Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 203

Posts Tagged ‘credit’

Halo Labs Announces Unexpected Surge in Sales Enters into Commitment Letter for CDN$10 Million Unsecured Credit Line

Posted by fidest press agency su domenica, 24 gennaio 2021

Toronto, Ontario Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) today announces that unexpected surge in sales and the Company has entered into a commitment letter (the “Commitment Letter”) to obtain up to CDN$10 million in unsecured, non-dilutive and non-convertible credit from an arm’s length lender.”January has started off with a bang as a result of unanticipated increased sales of finished goods to dispensary clients. We need capital for raw material, packaging supplies, inventory restocking and general working capital purposes,” stated Kiran Sidhu, Chief Executive Officer of the Company.The financing is comprised of an unsecured non-revolving line of credit for up to CDN$10 million (the “Credit Facility”). The Company will be permitted to draw from the Credit Facility for a period of 12 months from the date of closing. Individual draws under the Credit Facility will bear interest at a rate of 9% per annum and have a maturity date of 18 months from the date of drawdown.

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Osservatorio NPE realizzato da CRIBIS Credit Management

Posted by fidest press agency su venerdì, 18 dicembre 2020

E’ la prima edizione della società del Gruppo CRIF specializzata nella gestione in outsourcing dei processi di collection e di NPL management, con l’obiettivo di fornire una visione complessiva e costantemente aggiornata del mercato rispetto al rischio di credito e alla dinamica delle procedure giudiziali.L’analisi dei tassi di default nel periodo compreso tra giugno 2016 e giugno 2020 mostra un andamento decrescente, in misura contenuta per le persone fisiche, più marcato per le persone giuridiche e ancora più pronunciato per le società di capitali. In particolare, nell’ultima rilevazione le persone giuridiche presentano un tasso di default compreso tra 2,5% e 3,5%, mentre per le persone fisiche questo è inferiore al 2%, seppur in crescita sotto la pressione dello shock economico causato dalla pandemia.Considerando l’andamento degli stock di mercato degli NPE tra dicembre 2015 e giugno 2020, si evidenzia un trend decrescente delle posizioni deteriorate, che passa da circa 300 miliardi di € a poco più di 110 miliardi di €, con una riduzione più consistente tra il 2017 e il 2018.Infine, la suddivisione in base alla tipologia di soggetti non finanziari mostra che il 77% dei crediti deteriorati presenti sul mercato a giugno 2020 è imputabile alle Società non Finanziarie (cioè società di capitali, società di persone e società semplici o di fatto con più di 5 addetti), con uno stock in netta contrazione rispetto a dicembre 2015, dovuto principalmente alla riduzione delle sofferenze. Alle Famiglie produttrici (che comprendono imprese individuali e società semplici) è invece imputabile l’8% dello stock di crediti deteriorati rilevato a giugno 2020, mentre alle Famiglie consumatrici è riferibile il rimanente 15% dello stock.

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Osservatorio CRIF-Mister Credit sulle frodi creditizie tramite furti d’identità

Posted by fidest press agency su giovedì, 16 luglio 2020

Lo studio evidenzia che nel 2019 in Italia i casi rilevati siano stati oltre 32.300 per un danno stimato che supera i 150 milioni di Euro. Rispetto all’anno precedente il numero di frodi risulta in ulteriore crescita del +19,7% ma al contempo è diminuito l’importo medio (-5,9%), attestatosi a circa 4.650 Euro, a dimostrazione che le organizzazioni criminali ormai non disdegnano nemmeno le operazioni fraudolente su beni di importo più contenuto. Ma la costante crescita di questo fenomeno criminale non sembra arrestarsi tanto che le elaborazioni relative ai primi 4 mesi del 2020 mostrano un ulteriore incremento nei primi 2 mesi dell’anno (+5%) prima che il lockdown disposto dal Governo attenuasse la dinamica nel successivo bimestre (-12,8%), in virtù della drastica riduzione degli spostamenti delle persone e la temporanea chiusura della quasi totalità degli esercizi commerciali.Tra le forme tecniche di credito in cui si registra il maggior numero di eventi fraudolenti spiccano i prestiti finalizzati all’acquisto di beni e servizi (quali auto, moto, articoli di arredamento, elettronica ed elettrodomestici, energie rinnovabili, ecc), che rappresentano la metà del totale e presentano un importo del ticket medio pari a 5.500 Euro.Infine l’ultimo aggiornamento dell’Osservatorio CRIF – Mister Credit mostra che, ancora una volta, la maggioranza delle vittime sono uomini (61,2% dei casi). Relativamente alla distribuzione per fascia di età, quella in cui si si rileva il maggior numero di casi è quella degli under 30 anni, con il 23,8% del totale. Seguono la classe compresa tra i 41 e 50 anni, con il 23%, e quella tra 31 e 40 anni, con il 21,2%.

