The American Club has invested in the new Cyprus-based American Hellenic Hull Insurance Company, as part of its expansion into the global hull & machinery segment.
American Hellenic will be a Cyprus-based and licensed, Solvency II compliant, wholly-owned American Club subsidiary, managed from Piraeus, Cyprus and New York.
The American Club will now not only be able to offer marine protection and indemnity cover, but also will provide a product line of marine insurance including hull & machinery, war risk, and mortgage interest insurance.
“The Board of Directors carefully assessed the value of this business opportunity and voted unanimously in favor of supporting the American Hellenic hull insurance initiative,” Chairman of the American Club’s Board of Directors, Arnold Witte, said.
”This is a 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.”