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AMERICAN CLUB HOLDS RECENT ANNUAL MEETINGS IN PERSON FOR THE FIRST TIME IN THREE YEARS

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.

JOE HUGHES TO STAND DOWN AS CEO OF MANAGERS OF AMERICAN P&I CLUB FROM AUGUST 1, 2022

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.

Joe Hughes, Daniel A Tadros, Dorothea Ioannou, Vincent 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.

AMERICAN CLUB EXPERIENCES AN ENCOURAGING 2022 P&I RENEWAL

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.

THE AMERICAN CLUB’S LOSS PREVENTION INITIATIVE ‘GOOD CATCH’ GATHERS MOMENTUM

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/

The American Club’s Loss Prevention Initiative ‘Good Catch’ gathers momentum

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/                                                                                                                                                                                                                      

EAGLE OCEAN MARINE CELEBRATES TEN YEARS OF SERVICE TO THE MARITIME COMMUNITY

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.

American Club conducts Annual Meetings remotely for second year – Reports solid progress in 2020 with positive start to 2021

  • Club tonnage and premium increase by 5% during 2020, growth continues into 2021
  • Eagle Ocean Marine experiences record income and solid profitability
  • American Hellenic Hull sees further price and balance sheet strengthening
  • Club investments earn 5.4% in 2020 despite market volatility early in year
  • Retained losses improve in 2020, frequency of larger claims diminishes
  • Pool exposures at record level for 2020 as escalation of recent years persists
  • 2020 financials presented on new basis to recognize EBUB accounting efficiencies
  • Year-end 2020 Members’ Equity shows marginal reduction from 2019 figure
  • Combined ratio of 112% for 2020 within lower range of recent market results
  • Loss prevention initiatives expand significantly despite COVID-19 constraints
  • Club and Managers gain NAMEPA CSR/ESG sustainability accreditation
  • IT and other capabilities continue to secure unimpaired service to all stakeholders
  • Annual Meeting of the Directors re-elects Mr. George D. Gourdomichalis and Mr. Robert D. Bondurant as Chairman and Deputy Chairman of the Board respectively. Ms. Dorothea Ioannou re-elected as Secretary.
  • Mr. Lawrence Bowles re-appointed as General Counsel, but announces his intention to retire in 2022 after twenty years’ service. Mr. LeRoy Lambert appointed as Assistant General Counsel in anticipation of his succeeding Mr. Bowles at that time.

NEW YORK, JUNE 25, 2021: For the second time in its history, Members attending the American Club’s Annual Meeting in New York recently did so remotely, in a virtual format made necessary by the continuing exigencies of the COVID-19 pandemic. But they heard that the Club had made solid progress across all business lines over the previous twelve months, and that 2021 had started on a positive note.

2020 had been a uniquely difficult year. The disruption caused by the COVID-19 pandemic had brought unprecedented challenges to commerce. However, although the global economy and supply chains had struggled during the first half, greater stability had prevailed as the year unfolded. The American Club had grown by 5% in premium and tonnage during 2020, and this momentum had continued into 2021.

For Eagle Ocean Marine (EOM), the American Club’s fixed premium facility, 2020 was an excellent year. Its revenue and reach both increased substantially over the period. The 17% compound annual growth rate of premium recorded over the previous three years had been attended by sound underwriting results, producing an aggregate combined ratio since inception of under 80%.

American Hellenic Hull, the American Club’s Solvency II-accredited hull and war risks underwriting subsidiary domiciled in Cyprus, saw further price and balance sheet strengthening during 2020. Rising profitability was expected over the months ahead, as general market hardening, assisted by prudent risk selection and pricing, continued.

The American Club’s attritional claims exposures during 2020 had improved by comparison with the previous year. However, the elevated loss trends experienced by the International Group’s Pool over the recent past had continued in 2020. This was likely to emerge as the most expensive pooling year ever recorded.

As to the Club’s latest financial statements, it was noted that there had been a change in the earlier accounting treatment, and presentation, of premium earned but unbilled (EBUB). Previously, EBUB had been used solely as a means of recognizing the unique benefits of the February 2008 DJA settlement agreement, covering pre-1989 asbestos claims.

