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Leading P&I Professional recruited to Shipowners Claims Bureau (UK) Ltd to augment service capabilities of Eagle Ocean Marine

Richard Linacre, a well-known figure in the fixed premium P&I and related sectors, joins London team to undertake important market liaison role

NEW YORK, JUNE 10, 2019:  Eagle Ocean Agencies, Inc., which operates Eagle Ocean Marine (EOM), the American Club’s leading fixed premium P&I facility, has today announced that Richard Linacre, a well-known and experienced P&I professional with a broad industry background, is joining Shipowners Claims Bureau (UK) Ltd. in London.  Recruited to undertake an important market liaison role, Mr. Linacre will add further expertise and technical capabilities to EOM’s London presence in support of its activity both in the local market and more globally.

Mr. Linacre’s recruitment represents the continuing augmentation of EOM’s recently strengthened service capabilities in the London office.  His experience in the fixed premium P&I related sectors is particularly strong, as is the versatility of that experience in its application to marketing and claims liaison, business development, customer relations, loss prevention and other disciplines within the marine insurance sphere.

Speaking in New York today, Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, Inc. said: 

“Richard Linacre’s addition to SCB (UK)’s team will benefit both EOM and the American Club in the development of their future business.  Everyone at EOM and the Club welcomes Richard to his new position with great enthusiasm, in the expectation that his efforts will significantly enhance our capabilities over the months and years ahead”.

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.  Eagle Ocean Agencies, Inc.’s core business is the provision of coverholder and related services to a variety of insurance carriers.

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American P&I Club Managers appoint prominent Maritime Lawyer from private practice as new Chief Legal Office in New York

Dan Tadros, admiralty partner and practice area coordinator at Chaffe McCall, LLP of New Orleans, to join Shipowners Claims Bureau, Inc. on July 1, 2019.

________________________________________________________________________

NEW YORK, NY, JUNE 6, 2019:  In a circular to Members of the American P&I Club, its Managers, Shipowners Claims Bureau, Inc. (SCB), have today announced the recruitment of Daniel A. Tadros to the position of Chief Legal Officer, being a key addition to SCB’s senior management team.

Mr. Tadros will join SCB on July 1, 2019, following his departure from his current position as admiralty partner, and marine practice area coordinator, at Chaffe McCall, LLP, a leading maritime law firm in New Orleans.

The Club’s Managers note that Mr. Tadros is a well-known figure within both the maritime community at large and the marine insurance sector in particular, having over many years served with distinction a broad international clientele from every segment of the shipping industry.

Mr. Tadros is especially well-acquainted with the work of International Group P&I clubs and brings with him a wealth of insight and expertise which will greatly enhance SCB’s capabilities in the management of the American Club, and the promotion of the interests of its Members.

Speaking in New York earlier today, Joe Hughes, Chairman and CEO of SCB, Inc. said:  “Those in the industry who have had the pleasure of knowing Dan Tadros over the years will already be familiar with those high standards of professionalism which have characterized his career as a lawyer in private practice.  Those who will come to know Dan over the years ahead in his new role will no doubt be equally impressed by the application of his expertise to the work of P&I management.  Most especially, I am sure that everyone will want to join the Club’s Managers in wishing Dan the very best of good fortune as he assumes his new duties next month.”

Notes to Editors

The Circular referred to in this press release can be found at:

https://www.american-club.com/files/files/cir_17_19.pdf

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.

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.

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American Club Managers enhance Global Services Team with new Senior Appointments

NEW YORK, 26 MARCH, 2019:  Shipowners Claims Bureau, Inc. (SCB), Managers ofthe American Club, has announced several senior appointments which have been made to enhance the capabilities of its global service teams.

At the Club’s headquarters in New York, Margaret Lee has been appointed as Lead Counsel. With twenty years of experience in the industry, Margaret is a New York-admitted attorney who worked in private practice before joining the Club’s management several years ago.

Margaret has particular expertise in occupational disease claims and, in addition to overseeing the wide – and diverse – range of legal matters which attend the operation of the Club and its Managers, she is a member of the International Group’s Occupational Disease Sub-Committee in which role she liaises with the representatives of other clubs in this important area of the Group’s collective engagements.

