Tuesday 26 March 2024

AIM SYSTEMS DRIVES FACTORY AUTOMATION WITH GEN 2 AI-INTEGRATED MES, MCS PLATFORMS

KUALA LUMPUR, March 26 (Bernama) -- A smart factory solution provider, aim Systems announced it is spearheading the development of next-generation factory automation with the upcoming releases of its Gen 2 Manufacturing Execution Systems (MES) and Material Control Systems (MCS) platforms in May and September this year, respectively.

The upcoming second-generation MES and MCS products are being developed not only to actively utilise artificial intelligence (AI) but also to enhance operation and monitoring systems, making it significantly easier for customers to improve yield and establish intelligent factory automation.

This development aims to clearly differentiate from the existing first-generation products which were localised in the early 2000s, according to aim Systems in a statement.

In particular, the defence industry is currently shifting towards incorporating AI to enhance yield and hence the market anticipates that products similar to the company’s new MES/Equipment Automation Systems (EAS)/MCS will benefit from such trend.

With the advent of the intensified competition in high-tech industry, investments and expansions in display and semiconductor factories have become essential.

To efficiently manage large display and semiconductor factories, core software such as MES, EAS and MCS also need to evolve to keep abreast with technological changes including AI.

Established in 1996, aim Systems has significantly reduced costs for domestic hi-tech companies through localisation of MES for semiconductor/display factories, and retains over 30 research and development experts who are the key for its advanced technological expansion.

-- BERNAMA

Saturday 23 March 2024

R. DANE MAULDIN TAKES THE HELM AS NIQ CHIEF TRANSFORMATION OFFICER

KUALA LUMPUR, March 22 (Bernama) -- A pioneering force in consumer intelligence, NIQ has appointed R. Dane Mauldin as its Chief Transformation Officer effective March 18.

Mauldin will take over from Curtis Miller, who held the role most recently, and was named Chief Strategy Officer, accountable for Strategy and Corporate Development.

According to NIQ in a statement, Mauldin reports to the company’s Chief Operating Officer, Tracey Massey, and also is a member of its Executive Committee.

“Dane will lead our go-to-market strategy and sales enablement teams, to continue our journey of putting our retailer and manufacturer customers at the centre of everything we do.

“With his strong customer focus and deep proficiency in applying data and analytics to solve business problems, Dane brings a distinct set of qualifications that will complement our leadership team’s capabilities and help us reach our ambitious growth targets,” said Massey.

Meanwhile Mauldin said: “I am thrilled to join NIQ at this exciting time. I have had the chance to get to know many of NIQ’s senior leaders, and I am truly impressed with the quality of leadership, their focus on putting customers at the heart of all they do, and their inclusive and collaborative culture.”

Mauldin’s diverse skillsets include expertise in operations, strategy, sales enablement, product development, analytics, customer service and compliance.

He joins NIQ from TransUnion, where he was Executive Vice President (EVP) and Chief Operations Officer, and previously EVP and Chief Product Officer.

-- BERNAMA

Friday 22 March 2024

AM BEST AFFIRMS CREDIT RATINGS OF SUN HUNG KAI PROPERTIES INSURANCE LIMITED



HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect SHKPI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SHKPI’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s higher-risk financial assets, including unlisted investments and non-investment-grade bonds, exposed its risk-adjusted capitalisation to considerable market and credit risks. Nonetheless, the company has de-risked the majority of its bond exposure to mainland China’s real estate sector in fiscal year 2023, with its bond portfolio demonstrating an improvement in the credit quality with higher diversification level. AM Best considers SHKPI’s capital level provides a sufficient buffer to absorb investment risks. Other supporting factors include the company’s strong liquidity position and appropriate reinsurance programme, with a diversified panel of financially sound reinsurers.

SHKPI has consistently delivered a strong operating performance over the past few years. Its net profit in fiscal year 2023 was a combined result of a recovery in investment performance and stable underwriting profit. SHKPI continues to benefit from its parent company’s support, both in distribution channels with minimal gross acquisition expenses as well as in access to better quality group business, leading to its favourable underwriting results. The company’s investment returns turned positive in fiscal year 2023, mainly driven by favourable interest income owing to a high interest rate environment.

