AM BEST: RECORD REINSURANCE CAPITAL TESTS UNDERWRITING DISCIPLINE

 

KUALA LUMPUR, Aug 10 (Bernama) -- Global reinsurers are facing increased pressure on pricing as strong earnings since 2023 have driven capital to record levels, raising questions over whether underwriting discipline can be maintained amid growing competition, according to a new report by AM Best.

The Best’s Market Segment Report, titled “Global Reinsurance at an Inflection Point: Can Discipline Survive the Temptation of Record Capital?”, stated that the global non-life reinsurance segment continues to benefit from strong capitalisation, favourable earnings generation and supportive market conditions.

However, growing competition is putting pressure on reinsurance pricing, particularly in property lines. Unlike previous hard markets, capital has largely accumulated within existing organisations rather than through a wave of new entrants, giving reinsurers multiple opportunities to deploy capital.

According to the report, casualty reinsurance is also emerging as an important strategic concern, with some reinsurers pursuing growth opportunities supported by enhanced rates, while others remain cautious amid uncertainty surrounding social inflation, litigation funding, larger jury awards and adverse legal environments.

“Casualty exposures often develop over many years, meaning that decisions being made today may not be fully understood until well into the next decade,” said AM Best director, Dan Hofmeister in a statement.

AM Best expects the non-life reinsurance market to maintain favourable earnings profiles barring an outsized catastrophe event, but says the ability to preserve underwriting discipline and pricing integrity amid record capital will be critical to sustaining recent profitability.

The report also noted that reinsurance renewal trends intensified during the April and midyear renewals, with United States (US) property catastrophe placements, led by Florida, recording widely estimated reductions of 15 per cent to 20 per cent.

Meanwhile, US and Bermuda reinsurers have improved their combined ratios to the mid-80s to low-90s range under US generally accepted accounting principles (GAAP) from an underwriting loss position in 2020.

Artificial intelligence (AI) is also increasingly expected to become a differentiating factor for reinsurers that successfully integrate the technology, although limited and inconsistent data can constrain model effectiveness while increasing exposure to cyber and systemic risks.

-- BERNAMA

SPACE42, AUTONOMOUS A2Z SIGN US$7 MLN AGREEMENT FOR UAE LEVEL-4 MOBILITY

KUALA LUMPUR, Aug 11 (Bernama) -- Space42, a United Arab Emirates (UAE)-based artificial intelligence (AI)-powered SpaceTech company, and South Korea’s Autonomous A2Z (A2Z) have signed a US$7 million commercial agreement to deploy Level-4 autonomous mobility solutions in the UAE. (US$1=RM4.09)

In a statement, the company said this is the first commercial agreement under the two companies’ broader partnership and is a direct supply contract separate from the joint venture announced in 2025 to support the long-term commercialisation of intelligent mobility solutions in the UAE.

The agreement combines A2Z’s Level-4 autonomous driving technology with Space42’s AI, geospatial and connectivity capabilities. For A2Z, the agreement marks a step in its international expansion, while Space42 said it advances its efforts to enable safe and reliable driverless vehicle operations at scale.

Space42 chief executive officer (CEO) of Smart Solutions, Hasan Al Hosani said autonomous mobility is critical infrastructure for smart city development and that the UAE has created conditions for its integration into everyday transport.

Meanwhile, A2Z CEO, Han Ji-hyung said the agreement demonstrates that autonomous driving technology developed and validated in South Korea is ready for international deployment.

Pilot robo-shuttle services using A2Z’s ‘ROii’, along with other modified and retrofitted autonomous vehicles, will undergo operational testing and demand assessment. The companies expect the rollout to expand into demand-responsive transport (DRT) and tourism shuttle operations.

The project aligns with the UAE’s broader efforts to advance AI-enabled transportation and intelligent mobility under its National Smart Mobility Strategy.

Space42 said its mobility portfolio includes TXAI, an autonomous taxi service that has travelled more than 600,000 kilometres (km) across 20,000 trips with zero recorded accidents since operations began in 2021.

A2Z has conducted autonomous driving trials across 13 cities and provinces in South Korea and operates 91 permitted autonomous vehicles with over 1.02 million km of cumulative driving experience. Commercial execution of the agreement was led by Autonomous to Global (A2G), A2Z’s Singapore-based joint venture with Kilsa Global.

