AM Best Revises Hong Kong’s Min Xin Insurance Outlook To Positive

KUALA LUMPUR, Dec 22 (Bernama) -- Global credit rating agency, AM Best has revised the outlooks to positive from stable and affirmed the financial strength rating of B++ (Good) and a long-term issuer credit rating of “bbb+” (Good) of Hong Kong’s Min Xin Insurance Company Limited (MXIC).

In a statement, AM Best said these credit ratings (ratings) reflected MXIC’s strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

The revision of the outlooks is driven by expectations of stronger parental support over the intermediate term, including significant capital injections and profitable business expansions through group-related channels and risks.

MXIC is wholly owned by Min Xin Holdings Limited (MXHL), a Hong Kong–listed holding company, which is majority owned by Fujian Investment & Development Group Co Ltd (FIDG), a Chinese state-owned enterprise and the investment arm of the Fujian provincial government.

The credit rating agency believes MXIC’s parents have sufficient capability to provide the expected explicit and implicit support.

AM Best cited recent escalated capital injections and MXIC’s expansion into group-related business, including a newly established bancassurance partnership with an associated Hong Kong bank, as evidence of this support. The insurer is also exploring inward business opportunities linked to FIDG-related risks in mainland China.

MXIC’s balance sheet strength is underpinned by its strongest-ever risk-adjusted capitalisation level as of year-end 2024, as measured by Best’s Capital Adequacy Ratio, supported by a healthy regulatory solvency position, good liquidity and appropriate reinsurance arrangements.

Operating performance remains adequate, with MXIC recording a net profit of HK$13.8 million in 2024 and a return on equity of 4.2 per cent, mainly driven by stable investment income, while underwriting profitability remains thin due to high expense ratios. (HK$100 = RM52.42)

Established in 1974, MXIC operates across Hong Kong and Macau’s non-life insurance markets, with around 60 per cent of premiums generated from Macau.

-- BERNAMA

AM Best Affirms Excellent Credit Ratings of Korean Reinsurance

KUALA LUMPUR, Dec 16 (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 Korean Reinsurance Company (KRE).

The outlook for these credit ratings (ratings) is stable, reflecting KRE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.

As the dominant and only local reinsurer in South Korea, KRE’s risk-adjusted capitalisation is assessed comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio, according to AM Best in a statement.

The credit rating agency expects the company to maintain its risk-adjusted capitalisation at an elevated level, supported by its controlled growth of underwriting risk through continued portfolio restructuring and a stable stream of income.

KRE’s strong solvency ratio and effective asset-liability management strengthen its resilience to changes in the business environment, such as interest rate fluctuations and regulatory changes, as well as provide a capital buffer for future business expansion.

AM Best assesses KRE’s operating performance as adequate, with a return-on-equity ratio of 9.4 per cent and a non-life combined ratio of 91.5 per cent. In 2024, its property/casualty lines recorded an improvement largely due to the absence of major natural catastrophes and large-scale claims in domestic and overseas markets.

While profitability in the life and health segment declined in 2024 due to valuation adjustments and higher claims, AM Best expects performance to improve following ongoing portfolio enhancements in domestic and overseas markets. Investment income is expected to remain robust, supported by a growing asset base and returns from alternative investments.

KRE was ranked as the seventh-largest IFRS 17 reporting reinsurer in the global reinsurance market in terms of gross insurance service revenue in 2024. Despite its ongoing portfolio restructuring in the domestic market, AM Best believes that KRE’s dominant market position will remain unchallenged over the medium term.

-- BERNAMA

Liminal Report Reveals the Edge Banks Need to Capture the $16T Tokenized Asset Market

 

A definitive guide for banks navigating the shift from TradFi to tokenized finance


SINGAPORE, Dec 18 (Bernama-BUSINESS WIRE) -- Liminal Custody, wallet infrastructure and custody technology leader, today released a major strategic report https://www.liminalcustody.com/insights/the-walled-garden/ that serves as a definitive blueprint for banks and financial institutions looking to be a part of the digital asset reality. Large traditional banks are already making technology investments to prepare for this shift from TradFi to DeFi.

