New roles strengthen and enhance the Club’s capabilities across the globe

New York, 16th July, 2015:

Shipowners Claims Bureau, Inc., which manages international P&I insurer the American Club, has recently announced new appointments and promotions at its offices in Greece, the United Kingdom and China:

• Dorothea Ioannou, Managing Director of SCB (Hellas) Inc., assumes the role of Global Business Development Director, the first woman in the American Club’s history to do so
• Joanna Koukouli promoted to Claims Manager for the Club’s Piraeus office
• Marivi Banou appointed as Deputy Claims Manager in Piraeus
• Maria Mavroudi joins the Piraeus office as Business Development and Claims Executive
• Gustavo Gomez promoted to Claims Liaison Manager in London
• Katherine (Kat) Wang joins as Marketing Manager for Greater China and North Asia

Dorothea Ioannou, Global Business Development Director, The American Club

The chief focus for Dorothea Ioannou as Global Business Development Director will be to coordinate business development efforts across all regions of the world, fostering current relationships and generating new initiatives for the American Club and its Eagle Ocean Marine (EOM) fixed premium facility. She is the first woman in the history of the American Club and its Managers to have been appointed to such a high-level executive role. Dorothea is Vice President of WISTA, Hellas, and will maintain her position as Managing Director of the Piraeus office of SCB (Hellas) Inc.from where she will also fulfil her new duties.

Joanna Koukouli, the new Claims manager in Piraeus, obtained her first degree in law from the Aristotle University in Thessaloniki before gaining an LLM in maritime law from the University of Southampton in the United Kingdom. Joanna is a member of the New York State Bar, the Law Society of England and Wales and the Piraeus Bar Association.

Marivi Banou, the new Deputy Claims Manager in Piraeus, joined SCB (Hellas) in 2005 having previously worked in both insurance broking and ship management. She holds a degree in shipping and transport from BCA College in Athens, in association with the Metropolitan University of London.

Maria Mavroudi, the new Business Development and Claims Executive in Piraeus, joins the American Club from another major International Group club and related service provider. A graduate of the University of Piraeus and the Cass Business School of the City University in London, Maria is an associate member of the Association of Average Adjusters with broad knowledge of the marine insurance sphere at large.

Gustavo Gomez, the new Claims Liaison Manager in London, is a well-known figure in the London marine community and has worked in the Managers’ London office for several years. Having qualified as a lawyer in his native Mexico, Gus worked in P&I correspondency before becoming regional director for a local maritime law firm. He holds a Master’s Degree in law from the University of Southampton in the United Kingdom.

Katherine (Kat) Wang, the new Marketing Manager for Greater China and North Asia, holds a Master’s Degree in International Shipping and Logistics from Hong Kong Polytechnic University. Prior to joining the Managers’ operations in China, Kat worked for China Shipping, Hong Kong and latterly for the local office of a major Scandinavian P&I club where she gained extensive underwriting experience.

Joe Hughes, Chairman & CEO, Shipowners Claims Bureau, Inc., Managers for the American Club commented:

“Members and the Club’s many other friends will no doubt join the Managers in wishing our colleagues the best of good fortune in their new roles, in which they are committed to the pursuit of exceptional Member service in every element of their growing responsibilities.”

The American Club recently reported solid progress during 2014 at the annual meeting of its members held in New York last month reporting that, despite a challenging economic climate, the Club’s business had developed favourably and 2015 had started on a positive note.

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 Dalian, 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.

International P&I insurer continues positive trend into 2015

NEW YORK, JUNE 18, 2015: The American Club reported solid progress during 2014 at the annual meeting of its members held in New York today. Despite a challenging economic climate, the Club’s business had developed favorably, and 2015 had started on a positive note.

Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc.

Tonnage and revenue grew strongly at the outset of 2014, but faded slightly later in the year as freight markets struggled. However, premium pricing remained firm, despite the enduring effect of “churn” as older, higher-rated vessels continued to be replaced by younger, lower-rated ships.

