KUALA LUMPUR, March 27 (Bernama) -- AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Taiwan’s Nan Shan General Insurance Co Ltd (Nan Shan General), with a stable outlook.
In a statement, AM Best said the credit ratings (ratings) reflect Nan Shan General’s very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.
The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, improved to the strongest level at year-end 2025, supported by consistent earnings growth and partial profit retention.
AM Best expects the insurer to maintain its balance sheet strength over the medium term, backed by an insurance risk profile characterised by personal lines and small- to medium-sized commercial accounts, prudent investments and a sound reinsurance programme.
Operating performance remained favourable in 2025, driven by improved underwriting results and stable investment income. Premium growth has exceeded the industry average for three consecutive years, mainly driven by expansion in the voluntary motor, travel and commercial lines.
The insurer’s personal lines segment, accounting for about 74 per cent of its portfolio, benefited from positive underwriting margins, while its net operating expense and combined ratios edged down to 37.2 per cent and 90.0 per cent, respectively, representing the lowest levels for both metrics over the last five-year period. Return on equity remained at a double-digit level.
Investment performance also strengthened, supported by capital gains in equities and stable interest income from bonds. The company is expected to maintain a focus on domestic fixed-income securities with moderate equity exposure.
Nan Shan General benefits from its parent, Nan Shan Life Insurance Co Ltd (Nan Shan Life) through brand recognition, distribution support and capital backing, despite its relatively modest business scale.
-- BERNAMA
Friday, 27 March 2026
Wednesday, 25 March 2026
AM BEST AFFIRMS PANASIA RE RATINGS AT EXCELLENT LEVEL
KUALA LUMPUR, March 25 (Bernama) -- Global credit rating agency, AM Best has affirmed Hawaii’s PanAsia Reinsurance Inc (PanAsia Re) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent), with a stable outlook.
The credit ratings (ratings) reflect PanAsia Re’s very strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management. The assessment also incorporates both implicit and explicit support from its parent, Hikari Tsushin Inc (Hikari Tsushin).
PanAsia Re’s balance sheet strength is underpinned by projected risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio, supported by a significant capital injection from its parent in mid-2025, according to AM Best in a statement.
The company has demonstrated strong capital growth, expanding 102.9 per cent between fiscal year 2020 and fiscal year 2024, driven by profitable underwriting and capital infusion from the parent. Its low reliance on reinsurance and conservative investment strategy further support its capital position.
Operating performance is assessed as adequate, supported by consistent profitability with double-digit average return on equity and favourable combined ratios over the past five years.
The company’s small amount and short-term insurance (SASTI) segment, which forms the bulk of its portfolio, typically records low loss ratios, although commission expenses to its parent remain relatively high. PanAsia Re is pursuing gradual expansion of its SASTI business while exploring non-SASTI opportunities to diversify its premium base.
PanAsia Re operates under a captive licence, primarily reinsuring risks from affiliated entities, with selective third-party business subject to regulatory approval. Its business profile remains limited due to modest scale and concentration in Japan-originated personal property, health, and accident lines. The company’s risk management framework is closely integrated with that of its parent.
-- BERNAMA
The credit ratings (ratings) reflect PanAsia Re’s very strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management. The assessment also incorporates both implicit and explicit support from its parent, Hikari Tsushin Inc (Hikari Tsushin).
PanAsia Re’s balance sheet strength is underpinned by projected risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio, supported by a significant capital injection from its parent in mid-2025, according to AM Best in a statement.
The company has demonstrated strong capital growth, expanding 102.9 per cent between fiscal year 2020 and fiscal year 2024, driven by profitable underwriting and capital infusion from the parent. Its low reliance on reinsurance and conservative investment strategy further support its capital position.
Operating performance is assessed as adequate, supported by consistent profitability with double-digit average return on equity and favourable combined ratios over the past five years.
The company’s small amount and short-term insurance (SASTI) segment, which forms the bulk of its portfolio, typically records low loss ratios, although commission expenses to its parent remain relatively high. PanAsia Re is pursuing gradual expansion of its SASTI business while exploring non-SASTI opportunities to diversify its premium base.