In the most recent financial statements, the use of EBUB had been expanded to account for (i) the explicit, pro-rata reinsurance by open policy years of those pre-1989 asbestos claims and (ii) deficits attributable to the development of the open policy years themselves. Both had been balanced by sums designated as EBUB. This properly recognized the ex post facto, adjustable nature of the premium entitlements of mutual, assessable insurers such as the Club, and both the treatment and presentation of EBUB had been approved by its independent auditors. The approach also removed certain inefficiencies in the Club’s statutory accounting with the New York regulator.

On the investment front, the 2020 financial year had seen a 5.4% return on the Club’s portfolio, a creditable outcome in light of market volatility over the period. This result contributed to a year-end GAAP surplus only $3.75 million less than that recorded on a restated basis for the previous year. However, the year-on-year reduction of surplus from 2019 to 2020 was approximately $6.8 million on a non-restated basis.

The Club’s combined ratio for 2020 was 112% (116% absent the accounting change), a figure which, although within the lower range of recent market results, nonetheless highlighted the need for greater sustainability in premium pricing for the future, a subject upon which several International Group clubs had also commented during the recent round of reporting.

Having adopted a 5% general increase for the 2021 renewal, the American Club had experienced revenue growth of about 7.5%, taking into account deductibles and other changes to insuring conditions. It was also encouraging to note that the risk profile of the renewing membership continued to be favorable, implying a positive claims outlook for the future. Growth had continued into the early part of 2021, with a 7% increase in tonnage entered for Class I (P&I) risks during the first three months of the new policy year.

As the pandemic set in during the opening months of 2020, the Club’s Managers had been able to respond during 2020 with agility to new operating circumstances, adapting traditional modes of operation to take account of remote working in a virtual environment. Indeed, overall, the impact of COVID-19 on the Club, EOM and American Hellenic Hull had been comparatively muted.

The Club’s commitment to loss prevention and sustainability in general gathered momentum in 2020 and had moved further forward into 2021. As to the latter, the Club and its Managers had recently gained the CSR/ESG sustainability accreditation of the North American Marine Environment Protection Association (NAMEPA) and, having conformed to the exacting standards this entailed, been awarded its Maritime Sustainability Passport accordingly.

At the Annual Meeting of the Directors, which took place immediately after that of the Members, Mr. George D. Gourdomichalis of Phoenix Shipping and 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.

Ms. Dorothea Ioannou, Deputy Chief Operating Officer of the Managers, was re-elected Secretary. In addition, Mr. Lawrence J. Bowles was re-appointed as General Counsel to the Club. In accepting his re-appointment, Mr. Bowles indicated that he planned to retire at the 2022 Annual Meeting, having by then completed twenty years as the Club’s General Counsel.

In anticipation of this, the Board was pleased to note the engagement of Mr. LeRoy Lambert as Assistant General Counsel to the Club, with a view to his succeeding Mr. Bowles in 2022. A well-known figure in the maritime community, Mr. Lambert was for many years in private practice as a partner of leading commercial law firms in the United States before becoming President of, and later General Counsel to, the US representative office of the managers of another International Group club. He is also the current President of the US Society of Maritime Arbitrators.

Speaking in connection with the Annual Meeting, Mr. Gourdomichalis, the American Club’s Chairman, said: “2020 was a uniquely difficult year. The disruption caused by the COVID-19 pandemic brought unprecedented challenges both to global commerce in general and to the conduct of insurance business in particular. Nevertheless, progress was achieved in every sphere of the Club’s affairs, notwithstanding adverse operating conditions. The Club remains well placed to exploit the many opportunities it sees in its future. In doing so, it will rely – as it always has – on the enduring support of its Members to whom my fellow Directors and I extend our sincere thanks and appreciation.”

