KUALA LUMPUR, Nov 24 -- OMRON Healthcare Co Ltd has announced additional investment into AliveCor by its parent company, OMRON Corporation, as part of US$65 million series E funding for the leader in AI-based personal electrocardiogram (ECG) technology. (US$1 = RM4.09)
According to a statement, OMRON led this round of investment, reinforcing the cross-company collaboration that began in 2017.
The companies continue to build on their global alliance to accelerate development of solutions for cardiovascular disease management and remote patient monitoring utilising ECG technology.
“OMRON is committed to developing life-saving cardiovascular health technologies in pursuit of our 'Going for Zero' vision to eliminate heart attacks and strokes,” said OMRON Healthcare president and chief executive officer, Isao Ogino.
“Over one billion adults are hypertensive worldwide, and their risk of stroke is nearly five times greater if they also suffer from Afib (atrial fibrillation).
“The ability to monitor both blood pressure and heart rhythm at home is essential for early detection, treatment and management of these cardiovascular health conditions.
“We continue to explore and develop new technologies to enhance the accessibility of home monitoring that help people to manage their condition, and will engage partners like AliveCor to ensure this technology is best-in-market, further accelerating our remote patient monitoring business to achieve our goal.”
OMRON's expanded investment into AliveCor builds upon the companies' ongoing collaboration.
OMRON Healthcare is a global leader in the field of clinically proven, innovative medical equipment for health monitoring and therapy.
-- BERNAMA
Tuesday 24 November 2020
OMRON empowers engagement with AliveCor on remote cardiovascular condition management
VIVEK GOEL NAMED PRESIDENT AND VICE-CHANCELLOR OF THE UNIVERSITY OF WATERLOO
Innovator, scholar and bold leader becomes university’s seventh president
Goel, who begins his five-year term on July 1, 2021, is recognized in Canada and around the world as a leading public-health researcher, health-services evaluation expert, and champion for the use of research evidence in health policymaking.
Goel has held several senior roles at the University of Toronto, including Vice-President and Provost and most recently as Vice-President of Research and Innovation.
The public health physician currently serves as a member of the federal government’s COVID-19 Immunity Task Force and Scientific Advisor for the CanCOVID Research Network. He was previously the founding president and CEO of Public Health Ontario.
“Dr. Goel has decades of experience and expertise as a university leader and as a champion of student experience, research and innovation. He is uniquely qualified to guide the institution and to bolster our strengths at the intersection of health, society and technology,” said Cindy Forbes, Chair of the University of Waterloo’s Board of Governors.
Goel said the current global situation reminds us of our responsibility to prepare students and citizens to confront the many challenges ahead. “A research-intensive institution like Waterloo is ideally poised to create the change and solutions for a better future – whether it is tackling public-health challenges, addressing systemic racism, dealing with the climate crisis, or spurring economic recovery and growth.”
“In Waterloo, I can see what a post-pandemic university looks like,” he said.
The appointment represents the culmination of an almost yearlong effort by a 19-member presidential nominating committee comprised of students, staff, faculty and board governors, in consultation with stakeholders across campus and the broader community.
“The Presidential Nominating Committee sought a candidate who is renowned for their experienced leadership and is committed to the success of faculty, staff, students and alumni,” Forbes said. “We looked for an individual who will actively engage to foster equity, diversity and inclusion as well as a deep sense of community across our campuses.”
“I look forward to working with Dr. Goel as he leads Waterloo on its transformational path and builds on the achievements of President Feridun Hamdullahpur.”
Hamdullahpur has served as president and vice chancellor of the University of Waterloo since 2010 and will continue through June 2021. He has elevated Waterloo’s international profile, placed exceptional focus on student experience and wellbeing and set the ambitious course for the University’s 2020-2025 strategic plan.
“Waterloo is a place where business, community and governmental leaders come together to seek today’s solutions to tomorrow’s problems. I am confident that under the leadership of Vivek Goel, our community will continue to flourish and drive even greater impact around the world,” Hamdullahpur said.
