The Club said that American-Hellenic, a wholly owned subsidiary of the American Club, would be managed from Cyprus, Piraeus and New York. It said an un-named management team had over 20 years experience in hull & machinery insurance.
Through the new insurer the American Club said it would provide an expanded product line of marine insurance including hull & machinery, war risk, and mortgagee interest insurance.
Arnold Witte, chairman of the American Club’s board of directors declared: “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.”
In addition to the US, Cyprus and Greece offices the new insurer will serve the market through offices in London, Hong Kong, Shanghai and Dalian.
“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,” said Vincent Solarino, president and coo of Shipowners Claims Bureau, managers of the American Club.
“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.”
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