The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).
On the occasion of Maritime Cyprus 2019, hosted by the Deputy Ministry of Shipping and the Government of Cyprus, the World Maritime University and American Hellenic Hull Insurance Company signed a Memorandum of Understanding on cooperation in the field of marine insurance. The WMU and AHHIC recognize their mutual interest in the field of maritime and oceans, development and expertise and protection of the marine environment. A marine insurance postgraduate diploma, professional development courses, and marine insurance related events were among the areas of agreement between the WMU and AHHIC.
Dr. Cleopatra Doumbia-Henry, WMU President, hailed the signing of the MoU: “It is an honor for me being here to sign the first MoU of its kind in the field of marine insurance with American Hellenic Hull, subsidiary of the American P&I Club. I am very delighted that we will support each other in terms of education. The WMU is founded by the IMO, with the mandate as an education, research and capacity-building institution for the Maritime and Oceans community. It is very important for us to cooperate with American Hellenic Hull supporting our students to enhance their knowledge in the field of marine insurance. By supporting WMU, AHHIC also supports the IMO in the effective implementation of regulations and compliance in areas of importance. International conventions must not only be signed and ratified, they must also be effectively implemented in law and in practice. This will ensure that the maritime industry will continue to be the engine to secure and drive the world economy, with 80% of world trade being carried by sea”.
Ms. Natasa Pilides, Shipping Deputy Minister of the Republic of Cyprus underlined: “It is great honour to have you all here special thanks to your participation at the Maritime Cyprus 2019 Conference and Exhibition. We appreciate that American Hellenic Hull is a really important company within the Cyprus maritime cluster. We wish to thank AHHIC for its support of Maritime Cyprus 2019 as a gold sponsor, and its initiative to sign this MoU, within its framework. The Shipping Deputy Ministry places great focus on education and wishes to create an environment in which young executives are nurtured and developed professionally in such a way as to expand the expertise available within our maritime cluster. The MoU signed today will contribute in this direction and we are looking forward to its implementation”.
Mr. Philippos Philis, President of the Cyprus Shipping Chamber, addressed the Signing Ceremony stating at the same time the important role of education and expertise to the young talent who lead the future of shipping.
Mr. Ilias Tsakiris, CEO of American Hellenic Hull Insurance Company, stated: “AHHIC is striving to promote Cyprus as a world center not only for shipping, but also for education and excellence. In cooperation with the American P&I Club, American Hellenic Hull, would like to extend that this cooperation with the World Maritime University will provide a curriculum to young executives that will be the next decision makers in our industry. We wish to facilitate their education as part of the Cypriot Maritime Cluster. Furthermore, we would like to invite WMU to increase its presence in Cyprus, bearing in mind Cyprus’ tradition as a maritime nation. The Minister and the Government are trying to enhance education within the maritime cluster and we wish that the WMU will endorse their efforts for a better global maritime community”.
The MOU shall have a duration of five (5) years
Who is American Hellenic Hull Insurance Company Ltd
American Hellenic Hull is a private marine insurance company, which covers hull and machinery risks. It is 100% owned and financially backed by the American P&I Club and exclusively managed by Hellenic Hull Management. The company is registered in Limassol, Cyprus and has affiliated offices in Piraeus, New York, Houston, London, Shanghai and Hong Kong. Its operations commenced on 1st July 2016. American Hellenic Hull is the first marine insurance company licensed in Cyprus under the requirements of the Solvency II regime. The Solvency II Capital Requirement establishes the amount of capital to be held by an insurance entity in order to ensure that ruin occurs no more often than once in every 200 cases or, alternatively, that the company will still be in a position, with a probability of more than 99.5% to meet its obligations to policy holders and beneficiaries for the following 12 months. American Hellenic has successfully passed all additional Solvency II financial and operational stress tests.
What is Solvency II
Solvency II is the new framework for EU insurance legislation regulating a single EU insurance market with the overriding aim of enhancing consumer protection. The third-generation Insurance Directives established an ‘EU passport’ or single license for insurers to operate in all member states. Solvency II marks a fundamental review of the rules for the European insurance industry and establishes new EU-wide capital requirements and risk management standards. Solvency II aims to achieve consistency across the European insurance market in aspects such as balance sheets and regulatory supervision. It also introduces stronger standards of governance, accountability and transparency for insurers as well as risk-based assessments of an insurance entity’s capital adequacy.