Hellenic Hull

• Likely to decline, let them know

Call 4 March, 2024

Attendees:

Aindriú

Ilias Tsakiris, CEO

Ilias Bobolos, CFO

Main Points:

• Results presented are for the risks that remained when they put the Hull portfolio in run-off in August 2022
• The SFCR shows much higher results (around 100% LR each year) - these are actuals
• The MGA were somewhat constrained with the American Club as carrier
  • as unrated paper they didn’t have full freedom to select risks and/or get worse terms
  • cross-selling from PI risks which they would not have selected
  • American Club were reluctant to put capital in - after one year they wanted to reduce the max line to €4m, but Hellenic kept it at €10m and bought fac re excess €4m where needed (from Gen Re in Cologne)
• Concirrus - monitoring software
  • Product is called Quest Marine Hull
  • Info on which route a given ship travels, where it docks etc
  • Ilias wants to develop a rating tool using this kind of information
  • They would want us to fund this - $140k to buy, then low annual subscription
• Lloyds List intelligence
  • source for historic claims data - they query this for individual vessels when they underwrite