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New Day Founder Joins UK Fintech Curve to Lead its New Credit Business

Posted by fidest press agency su martedì, 17 dicembre 2019

Curve, the Over-The-Top banking platform that consolidates multiple cards and accounts into one smart card and app, has appointed Paul Harrald, a founding member of SAV Credit, now New Day, to lead the company’s new Curve Credit Business. Paul joins from Chinese Venture Capital firm CreditEase where he ran UK and European private equity investments and where he first developed a keen interest in Curve. Paul takes up his new role as part of a distinguished career that includes being CIO and Director of Analytics at SAV Credit, now the £1bn alternative credit business New Day, occupying a seat on RBS retail banking boards as well as working as a credit and risk advisor at Google. He was also one of the youngest academics to achieve tenure at Manchester University and has been a visiting Professor in Computer Science at UCL.Curve Credit will allow Curve customers to pay off their credit card debt and to split transactions into instalments, flexibly and simply managed within Curve’s app. Curve’s unique position as an OTT banking platform with read/write access enables customers to make smart decisions based on their spending and credit habits across all their financial products, regardless of where they pay and to whom. Curve Credit will be an alternative to revolving credit and will feature the ability to make full, ad hoc, partial, and regular repayments from a variety of sources. Customers will have complete visibility of payment schedules and amounts outstanding. Although Curve Credit is still in its very early stages, Harrald has big plans for the new product and is preparing to apply for FCA approval.

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AM Best Affirms Credit Ratings of Arab Reinsurance Company S.A.L.

Posted by fidest press agency su mercoledì, 11 dicembre 2019

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Arab Reinsurance Company S.A.L. (Arab Re) (Lebanon). The outlooks of these Credit Ratings (ratings) remain negative.The ratings reflect Arab Re’s balance sheet strength, which AM Best categorises as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The negative outlooks reflect ongoing pressure on the business profile assessment, stemming from AM Best’s concerns over Arab Re’s ability to navigate the challenging underwriting conditions prevailing in its core markets. In addition, the increased social, political and economic instability in Lebanon, where the company is domiciled and writes approximately 10% of its business, have heightened the pressure on the ratings.Arab Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which is maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), reflective of low underwriting leverage. The company’s shareholder equity reached USD 104.6 million at year-end 2018, up 1.7% from USD 102.9 million at the end of 2017. The capital base is sufficient to absorb the elevated investment risk arising from exposure to Lebanese assets, notably Lebanon sovereign debt and cash deposits in local banks, and credit risk stemming from unrated retrocessionaires. In response to the heightened economic and political risk in Lebanon, Arab Re has decreased its exposure to domestic securities and increased its proportion of assets held outside Lebanon, notably by redirecting its cash flows to Bahrain and Oman.Arab Re has a track record of marginal operating profitability, with a five-year (2014-2018) weighted average return-on-equity of 4% and return on premium of 8.3%. Whilst operating profit remains supported by good investment returns, the company has experienced weak technical performance in recent years, with ongoing difficult underwriting conditions resulting in a five-year weighted average combined ratio of 107.2%. Net income increased marginally to USD 5.5 million in 2018, due to a slight improvement in technical results and investment income. AM Best expects the cancellation of loss making accounts to improve technical results in the longer term; however, combined ratios are likely to remain above 100% in the short to medium term. Arab Re has a niche position in its core markets in the Middle East and North Africa region, built upon its original role as a reinsurer for the Arab insurance market and longstanding relationships with cedants. Gross written premium increased by approximately 6% to USD 67.9 million in 2018. However, AM Best expects Arab Re’s business profile to remain under pressure in the short to medium term, constrained by challenging market conditions and a lack of growth opportunities in core markets.

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AM Best Assigns Credit Ratings to Insurance House P.S.C.

