery up to $10m and war up to $50m. Tsakiris noted that the company had its own board and its own rules of governance. “It’s licensed in the EU and so obviously it operates under different rules from the US-domiciled American Club P&I”.
Managed by Hellenic Hull. AHHIC does nearly all bluewater business and sells only through brokers. Its average premium per vessel is currently around $64k. “Our underwriting policy is not to undercut anybody, not to join the downward spiral of premiums. Our strategy is to charge our clients the fair and correct premium”. Tsakiris said.
It has a strong panel of reinsurers, organized by Guy Carpenter in the UK .