Goel obtained his medical degree from McGill University. He did his post-graduate medical training in community medicine at the University of Toronto, and obtained a master’s degree (MSc) in health administration from the University of Toronto and a master’s degree (MS) in biostatistics from Harvard University’s School of Public Health.
Goel also currently serves on the boards of the Vector Institute, TRIUMF—Canada’s particle accelerator—and the Canadian Institute for Health Information.
Contact
Chris Wilson-Smith
Director, media relations
chris.ws@uwaterloo.ca
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/41a37aaa-d8eb-4963-bf22-f174c9902c2f
For more information, visit: uwaterloo.ca/next-president/
SOURCE: University of Waterloo
--BERNAMA
Thursday 19 November 2020
HKTB, STB team up on Air Travel Bubble ahead of first flights on Nov 22
KUALA LUMPUR, Nov 19 -- The Hong Kong Tourism Board (HKTB) and the Singapore Tourism Board (STB) have collaborated to welcome the launch of the Hong Kong-Singapore Air Travel Bubble (ATB), ahead of the departure of the first flights on Nov 22.
The Hong Kong-Singapore Air Travel Bubble – a bilateral, all-purpose and quarantine-free arrangement – is a milestone for the global tourism industry, paving the way for a safe resumption of international travel.
The HKTB and STB partnership - the first between the tourism boards - demonstrates the close ties between the two destinations as well as a mutual commitment to provide visitors with a safe travel experience.
Expressing excitement over the travel resumption between Hong Kong and Singapore, HKTB Executive Director Dane Cheng said in a statement that it was a “hugely important moment” showing the world that safe international travel was possible.
“We are confident Hong Kong is clean and ready to welcome visitors back. What’s more, we have laid on a selection of amazing offers for our visitors, including hotels and attractions, a diverse selection of travel experiences, and incredible value-for-money deals.”
The HKTB has rolled out the Anti-Epidemic Hygiene Measures Certification Scheme to ensure that every touch point of visitors’ journey is covered with anti-epidemic measures.
STB Chief Executive Officer Keith Tan said: “The Air Travel Bubble is a significant milestone that demonstrates the deep connections and close friendship between Singapore and Hong Kong.”
With the ATB, both cities are ready to shower visitors with a series of compelling experiences. Hong Kong will welcome the winter holidaymakers from Singapore with its renowned sparkling Christmas celebrations.
-- BERNAMA
ONWARD SECURITY JOINS THE IOXT ALLIANCE AS AN EXCLUSIVE AUTHORIZED LABS PARTNER
Global Cybersecurity Lab Will Expand Third-Party IoT Security Testing for the Alliance
NEWPORT BEACH, Calif., Nov 19 (Bernama-BUSINESS WIRE) -- Today, the ioXt Alliance, the Global Standard for IoT Security, announced the addition of Onward Security to the ioXt Authorized Labs Certification Program. Authorized Labs are the exclusive test providers for the ioXt Alliance and perform all testing required for devices to be certified by the Alliance and to bear the ioXt SmartCert, which provides security assurance to consumers.
Onward Security provides security and compliance solutions for the IoT industry. With its international accredited assessment labs, the company aims to help technology companies and manufacturers obtain certifications to allow connected products to enter the market securely. Due to its trusted reputation in the industry, Onward Security has become Taiwan's only security assessment lab for Amazon Alexa Voice Service and Amazon Prime Video and Asia's only Cellular Telecommunications Industry Association (CTIA) authorized test lab for cybersecurity.
“As a leader in security assessment, we take pride in working with companies to ensure devices are safe for all end-users across industries before they hit the shelves,” said Morgan Hung, General Manager at Onward Security. “Partnering with the ioXt Alliance will allow us to open our facilities to more companies and ensure devices comply with their global security standards which provides visibility and protects consumers from vulnerabilities.”
