AM BEST AFFIRMS CREDIT RATINGS OF NEW ZEALAND MEDICAL INDEMNITY INSURANCE LIMITED

 

SINGAPORE, May 3 (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 New Zealand Medical Indemnity Insurance Limited (NZMII) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

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

NZMII’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level as of 31 March 2023 (fiscal year-end 2023), as measured by Best’s Capital Adequacy Ratio (BCAR). Prospective risk-adjusted capitalisation remains sensitive to the pace of the company’s business growth and the size of future dividend distributions given its modest capital base. Additionally, the company’s balance sheet strength is supported by its conservative investment portfolio, consisting mainly of cash and fixed-income securities. Partially offsetting factors include the company’s small absolute capital base, which increases the sensitivity of capital to shock events, and its limited financial flexibility.

NZMII’s operating performance is assessed as adequate, demonstrated by a five-year average return-on-equity (ROE) ratio of 14% (fiscal years 2019-2023). The company’s overall operating performance has improved significantly since fiscal year 2021, as a result of remedial actions taken by management, including premium rate adjustments and shifting the composition of the investment portfolio to reduce investment risk. In fiscal year 2023, the company recorded a favourable ROE of 15.7% and a combined ratio of 64.5%, as calculated by AM Best. Additionally, NZMII’s earnings continue to be supported by healthy investment income, with the five-year average net investment yield (including gains) standing at 3.4% (fiscal-years 2019-2023). Although prospective underwriting results remain sensitive to increased claims and elevated expenses, operating profitability is expected to remain positive and supportive of the adequate assessment.

AM Best assesses NZMII’s business profile as limited given its position as a small and niche insurer in New Zealand providing medical indemnity insurance to medical practitioners and health professionals. The company’s claims consist largely of legal fees excluding medical injury costs. As a monoline insurer with operations in a single country, AM Best views the company as having limited geographic and product diversification. Access to new business is supported by NZMII’s affiliation with the New Zealand Resident Doctors’ Association.

NZMII’s ERM is assessed as appropriate given the size and complexity of its operations. A key risk over the medium to long term is the disestablishment of district health boards in New Zealand, which provide considerable support to the company in accessing new business. However, the company’s management has taken measures to mitigate this risk by actively engaging with the new centralised body replacing the district health boards, Health New Zealand, to smooth the transition and maintain access to new business prospectively.

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.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240502843872/en/


Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@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

AM BEST AFFIRMS CREDIT RATINGS OF PINNACLE LIFE LIMITED

SINGAPORE, May 2 (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 Pinnacle life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).

Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at that level. The company’s balance sheet strength assessment also reflects its robust regulatory solvency and the financial flexibility supported by its parent, Greenstone. The balance sheet strength assessment also has factored in the company’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of capital adequacy to new business growth, changes in the interest rate environment, and shock events.

AM Best assesses Pinnacle Life’s operating performance as adequate, with a five-year average return-on-equity ratio of 5.3% (fiscal years 2019-2023). The company’s operating result has been driven by the adequate underwriting performance of its in-force life business, coupled with investment returns. Overall earnings over the past five years have exhibited moderate volatility, mainly due to interest rate movements. Prospectively, operating performance is expected to remain adequate while the company executes its growth plan, supported by robust underwriting growth and an appropriate pricing strategy over the medium term, while leveraging the expertise of Greenstone to manage the associated underwriting risks.

AM Best assesses Pinnacle Life’s business profile as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand. Key product offering focused on mortality products, including yearly renewable term life and funeral insurance. Greenstone has become a key distribution partner and growth driver of Pinnacle Life. The remaining business was written by Pinnacle Life’s direct channel, in which 90% was sold through online channels in fiscal year 2023.

AM Best assesses Pinnacle Life’s ERM as appropriate given the size and complexity of the company’s current operations. The significant business growth is expected to introduce additional risks to the company’s operations, though this will be mitigated partially by leveraging Greenstone’s expertise in product development and underwriting. While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, continual development is expected as the company expands its scope of operations.