The research (https://www.liminalcustody.com/insights/the-walled-garden/) confirms an urgent threat and a massive opportunity:

• $46 Trillion in stablecoin volume now operates outside traditional banking systems.
• The Real-World Asset (RWA) market is projected to swell to $16 Trillion by 2030.
• Digital asset turnover is expected to account for 10% of global totals within five years.

“The market is no longer waiting for banks to catch up; it is moving past them,” said Mahin Gupta, Founder - Liminal. “To secure a share of the $16 Trillion RWA future, institutions must transform. Our report details exactly how this ‘Walled Garden’ architecture allows banks to enforce fiduciary standards and governance protocols directly on-chain.”

The report (available at https://www.liminalcustody.com/insights/the-walled-garden/) cites one key strategic hurdle as compliance: integrating high-value, permissioned banking products onto inherently open blockchain platforms without sacrificing governance.

Rajesh Sabari, Chief Commercial Officer at Liminal, emphasized the immediate, proven path to adoption: “Delay is conceding market share. We are offering workshops to help institutions create this infrastructure. We have successfully deployed this compliant risk architecture and scaled digital asset operations for major financial institutions securely, quickly and efficiently.”

The full strategic blueprint is now available for download here: https://www.liminalcustody.com/insights/the-walled-garden/.

About Liminal Custody

Liminal Custody is a digital asset management infrastructure platform, offering secure wallet infrastructure and custody-technology solutions for institutions across the digital asset spectrum. This allows organizations to enforce complex transaction policies, and automate their treasury operations, all while maintaining direct control over their assets. Founded in 2021, Liminal is certified with SOC 2 Type II, ISO 27001 & 27701 standards. Headquartered in Singapore, with offices across India, UAE, and Taiwan, Liminal serves clients across the APAC and MENA regions, helping them scale and manage digital asset operations securely and in compliance with regulatory standards.

https://www.liminalcustody.com/insights/the-walled-garden/

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20251216807900/en/

Contact

Media contacts:
Aanandita Bhatnagar
Global Head - Brand and Communications
Liminal

Source : Liminal Custody 

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

Malaysia’s Non-Life Insurance Segment Outlook Remains Stable - AM Best

KUALA LUMPUR, Dec 16 (Bernama) -- Global credit rating agency, AM Best has maintained the stable outlook on Malaysia’s non-life insurance segment, citing regulatory initiatives designed to increase insurance penetration and phased de-tariffication of motor and fire insurance.

The Best’s Market Segment Report, “Market Segment Outlook: Malaysia Non-Life Insurance”, states that the non-life sector remains well-positioned for continued growth, even as the country’s real gross domestic product (GDP) growth is forecast to moderate in the near term amid global economic headwinds.

AM Best in a statement said Bank Negara Malaysia, the country’s central bank and lead regulator, continues to prioritise broader insurance and takaful penetration, currently in the low single digits for non-life. 

Additional insurance market growth drivers include an expected rising demand for digital insurance and natural catastrophe coverage, along with premium rate hikes driven by high inflation and increasing claims frequency.

AM Best senior financial analyst, Sin Yee Chuah said Bank Negara Malaysia has progressively liberalised motor and fire insurance tariffs, introducing greater pricing flexibility in phases to support the transition to risk-based pricing since July 2016.

Ongoing regulatory measures are expected to help mitigate medical inflation and improve underwriting profitability of the health segment, while rising climate risks, particularly from severe flood events, are prompting regulatory actions to strengthen insurer preparedness.

Meanwhile, AM Best director, head of analytics, Victoria Ohorodnyk said these initiatives by Malaysia’s regulator are expected to reinforce the sector’s long-term financial resilience and risk management capacity.

Headquartered in the United States, AM Best is also a news publisher and data analytics provider specialising in the insurance industry with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

-- BERNAMA

Axi Celebrates 18 Years by Giving Back Through Community Initiatives

 

SYDNEY, Dec 17 (Bernama-GLOBE NEWSWIRE) -- Axi, a leading global provider of online CFD and FX trading, celebrated its 18^th anniversary this October, marking nearly two decades of growth, excellence, and commitment to making a positive impact.