The ioXt Alliance’s network of Authorized Labs are an invaluable part of advancing its mission of building manufacturer and consumer confidence in the security of IoT products. The Authorized Labs are global leaders of compliance and security testing and provide exclusive, third-party validation to connected devices through the ioXt Certification Program. The program is composed of eight security principles focused on the security, upgradability and transparency of devices and after testing, products that meet or exceed the requirements in its designated category receive the ioXt SmartCert seal of security.
“Authorized Labs are an important element of the ioXt Alliance and are the key to ensuring devices are secure before they become available to consumers,” said ioXt Alliance CTO Brad Ree. “Onward Security has a stellar reputation in the industry and is trusted by some of the biggest names in tech for compliance testing. We look forward to being part of their network and working together to advance security in the IoT industry.”
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201118005331/en/
Contact
Media:
Ginger Chin
ginger@onwardsecurity.com
+886-2-8911-5035
+886-987-193-588
Source : Onward Security
Friday 13 November 2020
Menlo Security secures US$100 million in latest financing
KUALA LUMPUR, Nov 13 -- Menlo Security, a leader in cloud security, has raised US$100 million in Series E funding, valuing the company at US$800 million. (US$1 = RM4.133)
The round was led by Vista Equity Partners, a leading global investment firm focused on enterprise software, data and technology-enabled businesses, with additional participation from Neuberger Berman funds, General Catalyst, JP Morgan, and other existing investors.
This new capital will further fuel market expansion and empower the company to scale go-to-market capabilities, as well as provide increased investment in engineering to accelerate product delivery and category expansion.
As businesses of all sizes embrace remote working and migrate to software as a service (SaaS), security is being completely re-architected to combat modern-day threats such as phishing and ransomware.
Traditional ‘detect and respond’ approaches fail to provide the safety that users and businesses need, thus the Menlo Security Cloud SWG is an extensible security platform – built on a unique isolation core – that delivers on the promise of cloud security.
It provides the most effective zero trust approach to preventing malicious attacks, offers seamless experience for end-users that allows for safe, uninterrupted work while accessing the Internet, SaaS or private applications; and removes significant operational burden for security operations teams.
Despite market uncertainty in the wake of COVID-19, Menlo Security has maintained impressive momentum, with 155 per cent ARR growth and over 100 per cent increase in average deal size year to date compared to the same period last year.
More details at www.menlosecurity.com.
-- BERNAMA
Rethinking travel via regenerative tourism, technology advancement
KUALA LUMPUR, Nov 10 -- With world arrivals forecast to be down 50 per cent by 2020-end, the global travel supply chain is under immense pressure, according to global market research company, Euromonitor International.
In Euromonitor International’s new report, ‘Accelerating Travel Innovation after Coronavirus’, countries are using innovation to accelerate recovery due to the reality of a global recession and new waves of the virus.
According to a statement, in Europe, a strong rebound of five per cent real GDP growth and a 76 per cent increase in inbound receipts are expected next year.
Sustainable tourism will play a big part in the recovery process, with countries looking to achieve net positive impact for local communities, especially in destinations suffering from over-tourism, like Barcelona.
Meanwhile in Asia Pacific, recovery is expected within three years—relatively quicker than Western Europe.
Home to the world’s largest population of Internet users, innovation in the region is already thriving, with concepts tackling various needs during lockdown, including customer journey, mobility and sustainable destination management.
With mobile sales accounting for 62 per cent of all APAC online sales this year, this trend will continue apace post-pandemic. By 2025, Singapore will lead online travel sales with an average spend of US$1,200 per person a year. (US$1 = RM4.11)
In the Americas, Panama and Argentina are forecast to experience a 20 per cent CAGR in inbound receipts in 2021-2025, ahead of the US at 12 per cent CAGR.
Digitalisation is accelerating with a wide range of technology incorporated into new travel concepts, including AI, automation, blockchain and the Internet of Things, to create a safer, more sustainable and seamless travel experience.
