New York, July, 2024 – The American Club has released its Annual Report and Accounts for 2023. As the unprecedented disruptions of the recent past began at last to subside, 2023 was a year of encouraging transition for the American Club:

 – Tonnage and premium grew considerably and pricing power improved.
 – Claims for its Members’ own account moderated, although exposure to other clubs’ Pool losses increased from the unusually low levels of the previous year.
 – Solid investment returns were achieved, as markets recovered from the troughs of 2022.
 – Loss prevention and sustainability initiatives continued energetically within the realm of a post-pandemic, seafarer-centric and evolving claims environment.
 – Amidst continuing and new geopolitical turmoil, the Club’s compliance processes adapted and met the ever-increasing challenges associated with navigating the multi-jurisdictional sanctions environment.
 – Eagle Ocean Marine made progress, consolidating its policy of careful risk selection coupled with prudent rates of premium. Supplementary calls were levied to fortify the Club’s finances.

While onerous regulatory demands and geopolitical uncertainties continue to complicate commerce, the Club looks to the future with optimism, having experienced a positive 2024 renewal season, despite the headwinds of an S&P rating downgrade and other challenges. As its steady transition into calmer operating conditions gains ground, the Club remains focused on its enduring mission to provide exceptional support to its Members and Insureds in these turbulent times

Access the full report. 

NEW YORK, JUNE 12, 2024  :  On Wednesday, May 29, 2024, the American P&I Club and the law firm of Winston & Strawn, LLP hosted an Economic Sanctions Compliance and Enforcement Seminar at the Athens Marriott in association with the International Propeller Club Port of Piraeus, featuring regulatory representatives from the United States, United Kingdom and the European Union, to provide industry professionals with an overview of the current sanctions landscape and implications of US, UK, and EU regulations, as well as an opportunity to engage in discussion and collaboration between public and private interests in the Greek shipping industry with a goal to enable effective compliance within the regulatory frameworks.

Daniel Tadros, Chief Operations Officer for Shipowners Claims Bureau, Inc., Managers of the American Club, moderated the discussion among an exceptional lineup of sanctions authorities including Olga Dimitrescu, Head of Industry Engagement for the Oil Price Cap – Office of Financial Sanctions Implementation, HM Treasury, Erik Grossman, Senior Advisor to the Associate Director for Enforcement, Compliance, and Analysis – US Department of the Treasury’s Office of Foreign Assets Control (OFAC), James McLennan, International Engagement and Monitoring issues for the Oil Price Cap, HM Treasury, Isabelle Monfort, Policy Officer – European Commission, Blake Pritchett, Senior Advisor in the Threat Finance and Sanctions Division, US Department of State, Karen P. Seifert, Special Counsel for National Security, US Department of Justice, United States Attorneys’ Office, Office for the District of Columbia (DC USAO), and Cari Stinebower, Partner and Chair of the International Trade Practice, Winston & Strawn, LLP.

The Club’s COO, Daniel Tadros commented, “Maintaining up-to-date awareness of global economic sanctions is important for all stakeholders in the maritime industry. Collaboration, education and interactive dialogue through platforms like this are gateways to maximizing understanding of the sanctions regime and reinforcing collaborative compliance.”

The seminar kicked off with a brief welcome from Kathryn Insley, Deputy Assistant Secretary for International Security and Nonproliferation Programs, US Department of State, who confirmed the State Department’s commitment to partnering with the private sector to prevent sanctions evasion, especially as it pertains to reducing the Russian Federation’s revenue to fund the war in Ukraine. The event included time for the stakeholder audience to directly engage with the experts and sparked productive, frank and transparent dialogue. The seminar concluded with closing remarks by the American P&I Club’s CEO, Dorothea Ioannou. Many of the well over 200 individuals attending the seminar commented on the value of the frankness of the presentations and discussions as well as the practicalities in guidance offered by the speakers. 

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

• 93% Member retention rate.
• 2023/2024 policy year combined loss ratio tracking at 103%.
• Average premium dollar per gross ton increased by 6.4%.
• Eagle Ocean Marine bolsters profitability.

NEW YORK, March 15, 2024: The American Club has reported relatively moderate drops from the year-on-year renewal results, which reflects overall stability within the context of recent challenges as well as its de-risking strategy.