In the Managers’ office in Piraeus, Joanna Koukouli has been appointed as Deputy Global Claims Director, reporting to Global Claims Director Don Moore in New York. Holding both undergraduate and postgraduate degrees in law, and qualified to practice in Greece, the United Kingdom and New York, Joanna also has twenty years’ industry experience including that of in-house counsel at a major Greek container company.

Joanna has also been appointed as Joint Managing Director of the Piraeus office, in which role she will continue to work closely with Dorothea Ioannou, the Managers’ Chief Commercial Officer.

In addition, Marivi Banou has been appointed as P&I Claims Manager, assisting Joanna Koukouli in the general day-to-day supervision of the Piraeus-based claims team. Having gained a degree from Metropolitan University, London in shipping and transport, and then acquired experience in both the shipowning and insurance broking sectors, Marivi originally joined the Managers’ Greek office on its opening in 2005.

At the same time, Elina Souli was recently recruited by the Managers’ Piraeus office to undertake the roles of FD&D Manager and Regional Business Development Director. With undergraduate and postgraduate degrees in law, and holding legal qualifications from both Greece and the United Kingdom, Elina has extensive experience working with both a major local shipping firm and the branch office of another Group club.

In her new role, Elina brings a duality of expertise in promotion of the Club’s capabilities both in Greece and elsewhere in the region.

Joe Hughes, Chairman and CEO of SCB said:“I am delighted to announce this quartet of senior appointments.  They speak not only to the evident abilities of the individuals concerned, each of whom has more than twenty years’ experience, but also to the growing gender diversity for which our company continues to gain a market-leading reputation. I am certain that Members, and the Club’s many other friends, will wish to congratulate Margaret, Joanna, Marivi and Elina, in the expectation that they will continue to apply their characteristic energy and dedication to the fulfilment of their new professional duties.”

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.

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.

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American Club reports strong tonnage and premium gains over 2019 P&I Renewal Period

  • Year-on-year P&I tonnage rises by 10%, premium by 4%, FD&D tonnage and premium grow by 8% and 2% respectively.
  • Club’s retained claims exposures continue to develop favorably into 2019.
  • Investment earnings rebound substantially in January 2019 following creditable 2018 year-end performance.
  • Eagle Ocean Marine enjoys year-on-year revenue growth of 42% as fixed premium market continues to undergo realignment.

NEW YORK, FEBRUARY 25, 2019: The American Club experienced a very positive outcome to the recently-concluded 2019 P&I renewal season. The Club’s mutual P&I and FD&D business saw increases in both tonnage and revenue, while the Club’s fixed premium facility, Eagle Ocean Marine (EOM), recorded a significant rise in year-on-year income.  There was also good news on the claims and investment fronts.

The American Club’s mutual P&I business saw tonnage increase by more than 1.6 million gt as of February 20, 2019 by comparison with the previous year, and by just under 900,000 gt in regard to mutual FD&D entries. Year-on-year premium growth was more subdued – as soft market conditions continued to prevail – with increases of 4% for P&I and 2% for FD&D entries.  However, the average rate per gt on renewing P&I entries was about 1.5% higher than the expiring figure, a positive sign for risk pricing into 2019 and beyond.

The Club’s retained claims development for the most recent policy year remained favorable, emergence for 2018 at the twelve-month point being some 26% better than 2017. While the figures are immature, they augur well for the future, although the incidence of larger claims within the International Group Pool over recent months will counterbalance to some extent the very favorable results of the Club’s own Members.

The Club’s fixed premium brand, Eagle Ocean Marine (EOM), also saw substantial growth.  It acquired nearly 450,000 gt of new business over the renewal season, reflecting additional revenue of about $2.75 million.  Year-on-year premium for EOM increased by 42% as of February 20, 2019, while its claims performance continued to develop favorably.  EOM complements the Club’s mutuality as it grows its footprint throughout the world.  In a period of some uncertainty for the fixed premium P&I market, EOM remains committed to providing the gold standard of service in its field.

