SINGAPORE, May 26 (Bernama-BUSINESS WIRE) -- A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Product Care (NZ) Limited (PCL) (New Zealand).
The revised outlooks reflect the company’s weakening solvency position and an unfavorable trend in underwriting performance. Based on recent financial results, the company’s underwriting profitability shows a downward trend, due to worse-than-expected claims experience emerging from its recently launched full replacement extended warranty cover. The Credit Ratings (ratings) reflect PCL’s adequate risk-adjusted capitalization and conservative investment portfolio. Risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, remains marginally supportive of its current ratings. Despite poor claims experience in recent years, consistent investment income has helped offset volatility and absorb the negative underwriting results, thus contributing to overall positive results. The outlooks could be revised back to stable if the company can reverse its poor underwriting performance trend. Negative rating actions could arise if PCL’s capital position further erodes or the unfavorable earnings trend persists. Furthermore, negative rating actions could occur if the consolidated financial performance of its ultimate parent deteriorates. mrem.bernama.com/viewsm.php?idm=29227
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KUALA LUMPUR, May 24 (Bernama) -- THE Social Market was abuzz with activity, and many of which were busy enjoying the scrumptious food, or looking for gifts for their loved ones. It was indeed a success, as Selangor Dredging Berhad hosted an event to collaborate with social enterprises at the inaugural The Social Market. Held last Friday, The Social Market was open from 11am to 3pm at the Courtyard of Wisma Selangor Dredging. There were 10 vendors operating different stalls supporting the less privileged communities in Malaysia. Working with women from low-income groups, Batik Boutique creates artisanal gifts and fashion accessories made from hand-woven batik. Greenyards meanwhile, provides alternative channels for the local community to dispose their used cooking oil and subsequently reprocesses the oil into eco-friendly soaps, washing powder and aromatic candles. The Good Shop collaborates with different social and cultural enterprises, and brings together a large and varied collection of products. Besides their best-selling durian jam, one can also look out for their lovely plush toys and children’s storybooks – all created by the marginalized communities. Serving delicious smoothies, One-Two-Juice is a green smoothies bar pioneered by Selangor Dredging Berhad’s corporate social responsibility (CSR) programme. Delicious local bites like vegetarian dumplings and crème puffs could be purchased from Coffee Sprex, who works with employees from the hearing and speech impaired communities. Amongst the many vendors were also Jabatan Kemajuan Orang Asli (JAKOA) which sold crafts handmade by the indigenous Orang Asli communities. The best seller had to be The Nasi Lemak Project which cultivates poor families to be small Nasi Lemak and food enterprise sellers -through a micro-franchise model. “It is great to be able to see different social enterprises come together for a good cause. Selangor Dredging Berhad is committed to supporting Social Enterprises as we believe in promoting both social and environmental causes to the larger community. I am delighted that that we successfully collaborated in this event and look forward to possible collaborations in the future. said Ms. Teh Lip Kim, Managing Director of Selangor Dredging Berhad. mrem.bernama.com/viewsm.php?idm=29204 TOKYO, May 25 (Bernama-BUSINESS WIRE) -- Toshiba Corporation's (TOKYO:6502) Storage & Electronic Devices Solutions Company today announced the launch of “TPD4207F,” the latest addition to its line-up of high voltage intelligent power devices (IPDs) in small-size packages for use in fan motors, including those of air conditioners, air cleaners and pumps. The new IPD is housed in a small “SOP30” surface mount package, and achieves an increased current rating of 5A and high voltage of 600V. Mass production shipments start today.