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.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240501274349/en/

Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

ASIA'S MAIDEN WORLD OF COFFEE HEADING TO BUSAN THIS MAY

KUALA LUMPUR, April 26 (Bernama) -- Global coffee figures and baristas will gather at BEXCO, Busan, for the inaugural World of Coffee in Asia, from May 1 to 4, which also feature the 2024 World Barista Championship.

The Specialty Coffee Association (SCA) is working with host Busan Metropolitan City and organiser EXPORUM, with support of the 2024 Portrait Country, Indonesia, to debut World of Coffee in Busan, marking a significant milestone for the Asian coffee community.

According to a statement, over 20,000 global attendees, including 12,000 industry professionals from more than 70 countries, are expected to visit BEXCO, anticipating contributions not only to the event but also to local economic activation.

At the ‘World of Coffee 2024’, more than 280 domestic and international coffee companies will participate, showcasing coffee-related products, technologies, and services, including the Roaster Village exhibition to introduce domestic and international roastery cafes and brands.

Additionally, activities such as networking with global coffee enthusiasts; experiencing and evaluating various domestic and international coffees; as well as engaging in seminars to experience and promote new coffee cultures will be conducted, creating a platform for diverse experiences and trends representing the global coffee event.

Furthermore, the World Barista Championship will return to Korea after seven years where it was last held at Cafe Show Seoul.

Competitors will demonstrate their expertise in crafting innovative espresso-based drinks across the espresso, milk, and signature beverage courses, with the cutting-edge approaches and tools used on stage having extensive and enduring impacts on the industry.

-- BERNAMA

TELEDYNE FLIR IIS LATEST FORGE CAMERA SERIES DELIVERS IN HARSH INDUSTRIAL ENVIRONMENTS

KUALA LUMPUR, April 26 (Bernama) -- Teledyne FLIR IIS (Integrated Imaging Solutions), a Teledyne Technologies company, has unveiled the Forge 1GigE IP67, the latest in its industrial camera series designed to perform in harsh industrial environments while ensuring highly efficient production capabilities.

According to a statement, Forge 1GigE IP67 is the latest in the company’s commitment to deliver advanced imaging systems for factory automation.

“We are proud to announce the launch of our latest machine vision product, exclusively designed for smart agriculture, food, and beverage industries. Unlike general-purpose cameras in a crowded machine vision market, our solution is tailored to address the complexities of a specific industry.

“We focus on key markets, and develop solutions from the ground up, armed with a clear understanding of the market, customer partnerships, and technology innovation,” said the company’s General Manager, Sadiq Panjwani.

The Forge 1GigE IP67 camera series has an IP67 cylindrical enclosure for optimal and easy system integration, simplified post operation washing, and the prevention of dirt accumulation.

A wide selection of IP67 rated components are available with partners such as Smart Vision Lights and Components Express LLC, creating an entire IP67 vision ecosystem for customers.

With advanced on-camera features such as auto-brightness functions (Automatic Gain Control and Auto-Exposure), the new cameras dynamically adjust in variable and outdoor lighting conditions.

The IEEE1588 protocol enables multi-camera image capture synchronisation, and Lossless Compression provides higher frame rates and lower bandwidth requirements, maximising camera output without compromising image quality for high-speed applications.

-- BERNAMA

NX (South Asia & Oceania) To Host Indonesia Logistics Webinar Next Month

KUALA LUMPUR, April 23 (Bernama) -- Nippon Express (South Asia & Oceania) Pte Ltd (NXSAO), a group company of Nippon Express Holdings Inc, will be holding a webinar titled "Indonesia Logistics Situation" on May 13 and 14.

The increasing globalisation of business has brought growing attention to Indonesia as one of Asia’s growth markets and this webinar will provide basic information on doing business in the country as well as detailed explanations of logistics conditions there.

According to a statement, all interested parties are welcome to participate, including companies considering a move into the Indonesian market and companies already doing business in the country.