-- BERNAMA

Cirrus Therapeutics Strengthens Its Position as a Next-Generation Global Ocular Immunology Leader with Singapore Eye Research Institute (SERI) Collaboration and Additional Financing

 

• Cirrus deepens expansion into Singapore and the Asia-Pacific region through collaboration with Singapore Eye Research Institute and Duke-NUS Medical School’s Centre for Vision Research to support research, clinical development and partnering activities
• Cirrus expands investor syndicate with new additions, including Cedars Sinai Intellectual Property Company, raising $14.7 million to date
• Cirrus continues to advance its lead program toward the clinic, a novel ocular gene therapy designed to restore IRAK-M in geographic atrophy patients
   

CAMBRIDGE, Mass. and SINGAPORE, Aug 5 (Bernama-GLOBE NEWSWIRE) -- Cirrus Therapeutics, an ocular immunology biotech, today announced a collaboration with Singapore Eye Research Institute (SERI) and Duke-NUS Medical School (Duke-NUS). Cirrus also announced an expanded investor syndicate, including Cedars Sinai Intellectual Property Company, raising $14.7 million seed financing to date. These developments bolster Cirrus’ trajectory as a global ocular immunology company advancing first-in-class and best-in-class therapies to extend the ocular healthspan of patients with chronic blinding diseases.

“We are taking methodical steps to build an ocular immunology company that delivers global impact. Our collaboration with SERI and Duke-NUS exemplifies this strategy in action,” said Ying Kai Chan, PhD, Chief Executive Officer and Co-Founder of Cirrus Therapeutics. “We’re also pleased to fortify our investor syndicate with new additions, including strategic investors such as Cedars Sinai Intellectual Property Company as we continue to progress our novel ocular gene and cell therapy candidates toward the clinic.”

Cirrus’ lead program is a novel ocular gene therapy designed to restore IRAK-M, in order to prevent AMD progression and preserve central vision in GA patients.

SERI, the research institute of the Singapore National Eye Centre (SNEC), is the national ophthalmic research institute and ranks first globally by ophthalmology publications per capita. SERI and SNEC are part of SingHealth’s cluster of hospitals and specialist centres. Working closely with Duke-NUS’ Centre for Vision Research, SERI conducts research aimed at preventing blindness, low vision and major eye diseases affecting people in Singapore and Asia. Cirrus’ collaboration with SERI and Duke-NUS, supported by National Medical Research Council (NMRC)/National Health Innovation Centre Singapore (NHIC), accelerates the advancement of innovative ophthalmic technologies for treatment of blinding diseases to benefit more patients.

“The pioneering work by SERI, augmented by Duke-NUS, has contributed to important advances in how eye diseases are understood, treated and prevented in Asia and globally,” said Assistant Professor Hwee Goon Tay, Ph.D., Principal Investigator at SERI and Duke-NUS’ Centre for Vision Research, who is leading the collaboration. “Through this collaboration with Cirrus, we hope to accelerate the development of new therapies that can protect or restore sight for people living with serious retinal diseases.”

In March 2026, Cirrus announced the establishment of an R&D site in Singapore, complementing its UK science origins and US infrastructure and enabling access to Asia-Pacific, one of the fastest-growing biopharma markets. Cirrus concurrently announced a strategic partnership with the Agency for Science, Technology and Research (A*STAR) to develop impactful ophthalmic therapies.

“Over the past two decades, Singapore has established itself as a high-impact, global R&D hub, with ophthalmologic and retinal diseases being a key highlight,” said Professor Andrew Dick, MD, Co-founder and Chief Scientific Advisor of Cirrus, as well as Duke Elder Chair and Director of Institute of Ophthalmology, University College of London (UCL), and Head of Academic Unit of Ophthalmology, University of Bristol. “Cirrus’ presence and strategic partnerships in Singapore is the type of cross-border collaboration critical for addressing the massive, global unmet need presented by age-related macular degeneration and geographic atrophy.”

About Cirrus Therapeutics
Cirrus Therapeutics is a privately held ocular immunology-focused biotech with locations in the U.S. and Singapore. Cirrus is focused on revolutionizing the treatment of age-related macular degeneration (AMD), geographic atrophy (GA), and other chronic blinding diseases with groundbreaking cell and gene therapies to preserve sight, extend ocular healthspan, and enable a better quality of life as people age.

Our lead program is a preclinical stage, novel adeno-associated virus (AAV) ocular gene therapy designed to potentially reverse an underlying cause of dry AMD: loss of IRAK-M protein, a key immune regulator expressed in retinal cells. Our second program is a preclinical stage, next-generation RPE cell therapy to restore vision to patients with center-involving GA, an advanced stage of AMD.

Our investor syndicate includes ClavystBio, Polaris Partners, SEEDS (an investment arm of SG Growth Capital), Cedars Sinai Intellectual Property Company, and additional institutional investors.

