THE AMERICAN P&I CLUB REPORTS POSITIVE DEVELOPMENTS IN 2016
January 4 th , 2017
- Expanded capabilities with office in Houston
- Positive investment performance
- Increased net tonnage by 10%
- American Hellenic’s tonnage ahead of projections
- Eagle Ocean Marine remains profitable
The American P&I Club, one of the 13 members of the International Group of P&I Clubs attracted
maximum capacity at events held in two of the world’s major shipping hubs, Piraeus and London on
December 7 th and 9 th 2016 for their annual Market Presentations. Placing emphasis on and crediting
the know-how of the people behind the Club’s service, the Club’s Managers, SCB Inc. as well as the
Club’s subsidiary American Hellenic Insurance Company’s CEO made a series of presentations
highlighting the following positive developments:
- The Club continues to expand it service capabilities with the opening of an office in Houston
- Investment performance shows positive despite volatile markets
- That the Club has been successful in increasing its net tonnage by 10% since last 2016 renewal
- American Hellenic’s insured tonnage ahead of projections for year end
- Eagle Ocean Marine, the Club’s fixed P&I premium cover in conjunction with Lloyds
Underwriters continues to increase in volume and remains profitable
Coming in to the Club’s centennial year, Joseph Hughes, CEO and Chairman of SCB Inc, Managers
of the Club, explained that the Club continues to expand it service capabilities with the opening of an
office in Houston, making it the only IG P&I Club based in the region with full claims handling abilities
and emphasized that “the recent years of the unstable economic environment has strengthened the
Club’s uncompromised solidarity with its membership in difficult times.” Mr. Hughes then went on to
report that Eagle Ocean Marine, the Club’s fixed P&I premium cover in conjunction with Lloyd’s
Underwriters continues to increase in volume and remains profitable.
Vince Solarino, COO and President, advised on the global strategy of growth through its regional
business development plans implemented over recent years. He explained that this strategy played a
key role in the Club’s net tonnage growth of approximately 10% during the ongoing 2016 policy year
despite the greater insurance industry dealing with the continuing consequences of the recession as
well as increasing competition and capacity.
Ilias Tsakiris CEO of the Club’s subsidiary American Hellenic Hull Insurance Company, Ltd. provided
the update on the current market position of the now fully licensed and active insurance company
indicating that the insured tonnage is ahead of projections for year end with a well-balanced and
healthily diversified portfolio both regionally by broker production as well as by vessel type.
The presentations were concluded by Dorothea Ioannou, Global Business Development Director, who
gave insight and a picture panoramic tour on the people behind the Club and its history; from the
Club’s birth in 1917 arising out of WWI sanctions, up to the leadership of Hughes and Solarino taking
the Club from a domestic US insurer in the 90’s, to global insurer and member of the IG, with five
times more tonnage and a service reach and capability leading to six offices world-wide today. Ms.
Ioannou stated that “it is the people that make all the difference”.
Both events which took place at the Piraeus Marine Club and Trinity House respectively attracted over
500 people when combined, with major names in both the shipowning and broking sectors in addition
to the greater shipping cluster sectors.