Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n°159

Posts Tagged ‘credit’

AM Best Affirms Credit Ratings of Instituto Nacional de Seguros

Posted by fidest press agency su venerdì, 19 aprile 2019

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Instituto Nacional de Seguros (INS) (San Jose, Costa Rica). The outlook of these Credit Ratings (ratings) remains positive.The ratings reflect INS’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 (ERM). The positive outlook was maintained due to the still favorable operating performance metrics posted in 2018.INS’ capitalization level of strongest is supported by a comprehensive and adequate reinsurance program, good operating performance and its position as the leading insurer in Costa Rica. The assessment of its business profile considers INS’ market characteristics derived from the country’s Insurance Law of 2008, including its robust market share and the guarantee provided by the Costa Rican government to support INS’ domestic obligations.
INS is Costa Rica’s largest insurer with a market share of 72% as of December 2018, which has decreased due to aggressive growth in voluntary products from specific market participants. The company has exclusivity on underwriting compulsory workers’ compensation and mandatory auto insurance. INS’ compulsory premium segment represents 34% of its business portfolio and 25% of the industry’s total premiums written.The positive outlooks on INS’ ratings reflect the still strong operating performance metrics posted in 2018, despite its deterioration in comparison with 2017 as shown in a larger loss and combined ratio. As of December 2018, INS’ business slowed as economic activity grew less than in previous years; this led to a deterioration of the company’s underwriting metrics compared with 2017, nevertheless, these results remained strong and produced positive net income. The resolution of the positive outlook will depend on the operating performance results during 2019; if these deteriorate further, the positive outlook could revert to stable.Investment income, based on a conservative investment portfolio, has remained supportive of the company’s performance, favored by interest rates and foreign exchange rates. Net income stood at USD 89.5 million, providing a solid growth for its capital base, despite the compulsory 25% dividend paid to the government and a larger reserve creation derived from the favorable performance of the compulsory workers’ compensation segment.AM Best expects INS to continue improving and consolidating its business guidelines by implementing its geographical diversification strategy progressively, which should offset increased competition in the voluntary segments. The company is in a good position to maintain its strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, due to its good profitability and ERM practices, and adequate reinsurance with highly rated international reinsurers, which provides a buffer for variations in claim severity and catastrophic events.Positive rating movements could occur if INS is able to improve or maintain its underwriting performance and operating efficiency while continuing to pursue further diversification of its revenue, improving its return metrics and maintaining its strong capitalization. Negative rating actions could occur if technical results deteriorate or there is a reduction in net income, or any loss that significantly affects the company’s profitability and capital generation.

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Credit market improves as optimism rises among property companies

Posted by fidest press agency su mercoledì, 3 aprile 2019

In the March issue of CREDI the Main index increases from 48.6 to 50.3, indicating a slightly improved credit market. Property companies maintain a positive view of the credit market as interest rates fall to a new record low. “This year’s first CREDI survey shows a positive shift in the credit market, where improved access to credit and extended credit durations counteract slightly higher credit margins. The CREDI Main index is boosted in particular by increased optimism among property companies. In fact, the property companies’ Expectation index is at its highest level in nearly four years. Furthermore, the average interest rate of listed property companies continues to fall, hitting a new record low of 1.9 per cent,” says Martin Malhotra, Project Manager at Catella.“The stock market has rebound during the first quarter of 2019, with OMX 30 up 12 percent. This is mainly a result of more dovish central banks, which have responded to weakening growth in the United States and the rest of the world. Going forward, property companies in Sweden should be able to enjoy continued low real interest rates for an extended period of time,” says Arvid Lindqvist, Head of Research at Catella.“The reduced long interest has also been reflected in property companies’ preference shares, where the average dividend has fallen to 6 per cent since the turn of the year. Also, the limited growth of outstanding bonds means the bond market’s share of the listed property companies’ debt has levelled out,” Martin Malhotra concludes.The twenty-sixth edition of 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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AM Best Affirms Credit Ratings of Qatar Islamic Insurance Company Q.P.S.C.