Also included in the webinar will be an introduction to Nippon Express (Indonesia) Group; as well as import and export regulations.

The webinar is free of charge with attendance limited to the first 800 participants, and deadline for registration is on May 7.

-- BERNAMA

YUGABYTE EMBRACES 'NO DOWNTIME, NO LIMITS,' AS THE THEME OF THE UPCOMING DISTRIBUTED SQL SUMMIT ASIA

Experts and Executives from Airwallex, Helpshift, IMDA, Navi, Rakuten, Singtel, Tagbangers, and UL Systems to Present at the Virtual Event

SUNNYVALE, Calif., April 18 (Bernama-BUSINESS WIRE) -- Yugabyte, the leading open source distributed SQL database company, today announced the keynote theme and final schedule for the upcoming fourth annual Distributed SQL Summit (DSS) Asia.

This year’s virtual summit, taking place on Wednesday, April 24, includes speakers from companies including Airwallex, Helpshift, IMDA, Navi, Airwallex, Rakuten, Singtel, Tagbangers, UL Systems, Yugabyte, and more. DSS Asia is a free event and the latest speaker schedule is available here.

DSS Asia is a place for the region’s YugabyteDB community of developers, customers, partners, and industry thought leaders to discuss the challenges and opportunities of database modernization and transformation.

Expert speakers will discuss use cases, best practices, and real-world accomplishments, and share how they overcame database modernization difficulties with distributed SQL.

“Every year DSS Asia gets bigger and better as we gain momentum in the region. It’s exciting to see this surge in attendance and interest as we meet to share groundbreaking use cases and discuss the benefits distributed SQL brings to companies of all sizes and industries,” commented Karthik Ranganathan, co-founder and co-CEO of Yugabyte. “This year our expert industry speakers will showcase the power and versatility of distributed SQL and share why it should be at the center of your database modernization journey. It promises to be another thought-provoking event, and one you shouldn’t miss!”

DSS Asia features three tailored talk tracks—Technology, Japan, and Customers & Partners to ensure attendees can choose sessions that best meet their needs and interests. There are a wide range of diverse sessions available during the event, providing options for every level of interest, from technical deep dives to customer stories and best practices. 

http://mrem.bernama.com/viewsm.php?idm=48408

DALI Alliance Unveils DALI+ Test, Certification Specifications

KUALA LUMPUR, April 17 (Bernama) -- The DALI Alliance, the international authority in lighting technology standardisation, has unveiled much-anticipated certification details for its wireless specification, DALI+ over Thread.

As lighting specifications increasingly seek smarter, sustainable and interoperable solutions, DALI+ emerges as a crucial enabler of standardised wireless or internet protocol (IP)-based lighting systems.

Collaboration with partners such as Thread Group has resulted in the integration of enhanced security and encryption solutions, ensuring the integrity and confidentiality of data transmission within DALI+ networks.

“This represents a significant advancement in DALI-enabled technology. Our members and users will experience the benefits of enhanced wireless interoperability and strengthened sustainability credentials.

“By leveraging the potential of DALI technology, we are not only revolutionising lighting controls but also laying the groundwork for a more sustainable future for generations to come,” said DALI Alliance General Manager, Paul Drosihn in a statement.

Meanwhile, Thread Vice President Commercial Buildings, Klaus Waechter said this partnership underscores the company’s commitment to advancing wireless connectivity and interoperability for commercial grade markets and the lighting industry in general.

Key features of DALI+ with Thread include an IP version 6 (IPv6) based wireless mesh network created by Thread, in which off-the-shelf Thread border routers can also be used to connect multiple Thread networks through IP technologies, such as Ethernet or Wi-Fi.

Furthermore, DALI+ supports a wide array of control devices, including occupancy sensors, light sensors, switches, sliders, rotaries  as well as pushbuttons, while control gear support currently includes LED drivers with the three optional data parts namely luminaire data, power and energy, as well as diagnostics data.

-- BERNAMA