KUALA LUMPUR, July 25 (Bernama) -- OKEx has donated Bitcoin worth US$4.5 million to its perpetual swap market insurance fund to boost customer confidence in trading cryptocurrencies. (US$1=RM4.12)
In a statement, the world’s leading cryptocurrency exchange said the donation would provide an extra layer of protection to the customers, further ensuring that all customer interests were safeguarded.
OKEx Operations head, Andy Cheung said no clawback occurred on OKEx perpetual swap since its launch.
“We introduced a new risk management system to strike a better balance between avoiding early liquidation and maximising trader benefits.”
OKEx’s world-leading crypto marketplace serves millions of users globally, offering hedging and arbitrage instruments, such as futures and perpetual swaps, to help traders optimise their trading strategies.
With a comprehensive security system, no major security issues, hacks and asset losses have ever taken place on OKEx.
-- BERNAMA
Thursday, July 25, 2019
Wednesday, July 24, 2019
Positive outlook for DPL Insurance Limited, says AM Best
KUALA LUMPUR, July 22 (Bernama) -- The outlook of DPL Insurance Limited (DPL) New Zealand has been revised to positive from stable, according to AM Best.
The positive outlook reflects an improving trend in DPL’s balance sheet fundamentals, including risk-adjusted capitalisation and the size of its absolute capital base.
These factors, coupled with AM Best’s expectation of controlled growth and robust underwriting performance over the medium term, could lead to positive rating actions.
Moreover, the global rating agency also affirmed the Financial Strength Rating of B+ (good) and the Long-Term Issuer Credit Rating of ‘bbb-’ of the insurance company.
The ratings reflect DPL’s balance sheet strength, which AM Best has described as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also factor in a neutral impact from the company’s ultimate ownership by Turners Automotive Group Limited, a motor vehicle retailer and financial services group in New Zealand.
Going forward, AM Best expects improved underwriting performance to support a greater balance of overall earnings.
More details at www.ambest.com
-- BERNAMA
The positive outlook reflects an improving trend in DPL’s balance sheet fundamentals, including risk-adjusted capitalisation and the size of its absolute capital base.
These factors, coupled with AM Best’s expectation of controlled growth and robust underwriting performance over the medium term, could lead to positive rating actions.
Moreover, the global rating agency also affirmed the Financial Strength Rating of B+ (good) and the Long-Term Issuer Credit Rating of ‘bbb-’ of the insurance company.
The ratings reflect DPL’s balance sheet strength, which AM Best has described as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also factor in a neutral impact from the company’s ultimate ownership by Turners Automotive Group Limited, a motor vehicle retailer and financial services group in New Zealand.
Going forward, AM Best expects improved underwriting performance to support a greater balance of overall earnings.
More details at www.ambest.com
-- BERNAMA
IMMERSE YOURSELF IN AN E-SPORTS EXTRAVAGANZA AT THE E-SPORTS & MUSIC FESTIVAL IN HONG KONG
HONG KONG, July 22 (Bernama-BUSINESS WIRE) -- This summer, visitors to Hong Kong can enjoy a host of gourmet happenings, shopping sprees, signature city events, and attractions’ summer programmes. Attending a large scale e-sports event is one of the must-do activities to enjoy a vibrant summer, especially for those who are young or young at heart. Organised by the Hong Kong Tourism Board (HKTB), the third edition of e-Sports & Music Festival Hong Kong, presented by Cyberport, will be staged from 26 to 28 July (Friday to Sunday) in the Hong Kong Convention and Exhibition Centre (HKCEC), with more exciting new elements and entertainment options than ever.
International tournaments by some of the world’s top teams
- 2019 League of Legends International College Cup
The first-ever official International College Championship, authorised by Riot Games in Hong Kong. The 12 winning college teams from all over the world will compete for glory in this highly competitive, fast paced action-strategy game.
- CS:GO World Invitational
Gaming fans will have the opportunity to witness two top professional teams battling in Hong Kong, with a total prize pool of over US$60,000.
Regional and local tournaments of popular mobile games
- EMFHK - e-Sports Tournaments “Honor of Kings” Official City Tournament
“Honor of Kings” is the most played Multiplayer Online Battle Arena (MOBA) mobile game in China, with over 50 million players per day.
- PUBG Mobile Hong Kong Tournament
Thirty-two winning teams from online qualifiers will gather to battle for the championship title of the most played Battle Royale mobile game in the world.
Live Streaming Worldwide
The tournaments will be live-streamed via key online platforms in three languages (Cantonese, Mandarin and English).
Experience Zone and Themed Nights offer loads of excitement
Another highlight of the Festival is the Experience Zone, which is a showcase of retro arcade machines, along with VR experiences and professional e-racing equipment for trial. Experience the trendiest mobile games at the “csl Mobile Game Party” and check out “Street Fighter” and “The King of Fighters” in the “Retro Fighting Game Zone”.
The three-night Festival will also feature thrilling performances: an ACG & e-Sports Cosplay Competition on the first night, an electronic dance music (EDM) party featuring Korean rapper Gary and Spray on the second night, and music performances featuring popular local bands and artists on the third night.
The all-inclusive admission tickets are priced at HK$50. Ticket holders of the e-Sports & Music Festival Hong Kong will also be entitled to free admission to the Ani-Com & Games Hong Kong on the same day.
For more details about the e-Sports & Music Festival Hong Kong, visit the following website: www.emfhk.com.
ENDS
The tournaments will be live-streamed via key online platforms in three languages (Cantonese, Mandarin and English).
Experience Zone and Themed Nights offer loads of excitement
Another highlight of the Festival is the Experience Zone, which is a showcase of retro arcade machines, along with VR experiences and professional e-racing equipment for trial. Experience the trendiest mobile games at the “csl Mobile Game Party” and check out “Street Fighter” and “The King of Fighters” in the “Retro Fighting Game Zone”.
The three-night Festival will also feature thrilling performances: an ACG & e-Sports Cosplay Competition on the first night, an electronic dance music (EDM) party featuring Korean rapper Gary and Spray on the second night, and music performances featuring popular local bands and artists on the third night.
The all-inclusive admission tickets are priced at HK$50. Ticket holders of the e-Sports & Music Festival Hong Kong will also be entitled to free admission to the Ani-Com & Games Hong Kong on the same day.
For more details about the e-Sports & Music Festival Hong Kong, visit the following website: www.emfhk.com.
ENDS
Contacts
Vivian Lai
vivian.lai@hktb.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190716005306/en
vivian.lai@hktb.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190716005306/en
Source: Hong Kong Tourism Board
--BERNAMA
Tuesday, July 23, 2019
MADISON REALTY CAPITAL PROVIDES $225 MILLION CONSTRUCTION LOAN ON THE RESIDENCES AT MANDARIN ORIENTAL, BOCA RATON
Financing allows the borrower to complete a 12-story, 288,000 saleable-square-foot luxury condominium
NEW YORK, July 18 (Bernama-GLOBE NEWSWIRE) -- Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.
The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.
The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.
The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.
“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”
The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.
The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.
Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Al Barbarino – al@greatink.com
Source: Madison Realty Capital
--BERNAMA
NEW YORK, July 18 (Bernama-GLOBE NEWSWIRE) -- Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.
The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.
The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.
The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.
“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”
The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.
The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.
Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Al Barbarino – al@greatink.com
Source: Madison Realty Capital
--BERNAMA
Lubrizol acquires Germany´s Bavaria Medizin Technologie GmbH
KUALA LUMPUR, July 15 (Bernama) -- The Lubrizol Corporation, a market-driven global company has acquired Bavaria Medizin Technologie GmbH (BMT) via its German subsidiary Lubrizol Deutschland GmbH.
Acquired from current majority shareholder, Custos Vermögensverwaltungs GmbH and minority shareholders, the acquisition has built upon Lubrizol’s expertise in precision thermoplastic extrusion and product development.
The acquisition has expanded Lubrizol’s product design, development and manufacturing expertise and provides access to proprietary catheter and balloon technologies, according to a statement.
With over 100 employees, BMT is headquartered near Munich, Germany and operates a manufacturing facility in Sibiu, Romania. The company has developed the first commercial drug-coated balloon, the Paccocath™ catheter.
Currently, BMT holds over 50 patents and continues to innovate through self-funded R&D projects, as well as contract R&D services. It also offers private label manufacturing of proprietary catheters and balloons, along with original equipment manufacturing services.
Headquartered in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices worldwide. For more information, contact www.lubrizol.com.
-- BERNAMA
Acquired from current majority shareholder, Custos Vermögensverwaltungs GmbH and minority shareholders, the acquisition has built upon Lubrizol’s expertise in precision thermoplastic extrusion and product development.
The acquisition has expanded Lubrizol’s product design, development and manufacturing expertise and provides access to proprietary catheter and balloon technologies, according to a statement.
With over 100 employees, BMT is headquartered near Munich, Germany and operates a manufacturing facility in Sibiu, Romania. The company has developed the first commercial drug-coated balloon, the Paccocath™ catheter.
Currently, BMT holds over 50 patents and continues to innovate through self-funded R&D projects, as well as contract R&D services. It also offers private label manufacturing of proprietary catheters and balloons, along with original equipment manufacturing services.
Headquartered in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices worldwide. For more information, contact www.lubrizol.com.
-- BERNAMA
ESC: PROVIDING ASIAN DOCTORS WITH THE VERY LATEST IN CARDIOVASCULAR SCIENCE
SINGAPORE, July 18 (Bernama-BUSINESS WIRE) --
A new congress to improve patient care.
8 to 10 November in Singapore
How can physicians in Asia keep abreast of so many rapidly evolving advances in heart health? A new scientific congress is designed to help.
The European Society of Cardiology (ESC), the world’s largest organisation of healthcare professionals dedicated to fighting heart disease, is joining forces with the Asian Pacific Society of Cardiology (APSC) and the Asean Federation of Cardiology (AFC) to launch ESC ASIA with APSC & ASC in Singapore this November.
“Each year, the ESC alone reviews more than 11,000 abstracts on new cardiovascular science,” said Prof. Michel Komajda, Chair of the Organising Committee. “This new congress will showcase the very latest, most important lessons so that physicians can provide their heart patients with the best possible care.”
This cutting-edge event will help explain the new, all important ESC Clinical Practice Guidelines on Diabetes, Pre-diabetes & Cardiovascular Diseases; Acute Pulmonary Embolism; Chronic Coronary Syndromes; and Dyslipidaemias. In addition, many of the key messages from ESC Congress 2019 in Paris will also be discussed in an Asian Pacific context.
This new congress could not be more timely. According to the World Health Organisation, cardiovascular disease is world’s leading cause of death, killing an estimated 31% of all people. 1 In Singapore alone, it claims 21,000 lives every year. 2
This pioneering event builds on ESC’s reputation in the region as a renowned and trusted learned society. Tens of thousands of healthcare professionals in Asia already turn to the ESC for its prestigious journals, scientific congresses and a variety of unique membership opportunities.
“The ESC is the only global society that covers the full spectrum of cardiology through its many subspecialty communities in Asia,” said Prof. Komajda. “This new event offers physicians of all sorts – from internists and endocrinologists to pulmonologists and cardiologists – the opportunity to exchange ideas with some the most respected cardiovascular researchers from Europe and the Asia Pacific region.”
ENDS
Follow us on Twitter @ESCardioNews
References
1 https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death
2 https://www.myheart.org.sg/my-heart/heart-statistics/singapore-statistics/
About the European Society of Cardiology
The European Society of Cardiology brings together healthcare professionals from more than 150 countries, working to advance cardiovascular medicine and help people lead longer, healthier lives.
Register here
View source version on businesswire.com: https://www.businesswire.com/news/home/20190717005652/en/
Contact
Authors: ESC Press Office
Justine Pinot
Tel: +33 (0)4 8987 2499
Mobile: +337 (0) 8531 2036
Email: press@escardio.org
Source : European Society of Cardiology
--BERNAMA
A new congress to improve patient care.
8 to 10 November in Singapore
How can physicians in Asia keep abreast of so many rapidly evolving advances in heart health? A new scientific congress is designed to help.
The European Society of Cardiology (ESC), the world’s largest organisation of healthcare professionals dedicated to fighting heart disease, is joining forces with the Asian Pacific Society of Cardiology (APSC) and the Asean Federation of Cardiology (AFC) to launch ESC ASIA with APSC & ASC in Singapore this November.
“Each year, the ESC alone reviews more than 11,000 abstracts on new cardiovascular science,” said Prof. Michel Komajda, Chair of the Organising Committee. “This new congress will showcase the very latest, most important lessons so that physicians can provide their heart patients with the best possible care.”
This cutting-edge event will help explain the new, all important ESC Clinical Practice Guidelines on Diabetes, Pre-diabetes & Cardiovascular Diseases; Acute Pulmonary Embolism; Chronic Coronary Syndromes; and Dyslipidaemias. In addition, many of the key messages from ESC Congress 2019 in Paris will also be discussed in an Asian Pacific context.
This new congress could not be more timely. According to the World Health Organisation, cardiovascular disease is world’s leading cause of death, killing an estimated 31% of all people. 1 In Singapore alone, it claims 21,000 lives every year. 2
This pioneering event builds on ESC’s reputation in the region as a renowned and trusted learned society. Tens of thousands of healthcare professionals in Asia already turn to the ESC for its prestigious journals, scientific congresses and a variety of unique membership opportunities.
“The ESC is the only global society that covers the full spectrum of cardiology through its many subspecialty communities in Asia,” said Prof. Komajda. “This new event offers physicians of all sorts – from internists and endocrinologists to pulmonologists and cardiologists – the opportunity to exchange ideas with some the most respected cardiovascular researchers from Europe and the Asia Pacific region.”
ENDS
Follow us on Twitter @ESCardioNews
References
1 https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death
2 https://www.myheart.org.sg/my-heart/heart-statistics/singapore-statistics/
About the European Society of Cardiology
The European Society of Cardiology brings together healthcare professionals from more than 150 countries, working to advance cardiovascular medicine and help people lead longer, healthier lives.
Register here
View source version on businesswire.com: https://www.businesswire.com/news/home/20190717005652/en/
Contact
Authors: ESC Press Office
Justine Pinot
Tel: +33 (0)4 8987 2499
Mobile: +337 (0) 8531 2036
Email: press@escardio.org
Source : European Society of Cardiology
--BERNAMA
Friday, July 19, 2019
Lubrizol integrates three divisions into one new brand
KUALA LUMPUR, July 12 (Bernama) -- The Lubrizol Corporation has re-organised its Personal, Home and Health Care business lines, integrating them under a newly-dedicated brand, Lubrizol Life Science.