Gross tonnage for the Club’s Class I (mutual P&I) entries stands at 22.5 million, down by approximately 2.5 million compared to inception one year earlier, with a relative premium income drop of 6.5% over the period. Its Class II (mutual FD&D) portfolio followed a similar shift, while its Class III (charterers’ liability) business is poised to increase by about 5% in 2024 by comparison with the previous twelve months. Initial combined loss ratio for the 2023/2024 policy year is tracking at 103% as of December 31, 2023 with an improving trajectory.

Eagle Ocean Marine, the Club’s fixed premium facility, which serves the operators of smaller vessels in local and regional trades, continues to benefit the mutual membership, with its overall historical net loss ratio now standing at 85% with the 22/23 and 23/24 facility year running below 70%, while the current 23/24 facility year relatively benign but still in an active period of development.

The Club’s Board had mandated an overall target increase in expiring premium of 7.5% for the 2024 policy year. As the overall combined loss ratio of renewing tonnage has continued to improve, the cash rise year on year on renewing business achieved was 4.2%, net of the downward adjustment in the IG reinsurance program cost for 2024 passed on to the Members in the usual manner. Augmenting the premium position were terms changes calculated to have a value of another 1% against net premium resulting in an overall increase of 5.2% on renewing premium. In terms of the average premium dollar per gross ton from expiry of the 2023 policy year to inception of the 2024 policy year, this increased by 6.4%.

Speaking in New York earlier today, Tom Hamilton, the Chief Underwriting Officer of SCB, Inc., the Managers of the American Club, said: “The 2024 renewal campaign for the American Club built on the successes of recent renewals, focusing on rate adequacy and continued refinement of its portfolio and evidenced the support of its core, loyal membership. This is highlighted by a high retention rate amidst challenging times. We are grateful for the support of members and brokers around the world. The American Club commences the 2024 policy year in a solid position with premium income for P&I, FD&D and charterers’ liability classes, along with the contribution from Eagle Ocean Marine, in excess of $130 million and we are encouraged by the expectation for growth across all classes over the course of 2024/2025.

Dorothea Ioannou, the Chief Executive Officer of SCB, Inc., also commented on the Club’s recent results: “While the growth of the two preceding renewals has slightly retreated, this was partly deliberate through de-risking strategies, and partly natural as a result of S&P’s downgrade. The Club’s premium and tonnage volume remains at historically high levels, reflecting 30% more in premium and 20% more in tonnage as compared to the 2021 policy year, with consistently improving combined loss ratio results. Furthermore, the high retention levels of renewing tonnage, in the face of extraordinary disruption, is a testament to the strength of relationships within the Membership and acknowledgment of the American Club’s service. The Club represents a significant and important voice in the industry, and in the International Group. We have and will continue to ensure that it is heard.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

• P&I tonnage 25% greater than a year earlier, premium up by 17%
• FD&D premium grows by 20% over the year, tonnage by 26%
• Charterers’ portfolio poised to increase by 10% in 2023
• Eagle Ocean Marine strengthens its growing market position
• Despite a difficult business landscape, Club embraces future with optimism

NEW YORK, FEBRUARY 27, 2023:  The American Club has reported encouraging year-on-year growth in premium and tonnage over the recent renewal period. Increases in both metrics were experienced across all of the Club’s insurance lines, strengthening its position for 2023 and beyond.

Premium income for the Club’s Class I (mutual P&I) entries was 17% greater than a year earlier, with concomitant tonnage growth of 25% over the period. Its Class II (mutual FD&D) portfolio also grew, while its Class III (charterers’) business is poised to increase by about 10% in 2023 by comparison with the previous twelve months.

Eagle Ocean Marine, the Club’s fixed premium facility, which serves the operators of smaller vessels in local and regional trades, also enjoyed a positive renewal season, strengthening its growing market position.

The Club’s Board had mandated an overall increase in expiring premium of 10% for the 2023 policy year, together with uplifts in certain deductibles. In the result, the cash rise on renewing business was just over 9%, with increases in deductibles over and above those generally prescribed, particularly through the application of higher annual aggregate deductibles in several sectors, providing an additional cash value of about 2% overall.

While the Club renewed about 95% of its expiring tonnage over the renewal itself, its renewing premium for 2023 was almost exactly the same as the expiring volume, implying an increase in the average rate per ton on the renewing portfolio of just under 8% by comparison with that of twelve months earlier.

