AHHIC backs scholarships for WMU postgraduate marine insurance course

American Hellenic Hull Insurance Company has agreed to become the key funder of scholarships for the Postgraduate Diploma in Marine Insurance Law & Practice at the World Maritime University (WMU) based in Malmo, Sweden.
The initiative in support of the postgraduate course, that originated in 2005 and is recognised by the Chartered Insurance Institute (CII), is based on the the Memorandum of Understanding signed between AHHIC and WMU in 2019.
The Diploma is also supported by the International Union of Marine Insurance (IUMI).
The content of the distance learning programme was comprehensively updated and revised in 2020, integrating regular online webinars on shipping industry trends and developments in the marine insurance sector with the five core modules of the programme.
Participation by professionals from different sectors of marine insurance contributes to a WMU course that offers future marine insurance professionals an outstanding academic foundation for their career in the industry.
AHHIC’s commitment to foster marine insurance education is in line with its aim of promoting UN Sustainable Development Goal (SDG) 4, to which the WMU also subscribes.
Other aspects of the MoU between AHHIC and WMU include providing professional development courses and exploring the coordination of marine insurance-related events.
AMERICAN HELLENIC HULL INSURANCE COMPANY LTD.
American Hellenic Hull is a private marine insurance company, which covers hull and machinery risks. It is 100% owned and financially backed by the American P&I Club and exclusively managed by Hellenic Hull Management. The company is registered in Limassol, Cyprus and has affiliated offices in Piraeus, New York, Houston, London, Shanghai and Hong Kong. Its operations commenced on 1st July 2016. American Hellenic Hull 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 Hellenic has successfully passed all additional Solvency II financial and operational stress tests.
SOLVENCY II
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. Solvency II aims to achieve consistency across the European insurance market
in aspects such as balance sheets and regulatory supervision.
It also introduces stronger standards of governance, accountability and transparency for insurers as well as risk-based assessments of an insurance entity’s capital adequacy.

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