KUALA LUMPUR, Sept 4 -- Gerald Lim has joined Partnerize, a leading provider of partner automation solutions for global brands, as its new customer success manager in the Singapore office.
In the new role, he will oversee Partnerize clients across Southeast Asia, specifically in Singapore, Malaysia, Thailand and Indonesia.
“I am thrilled that Gerald is joining our team to lead our customer success efforts across Southeast Asia,” said Alix Simpson, Vice-President Customer Success APAC at Partnerize.
“We have more than 50 clients in the APAC region and we are excited to be investing even more into Southeast Asia specifically.”
Lim joins Partnerize from BCD Travel, with previous customer and account management roles at TripAdvisor, WeGo and Fuji Xerox.
He said: “The partnerships opportunity across Southeast Asia is growing so rapidly and I’m excited to be a part of the APAC team supporting leading customers in-region and enabling brands to discover the power of partnership.”
Adding Lim to the Singapore office is enabling Partnerize to further focus on the Southeast Asia partnership market.
For more information, contact https://partnerize.com.
-- BERNAMA
Wednesday, 4 September 2019
Tuesday, 3 September 2019
AM BEST DOWNGRADES CREDIT RATINGS OF ORIENTAL INSURANCE COMPANY LIMITED
SINGAPORE, Aug 29 (Bernama-BUSINESS WIRE) -- AM Best has downgraded the Financial Strength Rating (FSR) to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb-” from “bbb+” of Oriental Insurance Company Limited (Oriental) (India). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICR remains negative.
The Credit Ratings (ratings) reflect Oriental’s balance sheet strength, which AM Best categorizes as very strong, marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).
The rating downgrades follow a deterioration in AM Best’s view of Oriental’s operating performance and ERM fundamentals. In particular, the company recorded a sizable underwriting loss of INR 38 billion (USD 549 million) in fiscal-year 2019 (FY2019), equivalent to 32% of its capital base in the prior year, as a result of reserve strengthening from the motor third-party business and the continuation of weak performance from its health portfolio. The company reported a combined ratio of 136% for FY2019 and a five-year average combined ratio of 132% (FY2015-FY2019). Investment income, including a notable realized gain from the sale of its equity investments, was insufficient to offset the weak technical performance, resulting in an after-tax loss of INR 2.9 billion (USD 42 million) for FY2019.
The marginal assessment on ERM reflects the company’s inability to control its underwriting performance, coupled with the negative impact on its balance sheet strength and earnings. Furthermore, while the company has initiated and implemented several remedial actions over the past few years, Oriental’s risk management capabilities are viewed to be marginal compared with the profile of its key risks.
The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated during FY2019, although it remained at the strongest level. This was supported partially by the company’s issuance of subordinated debt in the last quarter of the fiscal year. Oriental’s balance sheet strength has been under further pressure as a result of large underwriting losses and substantially increased underwriting leverage stemming from reserve strengthening. The company’s capital and surplus reduced by 11% in FY2019 to INR 104 billion (USD 1.5 billion) from INR 118 billion (USD 1.8 billion), increasing the company’s sensitivity to underwriting and investment shocks.
The negative outlooks reflect AM Best’s expectation that Oriental’s rating fundamentals may weaken further if the company is unable to stabilize its risk-adjusted capitalization and operating performance over the near term.
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 Understanding 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 rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 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/20190828005474/en/
Contact
Tran Nhat Trung
Financial Analyst
+65 6303 5019
trung.tran@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
The Credit Ratings (ratings) reflect Oriental’s balance sheet strength, which AM Best categorizes as very strong, marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).
The rating downgrades follow a deterioration in AM Best’s view of Oriental’s operating performance and ERM fundamentals. In particular, the company recorded a sizable underwriting loss of INR 38 billion (USD 549 million) in fiscal-year 2019 (FY2019), equivalent to 32% of its capital base in the prior year, as a result of reserve strengthening from the motor third-party business and the continuation of weak performance from its health portfolio. The company reported a combined ratio of 136% for FY2019 and a five-year average combined ratio of 132% (FY2015-FY2019). Investment income, including a notable realized gain from the sale of its equity investments, was insufficient to offset the weak technical performance, resulting in an after-tax loss of INR 2.9 billion (USD 42 million) for FY2019.