Having successfully weathered financial market turmoil toward the end of 2018, the American Club’s investment portfolio has performed well into the current year.  While the Club’s investment return was flat at year-end 2018 (though substantially better than benchmark), its portfolio generated a return of 2.7% for January 2019 alone, with a positive 1% in the fixed income space being further buoyed by an equities’ performance in excess of 7% for the period.

Speaking in New York today, Joe Hughes, Chairman and CEO of SCB, Inc., Managers of the American Club, said: “The 2019 renewal was thoroughly positive for the American Club and Eagle Ocean Marine. Both performed exceptionally well in a challenging environment.  Their success in attracting new business speaks to the confidence of the global maritime community in the Club’s and EOM’s ability to deliver insurance services of the highest quality and relevance to their customers.

Our outstanding people are at the core of our continuing success, and I am certain that the American Club and EOM will continue to be the leading choice for those we are proud to serve over the years ahead.”

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.

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.

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American P&I Club reports positive progress on many fronts in 2019 New Year Report

Key indicators advance steadily: premium and tonnage increase while claims remain subdued

New York, January 24, 2019: The American P & I Club has recently issued a circular containing a progress report highlighting some of the latest Club metrics in regard to tonnage, premium, claims, investment income and free reserves as the 2019 renewal draws near.

Most of the Club’s key operational indicators show positive progress. Premium and tonnage have maintained their upward trajectory, claims have remained subdued – both in relation to attritional exposures and larger losses – and, despite heavy turbulence in the financial markets toward the end of 2018, the Club’s funds under investment have held up well.

Tonnage and premium development

  • The Club’s profile in this respect has remained broadly stable over the past twelve months
  • Class I (P & I) tonnage has grown by about 3%, Class II (FD & D) by 1%
  • Premium has increased by about 2% in regard to P & I entries, and by 1% for FD & D business
  • Grounds for optimism that these trends will continue into 2019 as the prospects for the maritime sector improve.

Development of retained claims

  • Frequency and severity of losses have shown a downward trend in recent years
  • Incurred claims at December 20, 2018 were 17% lower than those for 2017 at the same point of emergence
  • Figures augur well for 2018 policy year’s ultimate claims outturn going forward.

Development of Pool claims

  • 2014 through 2016 policy years continue to develop favorably
  • 2017 and 2018 are emerging at higher levels of aggregate loss
  • More a reversion to historical mean than indication of above-trend inflationary pressure.

Development of premium per gross ton (GT) and retained claims per GT

  • Important driver of premium pricing has been a steady decline in the average cost of claims
  • But average premium per ton has moved slightly upward since the beginning of 2018
  • Encouraging sign which reflects the Club’s policy of prudent risk pricing.

Investment performance

  • Return of 8.1% for 2017 was the best the Club had achieved in nearly a decade
  • Earnings for 2018 were challenged by the considerable turbulence experienced in the investment markets
  • Fund performance was flat at year-end, demonstrating resilience of the Club’s asset class selection

Development of statutory surplus/free reserves per GT

  • Remains consistent over recent years
  • Supported by a benign claims environment, prudent levels of risk pricing and respectable investment returns.

Eagle Ocean Marine (EOM)

  • American Club’s fixed premium facility, Eagle Ocean Marine, continues to complement Club activity
  • EOM compound premium growth over last three years nearly 20% per annum
  • Aggregate combined ratio less than 70% since 2011 inception to year-end 2018.

American Hellenic Hull Insurance Co. Ltd. (AHHIC)

  • AHHIC shows steady growth over first thirty months of operation
  • At year-end 2018, about 2,300 vessels within AHHIC portfolio, with broad range of domiciles and vessel types
  • Aggregate gross loss ratio for 2018 very favorable, aided by rising premium rates and growing profitability
  • American Club continues to benefit from substantial cross-selling opportunities.

Joe Hughes, Chairman & CEO, Shipowners Claims Bureau, Inc., Managers for the American Club said that the New Year’s report was intended to provide Members, their brokers and the Club’s many other friends and associates with a useful picture of the Club’s affairs – and those of its related businesses – at this important juncture in its continuing development.

He added: “As the American Club moves further into its second century of service to the global maritime community, it looks forward with its characteristic energy and enthusiasm to growing success in its expanding fields of enterprise over the years ahead.”