Joe Hughes, Chairman & CEO of Shipowners Claims Bureau, Inc., the American Club’s Managers, also commented: “2020 was a year many people would prefer to forget. The rapid onset of the COVID-19 pandemic created an especially difficult business environment for virtually everyone, everywhere. And nowhere was the impact of the pandemic felt more keenly than at sea. In looking back over 2020, a special thought must surely go to seafarers, upon whose work the livelihood of the entire maritime community depends.

“For their own part, both the American Club and Eagle Ocean Marine, responded in new and imaginative ways to secure unimpaired service to their respective constituencies. On the insurance front, retained claims stabilized, largely unaffected by the pandemic, but Pool exposures continued to rise. Premium pricing increased somewhat, and investment returns were solid. Eagle Ocean Marine maintained its robust contribution to the Club’s mutuality and American Hellenic Hull experienced further price and balance sheet strengthening.”

He continued: “However, as our friends in other clubs have themselves remarked, technical underwriting results among P&I providers remain under pressure, highlighting a need for more sustainable pricing for the future. Nevertheless, despite the stresses of the past twelve months, the American Club looks forward with its characteristic optimism to a future of continuing opportunity.”

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 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 coupled with growing premium volume and rising profitability.

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

American Club experiences a positive 2021 P&I Renewal both Mutual and Fixed Premium sectors see increases in Revenue

American Hellenic Hull strengthens Balance Sheet and Key Financial Indicators

• Year-on-year annualized income for Club’s mutual P&I business increases by 8% at February 20.

• Year-on-year P&I tonnage increases by 5%.

• Funds under investment generate a 5.4% return for 2020, despite challenging market conditions

• Retained claims for 2020 tracking lower than 2019, but Pool exposures continue to climb.

• Eagle Ocean Marine grows revenue while maintaining solid profitability.

• American Hellenic Hull strengthens balance sheet and key indicators as pricing power persists.

NEW YORK, MARCH 16, 2021: At its meeting conducted virtually from New York last week, the Board of the American Club noted that, despite challenging business conditions, the Club enjoyed a solid performance over
the 2021 P&I renewal season. Both its mutual and fixed premium P&I portfolios performed well while American Hellenic Hull continued to consolidate its market position, gaining further momentum since the beginning of the year.

Year-on-year annualized premium for the Club’s mutual P&I class grew by a little under 8% at February 20, while revenue for its Freight, Demurrage and Defense (FD&D) business increased by over 10%.  Taking into account growth in the Club’s charterers’ business, total income on renewal is projected to be about 8% higher for 2021 by comparison with the previous year.

Premium attributable to renewing P&I entries for 2021 saw an increase, in cash terms, of approximately 5%, a rise in conformity with that ordered by the Board last November.  However, taking into account increases in deductibles, in some cases significant, and changes to other insurance conditions, the overall premium increase, as if expiring terms had applied, was closer to 7.5%.

Tonnage in the Club’s mutual P&I class increased by about 5% year-on-year, to approximately 18 million gt overall.  However, its Freight, Demurrage and Defense (FD&D) entries moved substantially higher in tonnage terms, by nearly 14%, to 12.2 million gt.  In addition, as mentioned above, there was an increase in daily tonnage on risk in regard to the Club’s charterers’ business.

As to the performance of its funds under investment, the Club enjoyed a 5.4% return over the year to December 31, 2020.  Although not as high as the previous year’s earnings, this was nonetheless a creditable result in view of the market uncertainties which characterized the period.

Retained claims for 2020 are emerging more favorably than those for 2019.  The latter year experienced several unusually large exposures below the pooling threshold, but has been able to take some benefit from reinsurance protection as a hedge against further deterioration.  Pool claims for 2020 are developing in an above-trend direction in a manner similar to the experience of 2018 and 2019.  Although the American Club, once again, had no claim on the Pool for its own account during the year, nor has had since 2016, its contributions to pooling continue to form a significant part of the Club’s overall claims exposure.

The American Club’s fixed premium brand, Eagle Ocean Marine (EOM), has continued to make progress into the beginning of 2021.  Premium for the 2020/21 policy period to date has grown by about 10% over the figure for the previous year at the same point, and is forecast to exceed $16.5 million in total for the current facility year, a record.