Posted by fidest press agency su lunedì, 1 aprile 2019

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Qatar Islamic Insurance Company Q.P.S.C. (QIIC) (Qatar). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect QIIC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
QIIC adopts a hybrid takaful model, whereby the shareholders’ fund charges the policyholders’ fund (PHF) a Wakala fee based on gross written contributions (GWC) and a Mudaraba fee based on investment income. QIIC’s ability to accumulate surpluses within the PHF, whilst regularly distributing surplus back to policyholders, supports the sustainability of the takaful model.QIIC’s balance sheet strength is underpinned by risk-adjusted capitalisation, which, as measured by Best’s Capital Adequacy Ratio (BCAR), is consistent with the strongest assessment. The balance sheet strength assessment also benefits from high levels of liquidity to sustain its insurance operations and a well-rated reinsurance panel. AM Best expects prospective risk-adjusted capitalisation to benefit from good internal capital generation.QIIC’s balance sheet strength, however, is offset by its unsophisticated approach to reserving and high-risk investment strategy. QIIC is exposed significantly to illiquid assets in the form of real estate and associate investments, accounting for approximately 55% of total investments as at year-end 2018. Despite exposing the company’s risk-adjusted capitalisation to significant volatility, capital buffers provide some cushion against potential investment losses.QIIC has a track record of strong operating and technical profitability, highlighted by a five-year average (2014-2018) combined ratio of 77.2% that has remained very stable over recent years. Whilst generally there has been a good balance of earnings between technical and investment income, a volatile investment environment in Qatar has meant investment returns have declined over the past five years. In 2018, the company reported net profit of QAR 63 million, equivalent to a healthy return on equity of 12.9%.Although the company is concentrated to its domestic market of Qatar, QIIC maintains a niche market position as an established provider of Shari’a-compliant products and a strong reputation that is attributable partially to the company’s track record of distributing surpluses back to its policyholders. Moreover, the company benefits from being a member of the National Insurance Consortium, which provides QIIC access to sizable government infrastructure contracts. QIIC reported strong premium growth in 2018, with a 21% increase in GWC to QAR 382 million, compared with 2017. Whilst QIIC’s ERM framework is considered appropriate, AM Best has concerns over the company’s approach to managing its investments operations, especially given the size of illiquid assets relative to its capital.

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AM Best Downgrades Credit Ratings of Atlanta Life Insurance Company

Posted by fidest press agency su giovedì, 21 marzo 2019

AM Best has downgraded the Financial Strength Rating (FSR) to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b-” from “b+” of Atlanta Life Insurance Company (ALIC) (Atlanta, GA). The outlook of the FSR has been revised to negative from stable while the outlook of the Long-Term ICR remains negative. ALIC is the life insurance member of Atlanta Life Financial Group, Inc. (ALFG) and is the only remaining active entity within the group.The ratings reflect ALIC’s balance sheet strength, which AM Best categorizes as adequate, as well as its weak operating performance, very limited business profile and weak enterprise risk management.The rating downgrades reflect ALIC’s significant operating losses in 2017 and 2018 despite a onetime favorable benefit due to the merger of the company’s two retirement plans, which removed the pension liability from ALIC’s financial statements once the plans were combined. Despite the plan merger, ALIC still remained liable in the unlikely event that the plans assets were insufficient to fund its liabilities. On a normalized basis, excluding the onetime pension gain and a onetime write-off of a reinsurance contract, operating losses reflect high expenses, unfavorable investment yields and the impact of a contracting balance sheet. The write-off of the reinsurance contract, although modest in terms of operating results, is reflected in AM Best’s ERM assessment of weak given the lack of an adequate risk-control framework, which must be addressed going forward by the new chief financial officer and chief executive officer.Despite the company retaining a favorable risk-adjusted capital position, the overall balance sheet assessment continues to be stressed by a low level of absolute capital as the result of a write-off of an inter-company receivable from ALFG, a lack of liquidity, high reinsurance leverage and unfavorable cash-flow testing results. While the balance sheet assessment remains adequate and within AM Best’s prior expectations, the company’s operating cash flows are negative and AM Best anticipates that if the company’s ambitious business plans are not realized, future risk-adjusted capitalization levels likely will continue to decline over time given the expense structure of the company. Management has laid out substantial business development plans with a focus on assuming group life insurance business from new and existing carrier relationships, which promotes its marketing advantage as an African-American reinsurance carrier. AM Best notes that projected premium levels substantially exceed historical norms and will be a challenge to achieve. As a result, ALIC’s business profile assessment remains very limited with a noted lack of historical data quality, virtually no new business growth, limited market share and limited product diversification.