ENDS           

Notes to Editors

More information on the above press release, with tables and charts illustrating the performance of key indicators, can be found in the American Club’s Circular 02/19 at this link: https://www.american-club.com/files/files/cir_02_19.pdf

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.

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.

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The American Club and Seamen’s Church Institute jointly publish Mental Wellbeing Guide for Seafarers

Publication released on World Mental Health Day to promote the recognition of mental wellbeing as a key component of the health of seafarers, who live and work in conditions which sometimes generate not only physical but also psychological challenges.

 

 New York, October 9, 2018:        

 In a joint initiative, the American Club and Seamen’s Church Institute (SCI) have cooperated to produce a new guide, Caring for Seafarers’ Mental Wellbeing, due for release on October 10 in recognition of World Mental Health Day, 2018.

The document provides guidance on responding to both routine and extreme stressors impacting the quality of life and safety of seafarers both ashore and afloat, and seeks to promote awareness generally of the importance of seafarer mental wellbeing.

Numerous maritime organizations have supported recent initiatives to enhance understanding about the emotional – and psychological – highs and lows of life at sea, and thousands of seafarers have shared their personal stories with SCI staff amid routine, stressful, or tragic circumstances.

The Rev. David M. Rider, President & Executive Director, Seaman’s Church Institute, said:

“Coming from our insurance and humanitarian perspectives respectively, the American Club and the Seamen’s Church Institute (SCI) share a passion and deep respect for the human factors involved in safe maritime commerce and quality of life for those who work on ships around the world.

With nearly 300 years of combined maritime service, our organizations know intimately the triumphs, tragedies, and risks associated with maritime life. Together, we want to better understand the root causes of failure and the unique DNA of resilience embodied by seafarers at work 24/7/365 to support our modern way of life.”

Extreme stress can make seafarers vulnerable to mental health issues. No research has shown that seafarers suffer different rates of mental health problems than the general population or other working occupations. However, the World Health Organization has estimated that at any given time, approximately 20% of the adult population have a mental health problem, and that these mental health issues have attendant costs, for example, $192 billion in lost earnings per year in the United States alone.

Joseph E.M. Hughes, Chairman and CEO, Shipowners Claims Bureau, Inc., Managers for the American Club, said:

“Service at sea is a particularly challenging vocation. It entails, in addition to often hard physical work, and sometimes real danger, dislocation from family and friends, native cultures, and the many other elements of psychological contentment.

It is particularly important, therefore, that all stakeholders in maritime enterprise are conscious of the emotional challenges that arise from these conditions of seafarer service, and that they are equipped to handle their consequences.

The American Club is particularly proud to have worked on the production of this booklet with the SCI. By learning from seafarers and educating the industry in this way, we seek to raise the profile of mental wellbeing as a key component of a healthy and effective working environment for seafarers.

It is by no means exhaustive on the subject, but it is hoped that those who use it to enhance awareness of mental health as a real dimension of service at sea will find it to be useful in progressing their aims.”

The guide is produced in English (electronic and printed), new and traditional Mandarin (electronic only) and Russian (electronic only) and to access the new guide, Caring for Seafarers’ Mental Wellbeing, please go to: https://www.american-club.com/page/seafarer-wellness

ENDS

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.

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

 

The Seaman’s Church Institute

The Seamen’s Church Institute of New York & New Jersey was founded in 1834 by Charles Sherman Haight Sr. and is affiliated with the Episcopal Church.

It serves mariners through education, pastoral care, and legal advocacy and incorporates real-life experience into its mission – always ahead of the trends that shape life on the water. SCI uses seafarer centers and trusted, one-on-one relationships with mariners to anticipate and meet their evolving needs.

The many facets of SCI’s institutional work include adult education tailored specifically for professional mariners and advocacy for mariners’ welfare, providing professional legal services free of charge. From this historic legacy and recent work on piracy, suicide prevention, and medical wellbeing, SCI draws from its chaplains’ daily interaction with seafarers, its Center for Seafarers’ Rights cases and advocacy work, its maritime education insights, and its cross-disciplinary work with maritime physicians and psychologists.