Speaking in New York earlier today, Tom Hamilton, the Chief Underwriting Officer of SCB, Inc., the Managers of the American Club, said: “The American Club experienced a positive 2023 renewal season. Year-on-year tonnage entered for mutual P&I risks grew by 25% to just over 25 million gross tons with an increase in annualized premium to about $108 million. With similar increases in premium and tonnage entered for FD&D and charterers’ risks, as well as a solid portfolio under its Eagle Ocean Marine banner, the American Club commences the 2023 policy year with a premium income in excess of $135 million, an encouraging result providing a sound platform for further expansion over the months and years ahead.”

Dorothea Ioannou, the Chief Executive Officer of SCB, Inc., also commented on the Club’s recent results: “The growth of the Club’s premium and tonnage over the recent renewal reflects the loyalty and commitment of its Members and their intermediaries throughout the world. None of this is taken for granted, and will continue to be earned by a dedication to excellence in service provision, supported by a strengthening financial outlook for the Club. While business conditions remain challenging in many respects, the Club and its Managers are sure that the positive results of this renewal will enable further development of the Club’s market position in the future.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

2021 FINANCIALS DISCLOSE REVENUE RISE OFFSET BY GROWTH IN POOL AND RETAINED EXPOSURES

BOARD CHANGES INCLUDE A RETIREMENT, NEW DIRECTORS AND NEW GENERAL COUNSEL IMPENDING

CHANGES IN SENIOR MANAGEMENT DESCRIBED IN FURTHER DETAIL TO MEMBERS

NEW YORK, JUNE 29, 2022: For the first time since 2019, the American Club was able to hold the Annual Meetings of its Members and Directors in person last Thursday, June 23, in New York. Both were well attended, taking advantage of the recent relaxation of COVID-19 restrictions in North America and Europe.

The presentation of the Club’s Annual Report for the year ended December 31, 2021 took place at the Annual Meeting of the Members. It was simultaneously circulated in digital format to every Member of the Club and to other interested parties.

Notwithstanding significant year-on-year growth in net premiums and calls earned during the period under review, supported by an increase in overall investment income attendant upon a respectable year-end investment return of 7.1%, incurred losses rose substantially, driven mainly by continuing Pool and retained claims emergence, and an adverse 2021 policy year loss development, particularly during the last quarter.

The unrelentingly high cost of pooling (the American Club itself not having had a Pool claim for its own account since 2016) featured in this development, as did the effect of “social inflation” on claims exposures not only in the United States but elsewhere in the world. Many clubs have commented on this phenomenon in recent times.

The accounting treatment, and presentation, of premium earned but unbilled (EBUB), was maintained for the 2021 financial statements. There was a year-on-year decline in Members’ Equity (GAAP free reserves) at year-end 2021 of just under $8.7 million by comparison with year-end 2020 in consequence of, among other factors, a combined ratio of 112% for 2021 on an EBUB-calculated basis, but 129% without EBUB being taken into account. These figures, as other clubs have commented, highlight the need for the continuing pursuit of sustainability in premium pricing for the future.

Despite the challenging results for the 2021 year of account, 2022 had commenced strongly in revenue and tonnage terms both for the Club and EOM. Annualized year-on-year premium for the Club was up by 20% or so, while EOM was approaching nearly $20 million in gross written premium for its latest year in account, its reinsurance arrangements for 2022/23 having recently been completed on favorable terms. The fortunes of the American Club (Europe) in Cyprus (including its American Hellenic Hull brand) were also proceeding well, with a first quarter-end solvency capital requirement (SCR) ratio in excess of 220%. Although the 2022 policy year was in its earliest stages of development, there were grounds for cautious optimism for a better result over time than that of its predecessor year.

As foreshadowed in the American Club’s pre-renewal circular of November 2021, the 2019 policy year was formally closed at the meeting on the basis of end-March 2022 figures which disclosed a breakeven result for the year. As notified in principle in the same circular, a supplementary call of 35% for the 2020 policy year was also ordered by the Directors, payable in January and July 2023.

The Annual Meeting of the Members – the Club’s one-hundred-fifth – saw the retirement of Mr. Arnold Witte after seventeen years’ service, including from 2007 to 2018 as Chairman. The Club’s Board expressed their profound thanks and appreciation for Mr. Witte’s exemplary service, in which he played a key role in many of the Club’s most important initiatives over the years in question.

