KUALA LUMPUR, Aug 30 (Bernama) -- Teledyne e2v, a global innovator of imaging solutions, has launched a new CMOS image sensor called Snappy 2-megapixel (Snappy 2M), designed for barcode reading and other 2D scanning applications.
The sensor uniquely combines full HD resolution, a 2.8μm low-noise global shutter and advanced features for fast and economic decoding, all within a small optical format.
From pixel performance to integrated real-time features, every aspect of the Snappy sensor has been optimised to enable fast and accurate scanning of 1D and 2D barcodes.
This enables scanning platforms to offer enhanced productivity and throughout in logistics, sorting, retail POS and many other associated verticals.
Snappy’s features are also useful in a number of other applications including drones/UAVs, embedded imaging, IoT edge devices, intelligent surveillance cameras and augmented reality/virtual reality.
Teledyne e2v marketing manager, Gareth Powell, said: “Snappy 2M is the first in a range of innovative sensors specifically aimed at barcode reading and is designed to empower handheld, mobile or fixed readers and automatic identification cameras with better than ever performance.”
Powell said the new sensors feature a patented Fast-Exposure mode which ensures that the first image frame is correctly exposed to enable the fastest possible identification and decoding by the image processing system, even in diverse or rapidly changing light conditions.
Snappy 2M provides further cost savings by enabling a complete range of scanners/cameras at different resolutions from a single system design effort.
For more information and a product video, visit https://www.e2v.com/products/snappy-2m/
-- BERNAMA
Friday, 31 August 2018
Thursday, 30 August 2018
NISSUI PHARMACEUTICAL LAUNCHES GLOBAL COLONY COUNTER SERVICE
TOKYO, Aug. 30, 2018 /Kyodo JBN-AsiaNet/ --
- Making Flexible Use of AWS Cloud Service and AI Technology -
Nissui Pharmaceutical Co., Ltd. is carrying out the trial operation to count colonies cultured in the "simple culture medium for bacteria counting CompactDry (TM)" by using the Amazon Web Service (AWS) cloud service and artificial intelligence (AI) technology for specific overseas customers from August 2018 as part of active investment in the new developing area. "CompactDry (TM)" is a major product of inspection reagents used for food quality inspection and sanitary control of manufacturing facilities.
(Logo: https://kyodonewsprwire.jp/img/201808287290-O2-wypTURWL)
Simple culture medium for bacteria counting CompactDry (TM)
CompactDry (TM) is a dry and simple culture medium culturing with only 1mL of sample solution without requiring the preparation of culture medium. Given the circumstances, the company has established the global service of colony counter "@BactLAB (TM)" by improving the added value of products, with the aim to reduce the workload of food hygiene management, improve and network the QC and QA for suppliers, manufacturing sites and the company's headquarters. This service can make it possible for you to achieve the centralized QC/QA management.
Global service of colony counter (@BactLAB (TM)): You can use an APP to easily count the number of bacteria (colonies) cultured in CompactDry (TM) by using smartphones.
(Image: https://kyodonewsprwire.jp/img/201808287290-O1-0umvOpE4)
After registering as a member on the APP or service web, users can photograph colonies cultured in CompactDry (TM) via a smartphone or PC, upload the photo, and then confirm colony counting several seconds later.
* This service is only provided for overseas customers.
* The counting result may have a deviation of around 8%, subject to the image resolution.
* Even if the colony count is "0", the result does not indicate "negative".
Official website for @BactLAB (TM):
https://www.nissui-pharm.co.jp/english/products/global/bactlab/
Application (Google Play/Apple Store/Online Service):
APPs on Android, iOS or PC are currently accessible by some specific customers.
- Google, Google Play, Android and other symbols are trademarks of Google Inc.
- Apple and trademarks of Apple are trademarks of Apple Inc. registered in the USA and other countries.
- Amazon and Amazon Web Service are trademarks or registered trademarks of Amazon.com, Inc. or other affiliated companies.
Source: Nissui Pharmaceutical Co., Ltd.
- Making Flexible Use of AWS Cloud Service and AI Technology -
Nissui Pharmaceutical Co., Ltd. is carrying out the trial operation to count colonies cultured in the "simple culture medium for bacteria counting CompactDry (TM)" by using the Amazon Web Service (AWS) cloud service and artificial intelligence (AI) technology for specific overseas customers from August 2018 as part of active investment in the new developing area. "CompactDry (TM)" is a major product of inspection reagents used for food quality inspection and sanitary control of manufacturing facilities.
(Logo: https://kyodonewsprwire.jp/img/201808287290-O2-wypTURWL)
Simple culture medium for bacteria counting CompactDry (TM)
CompactDry (TM) is a dry and simple culture medium culturing with only 1mL of sample solution without requiring the preparation of culture medium. Given the circumstances, the company has established the global service of colony counter "@BactLAB (TM)" by improving the added value of products, with the aim to reduce the workload of food hygiene management, improve and network the QC and QA for suppliers, manufacturing sites and the company's headquarters. This service can make it possible for you to achieve the centralized QC/QA management.
Global service of colony counter (@BactLAB (TM)): You can use an APP to easily count the number of bacteria (colonies) cultured in CompactDry (TM) by using smartphones.
(Image: https://kyodonewsprwire.jp/img/201808287290-O1-0umvOpE4)
After registering as a member on the APP or service web, users can photograph colonies cultured in CompactDry (TM) via a smartphone or PC, upload the photo, and then confirm colony counting several seconds later.
* This service is only provided for overseas customers.
* The counting result may have a deviation of around 8%, subject to the image resolution.
* Even if the colony count is "0", the result does not indicate "negative".
Official website for @BactLAB (TM):
https://www.nissui-pharm.co.jp/english/products/global/bactlab/
Application (Google Play/Apple Store/Online Service):
APPs on Android, iOS or PC are currently accessible by some specific customers.