SHKPI is a wholly owned subsidiary of Sun Hung Kai Properties Limited, one of the largest property development and investment conglomerates in Hong Kong. It benefits from its parental network to write a major part of its business from associated and subsidiary companies. The company continues to operate in a low acquisition cost business model while seeking new business opportunities within the market. SHKPI maintains a small albeit profitable presence in Hong Kong’s general insurance market, focusing on employees’ compensation insurance on a net premiums written basis.

Negative rating actions could occur if there is significant deterioration in SHKPI’s operating performance; for example, due to lower investment returns or weakened underwriting results. Negative rating actions also could arise if there is a significant deterioration in SHKPI's risk-adjusted capitalisation, for example, due to material investment losses. Although it is unlikely in the near term, positive rating actions could arise if there is significant improvement in SHKPI's risk-adjusted capitalisation, for example, due to further improvements in asset quality and capital size.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240321317665/en/

Contact

Aaron Li
Associate Financial Analyst
+852 2827 3426
aaron.li@ambest.com

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

Lucie Huang
Senior Financial Analyst
+852 2827 3414
lucie.huang@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2318
al.slavin@ambest.com

Source : AM Best

Wednesday 20 March 2024

Stellar Cyber Regional Success Attributable Largely From DXC Technology Partnership

KUALA LUMPUR, March 19 (Bernama) -- Stellar Cyber, the innovator of Open extended detection and response (XDR) for security operations, announced DXC Technology as its 2023 Asia Pacific GSI Partner of the Year.

According to a statement, Stellar Cyber has seen significant growth in awareness and adoption of Open XDR throughout the Asia Pacific region, since partnering with DXC.

“DXC’s commitment to providing managed security services that help organisations keep their sensitive information secure aligns perfectly with the Stellar Cyber philosophy for delivering comprehensive security coverage.

“With DXC, we knew we had the right partner to deliver Open XDR effectively for customers in Asia Pacific, and we look forward to a long-lasting, mutually-productive relationship,” said Stellar Cyber Vice President of Sales, ASEAN and ANZ, Dominic Neo.

DXC is a Fortune 500 information technology service provider committed to delivering world-class services for its enterprise and government customers, and with six differentiated offerings, DXC enables organisations to meet a wide range of technology challenges.

Meanwhile, DXC Security, one of the six offerings, focuses on helping organisations deliver comprehensive security across the enterprise.

Based in Silicon Valley, Stellar Cyber delivers comprehensive, unified security without complexity, empowering lean security teams of any skill to secure their environments successfully.

-- BERNAMA


Friday 15 March 2024

NEW ZEALAND’S FIDELITY LIFE ASSURANCE RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, March 15 (Bernama) -- Global credit rating agency, AM Best has affirmed New Zealand’s Fidelity Life Assurance Company Limited (Fidelity Life Assurance) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent).

These credit ratings (ratings), which have a stable outlook reflect Fidelity Life Assurance’s balance sheet strength, that AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Fidelity Life Assurance’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is at the strongest level as of fiscal year ending June 30, 2023, as measured by Best’s Capital Adequacy Ratio.

The company has a robust capital management strategy that supports a solid regulatory solvency position, as well as the maintenance of risk-adjusted capitalisation at the strongest level over the medium term.

In a statement, AM Best said the ratings partially offsetting balance sheet strength factor is Fidelity Life Assurance’s high reliance on third-party reinsurance.

AM Best also views Fidelity Life Assurance as having good financial flexibility, supported by its two largest shareholders, NZ Superannuation Fund and Ngāi Tahu Holdings Corporation Limited.

Over the past two fiscal years, operating earnings were dampened due to elevated integration and transaction costs associated with the acquisition of Westpac Life-NZ- Limited (subsequently renamed to Fidelity Insurance Limited [Fidelity Insurance]).

However, AM Best expects operating performance metrics to improve prospectively, supported by scale efficiencies arising from the group’s increased operational size, as well as enhanced technological capabilities.