PanAsia Re operates under a captive licence, primarily reinsuring risks from affiliated entities, with selective third-party business subject to regulatory approval. Its business profile remains limited due to modest scale and concentration in Japan-originated personal property, health, and accident lines. The company’s risk management framework is closely integrated with that of its parent.
-- BERNAMA
HORIZON QUANTUM COMPLETES BUSINESS COMBINATION, LISTS ON NASDAQ
KUALA LUMPUR, March 25 (Bernama) -- Horizon Quantum Computing Pte Ltd (Horizon Quantum) has completed its business combination with dMY Squared Technology Group Inc (dMY), securing approximately US$120 million in gross proceeds and marking its public debut on the Nasdaq. (US$1=RM3.94)
In a statement, Horizon Quantum said the transaction, approved by dMY shareholders on March 17, will see the combined entity begin trading on March 20 under the ticker symbols “HQ” for shares and “HQWWW” for warrants.
Horizon Quantum develops software infrastructure designed to enable developers to leverage quantum computing for complex computational challenges. The proceeds from the transaction will be used to accelerate research and development, enhance its hardware testbed, and advance its integrated development environment, Triple Alpha.
“Recent rapid progress in quantum hardware and error correction signals an inflection point for the industry.
“With our Nasdaq listing, we are well-positioned to deliver the software infrastructure needed to power the next phase of computing and enable broad quantum advantage,” said Horizon Quantum Founder and Chief Executive Officer (CEO), Joe Fitzsimons.
Meanwhile, dMY Chairman and CEO, Harry You said Horizon Quantum’s hardware-agnostic approach positions it to benefit regardless of how quantum computing technologies evolve across competing modalities, including cloud-based systems.
Advisers to the transaction included Needham & Company LLC as exclusive financial adviser and placement agent, alongside legal counsel from Ellenoff Grossman & Schole LLP, Rajah & Tann Singapore LLP, and White & Case LLP, among others.
The listing underscores growing investor interest in quantum computing, as companies seek to commercialise software platforms capable of unlocking future computational capabilities.
-- BERNAMA
In a statement, Horizon Quantum said the transaction, approved by dMY shareholders on March 17, will see the combined entity begin trading on March 20 under the ticker symbols “HQ” for shares and “HQWWW” for warrants.
Horizon Quantum develops software infrastructure designed to enable developers to leverage quantum computing for complex computational challenges. The proceeds from the transaction will be used to accelerate research and development, enhance its hardware testbed, and advance its integrated development environment, Triple Alpha.
“Recent rapid progress in quantum hardware and error correction signals an inflection point for the industry.
“With our Nasdaq listing, we are well-positioned to deliver the software infrastructure needed to power the next phase of computing and enable broad quantum advantage,” said Horizon Quantum Founder and Chief Executive Officer (CEO), Joe Fitzsimons.
Meanwhile, dMY Chairman and CEO, Harry You said Horizon Quantum’s hardware-agnostic approach positions it to benefit regardless of how quantum computing technologies evolve across competing modalities, including cloud-based systems.
Advisers to the transaction included Needham & Company LLC as exclusive financial adviser and placement agent, alongside legal counsel from Ellenoff Grossman & Schole LLP, Rajah & Tann Singapore LLP, and White & Case LLP, among others.
The listing underscores growing investor interest in quantum computing, as companies seek to commercialise software platforms capable of unlocking future computational capabilities.
-- BERNAMA
Tuesday, 24 March 2026
AM BEST AFFIRMS PVI INSURANCE’S TOP-TIER RATINGS
KUALA LUMPUR, March 24 (Bernama) -- AM Best has affirmed the financial strength rating of A- (Excellent), the long-term issuer credit rating of “a-” (Excellent), and the Vietnam National Scale Rating of aaa.VN (Exceptional) for PVI Insurance Corporation (PVI Insurance), with a stable outlook.