At the same time, Mr. John A. Witte, Jr. of Donjon Marine Co., Inc. was elected as a new Director. Ms. Boriana Farrar of Patriot Contract Services, LLC, who had been co-opted as a member of the Board in March, was also elected as a

Director at the meeting.

At the Annual Meeting of the Club’s Directors, which took place immediately after that of the Members, Mr. George D. Gourdomichalis of Phoenix Shipping & Trading S.A. and Mr. Robert D. Bondurant of Martin Resource Mgmt. Corp. were re-elected as, respectively, Chairman and Deputy Chairman of the Board.

At the same time, Ms. Dorothea Ioannou, Deputy Chief Operating Officer of the Club’s Managers, was re-elected as Secretary. As foreshadowed twelve months earlier, Mr. Lawrence J. Bowles retired as General Counsel to the Club, after twenty years of sterling service in that role. The Board thanked him most warmly for his outstanding contribution to the Club’s affairs during his long and illustrious tenure. Mr. LeRoy Lambert was appointed as General Counsel in succession to Mr. Bowles, with the Board’s best wishes for the discharge of his new responsibilities in the future.

The Annual Meeting of the Members also benefited from the presence of Mr. Nick Shaw, CEO of the International Group of P&I Clubs, who made a very interesting and enlightening presentation on the vitally important work of the Group in promoting the collective interests of the clubs and, by extension, the maritime community at large.

The meetings of both the Members and the Directors provided an opportunity for the Managers to elaborate on recently announced changes to their senior management teams across the world, consequent upon the retirement of certain key personnel and the promotion of others in the redeployment of the Managers’ professional capabilities.

In particular, the relinquishing of their respective CEO and COO duties by Joe Hughes and Vince Solarino as of August 2022 was a subject of discussion, as was the movement into these roles of Dorothea Ioannou and Dan Tadros respectively. Speaking on behalf of the senior team, Joe Hughes said: “As Dorothea and Dan take over the day-to-day responsibilities as CEO and COO of the Managers in August, Vince and I will remain respectively as President and Chairman of the management company and will be closely involved in the transition to Dorothea and Dan of our current day-to-day executive and management responsibilities.

“Together with others in our outstanding service teams around the world, Dorothea and Dan will maintain and no doubt enhance those high standards of customer care to which the Members and all other business counterparts have come to expect from the American Club and EOM over the years. Although the business environment remains thoroughly challenging, we have never been better positioned to fulfill the great promise the future holds for the Club in every aspect of its endeavors.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

American Steamship Owners Marine Insurance Company (Europe) Ltd. – or the American Club (Europe) – is a wholly owned, Solvency-II accredited subsidiary of the Club, based in Cyprus. Since it began operating in mid-2016 as

American Hellenic Hull Insurance Company Limited, it has enjoyed an increasing market presence in the hull and machinery sector. Re-named as the American Club (Europe) since February 2022, it also underwrites P&I and related insurances under recent authorizations to that effect from the Cypriot regulator.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

DOROTHEA IOANNOU TAKES HELM AS NEW CEO FROM THAT DATE

VINCE SOLARINO ALSO TO RELINQUISH COO ROLE FROM AUGUST 1, 2022

DAN TADROS TAKES OVER AS NEW COO AT THAT TIME

MS. IOANNOU MAKES HISTORY AS FIRST-EVER FEMALE CEO OF GROUP P&I CLUB MANAGER

After 27 years’ service as Chief Executive Officer of Shipowners Claims Bureau, Inc. (SCB), the Managers of the American P&I Club, Joe Hughes will stand down from that role on August 1, 2022. Dorothea Ioannou, currently Deputy Chief Operating Officer of SCB, will succeed Mr. Hughes as CEO from that date, making history as the first woman to ascend to the top executive position of an International Group P&I club in the 167 year history of the marine mutuals.

At the same time, Vince Solarino will step down as Chief Operating Officer of SCB, Inc. after a similar length of service to that of Mr. Hughes, with Dan Tadros, presently Chief Legal and Compliance Officer of SCB, taking over the role of COO from Mr. Solarino.

Arpad Kadi will continue to discharge his duties as Chief Financial Officer and Tom Hamilton will continue in his role as Chief Underwriting Officer.