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AM Best Affirms Credit Ratings of Tugu Insurance Company Limited

Posted by fidest press agency su lunedì, 4 marzo 2019

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Tugu Insurance Company Limited (TIC) (Hong Kong). The outlook of these Credit Ratings (ratings) is negative.The ratings reflect TIC’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is supported by its low underwriting leverage. Offsetting factors are the company’s high asset concentration and low on-balance-sheet liquidity. These factors resulted from the company’s high asset concentration in a small number of invested properties, which accounted for half of total assets at the end of 2018. TIC is a small non-life insurer in Hong Kong. Premium volume has declined sharply over the past five years as the company discontinued some unprofitable business in Hong Kong and increased its reinsurance cession. As a result of having a small net premium base, the high expense ratios increased over the same period. In 2018, TIC reported an underwriting profit mainly contributed by a reserve release. AM Best believes that a similar scale of reserve release is unlikely to repeat year-over-year, so the operating profitability will remain dependent on investment income.The company applies basic tools in risk management, such as investment and underwriting guidelines. Nevertheless, capabilities are lacking in areas such as underwriting, strategy and reserving, the last of which has a track record of volatility. The negative outlooks are based primarily on uncertainty regarding TIC’s capitalization and business profile. It also reflects the company’s low liquidity buffers.
Positive rating actions are unlikely in the near term. Negative rating actions could occur if there is a material decline in the company’s risk-adjusted capitalization and liquidity position, or if the company’s business volume shrinks materially.

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2-Day Course on Credit Risk Management

Posted by fidest press agency su sabato, 16 febbraio 2019

The objective of this course is to give participants an overview of the end to end approach to credit analysis from origination through to documentation signing.By attending this practical 2-day course, you will gain the skills to analyse the specific risks applicable to an individual business, and how to establish tools and methods to protect the lender’s position against those risks. You will also gain the ability to develop a strategy to effectively monitor transactions to capture early warning signals of credit quality deterioration.Through a wide variety of case studies and exercises, from a number of industries and geographical locations you will reinforce the major learning outcomes. The course is highly practical and participants will be encouraged to share their experiences through exercises and group discussions.

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Launch of a Nonbank Consumer Credit Card Through One of the Credit Card Companies

Posted by fidest press agency su martedì, 12 febbraio 2019

Partner Communications Company Ltd. (“Partner” or “the Company”) (NASDAQ and TASE: PTNR), a leading Israeli communications operator, announces that further to the Company’s reports with respect to the examination of new potential growth engines, among others, in the fintech and finance industries and as part of its preparation for entry into the financial services sector, Partner published today an invitation to receive offers from credit card companies for the provision of services and the establishment of a customer club offering a range of financial products based on nonbank credit card.In the invitation sent to the credit companies operating in Israel, Partner seeks to receive offers for the provision of services from one credit card company, noting that the customer club will be based on an infrastructure of an international credit card company (Visa or MasterCard) and/or an international private label (American Express or Diners).This step is the first in a series of steps that the Company is working on as part of its activity formed under the name Partner Finance.Mr. Isaac Benbenisti, CEO of Partner noted: “The expansion of Partner’s activity into the financial sector is a first for a communications company in Israel. We are starting today a significant journey and just as we knew how to initiate a change in the multi-channel television market and in the area of internet services over fiber optic infrastructure, I am certain that we will be able to expand the competition in the financial sector and bring real value to customers and investors.This operation, as part of the formed operation Partner Finance, will benefit from the advanced technological capabilities of the Partner Group, using the development resources and know-how of our Information Technology division. After an in-depth process that included the examination of similar models in the world and working with start-up companies active in the field of fintech, we are now beginning the next stage of our entry into the finance world.”

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AM Best Affirms Credit Ratings of Hong Leong Insurance (Asia) Limited

Posted by fidest press agency su domenica, 13 gennaio 2019

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Hong Leong Insurance (Asia) Limited (HLIA) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect HLIA’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.HLIA’s very strong balance sheet assessment mainly reflects its capital size and low underwriting leverage. Given the volume of risks that the company writes and retains, the capital required to support its book of business is relatively modest, which supports its risk-adjusted capitalization being at the strongest level.Both underwriting and investment results have been consistently positive, contributing to combined ratios of under 80% and operating ratios of below 70% over the past three years. The strong and consistent underwriting results are attributable mainly to the company being very selective in the type of business it chooses to underwrite and retain. For instance, in recent years, it has reduced its exposure to workers’ compensation and continued to stay away from highly competitive product lines, such as motor insurance.HLIA has good market positions in some niche segments within its domestic insurance market, primarily in travel insurance and domestic helper insurance. In addition, a significant portion of the company’s new business is now sourced from direct marketing and the company’s online portal, both of which contribute to its lower commission cost structure. Nevertheless, HLIA’s small market share and narrow product offerings have constrained its business profile assessment.The stable outlooks reflect AM Best’s expectation that HLIA will maintain underwriting results that outperform the industry composite, supported by steady revenue growth, a low acquisition cost structure and favorable claims experience for its core product lines.Downward rating pressure could result if there is significant deterioration in its risk-adjusted capitalization or financial performance. Additionally, the ratings may be downgraded if there is material deterioration in the credit profile of HLIA’s parent company, Hong Leong Financial Group Berhad.

