|Date joined:||18 June, 2019|
|Initiatives:||Blue Finance, Net Zero Insurance Alliance, and Principles for Sustainable Insurance|
American Steamship Owners Marine Insurance Company (Europe) Ltd. is a private marine insurance company, which covers hull and machinery and war risks for most classes of vessel, including general cargo vessels, dry bulk carriers, all types of tanker, container ships, gas carriers and passenger vessels. The company is 100% owned and financially backed by the American P&I Club and exclusively managed by Hellenic Hull Management. Registered in Limassol, Cyprus, it offers services through affiliated offices in Piraeus, New York, Houston, London, Shanghai and Hong Kong, providing services in all key international shipping centres. Its operations commenced on 1st July 2016 and it is the first marine insurance company licensed in Cyprus under the requirements of the Solvency II regime.
The Solvency II Capital Requirement establishes the amount of capital to be held by an insurance entity in order to ensure that ruin occurs no more often than once in every 200 cases or, alternatively, that the company will still be in a position, with a probability of more than 99.5% to meet its obligations to policy holders and beneficiaries for the following 12 months. American Steamship Owners Marine Insurance Company (Europe) Ltd. has successfully passed all additional Solvency II financial and operational stress tests. Solvency II is the new framework for EU insurance legislation regulating a single EU insurance market with the overriding aim of enhancing consumer protection. The third-generation Insurance Directives established an ‘EU passport’ or single license for insurers to operate in all member states. Solvency II marks a fundamental review of the rules for the European insurance industry and establishes new EU-wide capital requirements and risk management standards.
At American Steamship Owners Marine Insurance Company (Europe) Ltd., they constantly invest in talent, technology and innovation. Even though, they are the fastest growing marine hull and machinery company in the world,they aim to be driven by their principles and their ethos. They strongly support initiatives and regulations aiming towards sustainable development in the maritime industry, including actions related to the blue and circular economy.
They fully support PSI’s principles, with regards to raise awareness of environmental, social and governance issues. It is also worth mentioning that American Steamship Owners Marine Insurance Company (Europe) Ltd. is a proud member of the Hellenic Marine Environment Protection Association.
They firmly believe that the maritime industry should be proactive in actions that promote sustainability and they encourage other stakeholders, including their various partners and customers, to embrace sustainable policies.