The marginal assessment on ERM reflects the company’s inability to control its underwriting performance, coupled with the negative impact on its balance sheet strength and earnings. Furthermore, while the company has initiated and implemented several remedial actions over the past few years, Oriental’s risk management capabilities are viewed to be marginal compared with the profile of its key risks.
The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated during FY2019, although it remained at the strongest level. This was supported partially by the company’s issuance of subordinated debt in the last quarter of the fiscal year. Oriental’s balance sheet strength has been under further pressure as a result of large underwriting losses and substantially increased underwriting leverage stemming from reserve strengthening. The company’s capital and surplus reduced by 11% in FY2019 to INR 104 billion (USD 1.5 billion) from INR 118 billion (USD 1.8 billion), increasing the company’s sensitivity to underwriting and investment shocks.
The negative outlooks reflect AM Best’s expectation that Oriental’s rating fundamentals may weaken further if the company is unable to stabilize its risk-adjusted capitalization and operating performance over the near term.
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 Understanding 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 rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 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/20190828005474/en/
Contact
Tran Nhat Trung
Financial Analyst
+65 6303 5019
trung.tran@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
AM Best affirms credit ratings of Japan's Toa Re, subsidiaries
KUALA LUMPUR, Sept 3 -- AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Ratings of ‘a+’ of The Toa Reinsurance Company Limited (Toa Re), Japan.
Also affirmed are Toa Re subsidiaries, The Toa Reinsurance Company of America (TRA) (headquartered in Morristown, NJ) and The Toa 21st Century Reinsurance Company Ltd (TRE), Switzerland.
The stable outlook of these credit ratings reflects Toa Re’s balance sheet strength, which AM Best categorised as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, according to a statement.
Toa Re’s strongest balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio, attributed to conservative risk management in its underwriting and investment strategies.
Despite an active natural catastrophe year in 2018, Toa Re’s capitalisation and catastrophe reserve positions were not impacted materially by these events, due to its conservative catastrophe risk management and prudent reinsurance strategy.
The activation of TRE in 2018 as Toa Re’s major European underwriting platform allowed Toa Re to further expand its footprint in European markets.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
-- BERNAMA
Flodraulic optimises LeddarTech´s LiDAR sensors for autonomous applications
KUALA LUMPUR, Aug 27 -- LeddarTech, the most versatile and scalable auto and mobility LiDAR platform provider has announced Flodraulic Group is its premier LiDAR sensor integrator in full machine control and system monitoring.
Flodraulic, a leader in the design and manufacture of custom control system solutions has chosen LeddarTech's technology because of its ability to deliver high-performance, cost-effective, detection and ranging solid-state LiDAR sensors engineered for any environment.
“We are honoured that our solid-state LiDAR sensors were selected and trusted by Flodraulic to be part of their solutions to deliver highly-efficient industrial applications to market,” said LeddarTech vice-president (Global Sales & Business Development), Adrian Pierce.
LeddarTech's Leddar IS16 LiDAR sensors provide distance and angular positioning while performing fast, continuous and accurate analysis of an area of operation, according to a statement.
As a result, the weather-resistant solid-state sensors can reliably detect, locate, and measure a wide range of objects, making it an ideal solution for deployment in harsh environmental conditions.
“With over a decade of expertise in LiDAR technology and developing solutions based on their LeddarEngine, LeddarTech is the perfect partner for us to meet the needs of our diverse customer base,” said Flodraulic director (Technologies), Chris Passmore.
More information at https://leddartech.com.
-- BERNAMA
Flodraulic, a leader in the design and manufacture of custom control system solutions has chosen LeddarTech's technology because of its ability to deliver high-performance, cost-effective, detection and ranging solid-state LiDAR sensors engineered for any environment.
“We are honoured that our solid-state LiDAR sensors were selected and trusted by Flodraulic to be part of their solutions to deliver highly-efficient industrial applications to market,” said LeddarTech vice-president (Global Sales & Business Development), Adrian Pierce.
LeddarTech's Leddar IS16 LiDAR sensors provide distance and angular positioning while performing fast, continuous and accurate analysis of an area of operation, according to a statement.
As a result, the weather-resistant solid-state sensors can reliably detect, locate, and measure a wide range of objects, making it an ideal solution for deployment in harsh environmental conditions.