Founded in 2007, the Australian-based broker has evolved from a two-person startup into a highly respected global group of companies, with over 400 staff members representing over 45 nationalities across nine offices worldwide, including among others Australia, Singapore, the United Kingdom, Dubai, the Philippines, India, and Vanuatu.

Across its global offices, Axi teams came together through a mix of in-person and virtual events – from shared lunches to cultural festivities and online gatherings – celebrating the company’s journey and achievements.

Adding deeper purpose to the milestone, the broker launched a series of community initiatives designed to give back in meaningful ways. Highlights included donation of goods to Foodbank NSW & ACT, a food relief organisation in Australia providing meals to Australians in need; collaboration with NCSF Uplift in Singapore to support individuals with special needs through inclusive fitness sessions; and a visit by Axi employees in India to the Swami Vivekanand Social Service Trust – a non-profit and development organisation – where they spent time with children through shared meals, games, and gifts.

"Celebrating 18 years is a proud moment for all of us – but our story is about more than growth; it’s also about purpose," said Rajesh Yohannan, CEO of Axi. "Our anniversary was an opportunity to support our communities and contribute to causes that make a positive difference in people’s lives."

As Axi remains committed to providing the edge to its traders and partners worldwide, the broker remains equally dedicated to fostering a culture of care, community, and purpose.

About Axi

Axi is a global online FX and CFD trading brand, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

Promoted by AxiTrader LLC. OTC Derivatives carry a high risk of investment loss. This content may not be available in your region. Not intended as investment advice.⁠  

SOURCE: Axi Trader LLC

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

​AM Best Affirms Credit Ratings of Lonpac Insurance Bhd

SINGAPORE, Dec 11 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Lonpac Insurance Bhd (Lonpac) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Lonpac’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Lonpac’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level as of year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at this level over the medium term. In addition, the company has a generally conservative investment portfolio comprising cash, bonds and debt-focused unit trust funds. A partially offsetting balance sheet strength factor is the company’s moderate reliance on reinsurance to support its underwriting capacity and manage its catastrophe exposures. However, this risk is mitigated partially by the high credit quality of the reinsurance panel.

Lonpac’s operating performance is assessed as strong, with a return-on-equity ratio of 25.8% in 2024 (2023: 23.2%). Underwriting margins have benefited from a low net loss experience in property and bond classes of business, as well as favourable reinsurance commission income, which remain the key drivers of technical profitability over recent periods. Investment returns continue to be a stable contributor to the company’s overall earnings. The company’s year-to-date 2025 operating performance remains favourable, supported by stable underwriting profit and investment return. Whilst AM Best expects Lonpac to maintain its strong operating performance over the medium term, supported by its disciplined underwriting approach, the ongoing phased liberalisation of motor and fire insurance pricing in Malaysia may constrain its underwriting margins.

AM Best assesses Lonpac’s business profile as neutral. The company is a mid-sized non-life insurer in Malaysia, with a market share of approximately 8%, based on 2024 gross direct premiums. The company’s underwriting portfolio is diversified moderately by line of business, albeit with a majority of business originating from Malaysia. Lonpac benefits from a long-standing relationship with Public Bank Berhad, which provides the company with preferential access to profitable property business through the banking channel.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 © 2025 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/20251210714679/en/ 

Contact

Sin Yee Chuah, CFA
Senior Financial Analyst
+65 6303 5022
sinyee.chuah@ambest.com

Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com 

Source : AM Best 

--BERNAMA

Checkmarx Acquires Tromzo to Launch New Era of Agentic Application Security

 

Checkmarx gains deep expertise and technology to deliver industry’s first enterprise-grade reasoning and autonomous triage


PARAMUS, N.J., Dec 10 (Bernama-BUSINESS WIRE) -- Checkmarx, the global leader in agentic application security, today announced its acquisition of Tromzo, a pioneer in AI-native autonomous security agents. The deal marks a major leap forward in autonomous AppSec, accelerating the delivery of AI agents that understand real enterprise risk, reason across complex software ecosystems, and remediate continuously with precision. Tromzo’s technology and world-class engineering team will enhance the Checkmarx One platform and expand the Checkmarx Assist family of AI agents.