Posted by fidest press agency su sabato, 7 dicembre 2019

AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to Insurance House P.S.C. (IH) (United Arab Emirates). Outlook assigned to these Credit Ratings (ratings) is stable.The ratings reflect IH’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).IH’s balance sheet strength is underpinned by the company’s risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, the company has a panel of financially strong reinsurers and a good level of liquidity. In 2019, IH was the first company in the UAE to issue perpetual subordinated bonds, increasing its regulatory capital base by AED 15 million (approximately USD 4.1 million) to bring it in line with all local solvency requirements. Offsetting factors include the company’s small overall capital base and material exposure to higher risk asset classes.IH’s historical operating performance has been volatile due to material underwriting losses. However, following a change in senior management in 2016, IH embarked on strategic initiatives to stabilise its operations, adopting stricter underwriting controls and tighter claims management. Successful execution of these remedial measures has supported a reduction in the combined ratio over the past two years to 96.7% in 2018 (2016: 122.5%). As a result, overall earnings also have improved considerably, reaching AED 10.6 million in 2018. Additionally, the company’s investment portfolio continues to contribute positively to the overall profitability, producing an investment yield (including gains) of 2.5% in 2018. Results for the nine months to September 2019 demonstrate continued improvement in the company’s technical and overall profits.IH holds a modest share of the UAE non-life market, writing AED 210.8 million in gross written premiums in 2018. In line with peers operating in the UAE, the company writes predominantly motor and medical insurance business. AM Best expects IH to continue to grow in line with its ambitious business plan, although market conditions remain challenging given the high level of competition.AM Best views IH’s ERM as marginal. In recent months, the company has begun formalising its risk management framework, more closely aligning its controls and procedures to its risk profile. AM Best expects management to make meaningful enhancements to the ERM framework as it continues with its strategic transformation of the company.
AM Best is a global credit rating agency, news publisher and data provider specialising in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit http://www.ambest.com.

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Crédit Agricole Group – ResearchAndMarkets.com

Posted by fidest press agency su lunedì, 2 dicembre 2019

 

The “Enterprise Tech Ecosystem Series: Crédit Agricole Group” report has been added to ResearchAndMarkets.com’s offering.
Crédit Agricole is a provider of banking and related financial services. It offers a range of retail and corporate banking, investment banking, and insurance solutions. Its retail banking portfolio includes savings products, accounts, debit cards, and credit cards, as well as loans for mortgages, students, vehicles, real estate, agriculture, and personal needs. Its corporate banking offering comprises business financing, term deposits, treasury management, cash management, and other services. The bank offers investment banking solutions such as asset management and merger and acquisition advisory. It has a presence across Europe, the Americas, Africa, the Middle East, and Asia. Crédit Agricole operates under various brands such as LCL Bank and Insurance, BforBank, LCL Private Banking, Amundi, CPR Asset Management, Crédit Agricole Assurances, Eurofactor, Sofinco, and Indosuez Wealth Management, among others.This report provides insight into Crédit Agricole Group’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

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AM Best Affirms Credit Ratings of Singapore Reinsurance Corporation Limited

Posted by fidest press agency su lunedì, 28 ottobre 2019

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Singapore Reinsurance Corporation Limited (Singapore Re) (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Singapore Re’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).Singapore Re’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). Despite an elevated dividend payout ratio over the past five years, retained earnings have remained sufficient to support new business growth over this period. Other balance sheet factors include the company’s moderate risk investment strategy, and high usage of and dependence on retrocession to manage exposure to catastrophe events, accumulations and large single risks.AM Best views Singapore Re’s operating performance to be adequate, with the company having reported a five-year average return on equity ratio of 4.9% (2014-2018). Underwriting performance has exhibited a level of volatility and increased pressure over recent years driven by continued competitive conditions and increased natural catastrophe activity, with a five-year average combined ratio of 101.1% (2014-2018). The company’s overall earnings remain supported by investment operations, with a five-year average net investment return (including gains/losses) of 3.3%.
AM Best views Singapore Re’s business profile as neutral. The company is a regional non-life reinsurer based in Singapore, with a modest-sized gross written premium base of SGD 208 million (USD 193 million) in 2018. The company remains somewhat reliant on its long-standing relationships with a select number of local cedants, including some shareholders of Singapore Re, which has enabled preferential access to profitable business over a number of years. AM Best views that any deterioration in these relationships over time would likely place pressure on the company’s business profile assessment. AM Best views the company’s ERM approach as appropriate given the current size and complexity of its operations. The company identifies and measures key risks on a frequent basis and manages these risks in conjunction with its Own Risk and Solvency Assessment (ORSA) framework. A partially offsetting factor remains the company’s high level of cedant concentration, largely reflecting the volume of business that emanates from a small number of local cedants with which Singapore Re has long-standing relationships.

