Australian health advocates join global movement to raise awareness for Rare Disease Day – Sunday 28 February
SYDNEY, Feb 26 (Bernama-BUSINESS WIRE) -- With a mission of empowering the rare disease community, Illumina has today partnered with medical researchers and families to highlight the importance of genomic sequencing and to shine the spotlight on the 300 million people worldwide living with a rare disease.
Rare Disease Day is an annual event working towards equitable access to diagnosis, treatment, health, social care and opportunity for people living with a rare disease. In Australia, there are around 2 million people living with a rare disease – 400,000 of which are children.
Of those affected, many remain in the dark about their condition and without a diagnosis, families are often left in an unknown limbo; with many spending on average up to 7-years searching for answers1.
Maree Dalton, Australian mother of a child living with a rare disease said that “after years of searching for an explanation, the relief of having even a name to the condition is indescribable. Not only does a diagnosis provide answers, it can also lead to further support and access to the right help and healthcare.”
“Having a diagnosis offered the ability for our family to connect with others sharing similar experiences,” said Ms Dalton. “These communities offer an invaluable pillar of support during periods of struggle or uncertainty.”
There are over 7,000 different rare diseases that are chronic, progressive, degenerative, disabling and frequently life threatening.
Nicole Millis, CEO of Rare Voices Australia said: “Gene testing and whole-genome sequencing are instrumental to the detection of rare diseases.”
“Ensuring widespread access to specialised diagnostic responses such as genomic testing is important to ensure timely and accurate diagnosis, a priority of the National Strategic Action Plan for Rare Diseases. In future, precision medicine using genomic data and insights into the development of tailored treatment will also play a central role in the management of rare disease,” continued Ms Millis.
Illumina’s leading technology in genomic testing and sequencing is responsible for over 90% of the world’s sequencing data.
“One of genomic sequencing’s most powerful applications is in helping to identify the underlying genetic cause for a patient’s rare disease,” says Illumina Vice President and General Manager for Asia Pacific and Japan Gretchen Weightman. “These technologies can help families better understand these conditions, make a care plan that is best for their condition and in some cases, patients may even find treatments and most importantly, no one is left behind.”
“As a company, Illumina is dedicated to championing the needs of patients and the community. Our work in increasing access to whole-genome sequencing is underpinned by our commitment to further developing and delivering on the promise of precision medicine.”
This Rare Disease Day, Australians are encouraged to share a photo to their social pages with painted hands, using the hashtag #RareDisease Day and tag @rarediseaseday, to show the support for those living with rare diseases.
RARE DISEASE DAY
Rare Disease Day takes place on the last day of February each year. The main objective of Rare Disease Day is to raise awareness amongst the general public and decision-makers about rare diseases and their impact on patients' lives. The campaign targets primarily the general public and also seeks to raise awareness amongst policy makers, public authorities, industry representatives, researchers, health professionals and anyone who has a genuine interest in rare diseases. To learn more, visit www.rarediseaseday.org
ILLUMINA
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and follow @illumina. To learn more, visit www.illumina.com/areas-of-interest/genetic-disease/rare-disease-genomics.html
RARE VOICES AUSTRALIA
Rare Voices Australia (RVA) is the peak body for Australians living with a rare disease. RVA provides a strong, unified voice to advocate for policy as well as health, disability and other systems that work for people living with a rare disease. Our person-centered focus sees us working with all key stakeholders including governments, key peak bodies, researchers, clinicians, and industry. We advocate for the best outcomes for Australians living with a rare disease. To learn more, visit www.rarevoices.org.au
________________
1 Illumina. Whole-Genome Sequencing for Rare Disease: A Global Patient Advocacy Resource.
https://sapac.illumina.com/content/dam/illumina-marketing/documents/company/corporate-citizenship/illumina-global-advocacy.pdf
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210225006322/en/
Contact
Illumina
Melinda Hutcheon
858-882-6822
pr@illumina.com
Weber Shandwick
Clare Davies
0402 188 054
clare.davies@webershandwick.com
Sonja Ngenkrajang
0481 132 700
sngenkrajang@webershandwick.com
Source : Illumina, Inc.
Friday 26 February 2021
ILLUMINATING THE HEROES OF RARE DISEASES
Thursday 25 February 2021
RENEW POWER TO PUBLICLY LIST ON NASDAQ VIA BUSINESS COMBINATION WITH RMG II
KUALA LUMPUR, Feb. 25 (Bernama) -- ReNew Power Private Limited (ReNew) and RMG Acquisition Corporation II (RMG II) have announced the execution of a definitive agreement for a business combination that would result in ReNew becoming a publicly listed company on the NASDAQ.
According to a statement, upon closing of the transaction, the combined company would be named ReNew Energy Global PLC and publicly listed under the symbol ‘RNW’.
The transaction would further bolster ReNew’s leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt.
The pro forma consolidated & fully diluted market capitalisation of the combined company would be approximately US$4.4 billion at the US$10 per share PIPE subscription price, assuming no RMG II shareholders exercise their redemption rights. (US$1 = RM4.04)
Gross cash proceeds are estimated to be approximately US$1.2 billion, comprising US$855 million from the PIPE and approximately US$345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders.
Proceeds will be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt.
ReNew’s leadership will remain intact, with Sumant Sinha as Chairman & Chief Executive Officer of the combined company, overseeing its strategic growth initiatives and expansion.
Additional information available at www.rmgacquisition.com/
-- BERNAMA
AM BEST ASSIGNS CREDIT RATINGS TO SHANGHAI ELECTRIC INSURANCE LIMITED
HONG KONG, Feb 25 (Bernama-BUSINESS WIRE) -- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Shanghai Electric Insurance Limited (SEIL) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.