The change reflects its commitment to evolve with the beauty, health, home and wellness markets, which continue to cross over and converge.
The Lubrizol Life Science team seeks to enhance the value of its solutions and services to customers and end-users, via its collective expertise in chemistry, applications and market insights.
Lubrizol Advanced Materials president, Rick Tolin said: “Our internal capabilities are focused and aligned to help our customers quickly meet the expectations of today’s consumers for products that ensure them of a healthier, more beautiful and comfortable life.”
The new team is placing a priority on developing and testing products in partnership with customers, engineering breakthroughs and co-driving initiatives that fuel growth.
It will also emphasise the proactive innovation needed to bring market-ready solutions to customers, while capitalising on the reliability of Lubrizol’s 90 years of science and efficacy.
Lubrizol Life Science also plans to add strategic technology, capability and talent by investing to expand its portfolio, including new acquisitions.
-- BERNAMA
The change reflects its commitment to evolve with the beauty, health, home and wellness markets, which continue to cross over and converge.
The Lubrizol Life Science team seeks to enhance the value of its solutions and services to customers and end-users, via its collective expertise in chemistry, applications and market insights.
Lubrizol Advanced Materials president, Rick Tolin said: “Our internal capabilities are focused and aligned to help our customers quickly meet the expectations of today’s consumers for products that ensure them of a healthier, more beautiful and comfortable life.”
The new team is placing a priority on developing and testing products in partnership with customers, engineering breakthroughs and co-driving initiatives that fuel growth.
It will also emphasise the proactive innovation needed to bring market-ready solutions to customers, while capitalising on the reliability of Lubrizol’s 90 years of science and efficacy.
Lubrizol Life Science also plans to add strategic technology, capability and talent by investing to expand its portfolio, including new acquisitions.
-- BERNAMA
Vietnam´s FPT becomes Homa´s strategic investor, enters Southeast Asia market
KUALA LUMPUR, July 12 (Bernama) -- Vietnam’s largest IT firm, FPT Corporation (FPT) has agreed to become Homa Techs Inc (Homa) strategic investor, thereby entering the Southeast Asia smart home market.
“FPT sees great value in Homa’s smart home technologies and solutions. We are excited to work with Homa to bring this family of products to millions of residents and help accelerate the development of smart buildings and smart cities in Asia,” said FPT chief executive officer, Nguyen Van Khoa.
“Apart from our commitment to research and develop digital solutions, FPT also looks for partnership opportunities to acquire new technological products and solutions which are in line with emerging market trends and our long-term strategies”, he added.
The investment reinforces FPT’s commitment to become a global provider of comprehensive digital transformation services from 2019 to 2021, according to a statement.
The company hopes to diversify its portfolio of hardware products that target smart city developers and better penetrate the Southeast Asia market for IoT and smart home solutions, as well as integrate Homa technologies into IoT and AI products in the future.
FPT is the global leading technology and IT services provider, while Homa is a global provider of Internet of Things (IoT) networking and smart some/building devices. For more information, contact https://www.fpt-software.com and http://www.homatechs.com.
-- BERNAMA
“FPT sees great value in Homa’s smart home technologies and solutions. We are excited to work with Homa to bring this family of products to millions of residents and help accelerate the development of smart buildings and smart cities in Asia,” said FPT chief executive officer, Nguyen Van Khoa.
“Apart from our commitment to research and develop digital solutions, FPT also looks for partnership opportunities to acquire new technological products and solutions which are in line with emerging market trends and our long-term strategies”, he added.
The investment reinforces FPT’s commitment to become a global provider of comprehensive digital transformation services from 2019 to 2021, according to a statement.
The company hopes to diversify its portfolio of hardware products that target smart city developers and better penetrate the Southeast Asia market for IoT and smart home solutions, as well as integrate Homa technologies into IoT and AI products in the future.
FPT is the global leading technology and IT services provider, while Homa is a global provider of Internet of Things (IoT) networking and smart some/building devices. For more information, contact https://www.fpt-software.com and http://www.homatechs.com.
-- BERNAMA
Thursday, July 18, 2019
SOLARWINDS NEW APAC RESEARCH SHOWS INSIDER THREATS RANK AS TOP CYBERSECURITY THREAT CONCERN
Insider risks, IT skills shortages, and the need for affordable security solutions rank as top concerns for technology professionals in Singapore and Hong Kong
SINGAPORE, July 16 (Bernama-GLOBE NEWSWIRE) -- SolarWinds(NYSE:SWI), a leading provider of powerful and affordable IT management software, today released the findings of the newest SolarWinds cybersecurity research at RSA Singapore (Booth #1420). The research provides a pulse check on recent cybersecurity trends in both Singapore and Hong Kong and explores the top threat concerns, along with the technologies and skillsets needed to successfully manage both internal and external cybersecurity threats.
The research found that internal factors—both people and technology—cast a bigger cybersecurity threat than external factors and are ranked as the top concern. Out of all cybersecurity incidents experienced by respondents, the largest portion reported was caused by internal users making mistakes, at 65 percent, followed by 43 percent attributed to external threat actors. Sixty-six percent of respondents reported that regular employees pose the biggest risk, with 46 percent attributing the cause to poor password management and/or weak passwords, and 45 percent to accidents.
Despite cybersecurity threats (both internal and external) becoming a norm in today’s landscape, 97 percent of respondents felt ill-equipped to successfully implement and/or manage one or more cybersecurity tasks today given their current IT skillset. Moreover, 36 percent said budget constraints were the most significant barrier to maintaining or improving their current IT security.
“Organisations are increasingly vigilant about securing their IT environments, and they’re stepping up both offensive and defensive practices. However, the findings from this research echo what we are seeing time and time again— that insider vulnerabilities are the top threat vector vs. external attacks. We need to remember that security is about more than technology; it’s also about people,” explained Tim Brown, vice president of security, SolarWinds. “At SolarWinds, we work diligently as a partner, not just another vendor, to help our partners strengthen their defences at all layers and close the threat gaps, both inside and out.”
“IT professionals are being challenged to operate more and more like security professionals,” stated Brandon Shopp, vice president of products, security, SolarWinds. “Things like skills gaps and budget worries, as demonstrated in our most recent research, are still very real concerns, and the threat risks are escalating at all levels. There’s good news though; a technology professional absolutely doesn’t need to go full on security operations professional to achieve good security. SolarWinds is committed to giving IT professionals at all levels the confidence they need to meet these challenges head on, with products like SolarWinds Access Rights Manager that can help manage the people side of the equation, and SolarWinds Backup, that can help speed up recovery, whether the loss is based on human error or attack. Our promise is simple; it’s for a new era called ‘security simplified.’”