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AM Best Withdraws Credit Ratings of The Education Benevolent Society Incorporated

Posted by fidest press agency su domenica, 6 gennaio 2019

AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of The Education Benevolent Society Incorporated (EBS) (New Zealand) as the company has requested to no longer participate in AM Best’s interactive rating process.On December 31, 2018, EBS completed a portfolio transfer that resulted in all existing insurance obligations at the company being transferred to Union Medical Benefits Society Limited. From January 1, 2019, EBS no longer operates as an insurance company and acts as a marketing organization.AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because EBS’ balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit http://www.ambest.com for more information.

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A.M. Best Assigns Credit Ratings to Acerta Compañia de Seguros, S.A.

Posted by fidest press agency su sabato, 1 dicembre 2018

A.M. Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to Acerta Compañia de Seguros, S.A. (Acerta) (Panama). The outlook assigned to these Credit Ratings (ratings) is stable.The ratings reflect Acerta’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).Acerta’s balance sheet strength is underpinned by risk-adjusted capitalization at the strongest level, as measured by Best´s Capital Adequacy Ratio (BCAR). The ratings also reflect a well-structured reinsurance program and an experienced management team. Partially offsetting these positive rating factors are Acerta´s historical volatility in underwriting results, strong competition in its main business lines and execution risk derived from its integration with Aseguradora del Istmo, S.A. (ADISA Panama), which it acquired in 2017.
Acerta initiated operations in Panama City in 2010. As of year-end 2018, the company stood as the 12th-largest insurer, with a market share of more than 1.5%. Its main business segments are surety and motor, representing 36% and 35% of its total gross written premiums respectively. Acerta operates through a network of agents, brokers and direct distribution channels. The acquisition of ADISA Panama was led in 2017 by the company´s ultimate parent, Acerta Holdings, S.A.The company´s capital and surplus has grown at a compound annual growth rate of 27% over the past five years, ultimately enhanced by the merger. Acerta’s capitalization is supported further by a reinsurance program with highly rated entities. Moreover, its capitalization and liquidity have provided the company with flexibility in order to cover historic deviations in claims.Acerta’s claims-containment adjustments within its motor and health insurance lines, coupled with synergies derived from the transaction, have led to improvements in underwriting performance, as reflected by combined ratios converging toward 100% at year-end 2018. A.M. Best expects Acerta to sustain this trend through year-end 2019, despite challenges arising from a very competitive and maturing market.Following the integration of ADISA Panama, A.M. Best expects a thorough and improved implementation of Acerta’s ERM framework in order to mitigate emerging risks that may erode the company´s balance sheet strength, operating performance or business profile.
Positive changes in the ratings or outlooks could take place if the company sustains improvements in its post-merger operating performance, coupled with a thorough implementation of its ERM framework, while maintaining risk-adjusted capitalization at strongest levels. Negative rating actions could occur if the expected operating performance deviates considerably or weakens as a result of inconsistencies within its ERM profile, affecting the company’s risk-adjusted capitalization or business profile.

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Molteni Farmaceutici ha ottenuto la valutazione A++ da parte di Credit Passport

Posted by fidest press agency su giovedì, 29 novembre 2018

Scandicci. Ovvero il massimo livello del prestigioso certificato conferito in relazione all’affidabilità creditizia dell’azienda. Solo 1 impresa su 997 raggiunge il massimo livello qualitativo della scala di valutazione del rischio di credito utilizzata da Credit Passport e composta da sette categorie (da A++ ad E). Un risultato, dunque, davvero importante per Molteni Farmaceutici, leader italiano nel mercato della terapia delle dipendenze e del dolore, che già nel 2017 aveva ottenuto una valutazione A+. Al miglioramento del rating hanno contribuito la performance finanziaria, che permane molto positiva, la riduzione del numero di segnalatori della componente di valutazione comportamentale e la ulteriore diminuzione della probabilità di default, che risulta sempre più contenuta.“Siamo lieti di un risultato che è frutto di un grande lavoro di squadra” dichiara Gaetano Ievolella, CFO del Gruppo Molteni Farmaceutici. “La valutazione di Credit Passport è un’autorevole conferma della bontà delle strategie finanziarie che stiamo adottando a sostegno della crescita aziendale e ci sarà di aiuto per rafforzare ulteriormente le relazioni con i nostri partner finanziari e commerciali. È questo un risultato di grande soddisfazione per tutti noi che ci impegniamo per migliorare giorno dopo giorno i nostri standard qualitativi, in ogni ambito aziendale”.