The credit ratings (ratings) reflect PVI Insurance’s very strong balance sheet, strong operating performance, neutral business profile, and appropriate enterprise risk management. The affirmation also factors in rating support from its ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).
The global credit rating agency said in a statement that PVI Insurance’s balance sheet strength is supported by its risk-adjusted capitalisation, measured via Best’s Capital Adequacy Ratio, which is expected to remain at the strongest level over the medium term.
The company benefits from financial flexibility as a majority-owned subsidiary of HDI V.a.G. Its investment portfolio is considered moderate risk, primarily in cash and term deposits, supplemented by non-rated corporate bonds, affiliated private equity, and real estate.
Offsetting factors include a high dividend payout ratio and reliance on reinsurance for underwriting large commercial property, engineering, and energy risks.
Operating performance is strong, supported by a five-year average return on equity ratio of 16.7 per cent from fiscal year (FY) 2021 to FY 2025. FY 2025 earnings improved due to favourable loss experience and reserve development following Typhoon Yagi.
Profitable results in both commercial and retail lines, combined with stable investment income from interest and dividends, are expected to continue driving overall earnings.
PVI Insurance’s business profile is assessed as neutral. It remains Vietnam’s largest non-life insurer based on 2024 and nine months of 2025 direct premiums written. The company holds strong positions in commercial and industrial lines, including energy, property, engineering, aviation, and marine insurance.
Support from HDI V.a.G. has enhanced technical expertise and service offerings, strengthening PVI Insurance’s regional position in industrial risk coverage. Recent growth has been driven by expansion in inwards reinsurance, while prudent accumulation management continues to be monitored.
-- BERNAMA
The credit ratings (ratings) reflect PVI Insurance’s very strong balance sheet, strong operating performance, neutral business profile, and appropriate enterprise risk management. The affirmation also factors in rating support from its ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).
The global credit rating agency said in a statement that PVI Insurance’s balance sheet strength is supported by its risk-adjusted capitalisation, measured via Best’s Capital Adequacy Ratio, which is expected to remain at the strongest level over the medium term.
The company benefits from financial flexibility as a majority-owned subsidiary of HDI V.a.G. Its investment portfolio is considered moderate risk, primarily in cash and term deposits, supplemented by non-rated corporate bonds, affiliated private equity, and real estate.
Offsetting factors include a high dividend payout ratio and reliance on reinsurance for underwriting large commercial property, engineering, and energy risks.
Operating performance is strong, supported by a five-year average return on equity ratio of 16.7 per cent from fiscal year (FY) 2021 to FY 2025. FY 2025 earnings improved due to favourable loss experience and reserve development following Typhoon Yagi.
Profitable results in both commercial and retail lines, combined with stable investment income from interest and dividends, are expected to continue driving overall earnings.
PVI Insurance’s business profile is assessed as neutral. It remains Vietnam’s largest non-life insurer based on 2024 and nine months of 2025 direct premiums written. The company holds strong positions in commercial and industrial lines, including energy, property, engineering, aviation, and marine insurance.
Support from HDI V.a.G. has enhanced technical expertise and service offerings, strengthening PVI Insurance’s regional position in industrial risk coverage. Recent growth has been driven by expansion in inwards reinsurance, while prudent accumulation management continues to be monitored.
-- BERNAMA
CHINA TAIPING INSURANCE (MACAU) AFFIRMED EXCELLENT RATINGS BY AM BEST
KUALA LUMPUR, March 24 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) of China Taiping Insurance (Macau) Company Limited (CTIM), with a stable outlook.
The credit ratings (ratings) reflect CTIM’s very strong balance sheet, strong operating performance, neutral business profile, and appropriate enterprise risk management, according to AM Best in a statement.
CTIM’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio, remains at the strongest level. The insurer reported robust capital and surplus growth, reaching 1.053 billion Macanese pataca (US$132 million) in 2025 based on unaudited figures. (US$1=RM3.92)
Its conservative investment strategy—focused on cash and investment-grade bonds—alongside a comprehensive reinsurance programme with high-quality counterparties, continues to support its financial position, although moderate reliance on reinsurance partially offsets these strengths.