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AM Best Affirms Credit Ratings of Members of GEICO

Posted by fidest press agency su martedì, 17 settembre 2019

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” for the members of Government Employees Group (GEICO) (Chevy Chase, MD). The ratings of GEICO reflect the group’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM).The ratings also reflect GEICO’s robust capitalization, consistent track record of operating profitability, brand name recognition and pre-eminent national market position in the personal automobile insurance segment. GEICO’s solid operating results reflect a considerable underwriting expense advantage, driven by its direct distribution business model. In addition, the group continues to produce generally favorable loss experience while benefiting from a steady stream of investment income, and capital gains in its investment portfolio given the favorable performance of equity markets in most years. As a result, GEICO’s substantial capital growth over the most recent five-year period has comfortably supported the steady growth in premiums.
These positive rating factors are offset partially by GEICO’s high investment leverage derived from its significant allocation of invested assets to unaffiliated equities, which could lead to fluctuations in its risk-adjusted capitalization due to market swings or potential stock market downturns. In addition, GEICO maintains a modest geographic concentration that exposes it to legislative changes and judicial decisions, as its top five states account for slightly more than half of its direct premiums written. However, this risk is mitigated largely by GEICO’s geographic spread throughout the United States and management’s proven ability to quickly adapt to changing market conditions. The ratings also reflect GEICO Marine’s supportive risk-adjusted capitalization, historical ocean marine specialty niche expertise and the explicit support provided by NICO, in the form of significant quota share reinsurance coverage, and for which GEICO Marine receives rating enhancement. Additionally, the ratings recognize the implicit commitment provided by Berkshire.

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AM Best Withdraws Credit Ratings of AIA New Zealand Limited

Posted by fidest press agency su domenica, 1 settembre 2019

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of AIA New Zealand Limited (AIA New Zealand) (New Zealand), formerly known as Sovereign Assurance Company Limited. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.The ratings reflect AIA New Zealand’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. In addition, AIA New Zealand benefits from rating enhancement from its ultimate parent; AIA Group Limited (AIA or the AIA group).
AIA New Zealand’s balance sheet strength is underpinned by its risk-adjusted capitalization, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, the company’s local regulatory solvency position in New Zealand is expected to be maintained at an appropriate level, supported by AIA’s capital management strategy and AM Best’s expectation that financial support from the parent will be forthcoming, if required. A partially offsetting balance sheet factor is the company’s increased reinsurance utilization. Since being acquired by the AIA group in 2018, AIA New Zealand has ceded a notable portion of its existing in-force protection portfolio to a third-party reinsurer.The company has a track record of strong operating performance, with a five-year average return-on-equity ratio of 15% (fiscal years 2014 to 2018). AM Best continues to view AIA New Zealand’s business profile as favorable. The company remains the largest life insurer in New Zealand, with its market share (new and in-force business) exceeding 25%. AIA New Zealand also benefits from a 20-year strategic bancassurance partnership that is in place between AIA New Zealand, AIA International Limited (New Zealand Branch) and ASB Bank Limited, a wholly owned subsidiary of the Commonwealth Bank of Australia.AIA New Zealand’s ratings incorporate rating enhancement from AIA, one of the world’s largest life insurance groups. AIA New Zealand is ultimately wholly owned by AIA, and while the subsidiary accounts for a small component of the group’s overall revenues and earnings, it is considered important to the group in terms of accessing the New Zealand life insurance market and its strategic priority of developing long-term bancassurance partnerships.