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Revance to Participate in the Credit Suisse Healthcare Conference

Posted by fidest press agency su venerdì, 9 novembre 2018

Revance Therapeutics, Inc. (NASDAQ:RVNC), a biotechnology company developing next-generation neuromodulators for use in treating aesthetic and therapeutic conditions, today announced that the Company will participate in the Credit Suisse Healthcare Conference in Phoenix, AZ.
President and Chief Executive Officer, Dan Browne, is scheduled to present on Wednesday, November 14 at 3:25pm MT (5:25pm ET). Interested parties can access the live audio webcast for this conference from the Investor Relations section of the company’s website at http://www.revance.com. The webcast replay will be available after the conclusion of the live presentation for approximately 30 days.
Revance Therapeutics is an emerging Silicon Valley biotechnology leader developing neuromodulators for the treatment of aesthetic and therapeutic conditions. Revance uses a unique proprietary, stabilizing excipient peptide technology to create novel, differentiated therapies. The company’s lead compound, DaxibotulinumtoxinA for Injection (RT002), is in clinical development for a broad range of aesthetic and therapeutic indications, including glabellar lines, cervical dystonia, plantar fasciitis, upper limb spasticity and chronic migraine. RT002 has the potential to be the first long-acting neuromodulator. The company is advancing a robust pipeline of injectable and topical formulations of DaxibotulinumtoxinA. More information on Revance may be found at http://www.revance.com.

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A.M. Best Affirms Credit Ratings of Nacional de Reaseguros, S.A.

Posted by fidest press agency su sabato, 27 ottobre 2018

A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Nacional de Reaseguros, S.A. (Nacional) (Spain). The outlook of these Credit Ratings (ratings) remains stable.The ratings reflect Nacional’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.Nacional’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by strong internal earnings generation and modest underwriting leverage. The company’s balance sheet also benefits from a prudent reserving approach and limited catastrophe exposure as most natural perils in Spain are covered by the Consorcio de Compensación de Seguros (CCS), the compulsory government natural catastrophe scheme covering physical damage. A.M. Best expects the company’s prospective capital position to benefit from high earnings retention, underpinned by a prudent dividend policy that supports a pay-out ratio of approximately 30% of profit after tax.Nacional’s disciplined underwriting approach and limited exposure to natural catastrophes in its domestic market have contributed to consistently solid technical results, with five-year (2013-2017) combined ratios of 93.3%. In 2017, Nacional’s performance was dampened by natural catastrophe events in Portugal, Italy and Central Europe, and by the Atlantic hurricane season’s impact on Spanish and European cedants. However, the company’s profit after tax remained resilient at EUR 32 million (EUR 38 million in 2016).Nacional maintains a strong competitive position as a leading independent reinsurer in Spain. Gross written premium increased by 4.4% to EUR 556 million during 2017, driven by the continued recovery in Spain’s economy and Nacional’s successful growth in European markets. Nacional has successfully expanded its international activities in recent years targeting small-to-medium sized insurers and mutual societies in Europe, with foreign business accounting for 32% of Nacional’s total premiums in 2017. Nonetheless, uncertainties exist regarding the long-term profitability of the expansion outside of Spain, owing to persistent soft market conditions in the global reinsurance market. A.M. Best believes that Nacional’s expansion outside of its domestic market represents a source of potential volatility to the company’s performance on a gross basis; however, the company has shown the ability to manage its exposures through its comprehensive retrocession programme.

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A.M. Best Affirms Credit Ratings of Maxseguros EPM Ltd.

Posted by fidest press agency su martedì, 28 agosto 2018

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Maxseguros EPM Ltd. (Maxseguros) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect Maxseguros’ balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.The ratings also reflect Maxseguros’ strong risk-adjusted capitalization, supported by a comprehensive and adequate reinsurance program coupled with conservative balance sheet strategies, as conservative investment policy and limited premium risk exposure. Additionally, the ratings recognize the support of its parent, Empresas Publicas de Medellin E.S.P. (EPM), owned by the Colombian municipality of Medellin. EPM is the largest power generation and multi-utility company in Colombia. Maxseguros is a single-parent captive insurer wholly owned by EPM, which provides reinsurance to the EPM group, covering property damage and business interruption, commercial crime, directors and officers and construction liability exposures.
These positive rating factors are offset partially by Maxseguros’ limited business and market scope, which is somewhat mitigated by the company’s stable results, favorable geographic spread of risk and the history of Maxseguros’ growing surplus position, as well as the support of its ultimate parent, EPM. Additionally, while Maxseguros depends on reinsurance, EPM’s senior management is involved intimately in the captive’s operations.The stable outlooks are derived from Maxseguros’ ability to sustain a strong level of operating performance due to its demonstrated risk management expertise and conservative underwriting criteria. This held true in 2016 and 2017, when the company presented net claims while producing constant positive bottom line results. A.M. Best has a favorable view of Maxseguros’ overall profile within the ultimate parent’s structure and recognizes the benefits inured from this. Particular attention is paid to EPM senior management’s active involvement. Positive rating triggers could include sustained positive operating results and improved risk-adjusted capitalization. Negative rating impact could occur if underwriting performance declines or demonstrates volatility that negatively impacts earnings and capitalization over time. Negative rating impact also could occur if there is a material shift in risk profile that potentially could undermine the stability and profitability of the company, or if financial issues arise and place pressure on the ratings or the parent’s credit profile.