RSA Singapore attendees will have the opportunity to receive in-depth demos of SolarWinds security solutions, including SolarWinds® Access Rights Manager (ARM), SolarWinds Security Event Manager (SEM), SolarWinds Threat Monitor, SolarWinds Backup, SolarWinds Mail Assure, SolarWinds Passportal, SolarWinds Risk Intelligence, and SolarWinds Patch Manager—plus a suite of monitoring and management platforms with security baked in, including capabilities for robust endpoint detection and response. These products clearly address the gaps identified by the research findings—around more affordable solutions, technologies that help mitigate skills shortages, the need for a layered approach to security, and one that fights threats from both the inside and outside of an organization’s technology infrastructure.
Key Findings
Threat Trends—Internal Threats Top the List
SINGAPORE, July 16 (Bernama-GLOBE NEWSWIRE) -- SolarWinds(NYSE:SWI), a leading provider of powerful and affordable IT management software, today released the findings of the newest SolarWinds cybersecurity research at RSA Singapore (Booth #1420). The research provides a pulse check on recent cybersecurity trends in both Singapore and Hong Kong and explores the top threat concerns, along with the technologies and skillsets needed to successfully manage both internal and external cybersecurity threats.
The research found that internal factors—both people and technology—cast a bigger cybersecurity threat than external factors and are ranked as the top concern. Out of all cybersecurity incidents experienced by respondents, the largest portion reported was caused by internal users making mistakes, at 65 percent, followed by 43 percent attributed to external threat actors. Sixty-six percent of respondents reported that regular employees pose the biggest risk, with 46 percent attributing the cause to poor password management and/or weak passwords, and 45 percent to accidents.
Despite cybersecurity threats (both internal and external) becoming a norm in today’s landscape, 97 percent of respondents felt ill-equipped to successfully implement and/or manage one or more cybersecurity tasks today given their current IT skillset. Moreover, 36 percent said budget constraints were the most significant barrier to maintaining or improving their current IT security.
“Organisations are increasingly vigilant about securing their IT environments, and they’re stepping up both offensive and defensive practices. However, the findings from this research echo what we are seeing time and time again— that insider vulnerabilities are the top threat vector vs. external attacks. We need to remember that security is about more than technology; it’s also about people,” explained Tim Brown, vice president of security, SolarWinds. “At SolarWinds, we work diligently as a partner, not just another vendor, to help our partners strengthen their defences at all layers and close the threat gaps, both inside and out.”
“IT professionals are being challenged to operate more and more like security professionals,” stated Brandon Shopp, vice president of products, security, SolarWinds. “Things like skills gaps and budget worries, as demonstrated in our most recent research, are still very real concerns, and the threat risks are escalating at all levels. There’s good news though; a technology professional absolutely doesn’t need to go full on security operations professional to achieve good security. SolarWinds is committed to giving IT professionals at all levels the confidence they need to meet these challenges head on, with products like SolarWinds Access Rights Manager that can help manage the people side of the equation, and SolarWinds Backup, that can help speed up recovery, whether the loss is based on human error or attack. Our promise is simple; it’s for a new era called ‘security simplified.’”
RSA Singapore attendees will have the opportunity to receive in-depth demos of SolarWinds security solutions, including SolarWinds® Access Rights Manager (ARM), SolarWinds Security Event Manager (SEM), SolarWinds Threat Monitor, SolarWinds Backup, SolarWinds Mail Assure, SolarWinds Passportal, SolarWinds Risk Intelligence, and SolarWinds Patch Manager—plus a suite of monitoring and management platforms with security baked in, including capabilities for robust endpoint detection and response. These products clearly address the gaps identified by the research findings—around more affordable solutions, technologies that help mitigate skills shortages, the need for a layered approach to security, and one that fights threats from both the inside and outside of an organization’s technology infrastructure.
Key Findings
Threat Trends—Internal Threats Top the List
- In the past 12 months:
- Out of a variety of security incidents, 65 percent of respondents attributed the largest portion of cybersecurity threats to internal users making mistakes, while 43 percent attributed at least a portion to external threat actors.
- 66 percent indicated regular employees are the users who pose the biggest risk for insider abuse and/or misuse.
- 46 percent named poor password management as the most common cause of accidental/careless insider breaches from employees and contractors, while 45 percent called out accidentally exposing, deleting, corrupting, and/or modifying critical data as the most common cause.
- In the coming 12 months:
- 39 percent of respondents are “extremely concerned” about internal users making mistakes that put organisations at risk; followed by 29 percent and 26 percent indicating exposure caused by poor network system and/or system security and malicious employees stealing assets and/or IP as the top concerns respectively.
- 43 percent are “extremely concerned” that cybercriminals will lead to security incidents, followed by 35 percent indicating cyberterrorists, and 24 percent indicating nation state actors as top concerns.
IT Skillsets and Landscape—Skills Gaps and Budget Concerns
- 97 percent of respondents feel unequipped to successfully implement and/or manage one or more cybersecurity tasks today given their current IT skillset.
- 36 percent named budget constraints as the most significant barrier to maintaining and/or improving IT security, followed by competing priorities and/or initiatives and complexity of IT infrastructure.
- Close to 50 percent have a hybrid approach to their IT security, protecting and managing the security of their own network while also using a managed provider to deliver some security services.
Top Technologies—Good Combination of Protect/Detect
- Top technologies used by technology professionals according to respondents include:
- Protection:
- Endpoint protection (78 percent)
- Email security (74 percent)
- Patch management (62 percent)
- Detection:
- IDS &/or IPS (61 percent)
- Access rights management (59 percent)
- Vulnerability assessment (58 percent)
- Response and Recovery:
- Backup and recovery (84 percent)
- Incident response (71 percent)
- Access rights management (52 percent)
- Risk Management:
- Asset management (62 percent)
- Governance, risk & compliance (GRC) (59 percent)
- Identity governance (43 percent)
- Protection:
Connect with SolarWinds
#SWI
#SWIproducts
#SWIsecurity
#SWIresearch
About SolarWinds
SolarWinds (NYSE:SWI) is a leading provider of powerful and affordable IT infrastructure management software. Our products give organizations worldwide, regardless of type, size or IT infrastructure complexity, the power to monitor and manage the performance of their IT environments, whether on-premises, in the cloud, or in hybrid models. We continuously engage with all types of technology professionals—IT operations professionals, DevOps professionals, and managed service providers (MSPs)—to understand the challenges they face maintaining high-performing and highly available IT infrastructures. The insights we gain from engaging with them, in places like our THWACK online community, allow us to build products that solve well-understood IT management challenges in ways that technology professionals want them solved. This focus on the user and commitment to excellence in end-to-end hybrid IT performance management has established SolarWinds as a worldwide leader in network management software and MSP solutions. Learn more today at www.solarwinds.com.
The SolarWinds, SolarWinds & Design, Orion, and THWACK trademarks are the exclusive property of SolarWinds Worldwide, LLC or its affiliates, are registered with the U.S. Patent and Trademark Office, and may be registered or pending registration in other countries. All other SolarWinds trademarks, service marks, and logos may be common law marks or are registered or pending registration. All other trademarks mentioned herein are used for identification purposes only and are trademarks of (and may be registered trademarks of) their respective companies.
© 2019 SolarWinds Worldwide, LLC. All rights reserved.
MEDIA CONTACTS:
Avinash R/ Kai Ping Neo
Archetype
Phone: +65 6603 9000
singaporesolarwindsteam@archetype.co
Kim Cecchini
SolarWinds
Phone: +1-919-957-5019
kim.cecchini@solarwinds.com
Source: SolarWinds Worldwide, LLC.