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AM Best Downgrades Credit Ratings of Westminster American Insurance Company

Posted by fidest press agency su lunedì, 19 agosto 2019

AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of Westminster American Insurance Company (Westminster) (Owings Mills, MD). The outlook of these Credit Ratings (ratings) remains stable.The ratings reflect Westminster’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).The rating downgrades reflect the significant level of adverse loss reserve development Westminster has reported recently, which has led to a steady decline in the company’s operating performance. The adverse reserve development added 12.3 and 6.9 points, respectively, to the 2017 and 2018 combined ratios. In response, management has taken aggressive actions through a comprehensive claims audit, which has resulted in additional case reserve strengthening, specifically on liability claims, through second-quarter 2019. Going forward, the company has implemented a much more conservative approach when establishing initial loss reserves for all liability claims, which should lessen adverse reserve development. As a result, AM Best anticipates that future operating performance will remain strong as the company continues to grow and expand, but the company will not achieve past levels of performance.The stable outlooks reflect AM Best’s expectation that Westminster will maintain its strong balance sheet strength and operating performance, and that the recent corrective measures taken by management will meaningfully improve the company’s overall ERM effectiveness. Westminster’s overall risk-adjusted capitalization remains supportive of its strong balance sheet strength assessment, and the company continues to maintain a conservative investment portfolio. Although recent adverse reserve development has dampened Westminster’s underwriting profitability, the company has continued to achieve underwriting and pre-tax operating profits, as well as surplus growth.

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AM Best Affirms Credit Ratings of New York Life Insurance Company and Its Subsidiaries

Posted by fidest press agency su sabato, 27 luglio 2019

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of New York Life Insurance Company and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (collectively referred to as New York Life). Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the funding agreement-backed securities (FABS) programs, the outstanding notes issued thereunder and the Long-Term IRs on the existing surplus notes of New York Life Insurance Company. The outlook of the Credit Ratings (rating) is stable. All companies are headquartered in New York, NY. (See below for a detailed listing of the Long- and Short-Term IRs.) The ratings reflect New York Life’s balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, very favorable business profile and very strong overall enterprise risk management.The ratings also reflect New York Life’s risk-adjusted capitalization, which has been sustained at the very strong level, with consistently growing absolute levels of capital, ample financial flexibility and abundant liquidity, even under extreme stress scenarios. Currently, the company’s reserve profile still remains slightly weighted toward annuity products, which are exposed to the continued low interest rate environment. However, this reserve profile is driven partially by the reserving dynamics between life insurance and annuity products, which generate higher reserves for the annuity products in the earlier years. While AM Best believes that New York Life’s investment management capabilities remain strong, the potential still exists for higher-than-normal credit losses, albeit manageable, within New York Life’s general account investment portfolio. The organization’s investment portfolio is considered well-diversified with allocations that follow a consistent, long-term approach, as well as a material allocation to highly rated corporate fixed-income securities. AM Best notes that New York Life has a sizeable allocation to non-traditional assets, namely investments in private equity and hedge funds that together represent approximately 21% of total capital.New York Life’s current adjusted GAAP financial leverage, excluding accumulated other comprehensive income, together with secured and non-recourse debt, continues to be well within AM Best’s guidelines for the company’s current ratings. In addition, GAAP interest coverage is very strong. AM Best also holds a favorable view of New York Life’s proactive management approach to interest-rate risk through ongoing hedging, product design, dynamic asset rebalancing and disciplined sales. Finally, AM Best notes that New York Life has an added measure of financial flexibility in support of its very strong risk-adjusted capital position through the management of its policyholder dividend scale.The consistent and very strong operating performance is attributed to sales growth generated from its traditional ordinary life insurance business, providing long-term cash flows as the foundation. The majority of new annuity sales include market-value adjustment features that reduce interest-rate risk; however, some vulnerability to spread compression exists should the low interest rate environment persist. Overall earnings are derived from diverse sources and have increased primarily because of favorable mortality experience with overall positive business growth. New York Life’s investment operations provide further earnings diversification, reflective of the organization’s strong spread revenue and asset-based fees that are generated from the $572 billion of assets under management as of year-end 2018.

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IHS Markit Selected to Deliver Canada’s Federal Carbon Credit and Tracking Solution

Posted by fidest press agency su mercoledì, 24 luglio 2019

IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced it will deliver the Government of Canada’s Carbon Credit and Tracking Solution. The solution will reinforce Canada’s federal measures to mitigate emissions under the Pan-Canadian Framework on Clean Growth and Climate Change, and provide tracking for the federal Output-Based Pricing System. “Canada is committed to reducing its carbon emissions across industries, while creating incentives for firms to embrace clean energy and growth,” said Kathy Benini, managing director and global head of Environmental Solutions at IHS Markit. “By leveraging our experience and knowledge in designing and delivering national and international registries, Canada will have a best-in-class solution for the federal carbon pricing backstop.”The federal Output-Based Pricing System is designed to ensure there is a price incentive for industrial emitters to reduce emissions, spur innovation, maintain competitiveness and eliminate carbon leakage. Using the infrastructure provided by IHS Markit, Canada will be able to support these objectives.IHS Markit has designed and developed greenhouse gas registries and auction infrastructure for governments in the Americas, EMEA and APAC. Its Environmental Registry is the largest global registry for carbon, water and biodiversity credits. Since its inception, the Environmental Registry has provided full tracking for the lifecycle of more than 350 million credits.

