MARY KAY INC. EARNS MORE THAN 20 PRESTIGIOUS AWARDS IN BUSINESS, CORPORATE CITIZENSHIP AND LEADERSHIP CATEGORIES THROUGHOUT REMARKABLE 2019

DALLAS, Dec 31 (Bernama-BUSINESS WIRE) -- In 2019, Mary Kay Inc. continued its decades-long commitment to enriching the lives of women around the globe, manufacturing irresistible products and building healthier, more sustainable communities. In recognition of Mary Kay’s achievements throughout the year, the brand has taken home more than 20 coveted awards in the business, corporate citizenship and leadership categories from various reputable sources.

The awards, which range from Forbes “Best Midsize Employers for 2019” to “Best in Show” at Boston College Center for Corporate Citizenship Film Festival, highlight Mary Kay’s unwavering business values and its dedication to the principles defined by the brand’s legendary founder, Mary Kay Ash.

Awards in 2019 include:

Excellence in Business

• Best Employers for Diversity, 2019 – Forbes
• Best Midsize Employer, 2019 – Forbes
• Gold Ranking in Educational Category – Spring 2019 OMNI Awards
• Top 50 U.S.-based Companies in Household and Personal Products Industry – HAPPI Magazine
• DSA Empowerment Award, 2019 – Direct Selling Association
• Most Reputable Global Employers in 2019 Global Workplace 100 Study – Reputation Institute
• 2019 Compliance Award – EXPANSION
• Top Brand, 2019 – VIP Magazine
• Women Entrepreneurship Award - Woman Who Matters Forum
• Best Magazine for Clients, Mary Kay Russia Applause^® – Media Leader
• Best Client Media: Web Media, Mary Kay Russia MirrorMe^™ App – Corporate Media Awards

Excellence in Corporate Citizenship

• Fan Favorite, video: Mary Kay’s Commitment to Ending Domestic Violence – Boston College Center for Corporate Citizenship International Corporate Citizenship Film Festival
• Best in Show – Small Company Category, video: Mary Kay’s Commitment to Ending Domestic Violence – Boston College Center for Corporate Citizenship International Corporate Citizenship Film Festival
• 2019 Leadership in Energy and Environmental Design (LEED) Silver Certification – Mary Kay Richard R. Rogers Manufacturing and R&D Center
• Best CSR Brand and Best CSR Strategy Award, Mary Kay China – CSR China Education Awards

Excellence in Leadership

• 10 Most Reputable CEOS in the World, David Hall, Mary Kay CEO, RepTrak 2019 Study – Reputation Institute
• 2019 Most Powerful Women in Corporate America, Sheryl Adkins-Green, Chief Marketing Officer – BLACK ENTERPRISE Magazine
• 2019 Most Powerful Women in Corporate America, Julia Simon, Chief Legal Officer and Corporate Secretary – BLACK ENTERPRISE Magazine
• 500 Most Influential Women in Spain, Gema Aznar, Mary Kay Spain General Manager – Yo Dona Magazine
• Most Powerful Female Business Leaders, Claudia Maria Cardona, Marketing Manager, Mary Kay Colombia – ALO Magazine
• Manager of the Year, Alla Sokolova, Mary Kay Russia General Manager – Russian Business Guide
• Top 250 Best Top Managers, Alla Sokolova, Mary Kay Russia General Manager – The Association Managers of Russia and Kommersant Publishing House

About Mary Kay
One of the original glass ceiling breakers, Mary Kay Ash founded her beauty company more than 56 years ago with three goals: develop rewarding opportunities for women, offer irresistible products, and make the world a better place. That dream has blossomed into a multibillion-dollar company with millions of independent sales force members in nearly 40 countries. Mary Kay is dedicated to investing in the science behind beauty and manufacturing cutting-edge skin care, color cosmetics, nutritional supplements and fragrances. Mary Kay is committed to empowering women and their families by partnering with organizations from around the world, focusing on supporting cancer research, protecting survivors from domestic abuse, beautifying our communities, and encouraging children to follow their dreams. Mary Kay Ash’s original vision continues to shine—one lipstick at a time. Learn more at MaryKay.com.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20191230005280/en/

Contact

Mary Kay Inc. Corporate Communications
marykay.com/newsroom
972.687.5332 or media@mkcorp.com

Source : Mary Kay Inc.