--BERNAMA
#SWIproducts
#SWIsecurity
#SWIresearch
About SolarWinds
SolarWinds (NYSE:SWI) is a leading provider of powerful and affordable IT infrastructure management software. Our products give organizations worldwide, regardless of type, size or IT infrastructure complexity, the power to monitor and manage the performance of their IT environments, whether on-premises, in the cloud, or in hybrid models. We continuously engage with all types of technology professionals—IT operations professionals, DevOps professionals, and managed service providers (MSPs)—to understand the challenges they face maintaining high-performing and highly available IT infrastructures. The insights we gain from engaging with them, in places like our THWACK online community, allow us to build products that solve well-understood IT management challenges in ways that technology professionals want them solved. This focus on the user and commitment to excellence in end-to-end hybrid IT performance management has established SolarWinds as a worldwide leader in network management software and MSP solutions. Learn more today at www.solarwinds.com.
The SolarWinds, SolarWinds & Design, Orion, and THWACK trademarks are the exclusive property of SolarWinds Worldwide, LLC or its affiliates, are registered with the U.S. Patent and Trademark Office, and may be registered or pending registration in other countries. All other SolarWinds trademarks, service marks, and logos may be common law marks or are registered or pending registration. All other trademarks mentioned herein are used for identification purposes only and are trademarks of (and may be registered trademarks of) their respective companies.
© 2019 SolarWinds Worldwide, LLC. All rights reserved.
MEDIA CONTACTS:
Avinash R/ Kai Ping Neo
Archetype
Phone: +65 6603 9000
singaporesolarwindsteam@archetype.co
Kim Cecchini
SolarWinds
Phone: +1-919-957-5019
kim.cecchini@solarwinds.com
Source: SolarWinds Worldwide, LLC.
--BERNAMA
WSO2 INTRODUCES WSO2 API MICROGATEWAY 3.0 TO SIMPLIFY CREATING, DEPLOYING AND SECURING APIS IN MICROSERVICE ENVIRONMENTS
Newest release of the fully open source, cloud-native WSO2 API Microgateway adds new features to facilitate development and management while enabling greater scalability
Mountain View, CA and Portland, OR, July 16 (Bernama-GLOBE NEWSWIRE) -- Microservices are rapidly becoming the de facto standard for modern software development. As a result, thousands of microservices are replacing hundreds of enterprise apps within an organization—driving exponential growth in the number of programmable endpoints handled by APIs. To simplify the process of creating, deploying and securing APIs within distributed microservices architectures, WSO2 has introduced several new features in version 3.0 of its fully open source WSO2 API Microgateway.
The availability of WSO2 API Microgateway 3.0 is being announced in conjunction with OSCON 2019, the O’Reilly Open Source Software Conference. WSO2, the world’s #1 open source integration vendor and an OSCON sponsor, will offer demos of the latest WSO2 API Microgateway release at the event. OSCON 2019 is being held July 15-18, 2019 at the Oregon Convention Center in Portland, OR.
WSO2 API Microgateway 3.0 for Easier Development, Greater Scalability
WSO2 API Microgateway is a cloud-native, lightweight, developer-centric, decentralized API gateway for microservices. It boots up in less than a second and features built-in capabilities for service-enrichment, such as authentication, authorization, rate limiting, service composition, discovery, transformation, and analytics. Using WSO2 API Microgateway, developers can compose microservices and expose them as APIs that operate in a range of deployments. These include Kubernetes clusters, containerized deployments, container management systems, service meshes, legacy deployments, and hybrid environments, among others.
WSO2 API Microgateway complements, and is integrated with, WSO2 API Manager, the leading open source software for full API lifecycle management, monetization, and policy enforcement. Part of the WSO2 Integration Agile Platform, WSO2 API Manager runs on-premises, in the cloud, and across hybrid environments to maximize deployment flexibility.
Version 3.0 of WSO2 API Microgateway adds several new features to facilitate API development and management while enabling greater scalability.
Mountain View, CA and Portland, OR, July 16 (Bernama-GLOBE NEWSWIRE) -- Microservices are rapidly becoming the de facto standard for modern software development. As a result, thousands of microservices are replacing hundreds of enterprise apps within an organization—driving exponential growth in the number of programmable endpoints handled by APIs. To simplify the process of creating, deploying and securing APIs within distributed microservices architectures, WSO2 has introduced several new features in version 3.0 of its fully open source WSO2 API Microgateway.
The availability of WSO2 API Microgateway 3.0 is being announced in conjunction with OSCON 2019, the O’Reilly Open Source Software Conference. WSO2, the world’s #1 open source integration vendor and an OSCON sponsor, will offer demos of the latest WSO2 API Microgateway release at the event. OSCON 2019 is being held July 15-18, 2019 at the Oregon Convention Center in Portland, OR.
WSO2 API Microgateway 3.0 for Easier Development, Greater Scalability
WSO2 API Microgateway is a cloud-native, lightweight, developer-centric, decentralized API gateway for microservices. It boots up in less than a second and features built-in capabilities for service-enrichment, such as authentication, authorization, rate limiting, service composition, discovery, transformation, and analytics. Using WSO2 API Microgateway, developers can compose microservices and expose them as APIs that operate in a range of deployments. These include Kubernetes clusters, containerized deployments, container management systems, service meshes, legacy deployments, and hybrid environments, among others.
WSO2 API Microgateway complements, and is integrated with, WSO2 API Manager, the leading open source software for full API lifecycle management, monetization, and policy enforcement. Part of the WSO2 Integration Agile Platform, WSO2 API Manager runs on-premises, in the cloud, and across hybrid environments to maximize deployment flexibility.
Version 3.0 of WSO2 API Microgateway adds several new features to facilitate API development and management while enabling greater scalability.
- Developer-first runtime generation using the OpenAPI Specification (OAS) means developers can collaborate in creating APIs and then test them independently.
- Run-time service discovery support allows the microgateway to automatically discover microservices, which often see IP address changes as a result of being redeployed.
- Support for composing multiple microservices enables developers to expose a combination of microservices via a single API in line with modern best practices.
- Support for transforming legacy API formats allows the microgateway to transform API requests and responses from legacy formats into modern ones, so they can be exposed to modern consumer apps.
- Separation of the WSO2 API Microgateway toolkit from the runtime enables greater scalability and smoother upgrades.
The new functionality in WSO2 API Microgateway 3.0 builds on other key benefits delivered by the software. Because the microgateway can work in isolation with no dependencies on other components, it can scale up/down automatically with no impact on other resources. It also offers built-in support for container orchestration tools with the ability to generate Kubernetes artifacts based on configuration that can be applied directly to Kubernetes clusters. Additionally, WSO2 API Microgateway is DevOps friendly—taking APIs from development to test, staging and production, and featuring built-in capabilities for continuous integration/continuous development (CI/CD).
“API microgateways are a key part of building resilient, manageable microservices architectures," said Paul Fremantle, WSO2 CTO and co-founder. "WSO2 API Microgateway 3.0 fits effectively into continuous development practices and has the proven scalability and robustness for mission-critical applications.”
