The American Club invests in Cyprus hull insurance firm
Shipping insurance firm The American Club has made a strategic investment in American Hellenic, a Cyprus-based hull insurance company, as part of a global expansion and diversification initiative.
The American Club said that its investment will allow further expansion into the global hull and machinery segment, enabling it to offer high quality insurance services and innovative customer solutions.
American Hellenic, a Cyprus-based and licensed, Solvency II compliant, will become a wholly-owned American Club subsidiary. It will be managed from Piraeus, Cyprus and New York and serviced through specialists in offices located in seven global shipping hubs.
The American Club will now be able to provide an expanded product line of marine insurance including hull and machinery, war risk, and mortgage interest insurance.
Arnold Witte, chairman of the American Club’s board of directors, said: “The board of directors carefully assessed the value of this business opportunity and voted unanimously in favour of supporting the American Hellenic hull insurance initiative.
“This is an historic moment in the Club’s long history and, through the dedication and ingenuity of the Club’s Managers and Board Directors, sparked by the idea of board member Angelos Kostakos, represents a unique opportunity to prudently expand our market footprint, and bodes well for the future of the American Club.”
Vincent Solarino, president and chief operating officer of Shipowners Claims Bureau, managers of the American Club, said: “American Hellenic is an investment in the American Club’s future and is yet a further step in expanding and diversifying the Club’s product line.
“It is part of the Club’s overarching plan to significantly increase its revenue across a growing range of product lines, its tonnage across all lines, expand its market presence, while increasing its S&P rating. This is possible because the Club’s Directors and Managers have the grit, determination and initiative to make it happen”.
Joe Hughes, chairman and chief executive officer of the American Club’s managers, added: “This is one of the most significant developments in the American Club’s recent history. The transaction proceeded with the close and active cooperation of the Board of Directors of the American Club.
“I am certain that American Hellenic will prove to be a powerful force of growing energy within the international marine insurance industry.”