Hotel Royal Classic Osaka promotes culture, sightseeing via Museum Hotel concept

KUALA LUMPUR, Dec 12 -- Hotel Royal Classic Osaka, a new luxury hotel complex in Japan recently unveiled its Museum Hotel concept, driving Osaka's development as an international city of culture and sightseeing.

Housed in this distinctive space, the innovative Museum Hotel provides guests with a hands-on experience in art museum-level quality - an original service that transcends the norms of business or suite hotels to offer a luxury experience for the soul.

The Museum Hotel concept has been unveiled to mark the hotel’s grand opening and features over 100 modern artworks.

Curated with the assistance of Professor Junji Ito of Tokyo University of the Arts, along with Tokyo's Whitestone Gallery, the collection was displayed throughout the hotel’s public spaces and guest rooms.

The hotel was designed by globally celebrated architect, Kengo Kuma on the site of the former Osaka Shin-Kabukiza Theater.

The hotel is a unique architectural structure with a lower facade that replicates the magnificent ‘karahafu’ gabled rooftop of the original Shin-Kabukiza Theater, extending into an intricately dynamic aluminum fin motif on its upper floors.

More details of Hotel Royal Classic Osaka at https://hotel-royalclassic.jp/en/

-- BERNAMA

Jumio supports Movember Foundation to raise men's health awareness

KUALA LUMPUR, Dec 20 -- Jumio, an end-to-end identity verification and authentication solutions provider recently contributed US$10,800 to the Movember Foundation, raising awareness on prostate cancer, testicular cancer, mental health and suicide prevention. (US$100 = RM414.07)

The Movember Foundation is the leading charity dedicated to changing the face of men’s health in the United States and worldwide. It is best known for their annual Movember fundraising campaign that takes place every November.

Last month, Jumio pledged to donate US$100 for every employee who participated in a mustache authentication contest.

More than 100 Jumio global employees participated by either growing a real mustache or wearing fake facial hair and going through the Jumio Authentication process twice — once with facial hair and once without.

The company also demonstrated its Jumio Authentication’s ability to authenticate real users whose physical characteristics had changed.

During Movember, men start clean-shaven and grow a mustache for the month, getting friends, family and colleagues to donate to their efforts.

Since 2003, more than five million men and women have funded over 1,250 innovative projects across more than 20 countries.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF PEAK REINSURANCE COMPANY LIMITED AND ITS SUBSIDIARY

HONG KONG, Dec 19 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Peak Re’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Peak Re continues to maintain robust risk-adjusted capitalization, underpinned by a strengthening trend in its capital and surplus, driven by capital injections from shareholders and full earnings retention over the past five years. Other factors supporting the company’s balance sheet strength include the controlled level of net underwriting leverage and an improvement in its overall investment risk profile, as well as strong liquidity. Peak Re has reported favorable operating results consistently over the past five years. Although the company experienced net underwriting losses in 2017 and 2018, due to multiple major natural catastrophe events, the net impact to Peak Re’s underwriting results is in-line with the industry average. The impact to its capital and surplus also was low and under control, due to a comprehensive retrocession program. The company continues to operate with efficiency, as reflected in its stable and lower-than-average management expense ratio. Investment results have been favorable over the past five years, supported by a growing stream of interest and dividend income from debt and listed equity investments. Peak Re’s business portfolio is diversified by product lines and geographies, with Asia-Pacific accounting for approximately 60% of the company’s premium revenue. While the business portfolio is primarily made up of non-life risks, the company plans to expand its life & health business further, particularly in the area of medical reimbursement. Offsetting rating factors include the continued competitive rate environment; an increase in retrocession costs; the growing frequency of severe catastrophe events; and greater uncertainties in the capital market. Positive rating actions are unlikely over the near term. Negative rating actions may occur if there is a material deterioration in the company’s risk-adjusted capitalization, or if there is a deteriorating trend in its operating results. A deterioration in the credit profile of Fosun International Holdings Ltd., Peak Re’s major shareholder, may also impose a negative impact on Peak Re’s ratings. 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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2019 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/20191218005665/en/ Contact James Chan Senior Financial Analyst +852 2827 3418 james.chan@ambest.com Christie Lee Senior Director, Analytics +852 2827 3413 christie.lee@ambest.com Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 james.peavy@ambest.com Source : AM Best --BERNAMA

Index Exchange expands to Japan via Managing Director appointment

KUALA LUMPUR, Dec 18 -- Index Exchange, a global advertising marketplace recently announced plans to expand its operations in Japan by the appointment of Haruyo Kagawa as Managing Director, Japan.