-- BERNAMA
Thursday 12 November 2020
Wednesday 11 November 2020
Mavenir unveils 2G, 3G technology integration into existing broadband suite
KUALA LUMPUR, Nov 11 -- Mavenir, the industry’s only end-to-end Network Software Provider for 4G/5G networks, has announced the integration of 2G and 3G technologies into its existing broadband suite for 4G and 5G.
The new end to end cloud-native solution, covering complete stack of all mobile technologies - 2G/3G/4G/5G, in mobile networks for both radio access and packet core will provide a truly unique fully containerised solution enabling mobile network automation and webscale agility.
For the RAN component, the 2G and 3G capabilities will be fully integrated into the OpenRAN architecture, with fully containerised CU and DU to provide all-in-one Multi Radio Access Technology.
Mavenir’s President and Chief Executive Officer, Pardeep Kohli said: “2G/3G is still relevant in many markets for years to come. With these solutions, our customers will be able to automate their networks and support all mobile technologies on a cloud-native network.”
The 2G and 3G stack will also be fully integrated into the packet core solution, being totally cloud native with Service Based Architecture.
This enhances Mavenir’s existing converged packet core solution, in 4G and 5G deployments worldwide and already providing gateway capabilities, to now providing full mobility integration into 2G/3G.
The solution will feature the ability to scale and utilise a single architecture to cover all generations (multi-G) of mobile technologies, with an extremely agile and flexible configuration for faster time to market and remote operations of the core and radio access network.
-- BERNAMA
PREQIN LAUNCHES INDUSTRY'S FIRST COMPREHENSIVE SOLUTION TO TRACK AND COMPARE ESG DATA ACROSS ALTERNATIVE ASSETS
LONDON, Nov 11 (Bernama-BUSINESS WIRE) -- Preqin has launched ESG Solutions, the first private market solution that enables clients to understand, track, and compare investors and fund managers using detailed ESG criteria.
Private markets have historically lacked transparency into investors’ and fund managers’ ESG track records and preferences because the industry did not have consistent and comparable data standards for reporting and disclosure. With ESG Solutions, Preqin aims to solve that challenge as part of its continuing goal to help alternatives industry professionals make fully informed decisions.
Preqin established a research and development program and partnered with more than 50 clients to determine how to identify, collect and track meaningful ESG data metrics in private markets.
ESG Solutions combines 37 data indicators sourced from leading industry frameworks, including SASB, UNPRI, ILPA, TCFD, and public ESG ratings providers. Preqin combines those frameworks with proprietary technology and its global research organization to track public ESG disclosures by private market participants. The result is an in-depth picture of ESG exposure across the industry.
ESG Solutions also features an innovative model to help LPs evaluate a fund’s ESG risk exposure. Preqin’s portfolio company data and taxonomy is aligned with risk factors identified in the SASB Materiality Map to create an at-a-glance view of operators’ ESG exposure.
“We believe that ESG is the future of the industry,” said Mark O’Hare, Preqin CEO, “but it’s a future that cannot be fully realized while every operator is measuring and comparing their exposure in different ways. ESG Solutions offers private markets a unified view that gives clear insight. We are thrilled to offer our clients a solution that’s a step-change in meeting the ESG data challenge. But we recognize that this is one step toward driving widespread adoption of ESG in private markets. We plan to continually engage with our clients and the industry on further product developments, dialogue, and education.”
ESG Solutions is now available as an upgrade for existing Preqin Pro subscribers. For more information, or to book a demo, please visit
https://preqin.com/our-products/esg-solutions.
________________________________________________________________________
Preqin is the Home of AlternativesTM, the foremost provider of data, analytics and insights to the alternative assets community.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201110005988/en/
Contact
William Clarke – AVP, Communications
press@preqin.com
(+44) 20 3207 0265
Source : Preqin
Tuesday 10 November 2020
Cloudflare unveils plans on France maiden office to support growing European operations
KUALA LUMPUR, Nov 10 -- Cloudflare Inc, the security, performance, and reliability company, has announced that Paris, France, will be the home of its fourth office in Europe, to further support its growing European operations.
