Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n° 17

Posts Tagged ‘mutual’

A.M. Best Affirms Credit Ratings of The West of England Ship Owners Mutual Insurance Association

Posted by fidest press agency su sabato, 13 gennaio 2018

londonLondon. A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The West of England Ship Owners Mutual Insurance Association (WoE or the Club) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect WoE’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).WoE’s balance sheet strength is underpinned by risk-adjusted capitalisation being maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Free reserves have grown by an annual compound rate of approximately 12% over the past five policy years (2013-2017), as a result of full retention of net surpluses. The Club’s ability to make additional calls on members provides some financial flexibility. However, making such unbudgeted calls is considered to have a negative impact on the club’s business profile, with calls made only in extreme circumstances.For the year ending February 2017, solid operating results were supported by an underwriting surplus well-above budget expectations, resulting in a combined ratio of 87.2% (2016: 83.6%). Volatility has historically resulted from changes in the market value of equities and foreign exchange movements. A.M. Best expects a small underwriting loss in the year-ending February 2018 and close-to-break even technical results in subsequent periods, in line with the Club’s performance targetThe Club has a niche business profile insuring ship-owners and charterers against third party liability, and benefits from the membership of the International Group of P&I Clubs. WoE has a well-diversified portfolio by type of vessel and a good geographical distribution of tonnage underwritten. Continued negative pressure on premium rates is likely to offset prospective growth derived from new vessels insured.The Club’s risk management capabilities are considered as appropriately aligned with its risk profile. In particular, the risk management framework benefits from the stringent controls introduced as part of Solvency II implementation.

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Catella launches “Catella Modernes Wohnen” open-ended mutual real estate fund for small-scale, affordable living

Posted by fidest press agency su lunedì, 21 agosto 2017

catellaThe team of Catella Real Estate AG has launched “Catella Modernes Wohnen” – an open-ended mutual real estate fund. The fund invests in small-scale, and thus affordable, accommodation with a focus on one and two person households in German conurbations.
Over 75% of households in Germany are one and two person households, but one room apartments account for only 3% of Germany’s housing stock; if 2-3-room apartments are included, the share is 30%. The average residential unit size of 95 m² realised in new construction is not in line with demand. The new fund will invest in small-scale and therefore affordable housing development that meets demand. In addition to students, the target group also includes the huge group of commuters, young professionals and above all senior citizens.“We are talking about approximately 10-12 million households looking for affordable housing in urban areas. That doesn’t work on 80-100 m², but has to be realised on 20-50 m² to keep overall rents at reasonable levels. Catella Modernes Wohnen aims to provide affordable living space to the largest group of users of residential accommodation – Germany’s rising number of one- and two-person households.” says Michael Keune, Portfolio Manager at Catella.The fund has made its first investment of EUR 25 million in an apartment building in Mainz, situated within walking of the city’s main railway station. Scheduled for completion in September, the property has 77 single and 65 double apartments. The building is part of a micro-living complex with additional services and student apartments also acquired by Catella managed funds. In total, Catella has thus invested in around 900 apartments for students, young professionals and commuters at the Mombacher Strasse location in Mainz.Further projects for micro living, student accommodation, housing for senior citizens and temporary accommodation (boarding houses) are already in the due diligence phase. The fund’s target volume is around EUR 500 million, with an overall target return based on the BVI method of 3.5-4.5% p.a.Catella Real Estate AG is the investment managment company of Catella AB, with 600 employees in 13 countries across Europe. Catella Real Estate AG has 70 employees and manages 19 opend-ended and special funds with 3.2 billion EUR assets under management.

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