In her new role, Kagawa will focus on the expansion of the Index Exchange suite of solutions for both publishers and buyers across the country.

She brings a tremendous track record in digital advertising, having most recently, served as Country Manager, Japan at Unruly. She also held senior posts at Yahoo Japan, Amazon and Facebook.

“As the programmatic industry continues to progress in Japan, Index Exchange will continue to work closely with our local partners to educate them on the benefits of header bidding and help them prepare for the post-cookie era.

“It is an exciting time for this organisation, and I am thrilled to step into this new role and put Index’s stamp on the Japanese programmatic ecosystem,” she said.

By next year end, Index Exchange plans to dedicate several employees to serve both publishers and buying partners in Japan at its Tokyo-Ginza office.

-- BERNAMA

AM Best affirms NEWGT Reinsurance Company Credit Ratings

KUALA LUMPUR, Dec 18 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of NEWGT Reinsurance Company Ltd (NEWGT) Bermuda.

According to a statement, the outlook of these credit ratings is stable.

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

The company’s strong balance sheet assessment reflects its modest capital base, low underwriting leverage and conservative investment portfolio.

Operating performance continued to improve this year with a lower combined ratio, underpinned by an improvement in claims experience and a stable expense ratio.

Although revenue is expected to decrease slightly in the short term over the course of its portfolio enhancement, AM Best believes the company’s underwriting results will remain profitable and gradually improve through the pursuit of growth in group-related business.

The stable outlooks reflect AM Best’s expectation that NEWGT’s operating performance will improve gradually and remain profitable despite its strong loss ratio controls and continuous portfolio enhancement.

-- BERNAMA

CEIS, HSF unveil production trends of China's rubber, areca nut, agarwood

KUALA LUMPUR, Dec 19 -- Overall supply of natural rubber is expected to be tight in the first quarter of 2020, which will likely lead to the continuous rising of rubber prices, according to an annual report on the Xinhua-HSF natural rubber series price indexes (2018-2019).

The report was released jointly by China Economic Information Service (CEIS) of Xinhua News Agency and Haiken Group (HSF) at the 2019 Boao Forum for Entrepreneurs held in south China’s Hainan Province.

The report shows that sufficient supplies of natural rubber on a global scale will continue in the short term due to the large production capacity.

The two enterprises also released a report on the areca nut industry in 2018-2019.

The report shows that without a significant increase in the demand side, the areca nut fruits purchase price is expected to decline this month.

Meanwhile, CEIS and Chengmai County Government of Hainan Province released a report on the climate index of the agarwood industry.

The report reveals that China’s agarwood industry climate index in the first half of 2020 will be 130.19 points, well above the 100-point, implying the domestic agarwood enterprises' high expectations for the industry development.

According to CEIS vice-president Kuang Lecheng, the continuous release of rubber, areca nut and agarwood indices will help build brands of Hainan’s characteristic agricultural products.

-- BERNAMA

SKYDRIVE LAUNCHES TEST FLIGHTS OF FIRST-EVER CARGO DRONE THAT WILL BOOST PRODUCTIVITY IN HARD-TO-REACH PLACES

TOKYO, Dec. 19 (Bernama) -- SkyDrive Inc., a leading flying-car developer, has successfully launched test flights of a cargo drone which could revolutionize the way heavy goods are transported and speed up the movement of equipment in remote locations. The first operational testing took place earlier this month (December) in Toyota City, Japan. It was carried out to test the technology by moving heavy equipment in remote locations. Additional testing will be carried out later in the month.

This new technology has been tested with a load capacity of 30kg--utilizing SkyDrive's world-leading aircraft development technology to achieve high safety standards. There is the potential to develop this further and achieve greater capacity loads of up to 50kg and 80kg, according to demand. The cargo drone also has the potential to change the way products are moved from manufacturers to warehouses and onto depots.

