AM BEST AFFIRMS CREDIT RATINGS OF ASIAN REINSURANCE CORPORATION

SINGAPORE, June 14 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook of these Credit Ratings (ratings) is positive.

The ratings reflect Asian Re’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

The positive outlooks reflect AM Best’s expectation that the successful execution of Asian Re’s business plan will lead to an improving trend in underwriting and operating performance metrics over the intermediate term.

Asian Re’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at this level over the medium term. Notwithstanding, the company is viewed to have a modest absolute capital base of USD 73 million at year-end 2023 as compared with regional reinsurance peers, which increases the sensitivity of its balance sheet to shock events. A significant offsetting balance sheet strength factor remains Asian Re’s high risk investment strategy, which includes the holding of a sizeable balance of cash and deposits in a sanctioned country and in a country that defaulted on its sovereign debt. Although the company has reduced its holdings of some of these assets in recent years, AM Best views this investment strategy as creating increased liquidity and credit risk for Asian Re, as the imposition of existing and future sanctions and/or economic crisis in these respective countries drives a heightened risk of transfer restrictions and/or asset write-offs.

AM Best views Asian Re’s operating performance as marginal, albeit with an improving trend. The company’s operating performance has exhibited volatility in recent years, with a five-year average return-on-equity ratio of 1.5% and a combined ratio of 110.3% (2019-2023), as calculated by AM Best. The company has reported positive operating results in four of the past five years. Underwriting performance in 2020 was hampered by a reserve strengthening exercise and higher-than-expected claims experience. Following remediation actions undertaken by the company, the combined ratio improved to 101.6% in 2023 (2022: 103.3%), taking into account losses arising from the Turkey earthquake and Typhoon Doksuri. Prospectively, AM Best expects Asian Re to execute on a business plan aimed at improving underwriting results, which coupled with robust investment returns, is expected to support positive overall earnings prospectively.

AM Best views Asian Re’s business profile as limited, reflecting its position as a regional non-life reinsurer, with a modest-sized gross premium base of USD 26 million in 2023. The company writes treaty and facultative business in Asia, the Middle East and Africa. The company continues to grow its book of business, with a focus on improved diversification by geography and line of business, following a significant contraction in 2011 driven by severe catastrophe events and the subsequent need to recapitalise. Despite persistent market and regulatory challenges, Asian Re is expected to continue to implement several strategic initiatives and business partnerships aimed at expanding its underwriting portfolio and market presence over the medium term.

AM Best considers Asian Re’s ERM approach to be appropriate relative to the current size and complexity of its operations. The company continues to develop its risk management framework and has demonstrated improvements in its risk management capabilities over recent years.

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 © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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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

Carbon Market Heading Towards Greater Integrity - Calyx Global Report

 

KUALA LUMPUR, June 12 (Bernama) -- An analysis of the state of quality in the voluntary carbon market gives early indications that the market is moving towards higher integrity, according to a report by carbon credit ratings platform, Calyx Global.

“We wanted to start tracking quality, recognising that the voluntary carbon market is starting to mature. The quicker we improve carbon credit quality and restore confidence, the more effective companies can be at addressing climate change,” said Calyx Global Co-founder, Donna Lee.

According to a statement, key findings in the report stated that the issuance of lowest-grade credits has dropped nearly 50 per cent as a proportion of total issued credits to date, this year.

In addition, quality updates related to improving the rules and requirements for credit generation have not yet made their way onto the active market.

Furthermore, while benefits “beyond carbon” are attractive to buyers, it is a search for higher greenhouse gas (GHG) integrity that is driving trends in the market today.

The report integrates data on market trends from Calyx Global’s ratings of over 500 carbon projects to provide unique insights on how efforts to improve market integrity are faring.

After widespread pressure and scrutiny from the media and academia, many market actors have moved to address issues with the quality of carbon credits, in which this report tracks the effectiveness of those efforts.