For more information, visit us at www.cirrustx.com and follow us on LinkedIn.

Media Contact:
Liz Melone
liz@melonecomm.com 

SOURCE: Cirrus Therapeutics, Inc. 

--BERNAMA 

ALIXPARTNERS ACQUIRES AGENTIC AI CONSULTING FIRM ARTIUM

KUALA LUMPUR, Aug 5 (Bernama) -- AlixPartners has acquired Artium, an agentic artificial intelligence (AI) software consulting firm that develops enterprise AI agents for clients including BNY Mellon, Mayo Clinic and eBay, as the global consulting firm expands its AI capabilities.

In a statement, the company said Artium will continue operating as a distinct team within AlixPartners under the brand "Artium by AlixPartners", with its people, including its founders, methodology and research relationships remaining unchanged.

AlixPartners Co-Chief Executive Officer (CEO), Rob Hornby said Artium has developed production-grade agentic AI systems and established strong relationships across leading AI research organisations, adding that the combination is expected to enhance the firm's ability to deliver business transformation for clients.

Meanwhile, Artium CEO and Co-Founder, Ross Hale said AlixPartners was selected as the next growth partner because of its understanding of Artium's business, technology capabilities and long-term opportunities, while also supporting the culture and values that have contributed to the firm's growth.

AlixPartners said the acquisition combines Artium's AI engineering capabilities with the firm's industry experience and is expected to create new opportunities to transform businesses and integrate technology across enterprises.

Founded 45 years ago, AlixPartners provides consulting services to companies across a range of industries, focusing on performance improvement, restructuring, transformation and technology-enabled business change.

-- BERNAMA

Kanadevia Inova Signs Concession Agreement for Its First Waste-to-Energy Plant in Africa

^{Artist’s impression of the Casablanca integrated Waste-to-Energy facility, combining waste treatment, renewable energy generation, and landfill management infrastructure}


- Contributing to Addressing Environmental Challenges in Casablanca, Morocco -


OSAKA, Japan, Aug 5 (Bernama-BUSINESS WIRE) -- Kanadevia Inova AG (Switzerland; hereinafter “Inova”), a wholly owned subsidiary of Kanadevia Corporation (TOKYO: 7004) engaged in the development, design, construction, maintenance and operation of waste-to-energy and biogas plants, has signed a concession agreement (long-term project operation agreement) for a 33.5-year waste-to-energy project in Casablanca, Morocco, covering the design, financing, construction and operation of the facility.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260804844543/en/ 

Inova will carry out the project together with Nareva, a leading Moroccan integrated energy company, and ITOCHU Corporation. Inova will establish an SPC (Special Purpose Company) to implement the project while proceeding with EPC (Engineering, Procurement and Construction) and long-term maintenance agreements.

The project will construct a waste-to-energy plant adjacent to Médiouna landfill, one of the largest landfill site in Africa. The facility will process approximately 1.5 million tonnes of waste per year and have a power generation capacity of approximately 126 MWe. The objective is to hygienically treat waste while effectively utilizing it as an energy resource.

The facility will incorporate advanced technologies, including Inova’s large-scale combustion and boiler systems and its proprietary Autaro™ automatic combustion control system. In addition, it will include a 50 MW solar power facility, a 4 MW landfill gas recovery and utilization facility and a leachate treatment unit. By reducing methane emissions, which have a global warming potential approximately 28 times greater than CO2, the project is expected to generate around 1 TWh of electricity annually, equivalent to the annual electricity demand of approximately one million people.

The facility has also been designed to enable the future introduction of carbon capture technologies (CCUS). By capturing, utilizing, or storing CO2 contained in flue gases, the project aims to further reduce greenhouse gas emissions and support long-term decarbonization.

Project Overview
Location: Casablanca, Morocco
Processing Capacity: Approx. 1.5 million tonnes/year
Power Generation Capacity: Approx. 126 MWe
Scheduled Start of Operations: June 2030 (planned)

View source version on businesswire.com:
https://www.businesswire.com/news/home/20260804844543/en/ 

Contact

Mikie Okawa
Public Relations Section
Kanadevia Corporation
Tel: +81-6-6569-0076
Email: kouhou@kanadevia.com

Source : Kanadevia Corporation

LENDLEASE REIT REPORTS HIGHER 2H FY2026 REVENUE, DPU

KUALA LUMPUR, Aug 4 (Bernama) -- Lendlease Global Commercial Trust Management Pte Ltd, the manager of Lendlease Global Commercial REIT (Lendlease REIT), has announced its second half (2H) and full-year financial results for FY2026, with gross revenue rising 6.8 per cent year-on-year (YoY) to SG$110.0 million in 2H FY2026. (SG$1 = RM3.19)

In a statement, the company said net property income (NPI) for 2H FY2026 increased 6.6 per cent YoY to SG$78.7 million, driven by the acquisition of PLQ Mall and the performance of its Singapore retail assets, partially offset by the divestment of the Jem office.