At the recent meeting of the American Club’s Board of Directors at which this news was announced, it was explained that Messrs. Hughes and Solarino would remain, respectively, as Chairman and President of SCB to focus on the transitioning of their day-to-day operational roles to their senior colleagues, led by Ms. Ioannou in concert with Messrs. Tadros, Kadi and Hamilton, and supported by SCB’s service teams throughout the world.

Joe Hughes was originally recruited as Chairman and CEO of SCB (then owned by Johnson & Higgins) in 1995, to lead the American Club’s Vision 2000 initiative to internationalize and diversify its business. Prior to moving to New York, Mr. Hughes, an Oxford-educated barrister by training, worked at both Steamship Mutual and Gard, later becoming chairman of the global marine operations of JIB International, part of the Jardine Matheson Group, in the early 1990s.

Vince Solarino joined Hughes shortly after the latter’s arrival in the United States, becoming CFO and then President and COO of SCB in 1999. A graduate in business administration and certified public accountant with diverse commercial experience, Mr. Solarino played a key role in working with Mr. Hughes to accomplish the accession of the American Club as a full pooling member of the International Group of P&I Clubs in February 1998.

Having established Eagle Ocean Management, LLC to acquire SCB from Marsh & McLennan (the successor to Johnson & Higgins) in 2002, Mr. Hughes and Mr. Solarino subsequently developed additional lines of business, most notably in the form of Eagle Ocean Agencies, Inc. which, in addition to operating the Eagle Ocean Marine (EOM) brand of the American Club, also acts as a program administrator for Validus/AIG in underwriting US hull and liability cover under the Eagle Ocean America banner.

Dorothea Ioannou was born, raised and educated in New York. A graduate of the City University of New York and St. John’s University School of Law, she relocated to Greece in 1997. After working originally in legal practice and insurance broking, Ms. Ioannou joined the newly-established SCB (Hellas), Inc., the Piraeus claims liaison office of SCB, in 2005. Initially employed as a claims executive, Ms. Ioannou subsequently rose to be the General Manager of the office in 2009, Regional Business Development Director in 2013 and Global Director of Business Development for the American Club in 2015. As part of SCB’s succession plan, Ms. Ioannou relocated to the company’s head office in New York in 2018. Having been appointed Deputy Chief Operating Officer some three years ago, and Secretary to the American Club in 2020, Ms. Ioannou’s elevation to Chief Executive Officer as of August 1, 2022 has been preceded by growing executive responsibilities over several years.

Dan Tadros joined the Club’s management team in July, 2019 as SCB’s Chief Legal and Compliance Officer. A US-born, but Greek-raised, graduate of the University of Florida and the Loyola University School of Law, Mr. Tadros led the Admiralty practice at Chaffe McCall, LLP, a leading maritime commercial law firm based in New Orleans and Houston, before joining the Managers. In addition to his legal talents, Mr. Tadros brings to his new responsibilities considerable experience in the operating requirements of maritime service providers such as SCB. He is also well-known and highly regarded within the International Group, having in the earlier stages of his career represented many different clubs across a range of litigation and other matters.

Speaking in New York on the announcement of this news, Joe Hughes said: “The last 27 years have been the most consequential of my professional life. The outlook of the American Club was, by common consent, not entirely promising in 1995, but it has enjoyed extraordinary growth and development since then. My colleagues and I take pride in the collective efforts which, over the years, have brought us to where we are today – marine insurers commanding universal respect within the industry. Most importantly, I have every confidence that Dorothea, as the first female CEO of a Group club management company, and Dan, together with Arpad and Tom, with the support of everyone in our service teams across the world, will take the Club and EOM to yet greater success over the years ahead.”

Vince Solarino said: “I entirely endorse Joe’s remarks. We have confronted many challenges over the last 25 years or so but, with the support of our professional colleagues, our Members, their brokers, the Club’s Board and our many other friends across the globe, we have been able to expand and diversify our operations to achieve the highly regarded position we enjoy within the maritime community today. We extend our congratulations to Dorothea and Dan, who we are confident will continue the Club’s mission with the same enthusiasm and success. Joe and I remain committed to supporting our excellent global teams who have become both our family and our legacy. We are stepping aside, not stepping out!”

Dorothea Ioannou, the incoming CEO, said: “I am thrilled and excited with this new appointment, which as a woman carries with it not only responsibility and significance for our organization, but also, as a first in the P&I sector, for the marine insurance industry in general. I have from the start been proud of working with SCB, the American Club and EOM and the team of talented professionals across the world with whom I have spent the last 17 years. I have been particularly privileged by the mentorship of Joe and Vince and I look forward to building on the achievements of the past to generate yet further success in the future.”