SCI understands the challenges mariners face and speaks out for their rights. Throughout its history—as well as today—SCI has helped shape legislation making the world a better place for mariners.

For more information, please visit SCI’s website http://seamenschurch.org/

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The American Club concludes 2017 Centennial Year with growth in tonnage and surplus despite a challenging business climate

George D. Gourdomichalis

George Gourdomichalis, new Chairman of the American Club, of Phoenix Shipping & Trading S.A.

Positive trends of recent years continue into 2018

  • P & I and FD & D entries grow by 8% and 6% respectively during 2017.
  • Headline premium declines by 5% to $98.7 million, but incurred losses fall by nearly 50% to $36.3 million.
  • 2017 policy year claims emerging more favorably than previous year.
  • Pool exposures continue at moderate levels.
  • Investment portfolio generates an 8.1% return, best in nearly a decade.
  • GAAP and statutory surpluses increase year-on-year, by 12% and 13% respectively.
  • New reinsurance program affords Club excellent net loss protection.
  • 2018 policy year claims developing very modestly at early stage.
  • 2015 policy year closed and $12 million surplus transferred to contingency account.
  • 2016 policy year release call margin reduced from 15% to 10%.
  • Eagle Ocean Marine maintains steady growth with excellent profitability.
  • American Hellenic Hull continues to expand its market footprint.
  • Safety and loss prevention initiatives gain further momentum.
  • Arnold Witte and Markos Marinakis retire as Chairman and Deputy Chairman of the Club’s Board. 
  • George D. Gourdomichalis of Phoenix Shipping& Trading S.A. elected as new Chairman, with Robert D. Bondurant of Martin Resource Mgmt. Corp. as Deputy Chairman.

NEW YORK, JUNE 25, 2018: Despite a challenging trading climate, the American Club made excellent progress during its 2017 centennial year.  Members attending the one hundred and first Annual Meeting of the Club in New York last Thursday heard that its business had developed positively over the previous twelve months, and 2018 had started on an encouraging note.

Following vigorous tonnage growth in 2016, the Club had experienced a further uplift of 8% in P&I entries and a 6% increase in FD & D business during 2017.  Moreover,  the portfolio renewed at February 20, 2018 continued to enjoy an outstanding profile, with a trailing five-year gross loss ratio of only 48%.

The Club recorded a net operating surplus of $5.7 million for the financial year to December 31, 2017 compared with a loss of just under $2 million in 2016.  With unrealized gains on investments taken into account, the Club’s bottom line earnings were $6.2 million for the year, a turn around of more than $11 million by comparison with 2016.These positive results led to increases in both GAAP and statutory surpluses at year-end 2017 of over 12% (to $57.6 million) and about 13% (to $74.8 million) respectively.

Incurred losses were significantly lower during the year to December 31, 2017 ($36.3 million) by comparison with the figure twelve months earlier ($70.8 million), a reduction of nearly 50%.  Although reinsurance costs grew during the year, having an impact on net premium earned over the period, management allowances declined by more than 5%.  Part of the increased reinsurance expense related to a new program covering the Club’s retained exposures, affording it excellent net claims protection for the current and future years.

As to policy year development generally, the favorable trends of the recent past had continued into 2017.  In particular, attritional claims for 2015 had been modest and had contributed to the substantial surplus for the year.  Retained exposures for 2016 were holding steady, while those for the 2017 policy year were following a similar direction.  Although not as favorable as they had been in earlier years, losses within the International Group’s Pool also continued to develop at a moderate pace.

Initial claims indications for the 2018 policy year were very favorable, with losses for the Club’s own account after the first four months emerging at a level some 35% better than the previous year at the same stage.

The Club’s investments had generated an overall return of 8.1% during 2017, the best result in nearly a decade.  This was a substantial improvement onthe return of 2.4% during 2016.

The Club’s Eagle Ocean Marine (EOM) fixed premium facility had performed strongly in 2017, and into the early part of 2018.  Annual compound premium growth had been in excess of 20% since 2015.  Gross income for the latest facility year, which was to conclude on June 30, was in excess of $10 million.  Since inception, EOM had enjoyed a cumulative combined ratio of about 70%, inuring to the benefit of both the Club and its co-venturers at Lloyd’s.