SkyDrive Chief Executive Tomohiro Fukuzawa said:
"We are delighted to successfully test this world-leading technology. Our cargo drone has proven to deliver by safely lifting loads of up to 20kg in a
mountainous area --saving time and money. "We look forward to expanding on this success by testing heavier loads for customers in the future. Our quest is to create cutting-edge technology that will improve the productivity of businesses across the world--and today we celebrate a key milestone in making that happen."

Note:
SkyDrive is developing the cargo drone for use in industries that carry heavy materials on complex terrain such as slopes, mountain valleys, overpasses,
power transmission towers, civil engineering/construction sites, agricultural fields, etc. Usage of cargo drones will help avoid dangerous works, save personnel and shorten the term of works. So SkyDrive can contribute to responding to labor shortages and improving Japan's labor productivity sagging due to its declining population.

Cargo drone technical details:
Can be used by companies for transporting materials to hard-to-reach places such as slopes, mountain valleys, overpasses and sites of steel tower
maintenance.
Basic specifications:
-Total length 1.3m x total width 1.7m x total height 1.0m
-Recommended payload: 30kg
-Flight speed: 40km/h
-Flight time: 15min.
-Winch mechanism to move up and down without landing

Further information can be found here:
https://en-skydrive.amebaownd.com/pages/3450667/drone

Images: https://kyodonewsprwire.jp/release/201912164791?p=images
Video: https://youtu.be/OdNIJJ1KcWA

About SkyDrive Inc.
-Established: July 2018
-President: Tomohiro Fukuzawa
-URL: https://www.skydrive.co.jp/
-Address:
Tokyo office: Shinjuku-ku, Tokyo
Toyota test field: Asuke-chiku, Toyota-shi, Aichi Pref.
Toyota R&D Center: SENTAN, Koromo-machi 2-1-1, Toyota-shi, Aichi Pref.
Flight Test Port: Mifune-cho, Toyota-shi, Aichi Pref.

Business: SkyDrive is a start-up to develop flying cars and contribute to a future mobility society with aircraft/drone/automobile engineers. Demonstration
flights of the flying car are scheduled for summer in 2020, and its commercial release for 2023. Pre-sale orders for the cargo drone will be taken from spring
in 2020.

-Inquiry about the usage of Cargo Drone
Tatsuya Kudo
Sales
SkyDrive Inc.
Email: drone[at]skydrive.co.jp

Source: SkyDrive Inc.

--BERNAMA

INVICRO LLC ANNOUNCES DR. MATTHEW SILVA AS NEW CHIEF EXECUTIVE OFFICER AND DR. JACK HOPPIN IS NAMED PRESIDENT OF KONICA MINOLTA PRECISION MEDICINE

BOSTON, Dec 24 (Bernama-BUSINESS WIRE) -- Invicro LLC, a Konica Minolta company, today announces, Dr. Matthew Silva has been appointed as the new Chief Executive Officer. Dr. Silva will assume the day-to-day leadership responsibilities of the Company and will join Invicro’s Board of Directors, effective immediately. Dr. Jack Hoppin, co-founder of Invicro, will move on from his role as Invicro’s CEO to be the President of Konica Minolta Precision Medicine (KMPM). Dr. Hoppin will remain on Invicro’s Board of Directors, as well as continue to serve on the KMPM Board.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191223005320/en/

Konica Minolta, Inc. acquired Invicro LLC and Ambry Genetics Corporation in September 2017 to accelerate its strategic vision to transform personalized medicine through the delivery of diagnostic services via genetics, imaging and digital pathology capabilities. Konica Minolta Precision Medicine was formalized as a result of bringing these three entities together.

“It has been an extreme honor to serve as Invicro’s CEO, since co-founding the company in 2008,” stated Dr. Hoppin. “This is an exciting time for Invicro, Ambry and KMPM, as we are all working together to support the medical research community through integrated AI technology platforms that allow molecular-level testing and analysis offering insights to advance translational medicine.”

In his new role, Dr. Hoppin will work to synergize the companies under KMPM to help pharmaceutical sponsors and clinicians accelerate the development of targeted therapies through genetic and molecular profiling.