Operating performance has remained solid, with a five-year average return on equity of 17.8 per cent from 2021 to 2025. Underwriting results have outperformed industry averages, while stable investment income has supported earnings.
In 2025, the net combined ratio improved, driven primarily by lower loss ratios in motor and employees’ compensation segments.
Investment returns have remained consistent at mid-single-digit levels over the past two years and are expected to continue contributing stable income streams from interest, dividends, and rental sources.
CTIM retains a leading position in Macau’s non-life insurance market, holding an estimated 34 per cent share based on gross premiums written in 2025. Its diversified underwriting portfolio and distribution channels, including expanding digital platforms and cross-selling initiatives with affiliates of China Taiping Insurance Group Ltd, underpin its market strength.
-- BERNAMA
The credit ratings (ratings) reflect CTIM’s very strong balance sheet, strong operating performance, neutral business profile, and appropriate enterprise risk management, according to AM Best in a statement.
CTIM’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio, remains at the strongest level. The insurer reported robust capital and surplus growth, reaching 1.053 billion Macanese pataca (US$132 million) in 2025 based on unaudited figures. (US$1=RM3.92)
Its conservative investment strategy—focused on cash and investment-grade bonds—alongside a comprehensive reinsurance programme with high-quality counterparties, continues to support its financial position, although moderate reliance on reinsurance partially offsets these strengths.
Operating performance has remained solid, with a five-year average return on equity of 17.8 per cent from 2021 to 2025. Underwriting results have outperformed industry averages, while stable investment income has supported earnings.
In 2025, the net combined ratio improved, driven primarily by lower loss ratios in motor and employees’ compensation segments.
Investment returns have remained consistent at mid-single-digit levels over the past two years and are expected to continue contributing stable income streams from interest, dividends, and rental sources.
CTIM retains a leading position in Macau’s non-life insurance market, holding an estimated 34 per cent share based on gross premiums written in 2025. Its diversified underwriting portfolio and distribution channels, including expanding digital platforms and cross-selling initiatives with affiliates of China Taiping Insurance Group Ltd, underpin its market strength.
-- BERNAMA
DMITRY SHUBOV: AI LOCK-IN RISK RISES FOR SOUTHEAST ASIA LEGAL-TECH
KUALA LUMPUR, March 24 (Bernama) -- Southeast Asian legal-tech startups targeting United States (US) expansion face mounting compliance and commercial risks as governments and enterprise buyers increasingly favour region-specific artificial intelligence (AI) platforms, in line with projections from Gartner.
“As suggested by Gartner’s findings, decisions about platforms require careful consideration. Founders who treat AI-platform and data-residency decisions as investor-grade deliverables will encounter fewer surprises when entering the US market,” said Dmitry Shubov Consulting Founder and Chief Executive Officer, Dmitry Shubov in a statement.
Platform lock-in—driven by sovereign cloud frameworks and country-specific AI ecosystems—is expected to surge from five per cent to 35 per cent by 2027, complicating cross-border deployment strategies.
Founders pursuing US-based pilots, enterprise contracts, or fundraising must now account for stricter data residency, processing, and transfer requirements.
Governments and large buyers are increasingly mandating the use of approved local platforms, limiting cross-border data movement and introducing new operational constraints.
While regional large language models (LLMs) may offer advantages in regulatory alignment and multilingual capability, deploying across multiple jurisdictions can create friction for US customers and investors.
The shift is also raising due diligence standards. US stakeholders now expect investor-grade transparency, including auditable data flow diagrams, clear subprocessor disclosures, and legally compliant transfer mechanisms such as standard contractual clauses (SCCs) or binding corporate rules (BCRs).
These evolving requirements have direct commercial implications. Startups that proactively structure data governance frameworks and residency strategies can accelerate procurement cycles, reduce transaction risk, and improve valuation outcomes by addressing investor concerns early.
