SBC MEDICAL TO ACQUIRE SINGAPORE’S AHH, EXPANDING INTO ASIA

KUALA LUMPUR, Nov 19 (Bernama) -- SBC Medical Group Holdings Incorporated (SBC), announced it has entered into a definitive agreement to acquire Aesthetic Healthcare Holdings Pte Ltd (AHH), a Singapore-based aesthetic medical treatment provider, in an all cash transaction.

The acquisition marks the first step in SBC’s strategy to grow its business through acquisitions, which includes plans to expand its business internationally with a primary focus on the United States and Asia markets.

“We are very pleased to welcome AHH to our group. AHH has been providing high-quality aesthetic medical services in Singapore for many years and has earned the trust of many customers.

“With this acquisition, we expect to accelerate our expansion into the Asian market and strengthen our global aesthetic medical treatment delivery system,” said SBC Founder and Chief Executive Officer (CEO), Yoshiyuki Aikawa in a statement.

Meanwhile, AHH CEO, Dr Ewen Chee said: “We see this acquisition as an opportunity for new growth, and we are confident that SBC's advanced technology, management know-how, and extensive experience in the Japanese market will contribute greatly to our further development.

“We expect to accelerate our expansion throughout Asia and provide the best aesthetic medical treatments to as many patients as possible. Together, with SBC, we aim to be a leader in the Asian aesthetic medicine industry and will make further efforts to meet the expectations of each and every patient.”

SBC, a global provider of comprehensive consulting and management services to the medical corporations and their clinics, believes Singapore represents the ideal hub for the further development of its brand in the region due to its strategic location and developed medical infrastructure.

With the acquisition of AHH, SBC believes it has taken an important step toward expanding its presence in the Asian market. AHH's portfolio consists of four brands and 21 outlets, and will be added to the SBC clinic network, strengthening its customer base in the Asian region.

The expansion of SBC's global presence is consistent with its mission to establish leadership in the aesthetic medical industry by providing the value of beauty and health beyond national borders through innovative aesthetic medical treatments.

-- BERNAMA

AM BEST DOWNGRADES CREDIT RATINGS OF EVERGREEN INSURANCE COMPANY LIMITED

HONG KONG, Nov 18 (Bernama-BUSINESS WIRE) -- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a” (Excellent) of Evergreen Insurance Company Limited (EICL) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect EICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the parental support EICL receives from Evergreen International S.A. and Evergreen International Corporation in terms of capital, business development, operations and risk management.

The rating downgrades reflect changes to EICL’s operating performance and business profile assessment, based on EICL’s latest business plan to cease underwriting new business starting from mid-May 2024. AM Best revised the company’s operating performance assessment to adequate from strong given that its top-line and bottom-line results are projected to drop materially in the next two years. Additionally, AM Best revised the company’s business profile assessment to limited from neutral due to the planned reduction in business scale.

EICL’s balance sheet strength 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). Despite the significant projected decline in the absolute capital level as per the company’s capital and business plan, AM Best expects EICL’s risk-adjusted capitalisation to be maintained at the strongest level in the intermediate term due to the significantly reduced underwriting risks. Other supportive factors of the balance sheet strength include a highly liquid and conservative investment portfolio, a track record of prudent reserving, and a comprehensive reinsurance programme.

As a pure captive of Evergreen Group, EICL’s in-force underwriting portfolio primarily consists of marine, aviation and property risks related to the group’s operations. The company has ceded the majority of its risk exposures to a panel of financially sound reinsurers and maintained a low retention ratio. EICL’s overall capital position and profitability have been stable over the past five years, owing to prudent underwriting practices, conservative reserving assumptions and long-term reinsurance relationships. EICL’s risk management is well-embedded into the group’s risk framework and is viewed as appropriate to support its risk profile.

EICL’s five-year average return-on-equity ratio was 12.2% (2019-2023). Operating results are expected to remain favourable and stable in 2024, supported by profitable underwriting and higher investment income. However, minimal prospective earnings are projected in 2025 and 2026 based on its business plan.

EICL has historically been a beneficiary of support from its shareholders and the wider parent group. AM Best expects EICL’s shareholders will remain committed and continue to render support to the company during the run-off period in terms of capital, risk management and operations, if needed.

Negative rating actions could occur if there is a significant deterioration in EICL’s risk-adjusted capitalisation to a level that no longer supports the current balance sheet strength assessment. Negative rating actions could occur if there is significant deterioration in the level of support from its shareholders, Evergreen International S.A. and Evergreen International Corporation. Negative rating actions could occur if there is material adverse deviation in the execution of the business plan that no longer supports an adequate assessment of operating performance. Although it is deemed unlikely, positive rating actions could occur if there is a significant improvement in the company’s balance sheet strength.