Incorporated in 2018 in Hong Kong, SEIL is a single-parent captive of Shanghai Electric (Group) Corporation, which is one of the largest power generation and industrial equipment manufacturing enterprises in China and is wholly owned by the Shanghai municipal government. SEIL serves as the group’s risk management and insurance arm. It mainly assumes premiums from the group and affiliates through inward arrangements with onshore and offshore insurers and reinsurers. Its underwriting book of business consists of the speciality line of major equipment insurance, and other traditional lines including property, construction and engineering, cargo and liability.
The ratings reflect SEIL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
AM Best assesses SEIL’s balance sheet strength at the very strong level, supported by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The captive mainly underwrites large commercial accounts and has arranged an appropriate reinsurance programme with highly rated reinsurers in view of its low-frequency, high-severity risk profile. The majority of its premiums are retained, and underwriting leverage remains low. Half of its assets are invested in bonds, with one quarter in stocks and the remainder in cash. AM Best expects the company to strengthen its capital gradually through full retention of profits and maintain a sufficient capital buffer to support its risk profile over the short to intermediate term.
SEIL delivered operating and net profits in 2019 and 2020. Its operating expense ratio remains low thanks to the minimal distribution costs from its group business, as well as the financial support from its parent in terms of salary and office leasing expenses for SEIL’s initial five years of establishment. Nonetheless, the captive is exposed to potential volatility in its loss performance as a combined result of its small premium size and low-frequency, high-severity risk profile. AM Best expects SEIL’s investment performance to be stable, driven by a liquid and fixed income-oriented asset portfolio. Going forward, AM Best expects the captive to continue generating net profits over the next three years based on its business plan.
As the first insurance licensee within the group, SEIL receives support in areas of inward business with good claims experience, operations and risk management, as well as investment and capital management. AM Best is of the view that the captive will remain an integral part of the group.
Offsetting rating factors include SEIL’s exposure to natural catastrophe risk, mainly typhoons. Moreover, as a start-up company, SEIL faces execution risk in achieving its business plan, and reserving risk due to a lack of operating history. While a majority of its risks are sourced from onshore business, emerging risks from new markets along with the group’s global expansion may lead to a higher risk profile.
Positive rating actions are unlikely over the near term. Negative rating actions may arise if there is significant adverse deviation from SEIL’s business plan, or if there is a material decline in its risk-adjusted capitalisation or absolute capital size due to large losses. Negative rating actions could occur if the company’s ERM fails to contain emerging risks from the expansion into new markets. Negative rating actions also could occur if there is a material deterioration in Shanghai Electric (Group) Company’s credit profile.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 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/20210224005768/en/
Contact
June Wang
Associate Financial Analyst
+852 2827 3416
june.wang@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
James Chan
Associate Director
+852 2827 3418
james.chan@ambest.com
Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
Incorporated in 2018 in Hong Kong, SEIL is a single-parent captive of Shanghai Electric (Group) Corporation, which is one of the largest power generation and industrial equipment manufacturing enterprises in China and is wholly owned by the Shanghai municipal government. SEIL serves as the group’s risk management and insurance arm. It mainly assumes premiums from the group and affiliates through inward arrangements with onshore and offshore insurers and reinsurers. Its underwriting book of business consists of the speciality line of major equipment insurance, and other traditional lines including property, construction and engineering, cargo and liability.
The ratings reflect SEIL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
AM Best assesses SEIL’s balance sheet strength at the very strong level, supported by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The captive mainly underwrites large commercial accounts and has arranged an appropriate reinsurance programme with highly rated reinsurers in view of its low-frequency, high-severity risk profile. The majority of its premiums are retained, and underwriting leverage remains low. Half of its assets are invested in bonds, with one quarter in stocks and the remainder in cash. AM Best expects the company to strengthen its capital gradually through full retention of profits and maintain a sufficient capital buffer to support its risk profile over the short to intermediate term.
SEIL delivered operating and net profits in 2019 and 2020. Its operating expense ratio remains low thanks to the minimal distribution costs from its group business, as well as the financial support from its parent in terms of salary and office leasing expenses for SEIL’s initial five years of establishment. Nonetheless, the captive is exposed to potential volatility in its loss performance as a combined result of its small premium size and low-frequency, high-severity risk profile. AM Best expects SEIL’s investment performance to be stable, driven by a liquid and fixed income-oriented asset portfolio. Going forward, AM Best expects the captive to continue generating net profits over the next three years based on its business plan.
As the first insurance licensee within the group, SEIL receives support in areas of inward business with good claims experience, operations and risk management, as well as investment and capital management. AM Best is of the view that the captive will remain an integral part of the group.
Offsetting rating factors include SEIL’s exposure to natural catastrophe risk, mainly typhoons. Moreover, as a start-up company, SEIL faces execution risk in achieving its business plan, and reserving risk due to a lack of operating history. While a majority of its risks are sourced from onshore business, emerging risks from new markets along with the group’s global expansion may lead to a higher risk profile.
Positive rating actions are unlikely over the near term. Negative rating actions may arise if there is significant adverse deviation from SEIL’s business plan, or if there is a material decline in its risk-adjusted capitalisation or absolute capital size due to large losses. Negative rating actions could occur if the company’s ERM fails to contain emerging risks from the expansion into new markets. Negative rating actions also could occur if there is a material deterioration in Shanghai Electric (Group) Company’s credit profile.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 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/20210224005768/en/
Contact
June Wang
Associate Financial Analyst
+852 2827 3416
june.wang@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
James Chan
Associate Director
+852 2827 3418
james.chan@ambest.com
Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
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