In consequence of these trends, and reviewing the results of the 2015 policy year specifically, the Club’s Board resolved formally to close the year without call in excess of the original forecast.  The surplus on closure, of approximately $12 million, would be transferred to the Club’s contingency account.  At the same time, in view of its improving development, it was decided to reduce the release call margin for the 2016 policy year from 15% to 10%.

The fortunes of American Hellenic Hull Insurance Co., Ltd. – the Solvency II–accredited investment of the American Club domiciled in Cyprus – had enjoyed a positive trajectory during 2017.  The company had largely exceeded its commercial targets during the period, being ahead of plan in relation both to gross premium written and to the number of vessels insured.  The Club also continued to benefit from the cross-selling opportunities for its P&I business which had arisen from its involvement with this internationally respected insurer of hull and war risks.

In July 2017, the American Club won the Seatrade Investment in People Award.  In September, Ms. Dorothea Ioannou, the Managers’ Chief Commercial Officer, won the Lloyd’s List Global Next Generation in Shipping Award, a testament to the Club’s current service reputation and the market’s expectations of an equally illustrious future       .

The implementation of new safety initiatives continued during 2017. They included two pocket guides – Good Housekeeping and Signing Bills of Lading; and guidance on seafarer mental health – What’s on your Mind?  In addition to publishing other loss prevention material, the Club had recently initiated a joint venture with the American Bureau of Shipping (ABS) and Lamar University of Texas to identify, assess and disseminate near-miss and casualty information relevant to the human element in maritime transportation.

At the Annual meeting of the Club’s Directors, which took place immediately after that of the Members, Mr. J. Arnold Witte of Donjon Marine Co., Inc. and Mr. Markos Marinakis of Marinakis Chartering, Inc. retired from their positions as, respectively, Chairman and Deputy Chairman of the Board.

Mr. George D. Gourdomichalis of Phoenix Shipping & Trading S.A. was subsequently elected as the new Chairman of the Board and Mr. Robert D. Bondurant of Martin Resource Mgmt. Corp. was elected as Deputy Chairman.  In recognition of their service over a period of great change and exceptional progress in the affairs of the Club, Messrs. Witte and Marinarkis were accorded the honor of continuing to hold their former offices emeritus on a special vote of thanks of their fellow directors.

In reviewing the results of the Club’s centennial year, Mr. Witte, the retiring Chairman, said: “I am pleased to have concluded my tenure as Club Chairman in celebrating its centennial year and being present to look forward to the Club’s next century of service to the global maritime community.  I have been supported with unwavering commitment by my Deputy, Markos Marinakis, for more than a decade, and most ably assisted by the distinguished professionals who have served with us over the years on the Board.  I have no doubt that the Club will go from strength to strength in the future.”

Mr. Gourdomichalis, the new Chairman, said:  “I am honored to have been elected by my fellow Directors to serve as their Chairman.  I salute Arnold Witte and Markos Marinakis for their exemplary service in the past and look forward to working with my friend and colleague Bob Bondurant in the discharge of our responsibilities in the future.”

Mr. Gourdomichalis continued: “We are all committed to the continuing success of the American Club and, working closely with our Managers, I am certain that we will build on the great progress of recent times to secure yet further achievement over the years ahead.”

In conclusion, Joe Hughes, Chairman and CEO of Shipowners Claims Bureau, Inc., the Club’s Managers commented:  “2017 was a year to remember for the American Club.  The celebration of its centennial proved to be an auspicious backdrop to the success it achieved in many areas of its activities.  The Club has commenced its second century of service better placed than ever to exploit the opportunities of the future.”

ENDS

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.

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

The full 2017 Annual Report for the American Club can be accessed on its website

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.

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American P&I’s Essential Best Practices and Regulatory Guidance for Shipowners and Operators

New York, May 23, 2018

Following its long tradition of advisory service to maritime operators, the American P&I Club has issued two comprehensive shipowners’ guides to regulatory compliance; Welcome to Greater China and Welcome to the USA.  Also published recently is one of the Club’s concise pocket guides for seafarers, Good Housekeeping and another for masters and mates, Signing Bills of Lading.

