AHHIC receives operating license in Cyprus
The American Hellenic Hull Insurance Company (AHHIC), an insurer covering hull and machinery risks for ship-owners, has received its operating license from regulatory authorities in Cyprus.
Established in 2015 by the cooperation between the American P&I Club and Hellenic Hull Management, the company is now in operation with immediate effect.
American Hellinic Hull is the first marine insurance company in its region that meets all the requirements of the European Solvency II Directive.
AHHIC’s management and operation has been undertaken by Hellenic Hull Management, led by managing director Ilias Tsakiris.
The company’s initial growth is being worked on by Hellenic’s team of assessors, and American Hellenic Hull will start with a healthy legacy of tonnage entered with the Hellenic Hull Mutual Association, which is in run-off.
American Hellenic Hull was recently presented to the international shipping market with a large reception at the Posidonia 2016 international fair in Greece. It was underlined that the company is ready to compete for a significant share of marine business worldwide in all the major markets.
Arnold Witte, chairman of the America P&I Club, said: “I wish to thank the teams from both companies that have worked hard to create American Hellenic Hull, but above all thank you to the Greek and international shipping community for their immediate support,”
Ilias Tsakiris, chief executive officer (CEO) of AHHIC, said: “My colleagues and I are extremely proud of our strategic alliance with the American Club. Our 20-year history of management and operating knowledge in the marine insurance market guarantees the success of this major new international marine insurer, which will be marketed globally but will offer clients the benefits of a local service approach.”