Availability and Support
WSO2 API Microgateway 3.0 is available today. As a fully open source solution released under the Apache License 2.0, it does not carry any licensing fees. WSO2 API Microgateway is backed by WSO2 Subscription, which features access to WSO2 Update for continuous delivery of bug fixes, security updates, and performance enhancements, along with WSO2 Support for 24x7 support. Unified pricing means customers can simply buy a WSO2 Subscription and choose the hosting model—cloud, on-premises or hybrid—based on their preferences. Information on WSO2 Subscription and other service and support offerings can be found at https://wso2.com/consultant-services.
About WSO2
WSO2 is the world’s #1 open source integration vendor, helping digital-driven organizations become integration agile. Customers choose us for our broad integrated platform, our approach to open source, and our agile transformation methodology. The company’s hybrid platform for developing, reusing, running and managing integrations prevents lock-in through open source software that runs on-premises or in the cloud. Today, hundreds of leading brands and thousands of global projects execute 6 trillion transactions annually using WSO2 integration technologies. Visit https://wso2.com to learn more.
Shifali Erasmus
WSO2
650-544-6424
shifali@kineticprllc.com
Source: WSO2
--BERNAMA
“API microgateways are a key part of building resilient, manageable microservices architectures," said Paul Fremantle, WSO2 CTO and co-founder. "WSO2 API Microgateway 3.0 fits effectively into continuous development practices and has the proven scalability and robustness for mission-critical applications.”
Availability and Support
WSO2 API Microgateway 3.0 is available today. As a fully open source solution released under the Apache License 2.0, it does not carry any licensing fees. WSO2 API Microgateway is backed by WSO2 Subscription, which features access to WSO2 Update for continuous delivery of bug fixes, security updates, and performance enhancements, along with WSO2 Support for 24x7 support. Unified pricing means customers can simply buy a WSO2 Subscription and choose the hosting model—cloud, on-premises or hybrid—based on their preferences. Information on WSO2 Subscription and other service and support offerings can be found at https://wso2.com/consultant-services.
About WSO2
WSO2 is the world’s #1 open source integration vendor, helping digital-driven organizations become integration agile. Customers choose us for our broad integrated platform, our approach to open source, and our agile transformation methodology. The company’s hybrid platform for developing, reusing, running and managing integrations prevents lock-in through open source software that runs on-premises or in the cloud. Today, hundreds of leading brands and thousands of global projects execute 6 trillion transactions annually using WSO2 integration technologies. Visit https://wso2.com to learn more.
Shifali Erasmus
WSO2
650-544-6424
shifali@kineticprllc.com
Source: WSO2
--BERNAMA
Ferns N Petals sprouts in Singapore, set to bloom in Southeast Asia
KUALA LUMPUR, July 17 (Bernama) -- After establishing a strong foothold in India, gifting giant, Ferns N Petals is now focusing to capture the Southeast Asian market.
The company has started its operations in Singapore, aiming to cater to general and major events like the Chinese New Year and Christmas festive seasons.
Customers looking for flower delivery in Singapore can now place orders for some stunning floral arrangements from www.fnp.sg and an upcoming mobile app for Android & iOS.
Ferns N Petals (Retail & Online) chief executive officer, Pawan Gadia said the company found huge potential in the island republic, adding that it could also be a springboard for them to easily penetrate other countries in Southeast Asia.
“What differentiates us from the competition is the range of categories, the quality of products and the service options.”
Southeast Asia is fast becoming the preferred choice of big companies to expand because of the higher gross domestic product growth and also the rising trend of internet penetration and e-commerce.
-- BERNAMA
The company has started its operations in Singapore, aiming to cater to general and major events like the Chinese New Year and Christmas festive seasons.
Customers looking for flower delivery in Singapore can now place orders for some stunning floral arrangements from www.fnp.sg and an upcoming mobile app for Android & iOS.
Ferns N Petals (Retail & Online) chief executive officer, Pawan Gadia said the company found huge potential in the island republic, adding that it could also be a springboard for them to easily penetrate other countries in Southeast Asia.
“What differentiates us from the competition is the range of categories, the quality of products and the service options.”
Southeast Asia is fast becoming the preferred choice of big companies to expand because of the higher gross domestic product growth and also the rising trend of internet penetration and e-commerce.
-- BERNAMA
Wednesday, July 17, 2019
AM BEST REVISES OUTLOOKS TO NEGATIVE FOR THAIRE LIFE ASSURANCE PUBLIC COMPANY LIMITED
SINGAPORE, July 15 (Bernama-BUSINESS WIRE) -- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Thaire Life Assurance Public Company Limited (Thaire Life) (Thailand).
These Credit Ratings (ratings) reflect Thaire Life’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect AM Best’s view that an increasingly challenging operating environment in Thailand’s life and health market, as well as Thaire Life’s recent growth in the less profitable health class of business, will place pressure and increase volatility on underwriting performance over the medium term.
Thaire Life’s balance sheet strength assessment is underpinned by risk-adjusted capitalization that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). While the company has exhibited a high dividend payout ratio over recent years, retained earnings have remained sufficient to support business growth. Other balance sheet factors include the company’s moderate risk investment portfolio, which includes holdings of higher risk asset classes such as equities and mutual funds. The company also is viewed to have a modest absolute capital base, which increases the sensitivity of risk-adjusted capitalization to volatility in the event of fair value movements of investments, as well as to changes in future performance and higher-than-expected dividend payments.
AM Best views the company’s operating performance as strong, as evidenced by a five-year average return on equity ratio of 26% (2014-2018). Thaire Life has a track record of favorable earnings driven by the strong underwriting performance of its in-force life business. Despite this, underwriting results in 2018 depicted a declining trend, albeit remaining profitable, as a result of weakened loss experience from health and life classes of business. Going forward, AM Best expects that an increasingly competitive operating environment, as well as Thaire Life’s portfolio mix becoming increasingly weighted toward thinner margin and more volatile health business, will likely drive a downward trend in underwriting performance over the medium term.
AM Best assesses Thaire Life’s business profile as neutral. The company is the only domestic life reinsurer in Thailand, with long-standing relationships with key cedants providing continued access to local life and health reinsurance business. In 2018, the company reported gross written premiums (GWP) of THB 2.4 billion (USD 74 million), equating to a market share of approximately 20%. The company continues to exhibit a concentrated cedant base, with the top five largest clients accounting for circa three quarters of GWP. In addition, AM Best expects a recent tightening of regulation aimed at improving market conduct surrounding life insurance sales practices to slow domestic life insurance premium growth over the medium term.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM 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 © 2019 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/20190712005405/en/
Contact
Chris Lim
Financial Analyst
+65 6303 5018
chris.lim@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
--BERNAMA
These Credit Ratings (ratings) reflect Thaire Life’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect AM Best’s view that an increasingly challenging operating environment in Thailand’s life and health market, as well as Thaire Life’s recent growth in the less profitable health class of business, will place pressure and increase volatility on underwriting performance over the medium term.
Thaire Life’s balance sheet strength assessment is underpinned by risk-adjusted capitalization that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). While the company has exhibited a high dividend payout ratio over recent years, retained earnings have remained sufficient to support business growth. Other balance sheet factors include the company’s moderate risk investment portfolio, which includes holdings of higher risk asset classes such as equities and mutual funds. The company also is viewed to have a modest absolute capital base, which increases the sensitivity of risk-adjusted capitalization to volatility in the event of fair value movements of investments, as well as to changes in future performance and higher-than-expected dividend payments.
