P&I insurance mutual American Club and Hellenic Hull Management have launched their Cyprus-based marine hull insurer American Hellenic.
First announced in October last year American Hellenic Hull Insurance Company, Ltd. (American Hellenic), a wholly-owned subsidiary of the American Club, is being established in Cyprus to provide cover for hull and related insurances to the global shipping community.
Its portfolio will include that currently being renewed by, or attaching as new business to, Hellenic Hull Mutual Association, Plc (Hellenic Hull). These ongoing Hellenic Hull insurances contain a provision for their transfer to American Hellenic following its authorization, in due course, by the Cyprus regulator to conduct hull business in full compliance with Solvency II. The operation of American Hellenic will be undertaken by Hellenic Hull Management, Ltd. (Hellenic Management), based in Piraeus. Hellenic Management will provide a seamless transition of service from Hellenic Hull to American Hellenic, providing the same exceptional standards of customer care with which it has long been associated.
American Club noted that “many benefits will accrue to the American Club in consequence of this transaction. It enables the Club to become involved in the hull sector in a cost-effective manner which exploits existing corporate structures and market platforms. It allows the American Club to leverage the great respect with which both Hellenic Hull and Hellenic Management are viewed in the market, as well
as the legacy value of their business, to gain an immediate presence in an insurance space highly synergistic with its existing P&I portfolio”.