Distribution per unit (DPU) for 2H FY2026 stood at 1.85 Singapore cents, bringing the full-year DPU to 3.70 Singapore cents, up 3.0 per cent YoY, supported by recurring earnings from a strong portfolio of operational assets in Singapore.

“FY2026 marked a year of meaningful progress for Lendlease REIT. We took decisive steps to strengthen our financial position through the successful divestment of Jem office, reducing aggregate leverage to 38.9 per cent and improving our interest coverage ratio to 2.1 times.

“Looking ahead, our enlarged Singapore retail portfolio provides a stronger platform for growth. We remain committed to disciplined execution, active asset management and capital stewardship as we pursue further DPU growth and long-term value creation in FY2027,” said the manager’s Chief Executive Officer, Guy Cawthra.

Property operating expenses increased by SG$1.4 million compared with FY2025, mainly due to the acquisition of PLQ Mall, partially offset by the divestment of the Jem office.

As at June 30, 2026, Lendlease REIT’s gross borrowings stood at SG$1.7053 billion, with a gearing ratio of 38.9 per cent. The weighted average cost of debt was reduced to 2.75 per cent per annum, while approximately 68 per cent of borrowings were hedged at fixed rates.

The manager also reduced its outstanding perpetual securities through refinancing exercises undertaken in April 2025 and June 2026, lowering the total quantum from SG$400 million to SG$240 million.

In the same period, Lendlease REIT’s portfolio committed occupancy stood at 94.6 per cent. Its retail portfolio maintained a strong occupancy rate of 98.5 per cent, while occupancy at the Milan office portfolio stood at 89.1 per cent.

The company will continue pursuing active asset initiatives to drive income growth by unlocking value through the reconfiguration of retail space at PLQ Mall and refreshing Discovery Walk to integrate with the multifunctional event space.

-- BERNAMA

2POINTZERO REPORTS STRONG FIRST HALF REVENUE, NET PROFIT

Samia Bouazza, CEO of 2PointZero (Photo: AETOSWire)

KUALA LUMPUR, Aug 4 (Bernama) -- Abu Dhabi-based investment holding firm, 2PointZero Group has reported revenue of 21.9 billion Emirati dirham and a group net profit of 7.7 billion Emirati dirham for the first half of 2026. (100 Emirati dirham = RM111.58)

The group said continued operational integration, wider adoption of artificial intelligence (AI) tools and ongoing cost optimisation strengthened operational performance, lifting revenue while maintaining a blended gross profit margin of 29 per cent.

Net profit from the group's businesses increased 2,301 per cent year-on-year, driven by the consolidation of Tendam and the mega-merger that formed 2PointZero Group, new investments in African financial services, expansion into European packaging markets and steady operational progress across all business segments.

The strong performance was reflected in the group's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), which reached 5.0 billion Emirati dirham after excluding fair value changes and one-off items.

“As we enter the second half of the year, we continue to strengthen the platform for long-term growth. Nearly 10 per cent of our workforce consists of AI co-workers, embedded across the group to improve productivity, accelerate decision-making, and strengthen operational performance.

“Together with our disciplined capital allocation and strong financial position, this gives us confidence in our ability to create long-term shareholder value,” said 2PointZero Chief Executive Officer, Samia Bouazza in a statement.

The group's financial position remained strong, supported by cash holdings of 13.7 billion Emirati dirham and a debt-to-equity ratio of 0.32, providing flexibility to manage risks, allocate resources efficiently and fund high-return investment opportunities globally.

Among its key developments, 2PointZero completed the sale of its entire 7.29 per cent stake in TAQA to Abu Dhabi Power and expanded its energy infrastructure portfolio through subsidiary ePointZero's acquisition of a 100 per cent stake in Traverse Midstream Partners.

The group also participated in the Series G funding round for WHOOP, a global health technology company, and acquired a 60.8 per cent controlling interest in Italy's ISEM Packaging Group for 704 million Emirati dirham.

Recognising its financial performance, 2PointZero ranked 36th on TIME's inaugural World's Growth Leaders 2026 list, reflecting its business growth, market performance and long-term financial stability.

-- BERNAMA