AM Best views the company’s operating performance as strong, as evidenced by a five-year average return on equity ratio of 26% (2014-2018). Thaire Life has a track record of favorable earnings driven by the strong underwriting performance of its in-force life business. Despite this, underwriting results in 2018 depicted a declining trend, albeit remaining profitable, as a result of weakened loss experience from health and life classes of business. Going forward, AM Best expects that an increasingly competitive operating environment, as well as Thaire Life’s portfolio mix becoming increasingly weighted toward thinner margin and more volatile health business, will likely drive a downward trend in underwriting performance over the medium term.
AM Best assesses Thaire Life’s business profile as neutral. The company is the only domestic life reinsurer in Thailand, with long-standing relationships with key cedants providing continued access to local life and health reinsurance business. In 2018, the company reported gross written premiums (GWP) of THB 2.4 billion (USD 74 million), equating to a market share of approximately 20%. The company continues to exhibit a concentrated cedant base, with the top five largest clients accounting for circa three quarters of GWP. In addition, AM Best expects a recent tightening of regulation aimed at improving market conduct surrounding life insurance sales practices to slow domestic life insurance premium growth over the medium term.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM 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 © 2019 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/20190712005405/en/
Contact
Chris Lim
Financial Analyst
+65 6303 5018
chris.lim@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
--BERNAMA
Tuesday, July 16, 2019
AM BEST AFFIRMS CREDIT RATINGS OF DB INSURANCE CO., LTD.
HONG KONG, July 12 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of DB Insurance Co., Ltd. (DBI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect DBI’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
DBI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as strongest, supported by the steady growth of its capital and surplus on the back of a solid net income stream, as well as relatively low underwriting leverage compared with its domestic peers.
DBI’s operating performance has outperformed its domestic peers over the past five years, as shown by its strong investment performance and having the lowest combined ratio among its domestic peers. Overall underwriting performance deteriorated year over year in 2018, mainly due to increasing losses in the auto insurance line of business; however, the insurer’s strong investment earnings of over KRW 1 trillion supported its overall performance.
DBI is the third largest non-life insurer in South Korea in terms of direct premium written (DPW), a longstanding position that the company has maintained successfully amid increasing competition. The company’s widely recognized brand in its domestic market and diversified product mix, which includes the life insurance business from its subsidiary, DB Life Insurance Co., Ltd, as well as its leading position in South Korea’s insurance industry in terms of digital innovation also support the favorable business profile assessment.
DBI has been enhancing its ERM to prepare for the upcoming implementation of International Financial Reporting Standards (IFRS) 17 and the K-Insurance Capital Standard (K-ICS) in 2022, which includes development of its own internal capital model. The company also augmented its risk management structure for group-related risks, such as risks to subsidiaries and internal group transactions.
Negative rating actions could occur if the company’s operating performance or risk-adjusted capitalization deteriorates significantly. Positive rating actions could occur if the company’s risk-adjusted capitalization improves materially.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM 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 © 2019 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/20190711005463/en/
Contact
Chanyoung Lee
Senior Financial Analyst
+852 2827 3404
chanyoung.lee@ambest.com
Christie Lee
Senior Director, Analytics
+852 2827 3413
christie.lee@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
--BERNAMA
The ratings reflect DBI’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
DBI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as strongest, supported by the steady growth of its capital and surplus on the back of a solid net income stream, as well as relatively low underwriting leverage compared with its domestic peers.
DBI’s operating performance has outperformed its domestic peers over the past five years, as shown by its strong investment performance and having the lowest combined ratio among its domestic peers. Overall underwriting performance deteriorated year over year in 2018, mainly due to increasing losses in the auto insurance line of business; however, the insurer’s strong investment earnings of over KRW 1 trillion supported its overall performance.
DBI is the third largest non-life insurer in South Korea in terms of direct premium written (DPW), a longstanding position that the company has maintained successfully amid increasing competition. The company’s widely recognized brand in its domestic market and diversified product mix, which includes the life insurance business from its subsidiary, DB Life Insurance Co., Ltd, as well as its leading position in South Korea’s insurance industry in terms of digital innovation also support the favorable business profile assessment.
DBI has been enhancing its ERM to prepare for the upcoming implementation of International Financial Reporting Standards (IFRS) 17 and the K-Insurance Capital Standard (K-ICS) in 2022, which includes development of its own internal capital model. The company also augmented its risk management structure for group-related risks, such as risks to subsidiaries and internal group transactions.
Negative rating actions could occur if the company’s operating performance or risk-adjusted capitalization deteriorates significantly. Positive rating actions could occur if the company’s risk-adjusted capitalization improves materially.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM 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 © 2019 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/20190711005463/en/
Contact
Chanyoung Lee
Senior Financial Analyst
+852 2827 3404
chanyoung.lee@ambest.com
Christie Lee
Senior Director, Analytics
+852 2827 3413
christie.lee@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
--BERNAMA
INDIA'S LARGEST AND FASTEST-GROWING B2B COMMERCE, MOGLIX RAISES $60 MN IN A SERIES D ROUND OF FUNDING!
NEW DELHI, July 15 (Bernama-BUSINESS WIRE) -- Moglix, India’s largest and fastest-growing B2B commerce company, announced closure of Series D round of funding of USD 60 Million. It was led by Tiger Global, Sequoia India and Composite Capital. Its current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons’ Chairman Emeritus Ratan Tata.
Rahul Garg, Founder & CEO, Moglix, said, “We are excited to lead procurement transformation, building the right distribution model for modern India. I believe this change will impact how Indian suppliers, buyers, and overall B2B supply chain will shape up in the coming century. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey. It is great to see how Moglix is on a major upsurge, growing at 300% YOY with an exuberant team. The funds will be critical in fueling expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network. We foresee an immense strength and scope of innovation in the B2B commerce space and the sectors we operate in.”
"We are excited to partner with Moglix, which is rapidly transforming procurement services for India's B2B market. As an industry leader with a strong management team, Moglix is poised for continued strong growth," said Scott Shleifer, partner, Tiger Global Management.
Tejeshwi Sharma, Principal, Sequoia Capital India Advisors, said, “We believe that technology will play a crucial role in upgrading supply chain in India for the 21st century. Moglix is building two unique assets simultaneously - physical infrastructure and a direct-to-enterprise distribution - to re-imagine indirect procurement in India. Sequoia India has been tracking the company for a while and is inspired by its commitment to this space. Rahul and his team have an audacious vision and it’s a delight to partner with them in building what could be a foundational business for India’s economy.”
David Ma, the Founder of Composite Capital, said, “We are excited to partner with the Moglix team as they pioneer modern, technology-enabled solutions for B2B commerce. GST reform is accelerating the pact of change in Indian business and Moglix continues to be the leader in providing industry-leading solutions for procurement.”
http://mrem.bernama.com/viewsm.php?idm=34997
Rahul Garg, Founder & CEO, Moglix, said, “We are excited to lead procurement transformation, building the right distribution model for modern India. I believe this change will impact how Indian suppliers, buyers, and overall B2B supply chain will shape up in the coming century. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey. It is great to see how Moglix is on a major upsurge, growing at 300% YOY with an exuberant team. The funds will be critical in fueling expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network. We foresee an immense strength and scope of innovation in the B2B commerce space and the sectors we operate in.”