“I’m looking forward to seeing the next chapter for KMPM and Invicro,” said Mr. Kiyotaka Fujii, president of Konica Minolta Global Healthcare and CEO of KMPM. “As KMPM continues to focus on revolutionizing personalized healthcare via the strengths of Konica Minolta, Invicro and Ambry, Jack will be instrumental in leading and realizing the Konica Minolta Precision Medicine mission. I have full confidence that Matt will seamlessly transition to his new role and continue to lead Invicro into new breakthroughs that will help advance the discovery and development of life-changing medicines.”

Dr. Silva will carry on Invicro’s strategic mission to support the drug discovery and development community. Invicro will continue to leverage its industry-leading imaging, chemistry, and analysis expertise that span discovery through clinical research across multiple therapeutic areas, including the central nervous system, oncology, rare disease, and other systemic diseases. Further, Invicro will continue to invest in its data informatics platforms, enabling management, visualization, and analysis of pathological and radiological imaging data and ensuring alignment with KMPM.

“First, I want to thank Jack for leading Invicro to the great success it is today. I’m honored, humbled and extremely excited to assume this new role and carry on the mission,” said Dr. Silva. “It’s an exciting time for Invicro, as we continue to make great strides with our pharma services capabilities offering imaging biomarkers, advanced analytics, innovative chemistry and technologies, and global core lab services. Thanks to Invicro’s dedicated team and our pharma sponsors—we are together helping the development of new medicines that will improve the lives of patients in need.”

With 20 years of diverse imaging experience, Dr. Silva first joined Invicro in 2012 and most recently was EVP of Scientific Applications, where he led strategic efforts to expand the clinical oncology drug development and clinical trials. Dr. Silva’s pharma industry experience includes scientific and leadership positions at Vertex, Amgen, Millennium and Takeda Pharmaceuticals. Dr. Silva holds a Ph.D. and a Master’s degree in Biomedical Engineering from Worcester Polytechnic Institute.

About Invicro
Headquartered in Boston, MA, Invicro was founded in 2008 with the mission of improving the role and function of imaging in translational drug discovery and development across all therapeutic areas. Today, Invicro’s multi-disciplinary team provides solutions to pharmaceutical and biotech companies across all stages of the drug development pipeline (Phase 0-IV), all imaging modalities and all therapeutic areas, including neurology, oncology, and systemic and rare diseases. Invicro’s quantitative biomarker services, advanced analytics and AI tools, and clinical operational services are backed by Invicro’s industry-leading software informatics platforms, VivoQuant® and iPACS®.

As part of the Konica Minolta precision medicine organization and with their sister company Ambry Genetics, Invicro develops and leverages the latest approaches in quantitative biomarkers including imaging, quantitative pathology and genomics. For more information, visit www.invicro.com.

About Konica Minolta Precision Medicine
Konica Minolta Precision Medicine, Inc. (“KMPM”) based in Aliso Viejo, CA is a subsidiary of Konica Minolta, Inc. that includes Ambry Genetics Corporation and Invicro LLC. Founded in 2018 on the belief that groundbreaking medical breakthroughs are possible by concentrating efforts on the health expression map, the undiscovered territory between an individual’s genetics and biological impacts, and quantifiably measuring health over time. KMPM’s health intelligence and visualization platform brings together the most novel and diverse set of data from genes, proteins, cells and tissues with sophisticated analytics and world-leading scientific and medical expertise, enabling more prescriptive, proactive and preventive care. For further information, visit: www.KonicaMinoltaPrecisionMedicine.com

About Konica Minolta
Konica Minolta, Inc. (Konica Minolta) is a global digital technology company with core strengths in imaging and data analysis, optics, materials, and nano-fabrication. Through innovation, Konica Minolta creates products and digital solutions for the betterment of business and society—today and for generations to come. Across its Business Technologies, Healthcare, and Industrial-facing businesses, the company aspires to be an Integral Value Provider that applies the full range of its expertise to offer comprehensive solutions to the customer’s most pressing problems, works with the partners to ensure the solutions are sustainable, anticipates and addresses tomorrow’s issues, and tailors each solution to meet the unique and specific needs of its valued customers. Leveraging these capabilities, Konica Minolta contributes to productivity improvement and workflow change for its customers and provides leading-edge service solutions in the IoT era. Headquartered in Tokyo and with operations in more than 50 countries, Konica Minolta has more than 43,000 employees serving approximately two million customers in over 150 countries. Konica Minolta is listed on the Tokyo Stock Exchange, (TSE4902). For further information, visit: https://www.konicaminolta.com/

http://mrem.bernama.com/viewsm.php?idm=36487

NetAlly rolls out first firmware upgrade

KUALA LUMPUR, Dec 10 -- The industry’s first integrated wired/wireless network analyser, NetAlly EtherScope nXG has been upgraded with enhanced security, comprehensive analysis and improved collaboration features.