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AM Best Affirms Credit Ratings of Lloyd’s

Posted by fidest press agency su venerdì, 12 luglio 2019

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Lloyd’s (United Kingdom), Lloyd’s Insurance Company (China) Limited (Lloyd’s China) (China) and Lloyd’s Insurance Company S.A. (Lloyd’s Brussels) (Belgium). Concurrently, AM Best has affirmed the Long-Term ICR of “a” of Society of Lloyd’s (the Society) (United Kingdom) and the Long-Term Issue Credit Ratings of “a-” on the GBP 500 million 4.750% subordinated loan notes maturing 30 October 2024 and on the GBP 300 million 4.875% subordinated notes maturing 7 February 2047. The outlooks of these Credit Ratings (ratings) remains stable.The ratings reflect Lloyd’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.The Lloyd’s market benefits from its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital adequacy is supported by a robust risk-based approach to setting member-level capital and a strong Central Fund, which is available to meet the policyholder obligations of all Lloyd’s members. AM Best’s assessment of the balance sheet strength of Lloyd’s takes into account the fungibility constraints of capital held at the member level and the market’s good financial flexibility, which is enhanced by the diversity of its capital providers.
The favourable business profile assessment reflects the strong position of Lloyd’s in its core markets, as a leading writer of reinsurance and specialty property and casualty insurance. Lloyd’s has an excellent brand in these markets but an increasingly difficult operating environment poses challenges to Lloyd’s competitive position. The market’s business mix is well-diversified but with some geographical bias toward North America and product bias towards moderate to high-risk commercial specialty lines products.
The ratings of Lloyd’s China and Lloyd’s Brussels reflect reinsurance support from Lloyd’s in the form of quota share contracts between Lloyd’s and the syndicates participating on the China and Brussels platforms.The rating of the Society is notched from the rating of the Lloyd’s market, reflecting the unique relationship between the Society and the Lloyd’s market, which means that the ability of the Society to meet its obligations is inextricably linked to the ability of Lloyd’s to meet its obligations.

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Stable credit market as property companies’ shares reach new high

Posted by fidest press agency su venerdì, 5 luglio 2019

In the July issue of CREDI, the Main index increases from 50.3 to 50.8 indicating a slightly improved credit market. Property companies maintain a positive view of the credit market, while banks are increasingly pessimistic about the future.“This year’s second CREDI survey reflects a stable credit market, where improved access to credit and extended credit durations counteract expectations of higher credit margins. The CREDI Main index is boosted in particular by an improved perception of the current situation among banks. However, banks are increasingly pessimistic going forward as their Expectations index falls to its second-lowest point in the history of CREDI. Furthermore, the average interest rate of listed property companies increased slightly to 2.0 per cent, marking the end of the trend of decreasing interest rates that lasted for 21 quarters,” says Martin Malhotra, Project Manager at Catella.“The equity market has rebound strongly this year, with the total return of the Stockholm OMX 30 index being nearly 20 per cent. The main driver has been the U-turns of the major central banks and the expectation that we will see lower interest rates and more quantitative easing from the central banks going forward. The Swedish equity market is a reasonably good leading indicator of the CREDI Main index, and its development suggests that we will see stable credit sentiments during the coming quarters,” says Arvid Lindqvist, Head of Research at Catella.“The reduction in long-term interest rates has also been reflected in property companies’ preference shares, where the average dividend has fallen to 6.1 per cent since the turn of the year. Also, as the volume-growth of outstanding bonds continues to slow down, the bond market’s share of the listed property companies’ debt has remained at 28 per cent,” Martin Malhotra concludes.The Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/en/news-and-pressreleases/research. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices and analyses based on publicly available data.

