Monday, October 5, 2015

Expanded Marine Insurance Offerings as US P&I Group Invests in Hull Based Company

American Club Widens Portfolio
Shipping News Feature

US – Established in 1917 the American Club is the only P&I operation domiciled in the US and now has announced a strategic investment in a new Cyprus-based hull insurance company, American Hellenic Hull Insurance Company Ltd. (American Hellenic), as part of its continuing global expansion and diversification initiative. Both based and licensed in Cyprus, American Hellenic will be a Solvency II compliant, wholly-owned American Club subsidiary. The American Club will now not only be able to continue offering marine protection and indemnity cover, but also through this new subsidiary, will provide an expanded product line of marine insurance including hull & machinery, war risk, and mortgagee interest insurance.

The new company will be managed from Piraeus, Cyprus and New York, utilizing the expertise of long-standing professionals in the marine insurance market and will be serviced through specialists in offices located in the group’s seven major global shipping hubs in New York, London, Piraeus, Cyprus, Hong Kong, Shanghai, and Dalian with the ability to provide local market know-how and service to its customers, and to communicate in no less than eleven languages. Chairman of the American Club’s Board of Directors, Arnold Witte commented:

“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.”