- Google, Google Play, Android and other symbols are trademarks of Google Inc.
- Apple and trademarks of Apple are trademarks of Apple Inc. registered in the USA and other countries.
- Amazon and Amazon Web Service are trademarks or registered trademarks of Amazon.com, Inc. or other affiliated companies.
Source: Nissui Pharmaceutical Co., Ltd.
UNIVERSAL PROTOCOL ALLIANCE LAUNCHED TO BRING INTEROPERABILITY AND SAFEGUARDING OF DIGITAL ASSETS
Blockchain at Berkeley, Uphold, Brave, and Cred (formerly Libra Credit) announce a reserve standard for decentralized assets
SINGAPORE, Aug 24 (Bernama-BUSINESS WIRE) -- A coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Brave, announced a universal transparent reserve and custody standard that introduces ‘Proxy’ digital assets to the world via the Universal Protocol Platform (UP Platform). The UP Platform, which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘proxy’ tokens and user features that will drive mass user adoption of cryptocurrencies.
The founding members announced today are:
SINGAPORE, Aug 24 (Bernama-BUSINESS WIRE) -- A coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Brave, announced a universal transparent reserve and custody standard that introduces ‘Proxy’ digital assets to the world via the Universal Protocol Platform (UP Platform). The UP Platform, which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘proxy’ tokens and user features that will drive mass user adoption of cryptocurrencies.
The founding members announced today are:
- Uphold – Founded in 2014, Uphold has over 850,000 users around the world and has traded over $3.5 billion on its digital money platform and reserve ledger.
- Cred (formerly known as Libra Credit) – Founded in 2018 by a group of former PayPal executives, Cred has introduced a revolutionary lending protocol and platform for digital assets.
- Brave – From the creator of JavaScript and co-founder of Mozilla and Firefox, Brave radically improves internet browsing and leadership in the realms of privacy and digital advertising with the Basic Attention Token.
- Blockchain at Berkeley – An academic organization at University of California, Berkeley, that provides educational resources, consultancy, and R&D to some of the biggest blockchain projects in the world.
“The UP Platform solves real usability and familiarity problems faced by the next hundred million users of digital assets,” said Brendan Eich, co-founder of Brave and creator of JavaScript.
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly work-around solutions. To date, this has greatly hindered innovation in blockchain and the realisation of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens.
Proxy Tokens are a digital representation of their underlying asset and can exist on other blockchains. Using these Proxy Tokens, the UP Platform creates a common universal language that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other. This technology enables Proxy Bitcoin, for example, to exist on Ethereum and be reasoned with directly by Ethereum’s preponderance of decentralized applications, decentralized exchanges and smart contracts.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly work-around solutions. To date, this has greatly hindered innovation in blockchain and the realisation of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens.
Proxy Tokens are a digital representation of their underlying asset and can exist on other blockchains. Using these Proxy Tokens, the UP Platform creates a common universal language that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other. This technology enables Proxy Bitcoin, for example, to exist on Ethereum and be reasoned with directly by Ethereum’s preponderance of decentralized applications, decentralized exchanges and smart contracts.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.
Wednesday, 29 August 2018
RF IDEAS APPOINTS MENYA NSANZUMUCO AS INTERNATIONAL PRE-SALES ENGINEER
ROLLING MEADOWS, Ill., Aug 29 (Bernama-GLOBE NEWSWIRE) -- RF IDeas, Inc., a leading innovator and manufacturer of employee badge and credential readers for in-building applications such as computer access, identification and secure print, today announced the appointment of Menya Nsanzumuco as International Pre-Sales Engineer, effective immediately. Based in London, Menya Nsanzumuco will provide pre-sales technical and business support to new and existing customers, partners, distributors and systems integrators throughout the EMEA and APAC regions.
“Menya’s rich technical background paired with his innate ability to relate to customers makes him a strong choice for this role,” said Tod Besse, Senior Vice President – Global Sales and Marketing. “As RF IDeas looks to strengthen our investment in the Europe and international markets, Menya’s role will be crucial in ensuring the satisfaction of our global clientele.”
Menya has more than ten years of experience in remote, field, installation and software technical sales. Throughout his tenure, Menya has worked for several Fortune 100 companies including Xerox Scanners, General Electric and most recently Philips Health Systems UK and Ireland where he served as a Remote Support Engineer, providing remote and on-line support to key customers and partners. Menya has a Master’s Degree in Electronics Engineering with Satellite Engineering from the University of Surrey and is fluent in English and French.
About RF IDeas
RF IDeas, Inc. is a leader in the employee badge and card reader space for healthcare, manufacturing, government and enterprise. Partnering with leading technology companies, RF IDeas readers enable innovative solutions for single sign-on, secure printing, attendance tracking and other applications that require authentication. RF IDeas is a subsidiary of Roper Technologies. For more information about RF IDeas solutions, visit the Knowledge Center at https://www.rfideas.com/knowledge-center.
RF IDeas® and pcProx® are registered trademarks of RF IDeas, Inc. All other trademarks, service marks and product or service names are property of their respective owners.
Media Contact
Arlene King
Marketing Manager
Ph: (866) 439-4884 Ext: 480
E: Marketing@RFIDeas.com
SOURCE: RF IDeas
--BERNAMA
“Menya’s rich technical background paired with his innate ability to relate to customers makes him a strong choice for this role,” said Tod Besse, Senior Vice President – Global Sales and Marketing. “As RF IDeas looks to strengthen our investment in the Europe and international markets, Menya’s role will be crucial in ensuring the satisfaction of our global clientele.”
Menya has more than ten years of experience in remote, field, installation and software technical sales. Throughout his tenure, Menya has worked for several Fortune 100 companies including Xerox Scanners, General Electric and most recently Philips Health Systems UK and Ireland where he served as a Remote Support Engineer, providing remote and on-line support to key customers and partners. Menya has a Master’s Degree in Electronics Engineering with Satellite Engineering from the University of Surrey and is fluent in English and French.