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Global Credit Specialist CIFC Completes Initial UK Research Team Hires

Posted by fidest press agency su mercoledì, 3 luglio 2019

Global credit specialist CIFC, which launched a European office in London last year, has completed the first phase of its UK research team recruitment with the appointment of its fourth analyst.Senior Analyst Rinse Terpstra has joined from Chenavari Investment Managers where he worked as a senior investment analyst focusing on CLOs. He has more than 12 years of leveraged loan and high yield credit experience in Western and Central Eastern Europe as well as Turkey.Analyst Zoltan Paller has joined from UBS where he focused on leveraged finance and direct lending opportunities in the EMEA region. Prior to UBS, he held positions in the Corporate Credit team of Morgan Stanley in Budapest and Fitch in London.
Analyst Max Elliott-Taylor has joined from Investcorp Credit Management in London where he was an associate in the credit research team investing in leveraged loans and high yield bonds for five years.Analyst Alessandro Garello Cantoni has joined from Bank of America Merrill Lynch where he worked for five years focusing on Italian and Iberian markets and later leveraged finance origination in the EMEA region.Their hires follow the recruitment last year of Managing Directors Joshua Hughes and Dan Robinson to open the London office and start building out the team.

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AM Best Affirms Credit Ratings for La Colonial, S.A. Compañía de Seguros

Posted by fidest press agency su giovedì, 27 giugno 2019

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of La Colonial, S.A. Compañía de Seguros (La Colonial) (Santo Domingo, Dominican Republic). The outlook of these Credit Ratings (ratings) remains positive.The ratings reflect La Colonial’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.The positive outlooks recognize the improvements made by La Colonial in terms of operating performance and acknowledge the skills of the underwriting team to face the potential challenges of harsher competition during 2019. The ratings also reflect the company’s robust risk-adjusted capitalization, supported by a strong reinsurance program. Partially offsetting these positive rating factors is the competitive environment in the Dominican Republic.La Colonial is the fifth-largest insurance company in the Dominican Republic, with a 7.3% market share as of April 2019, maintaining a leading position in the Dominican Republic despite changing market dynamics, including the continuous inflow of new health premiums to the system from new competitors. The company has posted adequate profitability and growth to support its results. The company operates as a multiline insurer, and its portfolio is composed of 80% property/casualty, 16% accidents and health and 4% life, based on gross written premium.In 2018, the company continued its improved combined ratio to levels below 100% because of higher retention and a continuation of expense efficiency. A key year for the resolution of the positive outlooks is 2019, as the company needs to consolidate the improvements achieved in terms of operating performance amidst increased competition in key segments like auto and fire. In this regard, AM Best considers La Colonial’s management team to be well-prepared to manage such competition and to maintain a cost-efficient operation.
La Colonial’s risk-adjusted capitalization remains strong and is supported adequately by a comprehensive reinsurance program that mitigates the potential impact from regional natural disasters on the company’s results. These characteristics are well-reflected in its solvency and capitalization metrics, and its excellent market position. Looking forward, AM Best expects the company to continue performing with premium sufficiency driven by lower technical costs in the medium term, to achieve higher ratings.Positive rating actions could occur if La Colonial continues to improve its underwriting performance, by achieving greater efficiency and consolidating its positive trend in operating performance, while at the same time, strengthening its capital base through increased profitability. Factors that might lead to negative rating actions include deterioration of its technical income, by either higher operational costs or a decline in the underwriting quality that places more emphasis on financial income to sustain profitability. Any major changes in La Colonial’s capital base, including significant dividends or capital outflows, that diminish AM Best’s view of the company’s risk-adjusted capitalization also could result in negative rating actions.

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AM Best Withdraws Credit Ratings of Lloyd’s Syndicate 510