Aimed at the operators of smaller vessels in local and regional trades, with a substantial footprint in Asia, EOM continues to be a steady contributor to the American Club’s mutual membership, enjoying a cumulative combined ratio of about 75% since inception.  As the fixed premium P&I space continues to undergo transition and realignment, the attraction of EOM as a haven of stability, and the gold standard for service provision, will continue to energize its development.

American Hellenic Hull, the Club’s hull and war risks underwriting subsidiary, has continued to enhance its market position.  Preliminary results for the financial year to December 31, 2020 disclose a small loss for the year, similar to that for 2019.  However, against a background of robust premium pricing, the insurer’s balance sheet strengthened at year-end, net assets (equity) increasing by 29% by comparison with the previous year.

There were also improvements in several other key ratios at year-end 2020, including the insurer’s solvency capital requirement (SCR) at 130%.

American Hellenic Hull’s performance has gained yet further momentum into the early part of the current year, with vessels insured, underwriting income, operating profitability and balance sheet strength all maintaining an encouraging upward trajectory.

Commenting upon the confluence of these positive trends across the Club’s diversified portfolio of interests, Joe Hughes, Chairman and CEO of SCB, Inc., the Club’s managers, said:  “Although uncertain business conditions prevail in both the shipping and insurance sectors, the American Club’s recent experience has been encouraging.  The 2021 renewal of the Club’s mutual P&I and FD&D portfolios proceeded in a positive direction, while both EOM and American Hellenic Hull have performed with credit over recent months.

“Although we live in challenging times, my colleagues and I are certain that the difficulties of the present will generate opportunities for the future.  These opportunities will be found across the increasingly broad marine insurance landscape which the American Club, by virtue of its diversified capabilities, is richly equipped to develop over the years to come.”

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 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 coupled with growing premium volume and rising profitability.

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.

THE AMERICAN CLUB ANNOUNCES NEW APPOINTMENTS IN ITS MANAGERS’ PIRAEUS OFFICE

Andrew Dyer recruited from leading law firm Hill Dickinson as Regional Claims Director for EMEA and Global Claims Manager for Club’s Eagle Ocean Marine business, the latter in succession to Despina Beveratou

Niki Tiga becomes Club Correspondents’ Manager, also in succession to Beveratou who returns from London to Greece, and pastures new

NEW YORK AND PIRAEUS, MARCH 9, 2021:  Shipowners Claims Bureau Inc. (SCB), Managers of the American Club, has announced important new appointments in its Piraeus office to consolidate and enhance service to Club Members and EOM Insureds both regionally and across the world.

Andrew Dyer

Andrew Dyer, currently a partner in the Greek office of Hill Dickinson, a leading international law firm, will join SCB’s Piraeus office in early April as corporate Vice President.  He will undertake the role of Regional Claims Director for the American Club’s business in Europe, the Middle East and Africa (EMEA) with coterminous responsibility as Global Claims Manager for the Club’s Eagle Ocean Marine (EOM) facility.

A well-known figure within the maritime community, Mr. Dyer brings with him a wealth of professional experience gained from his more than twenty-five years as a solicitor and fourteen years as a partner of his firm.  During his long career, Mr. Dyer has been involved in the broadest range of casualty and contract work, and every type of shipping dispute, both wet and dry.

Niki Tiga

In another new appointment in Piraeus, Niki Tiga takes on the role of Club Correspondents‘ Manager.  Ms. Tiga has been part of the Club’s management team for some ten years, having started in the London office and having more recently moved to Greece.  Her educational background, together with her experience of both P&I and FD&D claims handling, give her an excellent platform from which to fulfill her new duties.

In welcoming Mr. Dyer, SCB also says farewell to Despina Beveratou who has to date fulfilled Mr. Dyer’s forthcoming responsibilities in regard to EOM in SCB’s London office, as well as Ms. Tiga’s new duties as Correspondents’ Manager.  Ms. Beveratou will be returning from London to Greece at the end of March to pursue new interests, and leaves with the best wishes of her colleagues for every future success.