About RF IDeas
RF IDeas, Inc. is a leader in the employee badge and card reader space for healthcare, manufacturing, government and enterprise. Partnering with leading technology companies, RF IDeas readers enable innovative solutions for single sign-on, secure printing, attendance tracking and other applications that require authentication. RF IDeas is a subsidiary of Roper Technologies. For more information about RF IDeas solutions, visit the Knowledge Center at https://www.rfideas.com/knowledge-center.
RF IDeas® and pcProx® are registered trademarks of RF IDeas, Inc. All other trademarks, service marks and product or service names are property of their respective owners.
Media Contact
Arlene King
Marketing Manager
Ph: (866) 439-4884 Ext: 480
E: Marketing@RFIDeas.com
SOURCE: RF IDeas
--BERNAMA
Tuesday, 28 August 2018
NESTLÉ AND STARBUCKS CLOSE DEAL FOR THE PERPETUAL GLOBAL LICENSE OF STARBUCKS CONSUMER PACKAGED GOODS AND FOODSERVICE PRODUCTS
VEVEY, Switzerland & SEATTLE, Aug 28 (Bernama-BUSINESS WIRE) -- Nestlé and Starbucks Corporation today announced the closing of the deal granting Nestlé the perpetual rights to market Starbucks Consumer Packaged Goods and Foodservice products globally, outside of the company’s coffee shops.
Through the alliance, the two companies will work closely together on the existing Starbucks range of roast and ground coffee, whole beans as well as instant and portioned coffee. The alliance will also capitalize on the experience and capabilities of both companies to work on innovation with the goal of enhancing its product offerings for coffee lovers globally.
“This partnership demonstrates our growth agenda in action, giving Nestlé an unparalleled position in the coffee business with a full suite of innovative brands. With Starbucks, Nescafé and Nespresso we bring together the world’s most iconic coffee brands,” said Mark Schneider, Nestlé CEO. “The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities,” he added.
The agreement significantly strengthens Nestlé’s coffee portfolio in the North American premium roast and ground and portioned coffee business. It also unlocks global expansion in grocery and foodservice for the Starbucks brand, utilizing the global reach of Nestlé.
“This global coffee alliance with Nestlé is a significant strategic milestone for the growth of Starbucks,” said Kevin Johnson, president and ceo of Starbucks. “Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders.”
Approximately 500 Starbucks employees in the United States and Europe will join the Nestlé family, with the majority based in Seattle and London. The international expansion of the business will be led from Nestlé’s global headquarters in Vevey, Switzerland.
The agreement covers Starbucks packaged coffee and tea brands, such as Starbucks®, Seattle’s Best Coffee®, TeavanaTM/MC, Starbucks VIA® Instant, Torrefazione Italia® coffee and Starbucks-branded K-Cup® pods. It excludes Ready-to-Drink products and all sales of any products within Starbucks® coffee shops.
Forward-Looking Statements
Certain statements contained herein are “forward-looking” statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “expect,” “believe,” “could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on information available to Starbucks as of the date hereof, and Starbucks actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business. These risks and uncertainties include, but are not limited to, fluctuations in the U.S. and international economies and currencies, our ability to preserve, grow and leverage our brands, potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling, potential negative effects of material breaches of our information technology systems to the extent we experience a material breach, material failures of our information technology systems, costs associated with, and the successful execution of, the company’s initiatives and plans, the acceptance of the company’s products by our customers, the impact of competition, as well as general economic and industry factors such as coffee, dairy and other raw materials pricing and availability, successful execution of internal performance and expansion plans, fluctuations in U.S. and other international economies and currencies, the impact of initiatives by competitors, the effect of legal proceedings, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2017. The Company assumes no obligation to update any of these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180827005623/en/
Contact
Nestlé SA
Investors
Luca Borlini, +41 21 924 38 20
or
Media
Christoph Meier, +41 21 924 22 00
Josh Morton (US), +1-571-457-5262
or
Starbucks
Press
Sanja Gould, +1-206-318-7100
press@starbucks.com
Source : Starbucks Corporation
--BERNAMA
Through the alliance, the two companies will work closely together on the existing Starbucks range of roast and ground coffee, whole beans as well as instant and portioned coffee. The alliance will also capitalize on the experience and capabilities of both companies to work on innovation with the goal of enhancing its product offerings for coffee lovers globally.
“This partnership demonstrates our growth agenda in action, giving Nestlé an unparalleled position in the coffee business with a full suite of innovative brands. With Starbucks, Nescafé and Nespresso we bring together the world’s most iconic coffee brands,” said Mark Schneider, Nestlé CEO. “The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities,” he added.
The agreement significantly strengthens Nestlé’s coffee portfolio in the North American premium roast and ground and portioned coffee business. It also unlocks global expansion in grocery and foodservice for the Starbucks brand, utilizing the global reach of Nestlé.
“This global coffee alliance with Nestlé is a significant strategic milestone for the growth of Starbucks,” said Kevin Johnson, president and ceo of Starbucks. “Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders.”
Approximately 500 Starbucks employees in the United States and Europe will join the Nestlé family, with the majority based in Seattle and London. The international expansion of the business will be led from Nestlé’s global headquarters in Vevey, Switzerland.
The agreement covers Starbucks packaged coffee and tea brands, such as Starbucks®, Seattle’s Best Coffee®, TeavanaTM/MC, Starbucks VIA® Instant, Torrefazione Italia® coffee and Starbucks-branded K-Cup® pods. It excludes Ready-to-Drink products and all sales of any products within Starbucks® coffee shops.