Tromzo founders Harshil Parikh and Harshit Chitalia, along with their entire AI engineering team, will join Checkmarx’s product and engineering organization. Tromzo’s capabilities are designed to reduce risk while dramatically increasing productivity by helping developers fix security issues with automated remediation and giving engineering managers and AppSec leaders full visibility without slowing down delivery.

AI has fundamentally reshaped software development. According to Checkmarx research, 60% of code is now AI-generated, and 98% of organizations have experienced breaches tied to vulnerable code, even though only 18% report having formal governance policies for AI usage. Manual gating processes cannot keep pace, creating bottlenecks that slow prioritization and remediation and leaving a growing volume of issues to identify and resolve.

“This acquisition propels Checkmarx forward on our path to redefine AppSec through agentic AI that transforms how enterprises secure all of their code, whether it is existing, human-created, or produced through AI-driven development,” said Sandeep Johri, CEO of Checkmarx. “By acquiring Tromzo, we are integrating the only platform built on a true cognitive architecture capable of enterprise-grade reasoning. We’re offering an AI-powered virtual security assistant to every developer that understands real risk and automates remediation, moving us closer to a world where code is continuously protected and AI becomes an intelligent partner in security.”

Built on a cognitive architecture, Tromzo’s agents analyze code, deployment artifacts, and business context to drive high-confidence triage and remediation aligned to enterprise risk models. These capabilities will become a core intelligence layer across Checkmarx One and the Checkmarx Assist family of agents. Earlier this year, Checkmarx released the first of these agents, Developer Assist, which provides developers with real-time, context-aware guidance as developers code in leading IDEs such as Windsurf by Cognition, Cursor, and GitHub Copilot.

Key Acquisition Highlights

Autonomous AppSec: The combined capabilities of Checkmarx’s market-leading platform and Tromzo’s reasoning-based agents accelerate the shift toward autonomous application security.

Talent & Leadership: Tromzo founders and AppSec AI leaders Harshil Parikh and Harshit Chitalia, along with their engineering team, join Checkmarx to drive the future of agentic AI in AppSec.

Expanded Checkmarx Assist: Tromzo’s reasoning engine will power new Assist agents beginning in early 2026, advancing enterprise-grade AI-powered security.

“We built Tromzo with a singular mission: accelerate remediation of the risks that truly matter,” said Harshil Parikh, co-founder of Tromzo. “Joining Checkmarx, the undisputed leader in enterprise AppSec, is the perfect acceleration of that mission. By combining our deep reasoning agents with Checkmarx’s reach, scale, and market leadership, we’re delivering the only solution that lets enterprise security teams move fast with enterprise-grade control.”

Together, Checkmarx and Tromzo will empower enterprises to adopt AI coding tools with confidence, backed by agentic AI security solutions that safeguard every line of code from creation through deployment. Visit the Checkmarx blog to learn more.

About Checkmarx

Checkmarx is the leader in agentic application security, delivering enterprise-grade protection while lowering engineering costs and accelerating development velocity. The Checkmarx One platform scans trillions of lines of code each year for companies, cutting vulnerability density by more than half. Its autonomous security agents detect and counter AI-driven threats across the SDLC, providing prevention-first protection for legacy, modern, and AI-generated code at enterprise scale. Follow Checkmarx on LinkedIn, YouTube, and X.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20251209823913/en/

Contact

For more information, contact:
Ann Boyd ann.boyd@checkmarx.com 

Source : Checkmarx

CHEMONE APPOINTS MOHAMED NAZRI AS ADVISOR, BOARD MEMBER OF PEC

KUALA LUMPUR, Dec 10 (Bernama) -- ChemOne Group (ChemOne) has appointed Datuk Seri Mohamed Nazri Abdul Aziz as a Board Member of Pengerang Energy Complex Sdn Bhd (PEC) and Advisor to the Group, strengthening ChemOne’s leadership capabilities and strategic direction.