Mr. Dyer’s connection with the American Club and its Managers is of some longstanding not only personally but also by virtue of Hill Dickinson’s own long history of providing legal services to the maritime community both in Piraeus and in other major shipping centers.

Indeed, in noting Mr. Dyer’s change of career, Jasel Chauhan, head of Hill Dickinson’s Piraeus office, commented:  “During his 25 years with Hill Dickinson, Andrew made an immense contribution and helped to forge some of our strongest relationships in the Greek market.  Andrew will be missed but the role with the American Club is a fantastic opportunity and we wish him all the best.”

In addition, Tony Goldsmith, master mariner and head of Hill Dickinson’s marine business group, said:  “We have always had an excellent relationship with the American Club – both in Greece and internationally.  Having worked alongside Andrew as a colleague and a friend during the whole of his career at Hill Dickinson, his move can only serve to affirm and enhance that relationship.  We very much look forward to working closely with the American Club and Andrew in his new role.”

In summing up these recent developments, Joe Hughes, Chairman & CEO of SCB, said: “We are delighted to be welcoming Andrew to our global management team where I am certain his expertise will be of incomparable value to both the American Club and EOM over the years ahead.  The warm words of farewell from Tony and Jasel speak to the legacy he leaves at Hill Dickinson and reinforce our confidence in Andrew’s continuing success in serving the Club and EOM in the future.”

“We also extend our congratulations to Niki on her appointment as Club Correspondents’ Manager.  I am certain that she will discharge her new duties with her characteristic intelligence and vigor.

“Finally, we are very sorry to be saying farewell to Despina.  Wherever her future endeavors may lead her, she departs with the best wishes of her colleagues in appreciation of her exemplary service over many years to the Club and EOM, and of the great energy and good humor she imparted to that service.”

The American Club announces Underwriting, Business and Development and Claims Handling appointments

Recent promotions of experienced personnel and a new recruit to strengthen the Club across many areas

NEW YORK, FEBRUARY 3, 2021: Shipowners Claims Bureau, Inc., Managers of the American Club, today announced recent appointments within their US-based teams to enhance service to Club Members both within the Americas and across the world.

Steve Ogullukian

Steve Ogullukian has recently been appointed as Deputy Global Underwriting Director, a position he assumes in parallel with his continuing duties as Director responsible for the Club’s reinsurance programs. He joined the Managers in 2003 during which time he has been principally engaged in the Club’s direct underwriting and reinsurance activity, with a particular focus on the latter. Since 2013, Steve has represented the American Club on the International Group’s Reinsurance Sub-Committee. He is a well-known and highly regarded figure both within the Club’s membership and among the international insurance and reinsurance communities.

Steve Lewis

Steve Lewis has been appointed as Business Development Director for the Americas in succession to Boriana Farrar. He joined the Managers some four years ago to augment their underwriting capabilities in North America and his twenty five years of marine insurance practice across a broad range of disciplines, together with his extensive network of professional contacts, have greatly enabled the expansion of the Club’s business.

Boriana Farrar is leaving the management company to become Chief Legal Officer for a leading Club Member in California. During her more than seven years’ service, Boriana gained distinction not only for her skills as a lawyer but also for her accomplishments on the business development front.

Jack Jowers

To further enhance the Managers’ claims handling capabilities in North America, Jack Jowers was recently recruited to join their Houston office as Assistant Vice President/Claims Executive. Jack brings with him broad experience of the maritime industry from operational, legal and insurance-related perspectives. His presence in Houston will add significantly to the services available to Members based in, or trading to, the Gulf of Mexico and its contiguous regions.

Speaking in New York today, Joe Hughes, Chairman & CEO of Shipowners Claims Bureau, Inc., the Club’s Managers, said:

“We are pleased to be announcing the recent appointments of Steve Ogullukian, Steve Lewis and Jack Jowers to their new roles in service of the American Club. We are certain that they will discharge their duties with conspicuous success in those roles. At the same time, we bid a most amicable adieu to Boriana with our best wishes for the future in her own new sphere.”

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.

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 coupled with growing premium volume and rising profitability.

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