Dan Tadros, the incoming COO, also commented: “The recent years during which I have had the privilege of serving SCB, the American Club and EOM have been enriching, not to mention educational, quite nicely dovetailing my time as a maritime lawyer. I am excited about and look forward to assuming my new responsibilities as SCB’s COO over the months ahead, and to working with my exceptional colleagues across the world in developing future success together.”

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

American Steamship Owners Marine Insurance Company (Europe) Ltd. – or the American Club (Europe) – is a wholly-owned, Solvency-II accredited subsidiary of the Club, based in Cyprus. Since it began operating in mid-2016 as American Hellenic Hull Insurance Company Limited, it has enjoyed an increasing market presence in the hull and machinery sector. Re-named as the American Club (Europe) since February 2022, it also underwrites P&I and related insurances under recent authorizations to that effect from the Cypriot regulator.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

PREMIUM INCREASES ACHIEVED IN BOTH MUTUAL AND FIXED PREMIUM SECTORS

OPERATING OUTOOK IMPROVES, BUT CHALLENGING BUSINESS CONDITIONS PERSIST

NEW YORK, FEBRUARY 28, 2022:  The American Club experienced an encouraging 2022 P&I renewal season. Both its mutual and fixed premium portfolios performed well, with increases in rating for its mutual business somewhat exceeding Board mandates, and its EOM fixed premium book continuing to show growth in both revenue and market share.

Although tonnage entered for Class I (P&I) risks diminished slightly over the renewal period (by about 3%), the average rate per ton on renewing business, excluding the effect of the substantial rise in the International Group’s market reinsurance costs, grew by a margin of about 3.5% above the Club’s minimum requirement of 12.5% as mandated by its Board last November.

Taking this into account in conjunction with a 13% growth in P&I tonnage over the twelve months since February 20, 2021, the Club begins the 2022 policy year with projected income about 20% higher than that at the commencement of the previous year. Moreover, increases in deductibles and the variation of other terms of cover will provide additional value to these rises in premium by comparison with expiring revenue and expiring terms.

The Club’s renewing Class II (FD&D) business remained, in tonnage terms, largely the same as it had been twelve months earlier, but net premium income grew by approximately 11% year-on-year. Similar growth is expected to emerge during 2022 in relation to the Club’s Class III (Charterers’ insurance) portfolio.

Eagle Ocean Marine (EOM), the American Club’s fixed premium brand, has continued to make progress into 2022. Premium development for the current policy period indicates a year-on-year revenue growth of about 8%, implying a compound increase in income of about 15% per annum over the last five years. Most importantly, EOM continues to make a profitable contribution to the Club’s mutuality.

Commenting on the outcome of the recent renewal, Tom Hamilton, Chief Underwriting Officer of SCB, Inc., the American Club’s Managers, said: “Despite very challenging conditions, both the American Club and EOM experienced a positive outcome to the 2022 renewal season. Against a background of rising losses and increasing reinsurance overhead, we were successful in implementing a policy aimed at creating a better balance between income and expenditure in every sector of our underwriting activity.”

Speaking in conjunction with Mr Hamilton, Joe Hughes, Chairman and CEO of SCB, Inc., said: “The last several years have been a stressful period for all clubs as rising claims have combined with falling premiums to seriously disrupt underwriting equilibrium. However, our experience over the recent renewal with the aim of reversing this trend has been positive. Accordingly, there are grounds for optimism that operational results will show improvement over the forthcoming period.

“Above all, we extend our thanks to the Club’s Members, their brokers and all others who were involved in the recent renewal for their enduring support of the American Club and EOM. Although challenging business conditions persist, my colleagues and I are certain that the difficulties of the present will generate opportunities for the future.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades. Since it commenced underwriting in 2011, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for the Club.