Paris represents a growing Cloudflare team and presence in Europe, following the company’s European headquarters in London and offices in Munich, Germany and Lisbon, Portugal.
According to a statement, Cloudflare’s Paris-based team will help the company grow brand awareness, support and acquire customers, and recruit new talent.
As part of the announcement, Cloudflare is welcoming its first Head of France, Boris Lecoeur, a seasoned regional leader with more than two decades of industry experience in software and technology, who will lead this new office and team.
“With a team based in Paris, we're committed to this growing business landscape, being closer to our customers as well as expanding our business in the region,” said Cloudflare co-founder and chief executive officer, Matthew Prince.
Today, Cloudflare’s network currently spans 78 cities in the EMEA region, including three cities in France. Cloudflare first invested in France when it expanded its network into Paris in 2011, just eight months after launching the company.
Now with data centres spanning more than 200 cities in over 100 countries, the company continues to grow its presence to be even closer to Internet-connected users everywhere.
More details at www.cloudflare.com.
-- BERNAMA
Philippine insurers remain under pressure to amend minimum capital rule - AM Best
KUALA LUMPUR, Nov 9 -- AM Best believes local companies in the Philippine insurance industry will still face significant pressure on underwriting growth and profitability amid the ongoing COVID-19 pandemic with the recent rejection of a proposal to relax minimum capital requirements.
The new Best’s Commentary titled, ‘Philippine Insurance: Dropped Proposal to Amend Minimum Capital Rule May Have Mixed Impact,’ notes that the government has stood firm on the capitalisation requirement, which is to be met by 2022.
According to the commentary, the requirement not only prompted capital injections in the market to strengthen the insurers’ capitalisation, but also led to increased merger and acquisition (M&A) activity in the Philippines’ highly fragmented insurance market.
However, in view of the economic fallout from COVID-19, AM Best notes there is a possibility that M&A momentum and the impetus to shore up capital positions may falter over the near term.
Many small and medium-sized companies will need to bolster their capital bases to comply with the increasing minimum net worth requirements.
Given the remaining time period, the global credit rating agency, AM Best expects that this will likely be achieved through capital raised with new/existing shareholders, rather than through internal capital generation.
More details at www.ambest.com.
-- BERNAMA
Tricor invests in Asia's tax compliance, advisory, appoints Global Head of Tax
KUALA LUMPUR, Nov 10 -- Tricor Group (Tricor), Asia's leading business expansion specialist has appointed seasoned international tax and strategic business leader, Chee Weng Lee as Global Head of Tax.
Since Tricor’s acquisition of Axcelasia in April 2020, Tricor has steadily strengthened its tax, compliance and advisory solutions.
This acquisition included TAXAND Malaysia and further expanded Tricor’s tax solutions under the leadership of Dr Veerinderjeet Singh and Mui Lee Leow, enabling Tricor to further complement its corporate and business services offerings to clients.
Tricor Group has further invested in growing its regional and global tax compliance and advisory capabilities with Chee’s appointment. He will be based in Hong Kong SAR.
Chee is a veteran of the Big Four accounting firms with over 35 years of tax and business advisory experience having served as Head of International Tax, Asia Pacific and Partner at Arthur Andersen.
Dual-reporting to Tricor Group Chief Executive Officer (CEO), Lennard Yong; and Hong Kong CEO, Joe Wan, Chee will be charged with servicing corporate, international and personal tax compliance, planning and business process outsourcing for clients in the 21 countries Tricor serves.
Tricor’s tax team advises clients in all areas of domestic and international tax law, spanning every stage of the business life cycle from incorporation to business expansion and IPO.
More details at www.tricorglobal.com.
-- BERNAMA
Monday 9 November 2020
KOREA BRANDSTARS ANNOUNCES 2020 REPRESENTATIVE BRANDS OF KOREAN WAVE
This event to select and announce a list of brands that represent Korean Wave through major media outlets in China and Asia is aimed at providing accurate information to consumers abroad about the brands that provide high product quality and excellent services.