Posted by fidest press agency su domenica, 16 giugno 2019

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Lloyd’s Syndicate 510 (Syndicate 510) (United Kingdom), which is managed by Tokio Marine Kiln Syndicates Limited (TMKS). The outlook of these Credit Ratings (ratings) remains stable. Concurrently, AM Best has withdrawn the ratings as the syndicate has requested to no longer participate in A.M. Best’s interactive rating process.The Lloyd’s market rating is the floor for all syndicate ratings, reflecting the Lloyd’s chain of security and, in particular, the role of the Central Fund, which partially mutualises capital at the market level. The ratings of Syndicate 510 reflect the balance sheet strength of the Lloyd’s market, which AM Best categorises as very strong, as well as the market’s strong operating performance, favourable business profile and appropriate enterprise risk management.For the 2019 year of account, the syndicate’s capacity was maintained at GBP 1.1billion. Approximately 56% of Syndicate 510’s capital is provided by Tokio Marine Underwriting Limited, the ultimate parent of which is Tokio Marine Holdings, Inc. The remainder of the capital is provided by third party Lloyd’s members.The syndicate’s recent technical performance has been broadly in line with the overall Lloyd’s market, demonstrated by a five-year weighted average combined ratio of 98% (2014-2018). In 2018, Syndicate 510 recorded a combined ratio of 103%, affected by catastrophe losses in North America. The impact from catastrophe losses was in line with AM Best’s expectations given the size and frequency of catastrophe events during the year.
The business profile of all syndicates is linked inextricably to that of Lloyd’s, which has a strong position in the global general insurance and reinsurance markets. The collective size of the Lloyd’s market allows Syndicate 510 to compete under the Lloyd’s brand with international groups. Syndicate 510 is one of the largest syndicates at Lloyd’s, ranking seventh based on 2018 gross written premiums. It writes a diversified portfolio by geography and line of business comprising property and special lines, marine and special risks, enterprise risk, accident and health, reinsurance and aviation.

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AM Best Affirms Credit Ratings of Unum Group and Its Core U.S. Subsidiaries

Posted by fidest press agency su venerdì, 14 giugno 2019

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the core U.S. life/health insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM]. Additionally, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of Unum Insurance Company (Unum Insurance) (Portland, ME) and Starmount Life Insurance Company (Starmount) (Portland, ME). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” and the Long-Term Issue Credit Ratings (Long-Term IR) of Unum. The outlook of the Credit Ratings (ratings) is stable.The ratings of the core U.S. life/health insurance subsidiaries of Unum reflect their balance sheet strength, which AM Best categorizes as strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.Unum’s strong balance sheet strength is supported through the organization’s continued profitability and quality investment portfolio. Unum continues to report strong operating results from its core ongoing insurance operations. Premium growth has been steady over the past five years, averaging about 4%. Loss ratios and persistency have been relatively stable, which has driven the organization’s steady operating earnings. Nevertheless, the company did have a reserve charge for its legacy long-term care (LTC) business during the third quarter of 2018. This charge had a material impact on the consolidated GAAP results for the year; however, the company still reported good results, with net income of more than $500 million for the year. The steady earnings stream produced by Unum’s core businesses somewhat mitigates the potential of adverse financial impact from the closed LTC business in the future.AM Best views Unum’s asset quality as good as investments are held mainly in investment grade fixed income securities. However, the company does have modest exposure to below investment grade bonds and commercial mortgage loans. Unum’s investment income has been relatively stable with modest impairments. The insurance operation’s liquidity is mainly supported by favorable operating cash flows. Additional financial flexibility is derived from holding company cash and investments, a $600 million revolving credit facility and access to Federal Home Loan Bank borrowings. Unum has manageable financial leverage of approximately 24% as of the first quarter of 2019. Interest coverage was just five times in 2018, lower than the high single-digit levels the company historically has reported. Unum’s new debt issue is not anticipated to materially increase the organization’s financial leverage on a long-term basis.Unum maintains a leading market positions in the majority of its core product lines with a diverse nationwide distribution network. Additionally, the company continues to diversify its earnings stream with new product offerings and through growth in its dental and international businesses, which helps to deepen penetration and aid with client persistency. Unum’s enterprise risk management program is well-developed and incorporated into strategy and financial planning for the organization.

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AM Best Places Credit Ratings of CMIC Group’s Members Under Review With Negative Implications

Posted by fidest press agency su domenica, 9 giugno 2019

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Connecticut Medical Insurance Company (Glastonbury, CT) and its sponsored risk retention group company, CMIC Risk Retention Group (District of Columbia). These companies are referred to collectively as CMIC Group (the group).The under review status considers several strategic initiatives that management plans to execute during the third quarter of 2019 and the benefits these are expected to have on the group’s prospective operating results. These initiatives, combined with corrective underwriting actions introduced by management in the prior year, are expected to improve the group’s operating performance, which has suffered in recent years due to increased claims severity, diminishing reserve redundancies, and a declining premium base. AM Best views these initiatives being taken in the upcoming quarter as material and therefore, failure to execute on these plans is likely to result in negative ratings pressure, hence the negative rating implications. The ratings will remain under review pending further discussions with management and, more importantly, the execution of these new initiatives.

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