American Steamship Owners Marine Insurance Company (Europe) Ltd. – or the American Club (Europe) – is a wholly-owned, Solvency-II accredited subsidiary of the Club, based in Cyprus. Since it began operating in mid-2016 as American Hellenic Hull Insurance Company Limited, it has enjoyed an increasing market presence in the hull and machinery sector. Re-named as the American Club (Europe) since February 2022, it also underwrites P&I and related insurances under recent authorizations to that effect from the Cypriot regulator.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

Robust culture supports seafarers’ situational awareness and personal responsibility in campaign to improve safety at sea for all

NEW YORK, NOVEMBER 2, 2021: The American Club has recently launched an important new loss prevention initiative entitled Good Catch. As it gains increasing momentum, five safety advisories having been issued in the two months since the campaign was launched, Good Catch is aimed directly at seafarers themselves.  It combines alerts and animations on safety-related issues in a focused format.  Good Catch is currently available for download in English and in both new and traditional Mandarin.

Good Catch recognizes that, although there may be differences in detail between individual safety management systems, they all have a common purpose in ensuring seafarers’ situational awareness and their personal responsibility for their own safety, that of their shipmates, the marine environment, and the many other interests involved in their service at sea. The initiative emphasizes the importance of a strong safety culture which identifies, assesses and reports unsafe conditions, unsafe acts and near misses using case study examples.

Elements of the campaign already released include: reduction of CO2 emissions; dangers of over reliance on ECDIS²; engine room egress in case of fire and questionable risk assessments of various situations.  A number more are planned over the coming months.

Dr. William Moore, Head of Global Loss Prevention, Shipowners Claims Bureau, Inc., the Club’s Managers, said:

“We have over the recent past issued animations on bunkering and the handling of steel and rice cargoes; a library of safety, environmental and cargo handling e-Learning modules; safety comics and posters, but the focus of Good Catch is on informing seafarers themselves. We look to help them to become more situationally aware of their surroundings as well as make them aware that they are most responsible for their own safety and the safety of those who work beside them, in conjunction with the company and safety management system procedures under which they operate.

“As Managers of the Club, we meet with the Club Board’s Safety and Environmental Protection Committee, comprised of Club Directors, every quarter to discuss loss prevention and survey related activities.  Earlier this year, the Committee requested the Managers to maintain an undiminished focus on seafarer and ship safety in parallel with initiatives to inhibit environmental exposure, given the Club’s especially valuable insights to both areas of concern to the safe and environmentally friendly operation of ships.”

Joe Hughes, Chairman & CEO of Shipowners Claims Bureau, Inc., the Club’s Managers, said:

“It was a combination of events that brought Good Catch to fruition, but the initiative was primarily a result of reaching out to our members for their feedback on the loss prevention products and services the Club provides. The response was very positive.  There was a clear message that the Club should promote safety related guidance directed at seafarers which was short, simple and focused.  I am very pleased that this important initiative has now been launched.”

New alerts and animations will be posted periodically at the Club’s website at:

¹https://www.american-club.com/page/good_catch

²Electronic Chart Display and Information System

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence throughout the world. For more information, please visit the Club’s website http://www.american-club.com/

Robust culture supports seafarers’ situational awareness and personal responsibility in campaign to improve safety at sea for all

NEW YORK, NOVEMBER 2, 2021: The American Club has recently launched an important new loss prevention initiative entitled Good Catch. As it gains increasing momentum, five safety advisories having been issued in the two months since the campaign was launched, Good Catch is aimed directly at seafarers themselves.  It combines alerts and animations on safety-related issues in a focused format.  Good Catch is currently available for download in English and in both new and traditional Mandarin.

Good Catch recognizes that, although there may be differences in detail between individual safety management systems, they all have a common purpose in ensuring seafarers’ situational awareness and their personal responsibility for their own safety, that of their shipmates, the marine environment, and the many other interests involved in their service at sea. The initiative emphasizes the importance of a strong safety culture which identifies, assesses and reports unsafe conditions, unsafe acts and near misses using case study examples.

Elements of the campaign already released include: reduction of CO2 emissions; dangers of over reliance on ECDIS²; engine room egress in case of fire and questionable risk assessments of various situations.  A number more are planned over the coming months.

Dr. William Moore, Head of Global Loss Prevention, Shipowners Claims Bureau, Inc., the Club’s Managers, said:

“We have over the recent past issued animations on bunkering and the handling of steel and rice cargoes; a library of safety, environmental and cargo handling e-Learning modules; safety comics and posters, but the focus of Good Catch is on informing seafarers themselves. We look to help them to become more situationally aware of their surroundings as well as make them aware that they are most responsible for their own safety and the safety of those who work beside them, in conjunction with the company and safety management system procedures under which they operate.

