HONG KONG, Aug 6 (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 Blue Cross (Asia-Pacific) Insurance Limited (Blue Cross) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Blue Cross’ balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Blue Cross’ risk-adjusted capitalization remains solid, partially attributed to its diversified investment portfolio with strong liquidity, and the gradual release of risk capital in tandem with the runoff of the life business, despite organic capital growth from earnings that is offset by the high dividend payout ratio. The company continues to focus on underwriting risk selection to strengthen its non-life portfolio, which has demonstrated a consistently profitable and improving trend in underwriting results, partially attributed to the stable and lower-than-peers expense ratio. The favorable trend in return on equity also is supported by a track record of stable interest income and the buoyant capital market condition in 2017. Blue Cross remains as a mid-sized insurer in Hong Kong’s highly competitive non-life market. Approximately 90% of its gross premiums written was sourced from the accident and health line through a diversified distribution network. Offsetting rating factors include the challenging operating environment, in particular for group medical insurance, due to market competition and medical inflation. In addition, Blue Cross’ capital and surplus is subject to some volatility arising from movements in fair value reserves on available-for-sale assets. Positive rating actions for Blue Cross are unlikely in the near term. Negative rating actions could occur if there is a deteriorating trend in the company’s operating profitability or a significant decline in the company’s risk-adjusted capitalization. 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 a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2018 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/20180803005335/en/ Contact A.M. Best James Chan Senior Financial Analyst +852 2827 3418 [email protected] or Christie Lee Director, Analytics +852 2827 3413 [email protected] or Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 [email protected] or Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 [email protected] Source : A.M. Best
0 Comments
KUALA LUMPUR, July 31 (Bernama) – The SME100TM Awards is ready to breach its milestone by naming the 1,000th company known as the Fastest Moving Company of Malaysia. The prestigious business awards programme organiser, Business Media International, one of Asia’s leading business-to-business publishers, said each year, the winners were identified through stringent credit evaluation and auditing. The steady accumulation of winners over the years has also enabled the establishment of various networking and intelligence platforms, such as the SME CEO Forum and SME Solutions Expo. This year, two new awards are introduced, namely SME100TM CTOS Credit Excellence Award and the award for the highest contribution to SMEs of Malaysia. The two awards, created in collaboration with CTOS Data Systems Sdn Bhd and Affin Bank Berhad respectively, align with the objective of promoting greater business health and development. Nominations for the SME100TM Awards - Fast Moving Companies – will close on Sept 1, 2018. For nomination and more information, visit www.sme100.asia. -- BERNAMA KUALA LUMPUR, Aug 2 (Bernama) -- The first Krispy Kreme shop is set to open in Myanmar this September, making it one of the few Western food brands to enter the country.
Krispy Kreme Doughnut Corp, in a statement, said they plan to open approximately 10 shops in the near future via its Myanmar franchisee. Headquartered in Winston-Salem, North Carolina, Krispy Kreme Doughnut Corp is a global retailer of high-quality doughnuts and great-tasting coffee since 1937. The brand has about 12,000 grocery, convenience and mass merchant stores in the United States as well as nearly 1,400 outlets in 32 countries. For details, visit www.KrispyKreme.com --BERNAMA KUALA LUMPUR, July 31 (Bernama) -- RFA - a next-gen managed IT service provider for the financial industry - opened a new private financial cloud in Luxembourg, Europe to accelerate growth and accommodate increased demand in technology regulation and cybersecurity.
Managing director, George Ralph said the expansion will help the company to further enhance its workflow automation services, cloud management and security offerings as well as increase its ability to service current clients across Europe and opportunity to develop future client relationships in the new market. The expansion also offers a portfolio of high quality private cloud services to both its existing and new financial services clients in Luxembourg, Madrid, Paris and the wider region, a statement said. Along with the London office, the new office doubles RFA's footprint in Europe and further bolsters the company's growth strategy as the company has has two highly secure, tier-one data centres in Luxembourg. RFA offers fully managed private cloud, infrastructure-as-a-service and secure multi-cloud services allowing clients to take advantage of the flexibility and scalability of public cloud services, whilst enjoying the security and direct control of the private cloud. Clients in Luxembourg also benefit from exceptional levels of support, with industry-leading response times and 24/7 connection to live assistance or onsite support when required. RFA headquartered in New York City and London offers a full range of technology solutions, global data center operations and industry-leading service. The company serves the IT and Technology needs of the financial sector. -- BERNAMA KUALA LUMPUR, Aug 2 (Bernama) -- Watts Miners has announced its emergence in the global cryptocurrency mining market for its easy-to-use miners that are able to provide a return on investment within a month.
The company recently launched three miners equipped with high hash rate powers, developed using advanced ASIC chip technology to mine Bitcoin, Litecoin, Ethereum, Monero and Dash. As earning quick and assured profits from mining has never been easy, the company has created multi-algorithm miners with low power consumption. Hash rate is the measure of a miner's performance. A higher hash rate means more processing power to run and solve the different hashing algorithms for generating new cryptocurrency as reward for enabling transactions to occur on the network. Watts Miners chief financial officer, Nancy Lopez, said: "Today, we are proud to announce that our mining rigs are second to none in the industry when it comes to power, efficiency and profitability. " Headquartered in New York, Watts Miners is a manufacturer of high-quality cryptocurrency miners that deliver high hash power with minimal resources. For details, visit www.wminers.com |
Archives
April 2023
|