The brands were selected in the categories that are of areas of interest among Hallyu, the Korean Wave, fans through media and consumer assessment followed by a final screening by experts.
As the brands to represent each industry, Samsung Electronics’ Samsung Galaxy, Hyundai Motors’ Genesis, LG Electronics’ OLED TV and TROMM, and Dong-A Pharm’s Bacchus were selected.
In the shopping, entertainment, game, and tourism and performance categories, The Shilla Duty Free, BTS, which is winning popularity among fans around the world, NCSOFT’s Lineage 2M, Jeju Special Self-Governing Province, and Jeju Sky Water Show were selected respectively.
Amorepacific’s Sulwhasoo and LG Household and Health Care’s The History of Whoo were selected in the category of K-beauty, Olive Young was chosen for the category of health and beauty shop, LG Pra.L was selected in the category of home beauty device, and MEDIHEAL was selected in the mask pack category.
In the category of health care, CheongKwanJang, which is Korea’s leading health functional food brand specializing in red ginseng, and FromBIO, a functional food company, were selected. And in the category of health examination, Samsung Medical Center was selected.
The most popular K-food brands were CJ CheilJedang’s Bibigo, Binggrae’s Banana Flavored Milk, Nongshim’s Chapaghetti, and Paris Baguette. Sinjeon Tteok-bokki and Buldak-bokkeum-myeon were also selected as the brands representing spicy flavors.
In the K-fashion category, BLACKYAK, an outdoor brand, SPAO, a casual wear brand, and Gentle Monster, a sunglass brand, were selected.
Following last year, Sulwhasoo, The History of Whoo, Olive Young, Samsung Galaxy, LG TROMM, BTS, Bibigo, Buldak-bokkeum-myeon, Sinjeon Tteok-bokki, CheongKwanJang, FromBIO, Jeju Special Self-Governing Province, and Jeju Sky Water Show were selected for three years in a row.
Korea BRANDSTARS said, “Despite the difficulties in international exchange due to the spread of COVID-19, the brands that represent Korea are loved all the more by fans around the world beyond Asia based on their best product power and excellent services.”
View source version on businesswire.com:
https://www.businesswire.com/news/home/52319897/en
Contacts
Ki-joo Kim +82-2-544-0153
brandstars@daum.net
http://brandstars.kr/
Source: Korea BRANDSTARS Selection Committee
Tokyo Sustainable Finance Week set for next February
KUALA LUMPUR, Nov 9 -- The Tokyo Metropolitan Government (TMG) will organise Tokyo Sustainable Finance Week in February 2021, to promote ESG investment and sustainable finance that contribute to sustainable cities development and enhance TMG's presence in these areas.
During the week, the Tokyo Sustainable Finance Forum will be held, targeted at professionals working at financial institutions and relevant organisations in Japan and overseas.
In addition, the Financial Seminar for Tokyo Residents will also be held to improve financial literacy and raise awareness for sustainable finance among the general public.
Programme includes Keynote speech 1: Global Trends in Sustainable Finance (tentative); Keynote speech 2: Development of Sustainable Finance in Japan; and, Keynote speech 3: Sustainable Finance Trends in Japan and Overseas from the Perspective of Investors.
In addition to the keynote speeches, a panel discussion will also be held, according to a statement.
Applications to attend the Tokyo Sustainable Finance Forum are accepted beginning Nov 9, while applications for the Financial Seminar for Tokyo Residents will open in early December.
Application is available at https://sites.net-convention.com/tsfw_forum_en/
-- BERNAMA
Taiwan’s Fubon Insurance Credit Ratings affirmed Excellent - AM Best
KUALA LUMPUR, Nov 9 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a+’ of Fubon Insurance Co Ltd (Fubon Insurance) Taiwan.
In a statement, the global credit rating agency, AM Best said the outlook of these Credit Ratings (ratings) was stable.
The ratings reflect Fubon Insurance’s balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.