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

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Contact

Madison Fan
Financial Analyst
+852 2827 3416
madison.fan@ambest.com

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

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
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Al Slavin
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Source : AM Best

SYNCHRONOSS RENEWS PARTNERSHIP WITH MAJOR FRENCH OPERATOR

Building on an 8-Year Partnership, this Leading Service Provider Will Continue to Utilize Synchronoss Personal Cloud and Enable Subscribers throughout France to Manage, Optimize, and Share All Types of Digital Content

BRIDGEWATER, N.J., Nov 13 (Bernama-GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR), a global leader and innovator in personal cloud platforms, today announced a three-year contract renewal with a leading French operator. This service provider operates a high-speed, fixed, and mobile network across France and serves more than 27 million individuals, businesses, communities, and operators. Through the extended partnership, the company will continue to deliver a range of value-added cloud offerings powered by Synchronoss Personal Cloud.

Synchronoss Personal Cloud is a white-label platform that allows service providers to deliver a branded personal cloud solution to centrally backup, sync, and organize a broad range of digital content and files. Purpose-built for service providers, Synchronoss Personal Cloud offers a highly secure and scalable cloud platform that integrates artificial intelligence (AI), machine learning, and other advanced features.

“Expanding our long-standing partnership is a testament to our cloud platform and the value it delivers to this provider’s subscriber base throughout France,” said Jeff Miller, President and CEO of Synchronoss. “We’re excited to enhance the cloud offering with new features such as Tagging, Backtrack and AI photo enhancements that the French carrier will use to drive further subscriber engagement, increase ARPU and reduce churn amongst its subscriber base.”

Unlike some over-the-top (OTT) services, Synchronoss Personal Cloud ensures data security and privacy. It provides the flexibility for operators and service providers to select which capabilities and functionality they want to offer subscribers as part of tiered plans, such as basic, value-added, and premium offerings. As a private-label, branded solution, service providers can monetize the cloud in new ways, offering subscribers upgrade options to better engage with digital content, thus reducing churn and increasing average revenue per user (ARPU). 

http://mrem.bernama.com/viewsm.php?idm=49760

BIBAN24 WRAPS UP WITH US$9 BLN IN AGREEMENTS, FUELLING SAUDI'S SME GROWTH

KUALA LUMPUR, Nov 11 (Bernama) -- Agreements worth over US$9 billion were signed at Biban24, Saudi Arabia’s flagship startup and small and medium-sized enterprises (SME) forum, organised by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom. (US$1=RM4.38)

The five-day event, which concluded on Nov 9 attracted an impressive 182,000 visitors and raised the bar for SME partnership-working, creating a constructive environment for investors and entrepreneurs to launch impactful partnerships and businesses.

In a statement, Monsha’at said the fifth and final day of the forum brought leading entities together to sign a diverse selection of innovative agreements, memorandum of understandings (MoUs) and exclusive partnerships aimed at advancing regional and global entrepreneurship.

Notably, on day five, Tameed launched a financing portfolio worth 2.6 billion Saudi riyals, while both Interactive Smart Communications and Mudarabah introduced a financing portfolio valued at one billion Saudi riyals each, in addition to Saudi Aramco’s investment rounds from WAED Ventures worth 18 million Saudi riyals.

Biban24 also hosted the final rounds of the Entrepreneurship World Cup (EWC), in which 100 finalists, representing 52 countries, participated in the finals of the annual startup pitch competition, providing competitors the chance to win US$1 million in cash prizes and benefit from providing competitors and another US$1 million from networking and access to investment opportunities.

In previous years, the EWC featured several award tracks, including “Growth Stage”, “Early Stage”, “Idea Stage”, and “Innovation Priorities”, all aimed at supporting and empowering entrepreneurs worldwide to develop their projects, hone their skills, and engage with a global network of mentors and advisors.

The competition's 2025 edition focused on a new strategic track dedicated to space technologies, encompassing several subfields such as mining, health and sports, agriculture, and resource management.

This track complements the general track, with cash prizes specifically for space technologies totalling US$200,000, in addition to the overall prize pool of US$800,000.

On the final day of Biban24, Nomiq was announced the winner of the “Idea Stage”, Yumari was ranked first in the “Early Stage” track, and MisMar was named the winner of the “Growth Stage”.

In addition, VitruvianMD was revealed as the overall winner of the healthcare category, EnergyX took first place in the energy category, Salutes Space was recognised with top honours in the “Economies of the Future” category, whereas Marine Innovation was the winner of the competition’s sustainability category.

-- BERNAMA

DUCK CREEK TECHNOLOGIES TO HOST THIRD-ANNUAL "ONE DUCK CREEK-INDIA INCLUSION SUMMIT" IN MUMBAI

The summit, themed "Shaping the Future: Inclusion, Belonging, and Well-Being at Work," will spotlight community-building, wellness, and professional growth

MUMBAI, India, Nov 8 (Bernama-GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, will host its third-annual “One Duck Creek-India Inclusion Summit” in Mumbai. This two-day event focuses on creating a workplace where inclusion, belonging, and well-being actively thrive as part of Duck Creek’s dedication to fostering a diverse, resilient workforce. 

The summit features immersive panels, networking opportunities, and hands-on cultural celebrations, including a Diwali event, aligning with Duck Creek’s mission to develop an environment where every individual feels supported, valued, and engaged both personally and professionally. 