“With over a decade of expertise in LiDAR technology and developing solutions based on their LeddarEngine, LeddarTech is the perfect partner for us to meet the needs of our diverse customer base,” said Flodraulic director (Technologies), Chris Passmore.
More information at https://leddartech.com.
-- BERNAMA
Cloudflare appoints new board members, Katrin Suder, Mark Anderson
KUALA LUMPUR, Aug 30 -- Cloudflare, a leading Internet security, performance and reliability company has appointed Katrin Suder and Mark Anderson to its board of directors.
“I’m honoured to welcome Katrin and Mark to our board of directors. Both of them have tremendously strong backgrounds and bring experience to our board that will be invaluable to the future of our company,” said Cloudflare co-founder and chief executive officer, Matthew Prince.
Suder was appointed by German Chancellor, Angela Merkel and her cabinet to chair the German Digital Council in 2018. Prior to this, she was state secretary in the German Ministry of Defence, responsible for Equipment, Technology/Cyber and In-Service Support.
Meanwhile, Anderson was Anaplan chief growth officer and previously served as president of Palo Alto Networks. Prior to Palo Alto Networks, Anderson led worldwide sales activities at F5 Networks and held leadership positions at Lucent Technologies and Cisco Systems.
Cloudflare’s existing board of directors includes NEA Managing Director, Scott Sandell; Pelion Ventures Partner, Carl Ledbetter; and, Nike Foundation Founder and Co-Chair, Maria Eitel, among others.
AM Best gives excellent rating to Macau Insurance Company Limited
KUALA LUMPUR, Sept 3 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Macau Insurance Company Limited (MIC), Macau.
The stable outlook of these credit ratings reflects MIC’s balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
MIC’s balance sheet strength continues to be supported by its risk-adjusted capitalisation, which remains at the strongest level, as measured by Best’s Capital Adequacy Ratio.
The company’s capital and surplus strengthened significantly over the past two years following the sale of a life insurance subsidiary and a capital injection, according to a statement.
Its loss ratio has improved in 2018, mainly from reserve releases from prior year claims due to prudent reserving and underwriting controls. This has offset the upward pressure on the net expense ratio from increases in net acquisition costs and management expenses.
AM Best expects that as MIC continues to manage down its unprofitable portfolio, while pursuing profitable growth through its bancassurance and direct channels, the company’s underwriting and operating results will remain positive.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
-- BERNAMA
ASEAN ageing population to bring business opportunities in elderly care, health services
KUALA LUMPUR, Sept 3 -- The ASEAN-Japan Centre (AJC) together with the ASEAN Committee in Tokyo (ACT), which consists of the ASEAN Ambassadors to Japan, and the ASEAN Secretariat recently organised the ASEAN 52nd Anniversary Symposium in Tokyo.
The Symposium brought together, 180 Japanese businesspersons and policymakers as well as ASEAN Ambassadors to Japan, to discuss the emerging challenges and opportunities around the ageing population in ASEAN.
At a panel discussion, Dr Keiichiro Oizumi, professor at the Asia University, and Eitaro Kojima, Director of the Asia and Oceania Division, Oversea Research Department of Japan External Trade Organization (JETRO) discussed the current ageing population in ASEAN and concrete business opportunities for Japanese companies to invest in related services such as elderly care and health services.
“AJC will continue to work together with the ASEAN Member States and the ASEAN secretariat to address emerging issues in ASEAN, including through organising policy dialogues with Japanese stakeholders,” said AJC secretary-general, Masataka Fujita.
ASEAN is facing rapid population ageing as it is estimated that all ASEAN countries will become ageing society (more than seven per cent of the population is 65 years old or older) in 20 years.
Singapore and Thailand have already reached the aging society, whereby in 2030, more than 70 million people in ASEAN are projected to be older than 65 years old, according to a statement.
While the population ageing poses a number of critical social issues in ASEAN, it also brings business opportunities with increasing demands for new services to support the active ageing of elderly population in the region.
AJC is an intergovernmental organisation established by the ASEAN Member States and Japan, promoting trade, investment, tourism as well as people-to-people exchanges between the ASEAN Member States and Japan. More information at https://www.asean.or.jp/en.
-- BERNAMA
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