Utilizing Toshiba’s latest MOSFET technology for reducing power loss, the 600V Super Junction MOSFET “DTMOSIV series,” the new IPD achieves a 5A rating. This is sufficient to drive the compressor motor of a refrigerator, which current IPDs cannot do, and will expand the range of application. Features Achieves 600V and 5A rating in a compact surface-mount device package. Applications Refrigerator compressor motors, etc. Follow the link below for more on the new product. https://toshiba.semicon-storage.com/info/lookup.jsp?pid=TPD4207F®ion=apc&lang=en Follow the link below for more on Toshiba IPDs. https://toshiba.semicon-storage.com/ap-en/product/linear/ipd.html Customer Inquiries: Power Device Sales & Marketing Department Tel: +81-3-3457-3933 https://toshiba.semicon-storage.com/ap-en/contact.html Information in this document, including product prices and specifications, content of services and contact information, is correct on the date of the announcement but is subject to change without prior notice. About Toshiba Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into three focus business fields: Energy that sustains everyday life, that is cleaner and safer; Infrastructure that sustains quality of life; and Storage that sustains the advanced information society. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations and is contributing to the realization of a world where generations to come can live better lives. mrem.bernama.com/viewsm.php?idm=29221 SINGAPORE, May 26 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Kiwi Insurance Limited (Kiwi) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Kiwi’s strong risk-adjusted capitalization, favorable operating performance and conservative investment portfolio. As an affiliated company of New Zealand Post Limited (NZPL) and Kiwibank, Kiwi is able to benefit from cross-selling opportunities, low acquisition costs and shared resources within the group. Offsetting rating factors are Kiwi’s relatively small in-force portfolio and low penetration rate among the bank’s customer base. Despite its overall sound profitability, underwriting results historically have been subdued and tracked behind its local bancassurance peers. This is due to significant expenses and capital expenditures being incurred ahead of realized sales. Nonetheless, due to favorable growth in premium revenue over the past five years, A.M. Best expects the operation to begin reflecting economies of scale. The company has a short history of operating as a self-sufficient insurer. It transitioned from an outsourced model to an in-house manufacturing model in 2011 and its scale of operations has remained small. Future success of the operation will depend on how well it can leverage its affiliates’ distribution platforms and customer bases to generate more business volume. Positive rating actions are unlikely in the near term. Negative rating actions could occur if there is a material decline in the company’s risk-adjusted capitalization or significant deterioration in its operating performance. Negative rating pressure also could occur if there is any adverse development in the financial strength of NZPL and its sister company, Kiwibank. 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 A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED. Contacts A.M. Best Larina Huang, +65 6589 8400, ext. 218 Associate Financial Analyst [email protected] or Christopher Sharkey, +1 908 439 2200, ext. 5159 Manager, Public Relations [email protected] or Jason Shum, +65 6589 8400, ext. 217 Senior Financial Analyst [email protected] or Jim Peavy, +1 908 439 2200, ext. 5644 Director, Public Relations [email protected] Source: A.M. Best LONDON, May 25 (Bernama) -- The Malaysian Qualifications Agency (MQA) continues to strengthen its good relationship with the National Recognition Information Centre for the United Kingdom (UK NARIC) with the signing of the Memorandum of Cooperation (MoC) between both agencies. The MoC was signed today by the Chief Executive Officer (CEO) of MQA, Dato’ Prof. Dr. Rujhan Mustafa and the Head of Stakeholder Management Group of UK NARIC, Mr Tim Buttress, representing Dr. Cloud Bai-yun, the CEO of UK NARIC. The signing, which took place at the Malaysian High Commission, London was witnessed by the Secretary General of the Ministry of Higher Education, Malaysia, HE Tan Sri Dr. Noorul Ainur Mohd. Nur.
The MoC aims at fostering and promoting technical cooperation that will be of benefit through, amongst others, exchange of information, staff and experts. Both agencies have also explicitly expressed their commitments in exploring joint activities and research, as well as areas of mutual benefit in the fields, among others, qualifications assessment, equivalency and referencing. Noorul Ainur in her remarks said, MQA has been performing a vital role, since its establishment in 2007, as the national reference center for accredited qualifications in Malaysia. This is indeed a big task considering Malaysia has been receiving a large number of international students, every year, entering with their national qualifications and Malaysia has been producing a large number of international graduates that would return to their countries or migrating to other countries. This is the first of such memorandum that MQA signed specifically in the field of qualification referencing. MQA have been engaging with UK NARIC since 2005 where its database has enable the Agency to advise Malaysian Higher Education providers in receiving international students where information on their national qualifications is limited. The signing of this document formally establishes a new phase of cooperation between the two organizations. Noorul Ainur hopes this cooperation will allow MQA to strengthen its qualification referencing capacity to support the nearly completed revised Malaysia Qualifications Framework and the Agency’s endeavor to reference the Framework with the ASEAN Qualification Reference Framework in the near future. Noorul Ainur led the Malaysian Delegation to the Going Global 2017 Conference in London that concluded yesterday. Malaysia is co-hosting with British Council in next year’s Going Global in Kuala Lumpur from 2-4 May 2018. SOURCE : Malaysian Qualifications Agency (MQA) FOR MORE INFORMATION PLEASE CONTACT: Name : Noor Farahstin Hassan Tel : 03 7968 6034 Email : [email protected] --BERNAMA |
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