-- BERNAMA

TEALIUM’S DIGITAL VELOCITY RETURNS, DEEP-DIVING ON CONSUMER DATA DEPLOYMENT

KUALA LUMPUR, June 5 (Bernama) -- Tealium, the largest independent and most trusted customer data platform (CDP), is set to host three flagship Digital Velocity conferences in-person for customers and partners in North America, Europe, and Asia Pacific regions.

According to Tealium in a statement, the 10th annual flagship conference is hosted in San Diego, London, and Sydney, bringing together customers and partners from around the world.

Themed Welcome to the Real-Time Revolution: Where Moments Matter, this year’s conference will showcase how customer data can be used to enhance business and customer experience results, specifically in the areas of artificial intelligence (AI), privacy, and compliance.

Its Chief Executive Officer, Jeff Lunsford said Tealium’s real-time platform helped brands take customer experience initiatives to new heights.

“We enable companies to dazzle customers during their most pivotal moments through data-driven personalisation and seamless digital experiences that prioritise trust and respect for consumer privacy.

“This year at Digital Velocity, we will be deep-diving into how we make that possible for the enterprises we serve globally, featuring use cases directly from our customers,” he said.

This year, Tealium announces strategic investments in several areas as part of its commitment to innovation including Tealium Trust Platform; real-time data; new AI-powered solutions for more intelligent insights; and expanded partnerships to leverage customers’ existing and new partner integrations for a more centralised infrastructure.

The company’s 2024 Digital Velocity for Europe, Middle East, and Africa (EMEA) is taking place in London from June 4 to 5; North America in San Diego (June 10 to 12); and Asia, Pacific, Japan (APJ) in Crown Sydney (June 27).

Tealium is also continuing to innovate within highly-regulated industries and has now launched Tealium for Healthcare, in which this new suite of solutions supports healthcare companies in reimagining the patient experience, all while prioritising Health Insurance Portability and Accountability Act.

-- BERNAMA

WESTERN UNION EXPANDS COLLABORATION WITH TENCENT FINANCIAL TECHNOLOGY

• Customers around the world can now send international money transfers from Western Union’s branded digital channels directly to China’s Weixin (WeChat) users
• Expansion builds on Western Union’s existing service — Weixin users in China can choose to receive Western Union money transfers into their Weixin Pay wallets and linked bank accounts

BEIJING, June 5 (Bernama-BUSINESS WIRE) -- Western Union today announced that it has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent’s cross-border payment platform. Customers around the world can now send money from westernunion.com and Western Union’s app directly to their loved ones’ wallets and bank accounts based in China and available within Weixin — known globally as WeChat.

Western Union operates one of the world’s largest money transfer networks. The expanded collaboration underpins Western Union’s Evolve 25 strategy to accelerate digital growth by providing even greater choice, accessibility and convenience for its customers when transferring money internationally.

Unlocking convenience with enhanced global access

This enhancement builds on Western Union’s existing relationship with Tencent Financial Technology and Shanghai Pudong Development Bank. In the current collaboration, Weixin users in China have the choice to use their Money Transfer Control Number (MTCN) to route their Western Union money transfers, originally intended for cash collection, to their bank accounts instead.

Today’s announcement adds onto this, so senders abroad can also now push money transfers directly to their receivers’ wallets or bank accounts available within Weixin’s platform. Customers can send up to USD 5,000 (or local equivalent) per transaction¹.

“We are thrilled to expand our services on Weixin, one of the top digital platforms in China that plays a significant role in the lives of over 1 billion users,” said Sohini Rajola, Head of Asia Pacific at Western Union. “China is the third-largest recipient of remittances globally, receiving approximately USD 50 billion in 2023. Through our collaboration with Tenpay Global, we are excited to further enhance our services to meet the evolving needs of customers. By providing a convenient and seamless experience for our customers, we are reaffirming our commitment to customer-centric innovation that empowers individuals and families to send and receive money across borders.”

Creating global connections for China’s digital-savvy consumers

China is known for its digital-savvy population. Industry reports state that China has long been the global leader in digital wallet adoption, underscoring the importance of digital-first money transfer avenues for customers.