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Credit Tenant Lease Financing Secured for New Student Housing Project at Colorado School of Mines

Posted by fidest press agency su sabato, 21 luglio 2018

Blaylock Van, LLC, recently served as sole placement agent on a $44.25 million, 31.8 year construction-turn-permanent Credit Tenant Lease private placement bond financing that will expand student housing and enhance campus life at the Colorado School of Mines (“Mines”) in Golden, Colorado. The project will consist of 107 residential units on a 1.38 acre parcel adjacent to the Mines campus. The owner of the parcel sold the land to the State of Colorado, on behalf of Mines, leased it back via a long-term ground lease and will commence construction of the residence hall this month.The State of Colorado will sublease the project for thirty (30) years following completion. Upon expiration of the sublease the improvements will be gifted to the State. While the sublease rent will be subject to annual appropriations, this risk is mitigated by the strong demand for housing in Golden and the State’s long history of funding lease obligations in its Lease Revenue Bonds.The financing provides staged funding during the construction period to minimize interest expense and is secured by a leasehold mortgage on the improvements. “Blaylock Van’s guidance through the bond placement process was invaluable. They earned their fee twice over,” says Tim Walsh, President of Confluence Companies, the developer of the project. “Our firm has always pursued opportunities to address our clients’ needs. Credit Tenant Lease financing fits well with the specific requirements and objectives of Mines and the developer,” says Eric Standifer, President and CEO of Blaylock Van.”

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A.M. Best Affirms Credit Ratings of Bosna Reosiguranje d.d. Sarajevo

Posted by fidest press agency su venerdì, 6 luglio 2018

A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) remains stable.The ratings reflect Bosna Re’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.Bosna Re’s balance sheet strength is supported by the strongest level of risk-adjusted capitalisation, which benefits from robust internal capital generation, a well-rated retrocession panel and prudent reserves. Risk-adjusted capitalisation strengthened considerably in 2017 owing to the sale of a material private equity investment; however, A.M. Best expects prospective risk-adjusted capitalisation to deteriorate marginally as the sale proceeds are distributed to shareholders as extraordinary dividends. Offsetting balance sheet strength factors include the potential volatility of earnings from the investment portfolio, limited access to financial flexibility and the relatively small overall capital base, which exposes risk-adjusted capitalisation to volatility.Bosna Re maintained its market leading position in BH in 2017, commanding an 77% share of reinsured premiums in the Bosnian market (based on gross written premiums); it remains the only domestic reinsurer licenced to write life and non-life insurance. A.M. Best considers the company’s competitive position defensible over the medium term, owing to the high barriers to entry in BH, which include regulatory constraints and the burdensome costs of operating in a small market. Bosna Re’s underwriting portfolio remains concentrated, with approximately 45% of its gross written premiums derived from its top three cedants (some of which are shareholders). Additionally, the company’s geographic diversification remains limited, with only 12% of gross premiums emanating from outside of BH. A.M. Best believes that the company’s dominant domestic market profile provides some protection against the potential impact from the challenging economic and political conditions in BH.Bosna Re has a track record of stable operating performance, generating pre-tax profits of BAM 2.6 million (USD 1.6 million) in 2017. Stable underwriting performance underpins the company’s results, with a five-year average combined ratio of 96.1% (2013-2017), further supplemented by investment earnings. A.M. Best expects Bosna Re’s earnings to remain stable, as the company maintains a cautious underwriting strategy. For more information, visit http://www.ambest.com.

