At a meeting in Cyprus on October 9th, the Board of Directors of American Hellenic Hull (AHHIC) was briefed by Chairman, Vince Solarino, who stated that “we at American P&I Club will continue to support further growth in the turnover of American Hellenic and we firmly believe that it represents a new, growing, dynamic force in marine insurance markets across the world”.
Solarino reported an operationally profitable second quarter of the year, saying that particularly noteworthy was a significant increase in premium for the year to date, thanks partly to a number of new accounts added at the end of month. Gross written premium for the period of January to September 2018 was up 16% year on year. At the end of September the company’s insured fleet was up year-on-year to 2,160 vessels. The average line of cover stood at 8%.
AHHIC’s total assets at end-September 2018 were 18.5% higher than at the end of 2017, with the ratio of current assets to current liabilities standing at 445%, up from 330% at the end of last year. The underwriting loss ratio was 67.6%.
AHHIC’s own funds stood at 116.1% of the Solvency Capital Requirement and 159.30% of the Minimum Capital Requirement.
Ilias Tsakiris, CEO of American Hellenic Hull, said that “we are delighted about the company’s continuing upward trend and its profitable operation”.
American Hellenic Hull is a private marine insurance company covering hull and machinery risks. It is 100% owned and financially backed by the American P&I Club and exclusively managed by Hellenic Hull Management. The company is registered in Limassol, Cyprus. It commenced operations on July 1st 2016.