Dmitry Shubov Consulting advises Southeast Asian legal-tech firms on translating region-specific AI and cloud risks into investor-ready frameworks, including data mapping, contractual playbooks, and US go-to-market strategies.
-- BERNAMA
“As suggested by Gartner’s findings, decisions about platforms require careful consideration. Founders who treat AI-platform and data-residency decisions as investor-grade deliverables will encounter fewer surprises when entering the US market,” said Dmitry Shubov Consulting Founder and Chief Executive Officer, Dmitry Shubov in a statement.
Platform lock-in—driven by sovereign cloud frameworks and country-specific AI ecosystems—is expected to surge from five per cent to 35 per cent by 2027, complicating cross-border deployment strategies.
Founders pursuing US-based pilots, enterprise contracts, or fundraising must now account for stricter data residency, processing, and transfer requirements.
Governments and large buyers are increasingly mandating the use of approved local platforms, limiting cross-border data movement and introducing new operational constraints.
While regional large language models (LLMs) may offer advantages in regulatory alignment and multilingual capability, deploying across multiple jurisdictions can create friction for US customers and investors.
The shift is also raising due diligence standards. US stakeholders now expect investor-grade transparency, including auditable data flow diagrams, clear subprocessor disclosures, and legally compliant transfer mechanisms such as standard contractual clauses (SCCs) or binding corporate rules (BCRs).
These evolving requirements have direct commercial implications. Startups that proactively structure data governance frameworks and residency strategies can accelerate procurement cycles, reduce transaction risk, and improve valuation outcomes by addressing investor concerns early.
Dmitry Shubov Consulting advises Southeast Asian legal-tech firms on translating region-specific AI and cloud risks into investor-ready frameworks, including data mapping, contractual playbooks, and US go-to-market strategies.
-- BERNAMA
Thursday, 19 March 2026
MITSUBISHI ELECTRIC SECURES MAJOR ORDER FOR TWO SUDIRMAN JAKARTA
KUALA LUMPUR, March 19 (Bernama) -- Mitsubishi Electric Corporation has announced that two of its Indonesian subsidiaries have secured a major order to supply 66 elevators, 30 escalators, 404 air-conditioning units, and 38 hand dryers for Two Sudirman Jakarta.
The subsidiaries involved are PT Mitsubishi Jaya Elevator and Escalator, responsible for manufacturing, selling, installing, and servicing the elevators and escalators, and PT Mitsubishi Electric Indonesia, which handles the air-conditioning systems.
The high-quality equipment is expected to enhance the luxury and comfort of the complex, according to a statement.
Two Sudirman Jakarta is a huge mixed-use urban space scheduled to open in the heart of Jakarta at the end of 2028.
The order reflects Mitsubishi Electric’s strong reputation in Indonesia for delivering reliable elevators, escalators, and related services.
The proposal to supply Two Sudirman Jakarta with the air-conditioning units was supported by Mitsubishi Electric’s extensive product lineup and the close cooperation between its group companies.
By providing advanced and dependable solutions, Mitsubishi Electric aims to contribute to safer, more secure, and comfortable urban environments in Indonesia.
-- BERNAMA
The subsidiaries involved are PT Mitsubishi Jaya Elevator and Escalator, responsible for manufacturing, selling, installing, and servicing the elevators and escalators, and PT Mitsubishi Electric Indonesia, which handles the air-conditioning systems.
The high-quality equipment is expected to enhance the luxury and comfort of the complex, according to a statement.
Two Sudirman Jakarta is a huge mixed-use urban space scheduled to open in the heart of Jakarta at the end of 2028.
The order reflects Mitsubishi Electric’s strong reputation in Indonesia for delivering reliable elevators, escalators, and related services.
The proposal to supply Two Sudirman Jakarta with the air-conditioning units was supported by Mitsubishi Electric’s extensive product lineup and the close cooperation between its group companies.
By providing advanced and dependable solutions, Mitsubishi Electric aims to contribute to safer, more secure, and comfortable urban environments in Indonesia.
-- BERNAMA
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