Mohamed Nazri, a veteran Malaysian statesman, previously served as a Minister in the Prime Minister’s Office across several key national portfolios and most recently as Malaysia’s Ambassador to the United States. His deep experience in diplomacy, government affairs and strategic economic policy is expected to support PEC’s next phase of development.

Pengerang Energy Complex Chief Executive Officer, Alwyn Boden said the company is honoured to welcome Mohamed Nazri to the PEC Board and the wider ChemOne family.

“His unique combination of public service, diplomatic experience, and insight into Malaysia’s investment landscape will greatly support our efforts to strengthen stakeholder confidence, advance project delivery, and reinforce our long-term commitment to Pengerang and the region,” said Boden.

Meanwhile, Mohamed Nazri said he is pleased to support PEC and ChemOne in this important endeavour, noting that the PEC holds significant potential for Malaysia’s industrial and economic advancement and that he looks forward to contributing to its strategic progress.

ChemOne in a statement said the appointment comes at a pivotal time for PEC, as ChemOne progresses into subsequent phases of project development and stakeholder engagement.

His involvement underscores PEC and ChemOne’s continued dedication to transparency, collaboration with Malaysian stakeholders, and the delivery of a world-scale project that supports national industrial development.

In his advisory role, Mohamed Nazri will guide ChemOne on Malaysia-specific matters and lead stakeholder engagements to support timely and efficient execution of the PEC project.

ChemOne Group is an energy and petrochemicals project developer based in Singapore with over 40 years of experience operating intermediate and speciality chemical plants across Southeast Asia.

-- BERNAMA

AM Best Affirms Credit Ratings of NEWGT Reinsurance Company, Ltd.

HONG KONG, Dec 5 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NEWGT Reinsurance Company, Ltd. (NEWGT) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NEWGT’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

NEWGT’s balance sheet strength is well-supported by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). As of the financial year ending on 31 March 2025 (fiscal-year 2024), the company showed somewhat elevated underwriting risks from significant premium growth during the period, and the company expects to maintain a similar level over the coming years. Despite that, NEWGT is viewed to have enough capital buffer, which is underpinned by its stable internal capital generation and conservative investment portfolio. The company has a moderate level of reinsurance dependency; however, its exposure to potential credit risk is mitigated partially by a high-quality and well-diversified reinsurance panel.

NEWGT’s operating performance has been consistently positive during the most recent five-year period. For fiscal-year 2024, while premium income from businesses related to its ultimate parent, ITOCHU Corporation (ITOCHU), and a third-party increased in fiscal-year 2024, net income moderately dropped. This was due to sizeable reserves mainly booked to reflect uncertainty in U.S. tariffs and potential underwriting losses in Thailand from the Myanmar earthquake in March 2024. Going forward, AM Best expects some volatility will accompany the company’s expansion plan into non-marine business that carries higher net retention. Nevertheless, NEWGT’s operating performance is expected to remain profitable given its prudent underwriting practices and reinsurance programmes.

As a wholly owned subsidiary and captive insurer of ITOCHU, one of Japan’s largest general trading companies, NEWGT provides reinsurance protection against group-related risks across various regions. While the majority of NEWGT’s business is ITOCHU-related marine business, NEWGT has been exploring third-party businesses and diversifying its portfolio into non-marine businesses. NEWGT is well-integrated within the group with respect to risk management, corporate governance and internal control systems.

Negative rating actions could occur if NEWGT’s risk-adjusted capitalisation deteriorates significantly, such as through heightened underwriting risk or an excessive dividend payout to ITOCHU. Negative rating actions also could arise if there is significant deterioration in ITOCHU’s credit profile, including its operating profitability, financial leverage and interest coverage levels. Although unlikely in the near term, positive rating actions could occur if NEWGT demonstrates sustained and notable improvement in its underwriting and operating profitability for a period of time, while maintaining a robust level of risk-adjusted capitalisation.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 © 2025 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/20251204175737/en/ 

Contact

Minji Cha
Financial Analyst
+852 2827 3424
minji.cha@ambest.com

Charles Chiang
Senior Financial Analyst
+852 2827 3427
charles.chiang@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com 
 
Source : AM Best 

--BERNAMA

AM Best Affirms Credit Ratings of China Taiping Insurance (HK) Company Limited

HONG KONG, Dec 5 (Bernama-BUSINESS WIRE) -- 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 (HK) Company Limited [CTPI (HK)] (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CTPI (HK)’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). The ratings also incorporate the rating enhancement that CTPI (HK) receives from its parent, China Taiping Insurance Holdings Company Limited (CTIH).