“We are fully committed to improving the user experience, aiming to make cross-border transfers as simple as sending a message,” said Royal Chen, Vice President of Tencent Financial Technology. “Our focus lies in providing fast, convenient, and secure solutions that connect China with the global community. Weixin is a digital bridge that allows global users to connect across borders. As we move forward, we are constantly innovating to facilitate the creation of a borderless payment network.”

Combining Weixin’s extensive user base and Western Union’s global reach, the collaboration represents a significant step forward in making financial services accessible to all by offering customers greater flexibility and convenience with their money transfer needs. It reaffirms the companies’ shared mission to serve customers’ digital needs by providing fast, reliable and seamless cross-border transactions.

¹Additional conditions and limits may apply, depending on send country regulations.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

View source version on businesswire.com: 
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Contact

Media contacts:

Saadia McGlinchey
saadia.mcglinchey@wu.com

Karen Santos
karen.santos2@westernunion.com

Source : The Western Union Company

AM BEST AFFIRMS CREDIT RATINGS AND ASSIGNS NATIONAL SCALE RATING TO VIETNAM NATIONAL REINSURANCE CORPORATION

SINGAPORE, June 4 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb+ (Good) of Vietnam National Reinsurance Corporation (VINARE) (Vietnam). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to VINARE with a stable outlook.

The ratings reflect VINARE’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 (ERM).

VINARE’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. The company’s regulatory solvency position remains comfortably above the minimum requirement by a wide margin. Offsetting balance sheet strength factors include the company’s moderate investment risk, due to its holdings of equity investments, and high dividend payout ratio. Additionally, VINARE exhibits a moderate reliance on retrocession to support its underwriting of large commercial risks; however, the risk associated with this dependence is mitigated partly by the good credit quality of the retrocession panel.

AM Best views the company’s operating performance as strong, supported by its five-year average return-on-equity ratio of 10.2% (2019-2023). Underwriting results remained favourable in 2023, with the company reporting a combined ratio of 98%, supported by favourable underwriting performance from its core property and engineering lines. Investment income remains as the key contributor to the company’s overall earnings, with net investment yield of 10.1% in 2023 (2022: 5.8%). VINARE continued to achieve technical profitability in the first three months of 2024, supported by robust loss ratio and improving expense ratio. Prospectively, AM Best expects the company to continue delivering strong operating performance, supported by favourable underwriting performance and robust investment income.

AM Best considers VINARE’s business profile as neutral. As the national reinsurer of Vietnam, VINARE has established long-standing relationships with local cedants, supporting its position in Vietnam’s insurance market, where it generates the majority of its premium. The company has a well-diversified underwriting portfolio by lines of business, with a good balance between commercial and retail risks. Nonetheless, VINARE is exposed to elevated product risk given its sizable exposure to commercial and industrial risks.

AM Best views the company’s ERM as appropriate given the developed reporting system and prudent risk management approach. Risk management framework and risk modelling capabilities have benefited and are expected to continue developing under the technical support and expertise provided by the company’s second-largest shareholder, Swiss Reinsurance Company Ltd.

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 © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 

http://mrem.bernama.com/viewsm.php?idm=48722

NIPPON EXPRESS OBTAINS "HALAL" CERTIFICATION FOR FUKUOKA CHUO LOGISTICS CENTER

TOKYO, June 4, 2024 /Kyodo JBN/ --

- Delivering Wagyu Beef and Other Japanese Food Products in Growing Demand Worldwide -
 
Nippon Express Co., Ltd. (hereinafter "Nippon Express"), a group company of NIPPON EXPRESS HOLDINGS, INC., has newly acquired "halal" logistics certification (endorsed as permissible under Islamic law) from the Nippon Asia Halal Association for its Fukuoka Air Service Branch’s Fukuoka Chuo Logistics Center, effective April 30.
 