Forward-Looking Statements
Certain statements contained herein are “forward-looking” statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “expect,” “believe,” “could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on information available to Starbucks as of the date hereof, and Starbucks actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business. These risks and uncertainties include, but are not limited to, fluctuations in the U.S. and international economies and currencies, our ability to preserve, grow and leverage our brands, potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling, potential negative effects of material breaches of our information technology systems to the extent we experience a material breach, material failures of our information technology systems, costs associated with, and the successful execution of, the company’s initiatives and plans, the acceptance of the company’s products by our customers, the impact of competition, as well as general economic and industry factors such as coffee, dairy and other raw materials pricing and availability, successful execution of internal performance and expansion plans, fluctuations in U.S. and other international economies and currencies, the impact of initiatives by competitors, the effect of legal proceedings, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2017. The Company assumes no obligation to update any of these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180827005623/en/
Contact
Nestlé SA
Investors
Luca Borlini, +41 21 924 38 20
or
Media
Christoph Meier, +41 21 924 22 00
Josh Morton (US), +1-571-457-5262
or
Starbucks
Press
Sanja Gould, +1-206-318-7100
press@starbucks.com
Source : Starbucks Corporation
--BERNAMA
Monday, 27 August 2018
Hitachi Zosen Fully Acquires Australia´s Water Treatment Company
KUALA LUMPUR, Aug 23 (Bernama) -- Hitachi Zosen Corporation has acquired additional shares of Osmoflo Holdings Pty Ltd (Osmoflo) -- a global desalination and water treatment subsidiary based in Australia -- making the company a wholly-owned subsidiary of Hitachi Zosen.
Hitachi Zosen said in a statement that in February 2017, the company acquired 70 per cent of the outstanding shares of Osmoflo, making it an affiliated company.
With the intention of strengthening the water treatment business which is positioned as the core business in the long term business plan “Hitz 2030 Vision”, Hitachi Zosen acquired the remaining 30 per cent of Osmoflo shares from Japan’s Marubeni Corporation.
Hitachi Zosen Group aims to expand its water business by integrating Osmoflo’s advanced technologies focused principally on the reverse osmosis membrane technology with own plant engineering technology and experience accumulated in the multi-stage flash method and aspire to make contribution to the world water supply.
Details on http://www.hitachizosen.co.jp/english/
--BERNAMA
A.M. BEST AFFIRMS CREDIT RATINGS OF KOREA P&I CLUB
HONG KONG, Aug 27 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Korea P&I Club (KP&I) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KP&I’s balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the wide range of support the club receives from the South Korea government.
KP&I’s balance sheet strength is underpinned by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Although the growth rate of free reserves in 2017 slowed because of the reduced earnings from exchange rate losses, the five-year average growth rate stands high at 11%. The club’s low underwriting leverage and conservative investment profile also support its strong capitalization.
KP&I has maintained highly profitable operating performance with the five-year average return on equity of 10% with a modest level of volatility. However, the club experienced a sharp drop of net income in 2017 mainly due to the impact of exchange rate movement on its underwriting and investment performance.
With its business primarily concentrated in Korea, KP&I maintains about 16% of market share based on premium within the domestic market. Amid the prolonged recession in the shipping industry and increasing competition, multiple initiatives are on the way to secure its market position: strategic partnership with a member of International Group of P&I Clubs, new business opportunity under the government’s plan to build new vessels to support Korean shipping industry, and overseas expansion plan.
KP&I’s risk management capabilities are considered appropriate given its risk profile. The club follows strict underwriting guidelines and maintains conservative reinsurance strategy.
KP&I was founded in 2000 under the Ship-Owners’ Mutual Protection and Indemnity Association Act. The club benefits from various support from the South Korea government pivoting on its strategic role in the long-term development of the country’s marine infrastructure, which serves as a positive rating factor.
Negative rating actions could occur if there is a material decrease in the club’s risk-adjusted capitalization or sustained deterioration in its operating performance.
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 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 a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2018 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/20180824005310/en/
Contact
A.M. Best
Sergio Hidenori Agena
Associate Financial Analyst
+852 2827 3407
sergio.agena@ambest.com
or
Christie Lee
Director, Analytics
+852 2827 3413
christie.lee@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : A.M. Best
--BERNAMA
The ratings reflect KP&I’s balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the wide range of support the club receives from the South Korea government.
KP&I’s balance sheet strength is underpinned by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Although the growth rate of free reserves in 2017 slowed because of the reduced earnings from exchange rate losses, the five-year average growth rate stands high at 11%. The club’s low underwriting leverage and conservative investment profile also support its strong capitalization.
KP&I has maintained highly profitable operating performance with the five-year average return on equity of 10% with a modest level of volatility. However, the club experienced a sharp drop of net income in 2017 mainly due to the impact of exchange rate movement on its underwriting and investment performance.
With its business primarily concentrated in Korea, KP&I maintains about 16% of market share based on premium within the domestic market. Amid the prolonged recession in the shipping industry and increasing competition, multiple initiatives are on the way to secure its market position: strategic partnership with a member of International Group of P&I Clubs, new business opportunity under the government’s plan to build new vessels to support Korean shipping industry, and overseas expansion plan.
KP&I’s risk management capabilities are considered appropriate given its risk profile. The club follows strict underwriting guidelines and maintains conservative reinsurance strategy.
KP&I was founded in 2000 under the Ship-Owners’ Mutual Protection and Indemnity Association Act. The club benefits from various support from the South Korea government pivoting on its strategic role in the long-term development of the country’s marine infrastructure, which serves as a positive rating factor.
Negative rating actions could occur if there is a material decrease in the club’s risk-adjusted capitalization or sustained deterioration in its operating performance.
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 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 a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2018 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/20180824005310/en/
Contact
A.M. Best
Sergio Hidenori Agena
Associate Financial Analyst
+852 2827 3407
sergio.agena@ambest.com
or
Christie Lee
Director, Analytics
+852 2827 3413
christie.lee@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : A.M. Best
--BERNAMA
Saturday, 25 August 2018
A.M. BEST UPGRADES CREDIT RATINGS OF HANWHA GENERAL INSURANCE COMPANY LIMITED
HONG KONG, Aug 24 (Bernama-BUSINESS WIRE) -- A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Hanwha General Insurance Company Limited (HGI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect HGI’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. HGI’s ratings also consider the strategic importance to its parent company, Hanwha Life Insurance Co., Ltd. (Hanwha Life).