The American Club sees providing advice on safety, environmental protection, cargo worthiness and regulatory issues as a crucial part of its service to Members and the shipowning community at large.  The complexity of maritime regulation in many countries is widespread and ever-changing.  With the USA and China both being major trading nations, and significant operators in world maritime commerce, knowledge of and adherence to all regulations that apply in either jurisdictions is of great importance.

Dr. William Moore, Senior Vice President and the Club’s Loss Prevention Director, commented, “We’ve introduced this series of ‘Welcome to’ guides to encourage owners and operators to appraise themselves of regulations with which their vessels must abide.  Responsible operation ensures safety and, of course, avoids delays and potential fines.”

Both the USA and China guides are presented in a clear, easy to follow tabular format and broken down into sections relating to Safety, Maritime Security, Environmental Protection and Liability.  Each are fully comprehensive and cover all regulations from crew nationality to spillage response plans, and from ballast water management to garbage disposal. They have been up-dated, with all regulatory changes as of May 2018, and are available via the American Club website at:

http://www.american-club.com/page/USA-regulations

http://www.american-club.com/page/greater-china-regulations

Joe Hughes, Chairman and CEO of the American Club’s managers highlighted the crucial role of loss preventing advisory services, “We are acutely aware of the need for accurate information to be readily available to operators and crew.  In the case of ships’ masters and mates the format of its presentation should be intensely practical.  So I’m pleased that we have also recently published another of our successful Pocket Guides for handy use by ships’ officers.  This one dealing with the sometimes vexing questions surrounding Signing Bills of Lading.”

The bill of lading pocket guide is once more designed to be comprehensive in covering all possible circumstances where the officer in charge is called upon to sign bills of lading.  It covers aspects of Bills of Lading clauses including accurate description of goods; non-negotiable copies; charter party incorporation and carriage terms. This guide is a reliable manual for crew responsible for making on-the-spot decisions regarding correct bills of lading procedures.

Also in the Pocket Guide series and published late last year is Good Housekeeping which focuses upon ensuring the appearance of ships and shipboard equipment.  Such outward appearances rarely go unnoticed during port state control or vetting inspections, ISM audits and condition surveys.

As the series’ name suggests, the guides fold down to a size easily kept in a jacket or shirt pocket.  Access to and more information about the American Club’s loss prevention services and publications is available at http://american-club.com/page/loss-prevention.

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, Houston, Piraeus, Hong Kong and Shanghai, 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.

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

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ABS, the American Club and Lamar University Join Forces to Improve Maritime Workforce Safety

Joint Initiative Tackles Common Causes of Maritime Accidents

New York, May 10, 2018

ABS, the American Club and Lamar University are launching a new initiative aimed at reducing maritime-related safety incidents. The initial focus of the partnership’s analysis and industry guidance will be on slips, trips and falls, a significant cause of maritime injuries.

Commenting for ABS, Manager of Human Factors, Dr. Kevin McSweeney said, “We are excited to work with our partners to develop pragmatic guidance for some of the most common hazards and behaviors affecting maritime personnel. Much still remains to be done in reducing these incidents.” McSweeney provides more detail, “Slips, trips and falls have received a lot of attention over the years but remain a leading cause of incidents aboard ship. This initiative will identify, prepare and share actionable safety-related guidance to help organizations better prioritize resources and measure progress to improve seafarer safety and health.”

According to the ABS Mariner Safety Research Initiative, the commonly reported causes of slips, trips, and falls are situational awareness (40%) and poor housekeeping (29%). The American Club’s Senior Vice President William Moore emphasized the collaborative nature of the initiative, “The specific talents of all three partners have come together in identifying common behaviors and hazards impacting maritime personnel; developing recommendations for interventions that can improve safety, as well as presenting guidance to marine owners and operators in understanding key causes, with the ultimate aim of implementing onboard strategies to mitigate these incidents.”

“Our goal with this initiative is developing practical industry recommendations that can be applied to improve the day-to-day safety of maritime crews and staff,” said American Club’s Moore. “By working with ABS, a recognized leader in maritime safety, and Lamar University, this effort will move the ball towards the ultimate objective of reducing work-related incidents; we all fully appreciate what impact fatalities and serious debilitating injuries will have on associated costs to marine liability insurers – let alone the abject misery caused to the families of affected seafarers.”