“The One Duck Creek-India Inclusion Summit embodies our commitment to fostering a workplace where everyone feels valued and empowered. As we gather in Mumbai, we’re reminded of the strength that comes from uniting diverse voices, experiences, and talents. This summit not only reinforces our dedication to creating an inclusive culture but also serves as a catalyst for deeper collaboration and innovation across our organization and within the technology community in India,” said Gowri Sivaprasad, Vice President of Engineering at Duck Creek Technologies. 

Building on the success of last year’s event, this year’s Inclusion Summit delves into meaningful discussions led by Duck Creek’s DEI Advisory Board, Employee Experience Council, Employee Resource Groups and other key One Duck Creek programs within the company. Duck Creek’s Executive Leadership Team will host a town hall, sharing company updates and encouraging open dialogue across the organization. The Duck Creek Gives Back Event invites attendees to support the Life Lab Foundation, whose mission is to combine learning with play, and inspire a new generation of learners.  

"We’re thrilled to reunite our Ducks in Mumbai to celebrate the company’s ongoing efforts to create a dynamic, inclusive global culture," said Amy Bayer, Global Director of DE&I, Engagement & Culture at Duck Creek Technologies. "The One Duck Creek Summit reflects our deep commitment to fostering a diverse, equitable, and supportive work environment. This event strengthens our team’s connections and reinforces our mission to build an industry-leading workplace in the P&C and general insurance sectors."  

http://mrem.bernama.com/viewsm.php?idm=49722

NIPPON ELECTRIC GLASS UNVEILS NEW NAME, LOGO FOR ALKALI-RESISTANT GLASS FIBRE

 

KUALA LUMPUR, Nov 5 (Bernama) -- Japanese glass manufacturer, Nippon Electric Glass Co Ltd (NEG) has announced a new name and logo for its alkali-resistant glass fibre (ARG Fiber) product range.

This represents a new stage in the over 40-year history of ARG Fiber, in which during this time has contributed to many architectural and civil engineering projects.

The new name, WizARG is coined from "Wizard" and "ARG Fiber", and it conveys the sense of freedom to create magically, according to the company in a statement.

Developed and produced based in Japan, WizARG has been widely used in the construction and civil engineering fields. It contains a high percentage of zirconia, which enhances its resistance to alkali in cement composites.

NEG provides a stable supply from its sales locations around the world and develops various shapes and proposes products that suit its customers' applications. It will continue to protect the creativity and value of architecture, civil engineering, and a wide variety of other sculptures around the world.

The company has been manufacturing and selling ARG Fiber for over 40 years, and with its achievements and experience, as well as the introduction of a new product name and logo, the company aims to provide customers with products that better meet their needs.

Furthermore, NEG will actively expand in the global market and provide product quality and reliability to customers worldwide.

It will continue to strive for sustainable growth while aiming to improve customer satisfaction. Additionally, through the introduction of a new name and logo, it will achieve further expansion and establish itself as a leading company in the global market.

-- BERNAMA

CSOP: SAUDI'S INITIAL FORAY IN HONG KONG-LISTED SHARES FOCUSING ON CHINESE FIRMS

KUALA LUMPUR, Oct 30 (Bernama) -- CSOP Asset Management Limited (CSOP) announced it is part of the introduction of the Albilad CSOP MSCI Hong Kong China Equity exchange-traded fund (ETF) (symbol: 9410) on the Saudi Stock Exchange (Tadawul) on Oct 30.

“CSOP has always been committed to enriching the ETF ecosystem in Hong Kong, and now we will continue our efforts to bring products with China exposure to the investors in the Middle East area,” said CSOP Chief Executive Officer (CEO), Ding Chen in a statement.

Meanwhile, Albilad Capital CEO, Zaid AlMufarih said: “By partnering with CSOP, we are opening a new avenue for investors to engage with the dynamic growth of China through Hong Kong, all while adhering to Shariah principles. This initiative is more than an investment opportunity; it is a step towards a more interconnected global financial landscape.”

The Albilad CSOP MSCI Hong Kong China Equity ETF will invest at least 95 per cent of its assets in the CSOP MSCI HK China Connect Select ETF (ticker: 3432.HK) listed on the Hong Kong Stock Exchange (HKEX), marking a milestone as the first ETF in Saudi Arabia to track the Hong Kong equity market.

The Albilad CSOP MSCI Hong Kong China Equity ETF is set to be the largest ETF in the Middle East, making its debut with an initial size exceeding US$1.2 billion. (US$1=RM4.36)

As the investment manager of 3432.HK, CSOP has joined forces with Albilad Capital to offer this captivating investment opportunity, allowing investors in Saudi Arabia to tap into the dynamic and diverse Chinese economy.

The launch of the Albilad CSOP MSCI Hong Kong China Equity ETF marks another significant milestone for CSOP in its proactive engagement in the financial bilateral collaborations between China and Saudi Arabia. This, in turn, bolsters the evolution of Hong Kong's capital market as a global financial hub.

Looking forward, CSOP will persist in collaborating with business partners to carry out investor education, present top-tier Hong Kong stocks to the investing public of the Middle East, and introduce Middle Eastern investments to Hong Kong, which will cultivate a more profound mutual comprehension between China and the Middle East.

-- BERNAMA