HGI’s strong balance sheet strength is supported by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), being at the very strong level after the issuance of hybrid bonds in July 2018. HGI has high but declining asset leverage and premium leverage ratios, as well as a relatively more aggressive investment strategy. The rating upgrades are based on HGI’s improved risk-adjusted capitalization in 2018 due to the issuance of hybrid bonds and an expected high net profit retention for the full fiscal year. The company reclassified a large part of its bond portfolio from available for sale to held-to-maturity in 2018, reducing the potential volatility that a rise in interest rates could bring to its capital and surplus.
HGI’s operating performance has improved over the past five years, mainly driven by increases in net investment income. In terms of underwriting performance, HGI’s loss ratio has declined to the lower range of the industry in 2017. However, its combined ratio remains elevated due to a high expense ratio, reflecting its relatively small premium base relative to its peers.
In regard to business profile, HGI is the sixth-largest non-life insurance company in South Korea. Its market share, in terms of direct premiums written, has slowly increased over the past five years and reached 7% in 2017. HGI benefits from the Hanwha brand and by being a subsidiary of Hanwha Life, South Korea’s second-largest life insurer in terms of premium income in 2017.
http://mrem.bernama.com/viewsm.php?idm=32539
The ratings reflect HGI’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. HGI’s ratings also consider the strategic importance to its parent company, Hanwha Life Insurance Co., Ltd. (Hanwha Life).
HGI’s strong balance sheet strength is supported by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), being at the very strong level after the issuance of hybrid bonds in July 2018. HGI has high but declining asset leverage and premium leverage ratios, as well as a relatively more aggressive investment strategy. The rating upgrades are based on HGI’s improved risk-adjusted capitalization in 2018 due to the issuance of hybrid bonds and an expected high net profit retention for the full fiscal year. The company reclassified a large part of its bond portfolio from available for sale to held-to-maturity in 2018, reducing the potential volatility that a rise in interest rates could bring to its capital and surplus.
HGI’s operating performance has improved over the past five years, mainly driven by increases in net investment income. In terms of underwriting performance, HGI’s loss ratio has declined to the lower range of the industry in 2017. However, its combined ratio remains elevated due to a high expense ratio, reflecting its relatively small premium base relative to its peers.
In regard to business profile, HGI is the sixth-largest non-life insurance company in South Korea. Its market share, in terms of direct premiums written, has slowly increased over the past five years and reached 7% in 2017. HGI benefits from the Hanwha brand and by being a subsidiary of Hanwha Life, South Korea’s second-largest life insurer in terms of premium income in 2017.
http://mrem.bernama.com/viewsm.php?idm=32539
Friday, 24 August 2018
A.M. BEST AFFIRMS CREDIT RATINGS OF EQ INSURANCE COMPANY LIMITED
SINGAPORE, Aug 23 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of EQ Insurance Company Limited (EQI) (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect EQI’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is supported by low underwriting leverage and capital injections received from its parent company, Citystate Capital Asia Pte. Ltd.
Offsetting rating factors include EQI’s limited business profile and elevated combined ratio, which remains above industry peers. As a small player in the highly competitive Singapore market, EQI is undertaking various initiatives to establish a profitable niche. However, these initiatives are subject to execution risk and EQI’s combined ratio is expected to remain elevated during this transition period.
Positive rating actions are unlikely in the near term. Negative rating actions may occur from a deterioration in operating performance or business profile.
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 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 a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
http://mrem.bernama.com/viewsm.php?idm=32529
The ratings reflect EQI’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is supported by low underwriting leverage and capital injections received from its parent company, Citystate Capital Asia Pte. Ltd.
Offsetting rating factors include EQI’s limited business profile and elevated combined ratio, which remains above industry peers. As a small player in the highly competitive Singapore market, EQI is undertaking various initiatives to establish a profitable niche. However, these initiatives are subject to execution risk and EQI’s combined ratio is expected to remain elevated during this transition period.
Positive rating actions are unlikely in the near term. Negative rating actions may occur from a deterioration in operating performance or business profile.
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 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 a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
http://mrem.bernama.com/viewsm.php?idm=32529
THE IASLC 19TH WORLD CONFERENCE ON LUNG CANCER ARRIVES IN TORONTO, CANADA
DENVER, Aug 23 (Bernama-GLOBE NEWSWIRE) --
What: The International Association for the Study of Lung Cancer (IASLC) presents the IASLC 19th World Conference on Lung Cancer (WCLC) on September 23-26, 2018, in Toronto, Canada. The WCLC is the world’s largest meeting dedicated solely to lung cancer and other thoracic malignancies, and is expected to convene over 7,000 researchers, physicians, specialists, patients, advocates and industry members from around the world.
The WCLC’s scientific program features a line-up of global leaders in the field. Presentations focus on cutting-edge science, including the latest breakthroughs in targeted therapies and immunotherapies; advances in screening, early detection and staging; prevention and smoking cessation efforts; patient advocacy initiatives; and much more. Collaboration across disciplines and borders is a meeting highlight. The WCLC’s scientific program is available to review online.
What: The International Association for the Study of Lung Cancer (IASLC) presents the IASLC 19th World Conference on Lung Cancer (WCLC) on September 23-26, 2018, in Toronto, Canada. The WCLC is the world’s largest meeting dedicated solely to lung cancer and other thoracic malignancies, and is expected to convene over 7,000 researchers, physicians, specialists, patients, advocates and industry members from around the world.