Logo: https://kyodonewsprwire.jp/img/202405271306-O3-91B5HXWA
 
Photos
Exterior view of Fukuoka Chuo Logistics Center:
https://cdn.kyodonewsprwire.jp/prwfile/release/
M103866/202405271306/_prw_PI1fl_n6f7j6Xx.jpg
 
Project members and certificate:
https://cdn.kyodonewsprwire.jp/prwfile/release/
M103866/202405271306/_prw_PI2fl_KfsJyK2E.jpg
 
- Background to certification
Kyushu, as a beef producing region, is a major exporter of Wagyu beef to the U.S., Hong Kong, and elsewhere. Beef exports from Kyushu have been rising year after year, and demand is growing in the United Arab Emirates and among the large Muslim populations of Southeast Asia. The demand for Japanese halal beef is expected to increase further with the establishment in May of an "Export Support Platform" in Malaysia by Japan’s Ministry of Agriculture, Forestry and Fisheries.
 
The Fukuoka Air Service Branch completed construction of the Fukuoka Chuo Logistics Center in July 2019, and to date has handled a large number of fresh food products exported from all over Kyushu. The Branch has now acquired halal logistics certification to meet the needs of customers involved in the export of increasingly in-demand halal products by utilizing the knowledge it has cultivated over the years.
 
With the growing popularity of Japanese food products among people of diverse cultural backgrounds around the world, the NX Group is committed to further expanding its halal logistics service network to support customers' supply chains and continue offering safety and reliability to consumers worldwide.
 
- Profile of business location
Name: Fukuoka Chuo Logistics Center, Fukuoka Air Service Branch, Nippon Express Co., Ltd.
Address: Enokida 2-9-48, Hakata-ku, Fukuoka, Fukuoka Prefecture
Warehouse area: 2,279.23 m2
 
About the NX Group:
https://kyodonewsprwire.jp/attach/202405271306-O1-D2PJN2Lx.pdf
 
NX Group official website: https://www.nipponexpress.com/
 
NX Group's official LinkedIn account:
https://www.linkedin.com/company/nippon-express-group/
 
 
Source: NIPPON EXPRESS HOLDINGS, INC. 

http://mrem.bernama.com/viewsm.php?idm=48729

BIOGNOSYS LAUNCHES GROUNDBREAKING P2 PLASMA ENRICHMENT TECHNOLOGY FOR UNBIASED, DEEP PLASMA PROTEOMICS AT ASMS 2024

·  The proprietary P2 Plasma Enrichment method leverages a novel single-well, single particle-type enrichment method to achieve market-leading performance for unbiased, deep mass spectrometry-based plasma proteomics

·  P2 now offers excellent quantitation and higher throughput for large-cohort biomarker or drug discovery studies, and clinical, epidemiological or population proteomics research

·  P2 Plasma Enrichment is available as a CRO service via Biognosys’ TrueDiscovery^® platform, or as an in-house method for high-performance mass spectrometry end-users via licensing

·  With the optional additional combination of TrueDiscovery^® unbiased, deep mass spectrometry proteomics workflows with targeted Alamar NULISA affinity-based ultra-high sensitivity proteomics panels, Biognosys now enables the most quantitative and complete access to the human plasma proteome
 
ZURICH, Switzerland and NEWTON, Mass., May 31 (Bernama-GLOBE NEWSWIRE) -- Biognosys, a leader in next-generation proteomics services, software and kits for life sciences research and drug development, today announced the launch of the novel, proprietary P2 Plasma Enrichment method for single-well, single particle-type enrichment with market leading performance and sensible, superior economics. P2-based plasma proteomics can be used for human or for animal-model proteomics studies and clinical research.

This novel P2 plasma proteomics method achieves a proteome coverage of 7,000 proteins in a previously published five-cancer plasma sample set, demonstrating highest reproducibility, unprecedented enrichment of low abundant proteins, and unparalleled throughput on Bruker timsTOF® HT mass spectrometers. The technical features and performance data will be presented at the American Society of Mass Spectrometry (ASMS) Annual Conference in Anaheim, CA on Monday, June 3^rd during Biognosys’ Breakfast Seminar, “Accelerating Drug Discovery and Development with Biognosys’ Next-Generation Proteomics Services,” and on Wednesday, June 5^th during the WP 084 poster session. 

http://mrem.bernama.com/viewsm.php?idm=48714