CTPI (HK)’s balance sheet strength is assessed at the very strong level. The company’s risk-adjusted capitalisation was at the strongest level as of year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain robust over the short to intermediate term, even after absorbing the financial impacts from the recent major fire at Wang Fuk Court, a residential complex in Hong Kong’s northern district of Tai Po. AM Best believes the ultimate net claims amount from this event will be manageable for CTPI (HK), supported by its prudent reinsurance arrangement with a reinsurer panel of sound credit quality. AM Best also believes that CTPI (HK) is equipped with abundant liquidity to support the claim payments from this event.

The company’s operating performance is assessed as adequate. Over the past decade, the company has delivered net profits with the exception of 2020, when there was a major impairment loss from its private funds. In addition, AM Best expects a material portion of the gross claims arising from the aforementioned fire incident to be transferred to reinsurers. The net retained loss amount is expected to be manageable for CTPI (HK), albeit negatively impacting the company’s underwriting result over the short term. Notwithstanding, AM Best anticipates that CTPI (HK)’s operating performance will remain at the adequate level. Looking ahead, AM Best expects the company’s underwriting margin to remain thin, while its bottom line continues to be supported by its investment income.

AM Best assesses CTPI (HK)’s business profile as neutral. The company has been a longstanding player in Hong Kong’s highly competitive general insurance segment and its market share was 5.1% in terms of direct premiums written in 2024. CTPI (HK) maintains a diversified underwriting portfolio in terms of business lines, primarily consisting of fire, accident and health, motor and general liabilities. The company underwrites direct and inward reinsurance business. Over past four years, CTPI (HK) has reduced its reliance on inward business by increasing domestic direct premiums. Going forward, AM Best expects CTPI (HK) to maintain its market position in Hong Kong and continue to build a balanced portfolio focusing on direct business over the short to medium term.

CTPI (HK) is a strategically important overseas operating subsidiary of CTIH and China Taiping Insurance Group Ltd. (TPG). The company plays a vital role in TPG’s footprint overseas and its strategy in the Greater Bay Area. CTPI (HK) is integrated in the group’s capital management and ERM. Additionally, CTPI (HK) receives a series of implicit support from the wider Taiping group, including brand recognition, investment, reinsurance, risk management and operations. AM Best believes CTIH will be supportive to CTPI (HK) in handling the recent fire loss.

The stable outlooks reflect AM Best’s expectation that the Wang Fuk Court fire is unlikely to change the rating fundamentals of the company over the intermediate term.

Negative rating actions could occur if there is a material decline in CTPI (HK)’s risk-adjusted capitalisation or in its absolute capital size. Negative rating actions also could occur if there is a sustained deterioration in its operating performance. Negative rating actions also may result if there is a change in the credit profile of CTIH, or from a reduced level of support from either or a reduction in CTPI (HK)’s strategic importance and integration to CTIH.

Albeit less likely in the near term, positive rating actions could occur if CTPI (HK) demonstrates a sustained improvement in its operating performance that exceeds its industry peers, while the credit profile of CTIH materially strengthens.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 © 2025 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/20251204948200/en/ 

Contact

Lucie Huang
Senior Financial Analyst
+852 2827 3414
lucie.huang@ambest.com

James Chan
Director, Analytics
+852 2827 3418
james.chan@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

Cushman & Wakefield, BHP Extend Global Contract

 KUALA LUMPUR, Dec 4 (Bernama) -- Cushman & Wakefield, a global real estate services firm, announced its Global Occupier Services (GOS) team has secured an off-market contract extension with BHP, one of the world’s leading resources companies.

The renewed agreement reaffirms Cushman & Wakefield’s position as a trusted partner in delivering an integrated suite of workplace and real estate services across BHP’s global corporate office portfolio.