The WCLC’s scientific program features a line-up of global leaders in the field. Presentations focus on cutting-edge science, including the latest breakthroughs in targeted therapies and immunotherapies; advances in screening, early detection and staging; prevention and smoking cessation efforts; patient advocacy initiatives; and much more. Collaboration across disciplines and borders is a meeting highlight. The WCLC’s scientific program is available to review online.
KASHA CACY APPOINTED GLOBAL CEO OF ENGINE
NEW YORK, Aug 23 (Bernama-GLOBE NEWSWIRE) -- Data-driven marketing solutions company Engine today announced the appointment of Kasha Cacy as the company’s global chief executive officer, a new position. Effective Sept. 4, Cacy will oversee Engine’s 17 offices across North America, the UK, Europe and Asia-Pacific, leading the company’s marketing solutions offering, from insights and content to distribution and technology.
Cacy joins Engine from UM, the full-service marketing and media agency network of IPG Mediabrands, where she served as U.S. CEO. She will be based out of Engine’s headquarters in New York, and will report to Engine Executive Chairman Paul Caine.
Cacy joins Engine from UM, the full-service marketing and media agency network of IPG Mediabrands, where she served as U.S. CEO. She will be based out of Engine’s headquarters in New York, and will report to Engine Executive Chairman Paul Caine.
BIOCELL COLLAGEN® OFFERS SCIENTIFIC SESSION AT VITAFOODS SINGAPORE
SEESTERMAN, Germany, Aug 21 (Bernama-BUSINESS WIRE) -- Asia’s collagen market is booming but consumers in the region are increasingly demanding quality and scientific substantiation. This will be the key message from category leaders BioCell Technology International GmbH at Vitafoods Asia (September 11-12 in Singapore).
Collagen is long established as an ingredient in Asia’s beauty from within market, and its benefits for joint health add to its appeal for the region’s consumers, for whom healthy aging is an increasingly important goal.
Collagen is long established as an ingredient in Asia’s beauty from within market, and its benefits for joint health add to its appeal for the region’s consumers, for whom healthy aging is an increasingly important goal.
SONOS ANNOUNCES DATE FOR FISCAL THIRD QUARTER 2018 EARNINGS CONFERENCE CALL
SANTA BARBARA, Calif., Aug 21 (Bernama-GLOBE NEWSWIRE) -- Sonos, Inc. (“Sonos”) (Nasdaq: SONO) today announced that after market close on Monday, September 10, 2018, the company will report financial results for the fiscal third quarter ended June 30, 2018 in a letter to shareholders, which will be made available on the investor relations section of its website. In addition, the company will host a conference call and Q&A to discuss the results on the same day at 5:00 p.m. Eastern Time.
A live webcast and replay of the conference call and Q&A will be accessible at: https://investors.sonos.com/news-and-events/default.aspx. The replay will be available for at least one year following completion of the call.
A live webcast and replay of the conference call and Q&A will be accessible at: https://investors.sonos.com/news-and-events/default.aspx. The replay will be available for at least one year following completion of the call.
Thursday, 23 August 2018
A.M. BEST DOWNGRADES CREDIT RATINGS OF NATIONAL INSURANCE COMPANY LIMITED; PLACES UNDER REVIEW WITH NEGATIVE IMPLICATIONS
SINGAPORE, Aug 20 (Bernama-BUSINESS WIRE) -- A.M. Best has downgraded the Financial Strength Rating (FSR) to C (Marginal) from B (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b” from “bbb” of National Insurance Company Limited (National) (India). Additionally, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.
The ratings reflect National’s diminished balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, neutral business profile and weak enterprise risk management (ERM).
The ratings reflect National’s diminished balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, neutral business profile and weak enterprise risk management (ERM).
THE HARTFORD SIGNS AGREEMENT TO ACQUIRE NAVIGATORS, A GLOBAL SPECIALTY UNDERWRITER
- Broadens and deepens The Hartford’s product offerings and underwriting risk appetite
- Expands global underwriting reach; includes an established presence at Lloyd’s
- Brings together two underwriting-centric organizations with a commitment to attracting and retaining top talent
- Expected to be accretive to The Hartford’s net income and core earnings* in 2020
HARTFORD, Conn., Aug 23 (Bernama-BUSINESS WIRE) -- The Hartford has signed a definitive agreement to acquire all outstanding common shares of The Navigators Group, Inc. (NASDAQ:NAVG), a global specialty underwriter, for $70 a share, or $2.1 billion in cash. The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders and other customary closing conditions, including regulatory approvals. It is expected to close in the first half of 2019.
“We are excited to announce the acquisition of Navigators, which we are confident will achieve key strategic and financial objectives for The Hartford,” said The Hartford’s Chairman and CEO Christopher Swift. “It expands our product offerings and geographic reach, and adds tenured and proven underwriting and industry talent while strengthening our value proposition to agents and customers. We are optimistic about our combined growth opportunities and expect the acquisition to generate attractive returns.”
Navigators, which was founded in 1974, is recognized as a market leader in the global marine, construction and energy industries, as well as in U.S. excess casualty and surplus lines. In addition to an established presence at Lloyd’s, the company also has growing underwriting operations in Europe, Asia and Latin America. The company currently operates three business segments: U.S. Insurance (58 percent of 2017 gross written premiums), International Insurance (29 percent) and Global Reinsurance (13 percent). 1
The Hartford’s President Doug Elliot added, “This transaction combines two organizations with disciplined underwriting cultures and a shared commitment to innovation, financial performance, and attracting and retaining top talent. Together, we will leverage a more complete product and service offering through a best-in-class distribution network enabled by our combined underwriting, claim capabilities and risk engineering, and enhanced by The Hartford’s strong brand.”
Navigators is headquartered in Stamford, Conn., with 22 locations in the U.S. and eight locations internationally. The company has approximately 820 employees globally who will join The Hartford upon closing. Approximately 600 of its employees are based in the U.S. and 150 are located in the U.K.
