The American P&I Club, managed by the Shipowners Claims Bureau Inc, is the latest P&I Club to diversify into the hull and machinery market.

Shipowners Claims Bureau (SCB) have announced the opening of the American Hellenic Hull Insurance Company, based in Cyprus, but underwriting from Piraeus.  SCB have joined with the Hellenic Hull Mutual and, subject to regulatory approval, will move their existing portfolio in to the newly formed hull insurer, wholly owned by SCB.  Hellenic Hull’s existing underwriters will continue to underwrite the portfolio on behalf of American Hull.

The Hellenic Hull Mutual was launched in 1994 to underwrite Greek and Cypriot flagged tonnage.  Neither Club has announced how the Hull Mutual’s free reserves will be utilized either within the American Hellenic, or whether they will be simply returned to members in the usual course of de-mutualizing in the coming years.  The American Club already operates as both an IG Club as well as offering fixed premium P&I cover through its Eagle Ocean Marine subsidiary.

The American Club is the latest in a long line of IG Clubs to diversify from their core competency of P&I in to other areas – most frequently H&M, but also cargo, ports and terminals and energy.

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