"We are excited to partner with Moglix, which is rapidly transforming procurement services for India's B2B market. As an industry leader with a strong management team, Moglix is poised for continued strong growth," said Scott Shleifer, partner, Tiger Global Management.
Tejeshwi Sharma, Principal, Sequoia Capital India Advisors, said, “We believe that technology will play a crucial role in upgrading supply chain in India for the 21st century. Moglix is building two unique assets simultaneously - physical infrastructure and a direct-to-enterprise distribution - to re-imagine indirect procurement in India. Sequoia India has been tracking the company for a while and is inspired by its commitment to this space. Rahul and his team have an audacious vision and it’s a delight to partner with them in building what could be a foundational business for India’s economy.”
David Ma, the Founder of Composite Capital, said, “We are excited to partner with the Moglix team as they pioneer modern, technology-enabled solutions for B2B commerce. GST reform is accelerating the pact of change in Indian business and Moglix continues to be the leader in providing industry-leading solutions for procurement.”
http://mrem.bernama.com/viewsm.php?idm=34997
Monday, July 15, 2019
TINUBU SQUARE LAUNCHES BONDING INSURANCE SUITE
Growth enabler for Surety Bonding carriers
PARIS, July 11 (Bernama-BUSINESS WIRE) -- Tinubu Square, a leading provider of credit insurance, surety and trade finance solutions, is launching today the Tinubu Bonding Insurance Suite (BIS), which has been developed to serve the surety bonding needs of insurers. The new product is a natural extension of Tinubu Square’s SaaS-based, end-to-end enterprise platform, used widely to help the industry manage and develop its international trade credit insurance, and now its surety bonding activities.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190710005425/en/
PARIS, July 11 (Bernama-BUSINESS WIRE) -- Tinubu Square, a leading provider of credit insurance, surety and trade finance solutions, is launching today the Tinubu Bonding Insurance Suite (BIS), which has been developed to serve the surety bonding needs of insurers. The new product is a natural extension of Tinubu Square’s SaaS-based, end-to-end enterprise platform, used widely to help the industry manage and develop its international trade credit insurance, and now its surety bonding activities.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190710005425/en/
The new Tinubu BIS is designed to support surety carriers in their digital transformation journey and to help them to adopt the technologies they need to become more agile and enhance their value proposition to customers.
It draws on Tinubu Square’s long-standing experience delivering solutions that enable insurers to administer the lifecycle of their products from commercial and risk underwriting to claims payment. The same dedication to improving visibility and delivering results has been written into the Bonding Insurance Suite. This will give insurers optimum time to market in what is often a fast moving environment requiring innovative risk distribution strategies. The new solution will allow them to manage an increasing number of bond wordings and signature processes.
Olivier Placca, Tinubu Square Deputy CEO, said: “Tinubu has grown a large and loyal customer base amongst international insurance companies. So, it has become incumbent on us to provide cutting-edge solutions that will support the industry’s business models profitably while helping insurers manage customer-focused strategies. The Bonding Insurance Suite is an extension of our existing, proven software, so it offers opportunities to digitize transactions and take advantage of data assets. It will also ensure that companies are equipped for fluctuating regulations and the particular demands of operating in multiple geographical locations. We have built our considerable knowledge and technical know-how into this new suite and this will be to the advantage of the surety bonding sector during the challenges they face in their digital transformation.”
Key features of the Tinubu Bonding Insurance Suite include:
It draws on Tinubu Square’s long-standing experience delivering solutions that enable insurers to administer the lifecycle of their products from commercial and risk underwriting to claims payment. The same dedication to improving visibility and delivering results has been written into the Bonding Insurance Suite. This will give insurers optimum time to market in what is often a fast moving environment requiring innovative risk distribution strategies. The new solution will allow them to manage an increasing number of bond wordings and signature processes.
Olivier Placca, Tinubu Square Deputy CEO, said: “Tinubu has grown a large and loyal customer base amongst international insurance companies. So, it has become incumbent on us to provide cutting-edge solutions that will support the industry’s business models profitably while helping insurers manage customer-focused strategies. The Bonding Insurance Suite is an extension of our existing, proven software, so it offers opportunities to digitize transactions and take advantage of data assets. It will also ensure that companies are equipped for fluctuating regulations and the particular demands of operating in multiple geographical locations. We have built our considerable knowledge and technical know-how into this new suite and this will be to the advantage of the surety bonding sector during the challenges they face in their digital transformation.”
Key features of the Tinubu Bonding Insurance Suite include:
- Administration – The capability to manage users, their permissions and authorities within the system. Organisational changes and new staff on-boarding can be easily managed with the profile management tool. Products and their parameters can be created and administered in defined bond categories and associated to bond wordings in the bond library. The suite also includes repository of intermediaries and financial counter-parties to help manage the distribution and production network.
- Commercial Underwriting – The central repository allows financial statements to be edited or uploaded in Tinubu’s proprietary pivot format and to interface with data providers. Bonding facilities and single bond submissions can be swiftly created, and users will find all the necessary information to manage their customer relationships efficiently.
- Risk Underwriting – All submission, customer data and diary records are easily accessed, including past assessments and decisions. Thanks to the pdf generator, decision making support material can be created and archived. Dedicated features in the suite allow exposure at the customer level to be aggregated and construction contract execution to be monitored while analysis can be performed across portfolios thanks to Tinubu’s structured data capture of customer, obligee and intermediary information.
User Experience Benefits: Forms and applications can be easily imported into the application and files uploaded in a variety of format using drag and drop. Tinubu has also embedded a diary to centralise documents and archive communications at various levels. Insurers will find that they can give access to their international teams in one single solution available in English, French and Spanish.
About Tinubu Square
Founded in 2000, Tinubu Square is a software vendor, enabler of the Credit Insurance, Surety and Trade Finance digital transformation. Tinubu Square enables organizations across the world to significantly reduce their exposure to risk and their financial, operational and technical costs with best-in-class technology solutions and services. Tinubu Square provides SaaS solutions and services to different businesses including credit insurers, receivables financing organizations and multinational corporations. Tinubu Square has built an ecosystem of customers in over 20 countries worldwide and has a global presence with offices in Paris, London, New York, Montreal and Singapore. For more information: www.tinubu.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190710005425/en/
Contact
Julie Kirby – Ascendant
Email: jkirby@ascendcomms.net
Phone: +44 (0) 7956 955625
Source : Tinubu Square
--BERNAMA
About Tinubu Square
Founded in 2000, Tinubu Square is a software vendor, enabler of the Credit Insurance, Surety and Trade Finance digital transformation. Tinubu Square enables organizations across the world to significantly reduce their exposure to risk and their financial, operational and technical costs with best-in-class technology solutions and services. Tinubu Square provides SaaS solutions and services to different businesses including credit insurers, receivables financing organizations and multinational corporations. Tinubu Square has built an ecosystem of customers in over 20 countries worldwide and has a global presence with offices in Paris, London, New York, Montreal and Singapore. For more information: www.tinubu.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190710005425/en/
Contact
Julie Kirby – Ascendant
Email: jkirby@ascendcomms.net
Phone: +44 (0) 7956 955625
Source : Tinubu Square
--BERNAMA
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