“BHP made the decision to exercise its option to extend our agreement. We very much appreciate the trust and commitment this demonstrates in our expanding partnership,” said Cushman & Wakefield Head of Global Occupier Services, Asia Pacific, Cameron Ahrens in a statement.

BHP cited Cushman & Wakefield’s strong operational performance, collaborative approach and shared commitment to cost containment and innovation, particularly its support of BHP’s Workplace Digital and AI Roadmap, as key factors for the renewal.

The partnership covers 12 countries, 19 offices and over 1.466 million square feet across Australia, Asia, North America, South America and the United Kingdom. Under the extended agreement, Cushman & Wakefield will deliver an expanded range of services, including facilities management, workplace experience, workplace design standards, procurement and other workplace and real estate functions.

The partnership, which began in 2017 and expanded to a global engagement in 2021, reinforces both organisations’ commitment to delivering high-performance workplaces that support people, productivity and sustainability across BHP’s global footprint.

Cushman & Wakefield employs approximately 52,000 people across nearly 400 offices in 60 countries and has received numerous industry and business accolades for its corporate culture.

-- BERNAMA

Bitget Stock Futures Break Through $10 Billion as Global Traders Rush Into Tokenized Equities

VICTORIA, Seychelles, Dec 4 (Bernama-GLOBE NEWSWIRE) -- Bitget, the world’s largest Universal Exchange (UEX), today announced that its US stock futures have surpassed $10 billion in cumulative trading volume. The milestone comes just two weeks after crossing the $5 billion mark, highlighting extraordinary market momentum and accelerating user demand for tokenized stock futures.

The rapid climb reflects a perfect intersection of macro tailwinds and product innovation. As US equity markets continue their record-breaking run, traders have increasingly turned to Bitget’s stock futures to express directional views, hedge exposure, and participate in global equity movements with crypto-native execution.

Among all pairs, the most actively traded contracts include Tesla (TSLA) leading the charge with $2.72 billion, Meta (META) at $2.14 billion and Strategy (MSTR) with $1.45 billion, showcasing strong interest in technology and crypto.

Bitget introduced USDT-margined perpetual futures tied to more than 30 leading US stocks, offering up to 25x leverage and a highly competitive fee rate of 0.0065%. The product line has quickly become one of the fastest-growing components of the Bitget futures suite, appealing to retail and institutional traders seeking seamless access to both traditional and crypto markets under a unified platform.

To support this surge in adoption and lower the barriers for new entrants, Bitget is running a limited-time 90% trading fee reduction campaign across all stock futures pairs. The promotion, which runs until January 31, allows traders to explore the expanding universe of tokenized stock futures with ultra-low fees, aligning with the UEX vision of inclusive and efficient global access.

“Seeing traders jump into stock futures this quickly has been incredible,” said Gracy Chen, CEO of Bitget. “It’s clear users want a simple way to tap into both crypto and traditional markets, and this milestone shows how fast that shift is happening.”

The milestone further reinforces Bitget’s UEX vision, bridging traditional markets with digital assets through a single, unified account. By blending tokenized stock products, crypto derivatives, and AI-powered insights, Bitget continues to expand access to global investment opportunities while enhancing transparency, flexibility, and cost efficiency.

About Bitget

Established in 2018, Bitget is the world's largest Universal Exchange (UEX), serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets, while offering real-time access to Bitcoin price, Ethereum price, XRP price, and other cryptocurrency prices, all on a single platform. The ecosystem is committed to helping users trade smarter with its AI-powered trading tools, interoperability across tokens on Bitcoin, Ethereum, Solana, and BNB Chain, and wider access to real-world assets. On the decentralized side, Bitget Wallet is an everyday finance app built to make crypto simple, secure, and part of everyday finance. Serving over 80 million users, it bridges blockchain rails with real-world finance, offering an all-in-one platform for on- and off-ramping, trading, earning, and paying seamlessly.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com 

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5337e3f-16c7-4d0a-96e0-236b5cfd9070

SOURCE: Bitget Limited

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

--BERNAMA​