Fidelity Life Assurance ranks among the largest life insurance companies in New Zealand, recording significant premium growth following the acquisition of Fidelity Insurance in fiscal year 2022.

The insurance policies are distributed predominantly through financial advisers and Westpac New Zealand Limited’s banking network, with an exclusive 15-year distribution arrangement with the bank.

-- BERNAMA

Thursday 14 March 2024

BLACK & VEATCH TO PROVIDE CONCEPT DESIGNS FOR H2EX'S NATURAL HYDROGEN, HELIUM PROJECT



KUALA LUMPUR, March 14 (Bernama) -- Black & Veatch, a global leader in critical infrastructure solutions, will study the exploration and extraction of natural hydrogen and helium in Australia.

The development study is an engineering services agreement between Australian-owned natural hydrogen company H2EX Limited, a world leader in exploring naturally occurring hydrogen, and Black & Veatch.

According to Black & Veatch in a statement, the objective of the study is to unlock first-mover benefits for Australia within an emerging sector globally, as well as create substantial local and export opportunities while retaining the country’s competitive advantage and technical and engineering expertise.

Black & Veatch managing director, Strategic Growth, Global Advisory, Yatin Premchand said decarbonisation efforts in the Asia Pacific were a priority for the company, which include extracting natural hydrogen, a potential clean energy source for the region.

The company will provide two concept designs on H2EX’s exploration licence PEL 691 on the Eyre Peninsula in South Australia as part of the development study.

One concept design will be for the drilling and completion of an exploration well, while the other will be for surface facilities to purify, process and deliver natural hydrogen and helium, including co-production of the resources, if they are found together.

Black & Veatch will also analyse gas industry practices related to conventional well drilling and extraction infrastructure and identify key considerations to adapt these practices for natural hydrogen and helium.

The research into extraction solutions will provide a pathway to drill and extract the lowest-cost hydrogen, which could be up to 75 percent more cost-effective than manufacturing hydrogen.

Estimated to complete by mid-2024, the study is partly funded by Australia’s Federal Department of Science and Innovation via its Cooperative Research Council Projects (CRC-P) Grants Round 14 initiative led by H2EX, that supports short-term, industry-led research collaborations.

-- BERNAMA

AMENDED LAW TO AFFECT VIETNAM'S BANCASSURANCE SALES - AM BEST

KUALA LUMPUR, March 14 (Bernama) -- A change in Vietnam law pertaining to the distribution and purchase of insurance products via the bancassurance channel is expected to constrain sales growth over the near term, more so for life side products than the non-life side of the business.

According to a new AM Best report, amendments to Vietnam’s Law on Credit Institutions is geared toward improving financial conduct and restoring consumer confidence in the country’s bancassurance channel.

The new law takes effect in July and focuses primarily on credit institutions such as banks, foreign bank branches and leasing companies operating in Vietnam; however, it includes a restriction prohibiting credit institutions from bundling the sale of non-compulsory insurance products alongside any financial services.

The amended law is expected to benefit consumers by giving policyholders the ability to choose only products they require at competitive prices, thus AM Best expects that the regulatory shift will generate near-term headwinds for Vietnam’s insurers.

“Bancassurance is an important distribution channel, especially for the life segment, accounting for approximately 20 per cent of total life insurance premiums and 14 per cent of total non-life insurance revenue in 2022.

“Some insurers derive a higher proportion of premiums from bancassurance due to strategic partnerships or corporate affiliations with banking groups,” said AM Best senior financial analyst, Ken Lau in a statement.

Business acquired through Vietnam’s bancassurance channel has grown considerably in the run-up to 2023, owing to rising insurance demand, economic growth and increased tie-ups between banks and insurance companies.

However, following complaints from the clients of banks and insurance companies related to unfair sales practices and the subsequent regulatory scrutiny, revenue sourced through bancassurance may have peaked and many banks reported double-digit declines in revenue from insurance services in the first three quarters of 2023 from the prior year period.

Headquartered in the United States and does business in over 100 countries, AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

-- BERNAMA