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A.M. Best Affirms Credit Ratings of The People’s Insurance Company of China (Hong Kong), Limited

Posted by fidest press agency su sabato, 30 giugno 2018

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The People’s Insurance Company of China (Hong Kong), Limited (PICC HK) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PICC HK’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the lift the company receives from its parent, The People’s Insurance Company (Group) of China Limited (PICC Group).PICC HK is well-capitalized as measured by Best’s Capital Adequacy Ratio (BCAR). Capital and surplus grew during the past five years through partial retention of net profits, and the capital position was further strengthened in 2017 due to the capital injection of HKD 140 million from its two shareholders, PICC Group and Asia Insurance (Investment), Ltd., which own 75% and 25% of PICC HK, respectively.As PICC Group’s sole overseas subsidiary, PICC HK plays a strategic role in the group’s overseas development. In addition to capital support provided by the group, PICC HK also benefits from underwriting inward treaty from its affiliated company, PICC Property and Casualty Insurance Company Limited (PICC P&C), which contributes a significant volume of business to the company’s book.Offsetting rating factors include PICC HK’s limited business profile, as reflected by its small presence in Hong Kong’s non-life insurance market. The company mainly writes commercial lines business in the competitive domestic market under a prolonged soft market environment.
Positive rating actions may occur if PICC HK can improve its business profile significantly while maintaining adequate operating performance and risk-adjusted capitalization at a very strong level. Negative rating actions could occur if PICC HK’s operating performance deteriorates significantly and erodes its risk-adjusted capitalization. A reduced level of support from the PICC Group, or deterioration in the group’s credit profile may also bring negative rating pressure on PICC HK.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com. Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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U.S. Credit Czar Howe Reveals FICO Secret Sauce

Posted by fidest press agency su lunedì, 9 ottobre 2017

SubscriberWise, the nation’s largest issuing CRA for the communications industry and the leading protector of children victimized by identity fraud, announced today a powerful new FICO and credit video production from David E. Howe, SubscriberWise founder, global credit GOAT and FICO highest achiever.
Throughout the 30 minute video Howe shares with consumers basic and fundamental credit knowledge, along with the granular Fair Isaac ‘Leaves’ that have proved so perplexing and confusing for many consumers including the majority of ‘credit experts’ cited regularly on blogs and in the media.”FICO Scores and credit continue to play a pivotal role in the lives of millions and millions of consumers here and around the world,” said David Howe, SubscriberWise founder and U.S.A. Credit Czar. “And I’m one of those consumers. Therefore, given the control that FICO and credit have on my financial life and beyond, I’ve chosen to control it.” “In other words, FICO scores and credit they don’t control me,” Howe insisted.”In the spirit of President Kennedy’s call to the citizens of this country to ‘ask not what the country can do for me, but what can I do for the country’, today I reaffirm my bequest to the citizens of this world as their honorary US and global Credit Czar. Today I offer this in-depth FICO insight and information – the FICO Secret Sauce – presented in theoretical and practical terms for the benefit off all. “The FICO secret sauce and all the delicious details are ready for consumption,” the Credit Czar concluded. “I hope it forever empowers and benefits all who view.”

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A.M. Best Upgrades Issuer Credit Rating of Members of Farm Bureau Property & Casualty Group

Posted by fidest press agency su domenica, 1 ottobre 2017

CompensateProducersWebinarTile.pngA.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Farm Bureau Property & Casualty Insurance Company and Western Agriculture Insurance Company, collectively known as Farm Bureau Property & Casualty Group. The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR remains stable. Both companies are domiciled in West Des Moines, IA.The rating upgrade reflects the group’s strong risk-adjusted capitalization, favorable operating performance and well-established market presence. The capital position further benefits from the group’s high quality investment portfolio, consistently favorable loss reserve development trends and comprehensive reinsurance program. Additional strengths include its strong brand recognition, strengthened member service capabilities, exclusive agency force and its affiliation with Farm Bureau Federations, which facilitates marketing and government relations efforts, thereby providing greater access to its members. The group’s favorable operating performance over the past several years has been enhanced by management’s ongoing efforts to position the organization for long-term future success through various underwriting, product and pricing initiatives to support growth and retention of profitable business.These positive rating factors are partially offset by the group’s geographic concentration in the Midwest, which exposes its earnings to catastrophe losses stemming from wind, hail, tornadoes and winter storms as observed through the first half of 2017. Despite significant weather-related losses in the first half of 2017, the group’s management anticipates full year underwriting and operating results will remain consistent with planned projections based on its prudent risk management, well-developed enterprise risk management capabilities and comprehensive reinsurance program.This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com.

