American Hellenic Hull Insurance Co started out when it took over the book of the former Cyprus-based Hellenic Hull Mutual Association in 2016.
Under the 100% ownership of the American Club, the company then looked to restructure the business from a mutual to non-mutual under the management of Hellenic Hull Management.
It has earned more than $62.2m in gross written premium in the past five years and grown its involvement in the hull and machinery insurance of 928 vessels to more than 3,000 today.
It has also attempted to make sure its entered fleet has a high-quality profile, with 51% of vessels insured bulk carriers, 25% tankers and 14% containerships.
Most of the insured fleet is registered with flags that are on the whitelist of the Paris MOU on Port State Control, including Liberia, the Marshall Islands and the Bahamas, and 99% of those ships are with members of the International Association of Classification Societies.
Most vessels are young, with only 20.25% more than 15 years old.
The company said it has an average claims-handling period of seven days.
Last year, it handled 476 claims amounting to $8.12m, with 48% of claims related to engine failure and 32% related to collisions and groundings.
Chief executive Ilias Tsakiris said: “Being a leading force in our market means not only generating healthy financial returns for our shareholders and continuing to grow our insured fleet, but being recognised for the quality of our portfolio and the quality of our service, particularly in terms of claims response, which is already one of the fastest and most client-focused in the world.”