“As Managers of the Club, we meet with the Club Board’s Safety and Environmental Protection Committee, comprised of Club Directors, every quarter to discuss loss prevention and survey related activities.  Earlier this year, the Committee requested the Managers to maintain an undiminished focus on seafarer and ship safety in parallel with initiatives to inhibit environmental exposure, given the Club’s especially valuable insights to both areas of concern to the safe and environmentally friendly operation of ships.”

Joe Hughes, Chairman & CEO of Shipowners Claims Bureau, Inc., the Club’s Managers, said:

“It was a combination of events that brought Good Catch to fruition, but the initiative was primarily a result of reaching out to our members for their feedback on the loss prevention products and services the Club provides. The response was very positive.  There was a clear message that the Club should promote safety related guidance directed at seafarers which was short, simple and focused.  I am very pleased that this important initiative has now been launched.”

New alerts and animations will be posted periodically at the Club’s website at:

¹https://www.american-club.com/page/good_catch

²Electronic Chart Display and Information System

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence throughout the world.

For more information, please visit the Club’s website http://www.american-club.com/                                                                                                                                                                                                                      

FIRST DECADE OF OPERATIONS MARKED BY STEADY GROWTH AND SOLID PROFITABILITY

SUSTAINABLE APPROACH TO BUSINESS AUGURS WELL FOR CONTINUING SUCCESS

NEW YORK, JULY 14, 2021:  Eagle Ocean Marine (EOM), the American Club’s facility providing fixed premium protection and indemnity (P&I) and freight, demurrage and defense (FD&D) cover to the operators of smaller vessels in regional trades outside the US, recently celebrated ten years of service to the maritime community.

EOM began operating as an American Club underwriting facility on July 1, 2011.  It has just completed its first decade of operations on a high note, having enjoyed steady growth and solid profitability over recent years.  The commencement of EOM’s eleventh year has also been marked by the successful renewal of its reinsurance arrangements, supported by the continuing commitment of first-class security at Lloyd’s and elsewhere, a reflection of EOM’s excellent track record and the sustainability of its business model.

Over the forthcoming months, EOM’s gross premium income since inception is projected to surpass $100 million, with revenue over the last three years in particular having seen a compound annual growth rate of approximately 17%.  Total premium earned for the most recent year of account is expected to be about $17.6 million, compared with just over $15 million for the immediately preceding twelve months.

As EOM continues to gain traction throughout the world as a gold-standard insurer in a changing fixed premium P&I landscape, there are grounds for optimism that its market footprint will continue to expand.  Moreover, notwithstanding chronic rating softness in the marine liability insurance sector, EOM has had success in obtaining sustainable levels of pricing for the cover it provides, a token of the respect with which the quality of its service is viewed within the industry.

As to its underwriting results, EOM has continued to perform well over the recent past.  The facility’s historic combined ratio since inception remains at about 75%, with an even better result over the last three years.  Most importantly, EOM continues to contribute positively to the American Club’s mutual membership, whose overarching interests animate EOM’s prudent approach to risk selection and premium pricing.

The distribution of EOM’s insured tonnage by reference to domicile of management and vessel type is broadly based, and has remained relatively constant over recent years.  With 1,700 vessels with an average unit size of 1,700 gross tons, EOM’s business derives from the major centers of maritime enterprise across the globe, with a strong representation from the Asia-Pacific region.  As to vessel type, the dry cargo and small craft sectors make up the preponderance of tonnage at 50% and 33% respectively, with tankers (at 14%) accounting for most of the remainder.

Commenting on Eagle Ocean Marine’s first ten years, Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, Inc., which manages the facility on behalf of the American Club, said:  “My colleagues and I take great pleasure in celebrating the first ten years of EOM service to the maritime community.  The steady growth of EOM’s market footprint and premium revenue, coupled with its continuingly profitable contribution to the American Club’s mutuality, are testament to its prudent approach to risk selection and premium pricing, as well as the respect of the market for the quality of its services.  In an uncertain landscape, EOM remains the gold standard for fixed premium P&I insurance.  We have every reason to view the commencement of EOM’s second decade of operations with great optimism for the sustainability of its business model.”

ENDS

NOTE:

Eagle Ocean Agencies, Inc., is a member of the New York-based Eagle Ocean Group of companies – North America’s leading provider of mutual management, underwriting, adjusting, claims handling, surveying and loss consultancy services to the international shipping and insurance communities.