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I rating non sono infallibili, ma la tecnologia ci aiuta a migliorarli

Posted by fidest press agency su venerdì, 21 ottobre 2016

unicreditA cura dell’Ufficio Studi di BorsadelCredito.it. In Italia il caso più eclatante fu quello di Parmalat, un’azienda solida – almeno sulla carta – che il 27 dicembre 2003 dichiarò fallimento, un crack da € 14,3mld, lasciando con il cerino in mano 145mila piccoli risparmiatori italiani a cui le banche avevano venduto le sue obbligazioni societarie considerate sicure. Nell’ottobre 2001, una dinamica simile aveva travolto oltre oceano il colosso dell’energia Enron, fallito lasciandosi dietro un buco da $ 10mld. Fino a quattro giorni prima era considerato un emittente a basso rischio. Nel 2008 succede ancora, stavolta a Lehman Brothers, la banca Usa simbolo della crisi subprime, che fino al giorno della sua bancarotta pareva solidissima.Ciò che accomuna queste 3 e tante altre storie di fallimenti è una valutazione errata della rischiosità da parte di agenzie specializzate a valutare le prospettive di solidità delle aziende. Spesso tutto si riduce a una singola lettera. Eccolo, il rating: una specie di bussola per orientarsi nel mondo degli investimenti e non solo. Ma non sempre questo tipo di valutazioni si rivelano predittive.
Prendiamo il contesto del credito alle imprese. Tutte le banche o le società finanziarie usano dei rating interni per classificare il merito creditizio dei propri clienti e guidare così le politiche del credito. Un rating è costruito sulla base dell’analisi di tanti parametri, sia quantitativi che qualitativi, che descrivono lo stato di salute di un’azienda. L’affidabilità del sistema di rating è data quindi dal mercato: minori sono i crediti che finiscono in sofferenza (non recuperabili), tanto più predittivi sono i sistemi di analisi del merito creditizio.Secondo i dati elaborati dall’ABI e relativi a fine 2015, l’incidenza delle sofferenze lorde rispetto al totale dei finanziamenti alle imprese è pari a oltre il 17 per cento in Italia – con circa 200 miliardi di euro di sofferenze nell’intero sistema bancario.Un sistema simile viene usato per determinare il merito di credito delle aziende anche nel marketplace lending. In questi casi, rispetto alle metodologie degli istituti tradizionali, si tratta di un processo che sembra più semplice perché molto più rapido – uno dei grandi vantaggi per i clienti delle piattaforme di lending è la velocità di risposta: in poche ore si ha una risposta definitiva. In realtà la velocità è data semplicemente dallo sfruttamento intelligente delle tecnologie digitali: grazie ad integrazioni con servizi sul web e algoritmi complessi è possibile interrogare una enorme mole di dati in pochi click, per cui i tempi “morti” delle analisi vengono eliminati.Solitamente, in questo tipo di piattaforme, il processo è diviso in step, per permettere una estrema facilità di accesso per i clienti e un efficientamento del lavoro. L’analisi inizia a partire dall’inserimento della pratica a sistema con la documentazione completa e procede con un esame quantitativo, che prende in considerazione dapprima le evidenze sui sistemi di informazione creditizia (quelle banche dati che tracciano i nostri comportamenti nel mondo del credito). Quindi si analizza ogni voce del bilancio, dall’andamento del fatturato, alla capacità di rimborso, all’incidenza degli oneri finanziari sul fatturato, all’indipendenza finanziaria, all’indice di liquidità, alla copertura degli oneri finanziari, al cashflow sul totale dei debiti e sul fatturato, ai mezzi propri sui debiti e sulle immobilizzazioni, all’utile sui mezzi propri. Se l’azienda supera questo esame si passa all’analisi qualitativa che si svolge in due fasi. Si comincia dalla “web reputation”. Gli analisti valutano quanto l’azienda sia presente sul web, quanto sia performante sui social media, e anche come sia percepita online e sui media in generale: questi sono aspetti troppo spesso trascurati dagli istituti tradizionali, ma che i marketplace lending hanno saputo sfruttare a loro favore per migliorare la predittività delle valutazioni. Una verifica ulteriore viene svolta con un’intervista all’imprenditore, in cui emergono aspetti di profilo dell’imprenditore e di prospettive dell’azienda.Alla fine a ogni azienda viene assegnato un rating (o scoring) sintetico, identificato da una lettera; mentre qualità dell’azienda emittente e durata del prestito determinano il rendimento. La metodologia – fare un’analisi e trovare un indicatore di rischiosità – in fondo non è troppo dissimile da ciò che si è sempre fatto. Ci sono tuttavia due sostanziali differenze: lo sfruttamento della tecnologia (su cui presto faremo un focus ad hoc) che permette alle aziende di ottenere in poche ore una risposta definitiva; e i risultati in termini di crediti in sofferenza rispetto al totale dei finanziamenti.Funding Circle, il player principale in Europa attivo dal 2010, stima che circa il 4% del suo portafoglio finirà in sofferenza, ma dal 2012 i dati effettivi ci dicono che ha meno del 3% di sofferenze in portafoglio. BorsadelCredito.it, l’unico marketplace lending attualmente operativo in Italia, pur con un track record di un solo anno finora ha un livello di sofferenze in portafoglio inferiore all’1%.Informazioni su BorsadelCredito.it

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