“We look forward to bringing Navigators’ specialty lines capabilities to The Hartford,” said Stanley A. Galanski, Navigators President and CEO. “By joining The Hartford and leveraging the strength of its balance sheet and quality of its core commercial insurance products, we will create exciting opportunities to deliver enhanced value to our brokers and policyholders.”
The Hartford has sufficient existing resources to fund the total purchase price of approximately $2.1 billion, but will consider alternative sources of capital prior to the closing. The Hartford does not intend to issue common equity in connection with the acquisition.
The Hartford expects the acquisition to generate an attractive return over time. The impact of the acquisition on The Hartford’s consolidated 2019 and 2020 financial results will depend on a variety of factors, including the timing of the close, finalization of purchase accounting impacts, such as determination of goodwill and other intangible assets, integration costs, and acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items.
The acquisition is expected to result in an immaterial reduction in 2019 net income before considering the impact of acquisition-related charges, which have not yet been finalized. Excluding acquisition-related charges as well as integration costs*, the company expects the acquisition to be immediately accretive to 2019 net income.
For 2020, The Hartford expects the acquisition to be accretive to net income by $30 million to $75 million and to core earnings by $60 million to $95 million. This is comprised of a contribution by Navigators of $80 million to $125 million to net income and $110 million to $145 million to core earnings, offset by a reduction of approximately $50 million in The Hartford’s net investment income, after tax, due to the cash used to fund the acquisition. All of these estimates are preliminary and will be updated based on market conditions, business plans, financial results and other developments between now and closing.
The Hartford will host a webcast and conference call to review the acquisition at 8:30 a.m. EDT on Aug. 22, 2018. The conference call can be accessed at 877-685-7362 (U.S.) or 478-219-0241 (International), passcode 6087567. The live listen-only webcast is available through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. A replay of the call along with a transcript of the event will be available for at least 90 days.
Citigroup Global Markets Inc. acted as lead financial advisor to The Hartford, with Deutsche Bank Securities Inc. also providing financial advice. Mayer Brown provided legal counsel to The Hartford.
Additional information regarding the transaction can be found on The Hartford’s website at https://www.thehartford.com, including a presentation deck that summarizes key financial terms and benefits of the acquisition, and in Current Reports on Form 8-K filed today with the Securities and Exchange Commission by The Hartford and Navigators.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE:HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
HIG-F, C
*Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP). See below under the heading “Discussion of Non-GAAP Financial Measures” for additional information, including the most directly comparable U.S. GAAP measure.
Forward-Looking Statements
Certain statements made in this release should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about The Hartford’s future results of operations and projections regarding the impact of the acquisition of Navigators. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially.
Factors that could cause The Hartford’s actual results to differ, possibly materially, from those in the forward looking statements include but are not limited to (i) receipt of regulatory approvals for the transaction; (ii) the successful closing of the transaction within the estimated timeframe; (iii) the failure to realize the expected synergies from the transaction or delay in realization thereof; (iv) purchase accounting impacts, including determination of goodwill and other intangible assets at closing; (v) integration costs; (vi) acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that are deemed necessary at closing; (vii) industry conditions; and (viii) other factors that can be found in The Hartford’s news releases and SEC filings, including those discussed in The Hartford’s news release issued on July 26, 2018, The Hartford’s Quarterly Reports on Form 10-Q, The Hartford’s 2017 Annual Report on Form 10-K, and other filings we make with the U.S. Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of today’s date.
Additional Information and Where to Find It
From time to time, The Hartford may use its website to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
Discussion of Non-GAAP Financial Measures
This press release includes the financial measure core earnings, which is not derived from generally accepted accounting principles ("GAAP"). The Company uses core earnings to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain realized capital gains and losses, certain restructuring and other costs, integration and transaction costs in connection with an acquired business, pension settlements, loss on extinguishment of debt, gains and losses on reinsurance gain transactions, income tax benefit from reduction in deferred income tax valuation allowance, impact of tax reform on net deferred tax assets, and results of discontinued operations. Some realized capital gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses (net of tax and the effects of DAC) that tend to be highly variable from period to period based on capital market conditions. The Company believes, however, that some realized capital gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
Net income (loss) is the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of the company’s business. Therefore, the Company believes that it is useful for investors to evaluate both net income (loss) and core earnings when reviewing the company’s performance. A quantitative reconciliation of net income (loss) to core earnings (loss) is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized capital gains and losses, which typically vary substantially from period to period.
Because the Company's calculation of core earnings may differ from similar measures used by other companies, investors should be careful when comparing the Company's core earnings with non-GAAP financial measures used by other companies.
The Company uses net income, before integration costs and acquisition-related charges, herein to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes it is a valuable measure to illustrate the immediate run-rate impact to earnings that the acquisition is expected to have that may be obscured by acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that The Hartford may record at closing. Net income (loss) is the most directly comparable U.S. GAAP measure.
1 Source: Navigators’ 2017 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission and other information provided by Navigators.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180822005271/en/
Contact
Media:
The Hartford
Michelle Loxton, 860-547-7413
michelle.loxton@thehartford.com
or
Investor:
The Hartford
Sabra Purtill, 860-547-8691
sabra.purtill@thehartford.com
Source : The Hartford
“We are excited to announce the acquisition of Navigators, which we are confident will achieve key strategic and financial objectives for The Hartford,” said The Hartford’s Chairman and CEO Christopher Swift. “It expands our product offerings and geographic reach, and adds tenured and proven underwriting and industry talent while strengthening our value proposition to agents and customers. We are optimistic about our combined growth opportunities and expect the acquisition to generate attractive returns.”
Navigators, which was founded in 1974, is recognized as a market leader in the global marine, construction and energy industries, as well as in U.S. excess casualty and surplus lines. In addition to an established presence at Lloyd’s, the company also has growing underwriting operations in Europe, Asia and Latin America. The company currently operates three business segments: U.S. Insurance (58 percent of 2017 gross written premiums), International Insurance (29 percent) and Global Reinsurance (13 percent). 1
The Hartford’s President Doug Elliot added, “This transaction combines two organizations with disciplined underwriting cultures and a shared commitment to innovation, financial performance, and attracting and retaining top talent. Together, we will leverage a more complete product and service offering through a best-in-class distribution network enabled by our combined underwriting, claim capabilities and risk engineering, and enhanced by The Hartford’s strong brand.”