“Through the ABS/Lamar University Mariner Safety Research initiative, we have a long history of providing solutions to help prevent maritime injuries”, stated Lamar University Professor and Chair of the Department of Industrial Engineering and Director of the Mariner Safety Research Initiative, Dr. Brian Craig. “By collecting and analyzing injury and incident data we can identify lessons learned and corrective actions to aid in preventing the occurrence and reoccurrence of maritime injuries. We all believe that this partnership will help improve the welfare of the maritime industry’s most valuable asset; its seafarers.”

ENDS

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design, and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.

About 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, Houston, Piraeus, Hong Kong and Shanghai, 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.

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

About Lamar University

Home to more than 15,000 students, Lamar University, near Houston in Beaumont, Texas, is among the state’s fastest growing colleges and universities, and is a member of The Texas State University System. LU offers more than 100 programs of study leading to bachelor’s, master’s and doctoral degrees.

The university has been nationally recognized for the quality of its core curriculum and the diversity of its student body. LU stresses academic achievement by emphasizing hands-on learning at all levels, providing ample opportunities for undergraduate research and supporting an excellent Honors Program. The university is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools. Several LU colleges and programs hold additional specialized accreditations, including the five undergraduate engineering programs in the College of Engineering. LU also is home to the many unique programs including the Center for Advancements in Port Management, the Center for Innovation, Commercialization and Entrepreneurship, and the Mariner Safety Research Initiative.

For more information, please visit Lamar University website https://www.lamar.edu/, the Department of Industrial Engineering website https://www.lamar.edu/engineering/industrial/index.html, and the Mariner Safety Research Initiative website http://maritime.lamar.edu/.

 

 

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Good Housekeeping Essential to keep a Vessel Ship-Shape

The American club launches free pocket guide to maintaining a safe working environment on board

william_moore

Dr William Moore, Head of Loss Prevention and Senior Vice-President, The American Club

New York, November 30, 2017

Daily maintenance and cleaning tasks are essential to supporting a safe working environment on-board a ship, but the importance of these simple actions can also often be overlooked.

The latest in The American Club’s Pocket Guides, which contain valuable loss prevention advice for its Members and the industry at large, has just been published, titled Good Housekeeping. The guide underlines how essential a well maintained and uncluttered work environment is to the health and safety of the ship’s crew and the efficient and secure operation of the vessel.

While the phrase ‘ship-shape’, meaning in good order, neat and trim has been borrowed from the days of sail, The American Club has reverted to the more modern idiom, which refers to a well-run home to emphasise the importance of a safe working environment on-board ship.

Announcing the publication of the Pocket Guide, the Club’s Head of Loss Prevention and Senior Vice-President Dr William Moore commented, “We have previously reported that the overall cleanliness and general housekeeping of ships revealed during surveys have in some cases become a cause for concern. The appearance of ships and shipboard equipment on the outside suggests how well things are operating on the inside.”

As a consequence of these observations the Club felt it was important to stress certain common-sense practices in an easily understood and convenient format; the Guide quite literary folds-up to be carried in crew members’ pockets. The guidelines are ordered according to areas of the ship – deck, engine room, galley, stairs and ladders – as well as drawing attention to commonplace hazards – oily rags, paint lockers, acetylene cylinders.

Each section itemises ‘what to look for’ and outlines the tasks to be carried out to minimise risk.  As ever the Club’s advice is intended to assist Members and their crews in ensuring that ships are maintained to the highest standards. Good Housekeeping-A Pocket Guide can be accessed in English, and in new and traditional Mandarin, on the Club’s website:

http://american-club.com/page/good-housekeeping

In conclusion Dr Moore emphasised, “A ship’s cleanliness and neatness contribute to the health, safety and happiness of the crew.  Furthermore, housekeeping oversights rarely go unnoticed during port state control or vetting inspections, ISM audits and condition surveys. A well-kept vessel is sure to make a good first impression.”

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, Houston, Piraeus, Hong Kong and Shanghai, 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.

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

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