Fubon Insurance’s risk-adjusted capitalisation remained at the strongest level at year-end last year, as measured by Best’s Capital Adequacy Ratio.
The company’s adjusted capital and surplus grew by 17.5 per cent in 2019 to TWD 42.7 billion (US$ 1.4 billion) as of year-end 2019, supported by a moderate level of profit retention, and favourable unrealised capital gains during the year. (US$1 = RM4.12)
Fubon Insurance’s operating performance continues to be supported by positive underwriting and investment results in 2019, with a five-year average return on equity of 8.5 per cent.
The company continues to be the market leader in the Taiwan non-life market, with a market share of 23.8 per cent in 2019, in terms of gross premium written.
Leveraging its extensive distribution network and strong brand recognition, the company is able to maintain a diversified and consistently profitable domestic underwriting portfolio.
More details at www.ambest.com.
-- BERNAMA
Friday 6 November 2020
Stable Japan’s non-life insurance market segment outlook - AM Best
KUALA LUMPUR, Nov 4 -- AM Best, a global credit rating agency is maintaining its stable market segment outlook on Japan’s non-life insurance segment.
According to a statement, the agency is citing sustained profitable underwriting performance and carriers’ ability to weather market volatility and maintain solid risk-adjusted capital levels.
Despite large-scale catastrophe losses last year, profitable performance in most other classes of business, particularly voluntary automobile insurance, non-life insurance companies in the country still generated an overall underwriting profit.
This is according to a new Best’s Market Segment Report, ‘Market Segment Outlook: Japan Non-Life Insurance’.
AM Best said COVID-19 was unlikely to have a significant impact on the underwriting performance of Japan’s non-life companies over the short to medium term.
Claims directly related to COVID-19 are expected to be manageable, given that domestic non-life insurers generally have limited net exposure to event cancellation and business interruption risks in Japan.
Based on the report, any direct negative effect on underwriting profit likely will be mitigated by the decline in claims frequency for voluntary automobile insurance, especially during the period that Japan declared a state of emergency.
In addition, most non-life companies have actively taken pre-emptive steps to offset potential effects of the pandemic, primarily through accelerating the pace of digital transformations and business reforms to raise productivity and efficiency.
AM Best notes that most major market participants have sought to develop a better perception of exposure to climate risk, as well as raise premiums on fire, flood and wind damage covers; exercise prudence and control catastrophe risk retentions; and secure sufficient capital to maintain financial soundness.
-- BERNAMA
AM BEST PLACES CREDIT RATINGS OF LIFETIME INCOME LIMITED UNDER REVIEW WITH NEGATIVE IMPLICATIONS
SINGAPORE, Nov 6 (Bernama-BUSINESS WIRE) -- AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Lifetime Income Limited (LIL) (New Zealand).
This Credit Rating (rating) action follows recent regulatory licence conditions imposed on the company by the Reserve Bank of New Zealand (RBNZ), which will require LIL to hold additional capital margins in excess of existing regulatory minimums. These licence conditions follow volatility in the company’s regulatory solvency position, with breaches of the minimum solvency margin identified in fiscal-year 2020. LIL’s parent group, Retirement Income Group Limited, has initiated a capital raising exercise, which is expected to complete in December 2020. Proceeds from the capital raise are expected to be downstreamed to LIL in order for it to comply with the new licence conditions imposed by the RBNZ, as well as to support the next phase of its strategic development plan. The ratings have been placed under review with negative implications to reflect uncertainty surrounding the execution of the planned capital raise and consequently LIL’s ability to comply with its licence conditions.
The ratings will remain under review pending completion of the group’s capital raise and until AM Best can assess the impact of recent developments on LIL’s credit rating fundamentals, including balance sheet strength and enterprise risk management.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201105005662/en/
Contact
Sin Yee Chuah
Financial Analyst
+65 6303 5022
sinyee.chuah@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Alex Rafferty, ACA
Associate Director, Analytics
+44 20 7397 0312
alex.rafferty@ambest.com
Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best