Claims for the Club’s own account had developed at a moderate pace during 2014, extending the favorable trend of recent years. International Group pool claims were also showing a benign emergence at year-end.

Net premiums earned during 2014 were about 5% higher than the figure for the previous year, although total income was down slightly, to $102.3 million, owing to a lower realized investment gain. Incurred losses, at $65.9 million, were marginally higher than the $65.1 million recorded for the previous year.

After-tax comprehensive income for the year was $1.3 million, generating an increase in total members’ equity to $58.6 million as of December 31, 2014, 1% higher than the figure a year earlier. Statutory surplus grew to $64.8 million at year-end, compared with $63.6 million for 2013.

The Club’s investment earnings provided a solid contribution to its overall results. Its fixed income portfolio performed well during 2014 so that, despite lower stock market returns, an overall gain of just under 4% was achieved, bettering relevant benchmarks.

The trends noted in 2014 were asserting themselves with growing vigor into 2015. As of March 31, 2015, the Club’s statutory surplus had increased by 9% to $71 million, while its GAAP (Generally Accepted Accounting Principles) free reserves were up 11% to $65 million. Statutory free reserves per ton were approximately $4.65 at year-end 2014. A further increase, to $5.03, was recorded by the end of the first quarter this year.

Members were also told that the 2012 policy year was being closed as originally budgeted. The small deficit for the year of just over $3 million would be subvented by the Club’s contingency fund which stood at a record figure of nearly $90 million as of March 31, 2015.

Eagle Ocean Marine (EOM), the American Club’s fixed premium facility, which focuses on the operators of smaller vessels in local and regional trades, was also performing well, making a strong contribution to overall results. EOM continued to expand its market footprint during 2014, particularly in Asia. EOM’s combined ratio to date was less than 70%, testimony to its prudent approach to risk selection. This holds the promise of growing success over the years ahead.

In assessing the performance, the Club’s Chairman, Arnold Witte of Donjon Marine Co., Inc., said: “2014 was a difficult year, not least for the shipping community itself. Nevertheless, the American Club made excellent progress. This is being sustained into 2015.”

He continued: “Many challenges lie ahead. The slump in the dry bulk markets continues to cause concern. It is to be hoped that freight rates will rise decently, at least over the medium term, as the global economy improves. The Board remains optimistic about the future and the Club will remain committed to an exceptional level of solidarity with its members.”

Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc., added: “Notwithstanding a difficult business environment, 2014 was a good year. Claims exposures continued to develop favorably, premium pricing stayed firm and investments performed well. In addition EOM saw its profits rise, the Club’s surpluses increased and free reserves per ton strengthened considerably. Our loss prevention and ERM (Enterprise Risk Management) initiatives advanced energetically and our service capabilities were expanded. These positive trends have continued into 2015. It is especially encouraging to see a further increase in the Club’s surplus during the first quarter.”

Mr. Hughes concluded: “The Club’s recent progress will provide a firm foundation for the further development of our agenda over the years ahead. Its business plan anticipates a range of exciting opportunities to expand its outreach further throughout the global maritime community. In this, as in everything else it does, the American Club stands ready to embrace the challenges of a changing world and growing competitive pressures.”

Summary of Annual Results – 2014 Financial Year

• Net premium income rises by 5% to $94.2 million
• Total income down marginally to $102.3 million
• Losses almost static at $65.9 million
• After tax comprehensive income $1.3 million
• Members’ equity at $58.6 million
• Statutory surplus up 2% at $64.8 million

Other Highlights:

• Statutory surplus up 9% to $71 million as of end Q1 2015
• 2015 year-to-date retained claims developing modestly
• Average 5 year pure loss ratio of business renewed at February 20, 2015 improves to 53% compared with 57% a year earlier
• 2012 yet another policy year being closed as originally budgeted
• Eagle Ocean Marine grows market footprint with solid profitability

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 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/

The full Annual Report 2014 for the American Club can be accessed on its website – http://www.american-club.com/page/annual-report
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.