Navigators is headquartered in Stamford, Conn., with 22 locations in the U.S. and eight locations internationally. The company has approximately 820 employees globally who will join The Hartford upon closing. Approximately 600 of its employees are based in the U.S. and 150 are located in the U.K.
“We look forward to bringing Navigators’ specialty lines capabilities to The Hartford,” said Stanley A. Galanski, Navigators President and CEO. “By joining The Hartford and leveraging the strength of its balance sheet and quality of its core commercial insurance products, we will create exciting opportunities to deliver enhanced value to our brokers and policyholders.”
The Hartford has sufficient existing resources to fund the total purchase price of approximately $2.1 billion, but will consider alternative sources of capital prior to the closing. The Hartford does not intend to issue common equity in connection with the acquisition.
The Hartford expects the acquisition to generate an attractive return over time. The impact of the acquisition on The Hartford’s consolidated 2019 and 2020 financial results will depend on a variety of factors, including the timing of the close, finalization of purchase accounting impacts, such as determination of goodwill and other intangible assets, integration costs, and acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items.
The acquisition is expected to result in an immaterial reduction in 2019 net income before considering the impact of acquisition-related charges, which have not yet been finalized. Excluding acquisition-related charges as well as integration costs*, the company expects the acquisition to be immediately accretive to 2019 net income.
For 2020, The Hartford expects the acquisition to be accretive to net income by $30 million to $75 million and to core earnings by $60 million to $95 million. This is comprised of a contribution by Navigators of $80 million to $125 million to net income and $110 million to $145 million to core earnings, offset by a reduction of approximately $50 million in The Hartford’s net investment income, after tax, due to the cash used to fund the acquisition. All of these estimates are preliminary and will be updated based on market conditions, business plans, financial results and other developments between now and closing.
The Hartford will host a webcast and conference call to review the acquisition at 8:30 a.m. EDT on Aug. 22, 2018. The conference call can be accessed at 877-685-7362 (U.S.) or 478-219-0241 (International), passcode 6087567. The live listen-only webcast is available through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. A replay of the call along with a transcript of the event will be available for at least 90 days.
Citigroup Global Markets Inc. acted as lead financial advisor to The Hartford, with Deutsche Bank Securities Inc. also providing financial advice. Mayer Brown provided legal counsel to The Hartford.
Additional information regarding the transaction can be found on The Hartford’s website at https://www.thehartford.com, including a presentation deck that summarizes key financial terms and benefits of the acquisition, and in Current Reports on Form 8-K filed today with the Securities and Exchange Commission by The Hartford and Navigators.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE:HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
HIG-F, C
*Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP). See below under the heading “Discussion of Non-GAAP Financial Measures” for additional information, including the most directly comparable U.S. GAAP measure.
Forward-Looking Statements
Certain statements made in this release should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about The Hartford’s future results of operations and projections regarding the impact of the acquisition of Navigators. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially.
Factors that could cause The Hartford’s actual results to differ, possibly materially, from those in the forward looking statements include but are not limited to (i) receipt of regulatory approvals for the transaction; (ii) the successful closing of the transaction within the estimated timeframe; (iii) the failure to realize the expected synergies from the transaction or delay in realization thereof; (iv) purchase accounting impacts, including determination of goodwill and other intangible assets at closing; (v) integration costs; (vi) acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that are deemed necessary at closing; (vii) industry conditions; and (viii) other factors that can be found in The Hartford’s news releases and SEC filings, including those discussed in The Hartford’s news release issued on July 26, 2018, The Hartford’s Quarterly Reports on Form 10-Q, The Hartford’s 2017 Annual Report on Form 10-K, and other filings we make with the U.S. Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of today’s date.
Additional Information and Where to Find It
From time to time, The Hartford may use its website to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
Discussion of Non-GAAP Financial Measures
This press release includes the financial measure core earnings, which is not derived from generally accepted accounting principles ("GAAP"). The Company uses core earnings to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain realized capital gains and losses, certain restructuring and other costs, integration and transaction costs in connection with an acquired business, pension settlements, loss on extinguishment of debt, gains and losses on reinsurance gain transactions, income tax benefit from reduction in deferred income tax valuation allowance, impact of tax reform on net deferred tax assets, and results of discontinued operations. Some realized capital gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses (net of tax and the effects of DAC) that tend to be highly variable from period to period based on capital market conditions. The Company believes, however, that some realized capital gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.
Net income (loss) is the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of the company’s business. Therefore, the Company believes that it is useful for investors to evaluate both net income (loss) and core earnings when reviewing the company’s performance. A quantitative reconciliation of net income (loss) to core earnings (loss) is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized capital gains and losses, which typically vary substantially from period to period.
Because the Company's calculation of core earnings may differ from similar measures used by other companies, investors should be careful when comparing the Company's core earnings with non-GAAP financial measures used by other companies.
The Company uses net income, before integration costs and acquisition-related charges, herein to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes it is a valuable measure to illustrate the immediate run-rate impact to earnings that the acquisition is expected to have that may be obscured by acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that The Hartford may record at closing. Net income (loss) is the most directly comparable U.S. GAAP measure.
1 Source: Navigators’ 2017 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission and other information provided by Navigators.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180822005271/en/
Contact
Media:
The Hartford
Michelle Loxton, 860-547-7413
michelle.loxton@thehartford.com
or
Investor:
The Hartford
Sabra Purtill, 860-547-8691
sabra.purtill@thehartford.com
Source : The Hartford
Subscribe to:
Posts (Atom)