The EtherScope nXG™ is a handheld network analyser that enables network engineers and technicians to quickly discover, analyse and troubleshoot wired and wireless enterprise networks, all via a single user interface.

Launched in October, the product has already been named as a finalist for ‘Innovation of the Year’ by the Wi-Fi awards.

“We wanted to establish a release cadence going forward and demonstrate agility and development velocity by adding key new capabilities to the EtherScope nXG,” said NetAlly CTO, James Kahkoska.

“Amongst the dozens of features added, my favourite is discovery search, which allows users to comb through thousands of discovered network elements by MAC, manufacturer, IP or name with just a few characters.”

The new update is now available to all existing users, at no charge via over-the-air download from the complementary Link-Live cloud Service or by downloading it to an SD-card for manual installation.

More details at https://netally.com/products/etherscopenxg

-- BERNAMA

Hawk Security Limited sells Hawk S-Drive with AES 256 XTS military grade encryption

KUALA LUMPUR, Dec 9 -- Hawk Security Limited has begun selling Hawk S-Drive, a hardware-protected external SSD drive with AES 256 XTS military grade encryption.

According to the company in a statement, the compact device is completed with a modern USB 3.1 Gen 1, an aluminum case (84*40*10 mm) with a weight of only 42 grams and internal memory (from 128 GB to 2 TB).

The device is also equipped with a special keyboard made of hard plastic, resulting in easy control access to the data on the device.

The length of the PIN-code is from four to 16 digits. There are all the necessary basic protection systems - automatic blocking (if inactive for more than three hours), auto-deletion of information after 10 fail authorisation attempts.

With one year warranty, Hawk S-Drive is available in retail starting from US$179 for 128 GB and international free shipping worldwide. (US$1 = RM4.16)

-- BERNAMA

Kopi Kenangan expands Series A round, raises additional investment

KUALA LUMPUR, Dec 23 -- Kopi Kenangan, the fastest growing ‘grab-and-go’ coffee chain in Southeast Asia, has expanded its June Series A round with additional investment from Arrive, a Roc Nation company; Serena Ventures; world-renowned basketball player Caris LeVert; and Sweetgreen chief executive officer (CEO) & co-founder Jonathan Neman, amongst others.

Sequoia India, which led the US$20 million Series A round in June 2019, also participated in this expansion, according to a statement from Kopi Kenangan (US$1 = RM4.14).

Founded in 2017 by Edward Tirtanata, James Prananto and Cynthia Chaerunnisa, Kopi Kenangan has managed to fill a sweet spot below the high-priced coffee served at international coffee chains, which are beyond the price range for most Indonesians.

Just a year ago, Kopi Kenangan only had 16 stores while serving a few thousand cups a day. Currently, Kopi Kenangan has expanded to over 200 stores nationally and serves more than three million cups of beverage each month.

On average, the company is opening more than one store per day. It has grown 20 times in revenue since its seed round led by Alpha JWC last year. Kopi Kenangan plans to add more than a thousand new stores over the next two years and expand across Southeast Asia.

“We want to build a legendary brand, and we're excited to work with our new investors and advisors who have built global consumer franchises spanning sports, entertainment, F&B, and technology,” said CEO and co-founder Edward Tirtanata.

Nielsen Company named Kopi Kenangan as the number one in top-of-mind awareness in the Kopi Susu or milk coffee category and second only after an established multinational coffee chain in the general coffee category.

Kopi Kenangan’s best-selling beverage, ‘Es Kopi Kenangan Mantan’, has been a customer favourite and helped it secure the top spot in the milk coffee category.

-- BERNAMA

Toshiba unveils discrete IGBT for voltage resonance circuits with lower power consumption

Picture : IGBT GT20N135SRA

KUALA LUMPUR, Dec 23 -- Toshiba Electronic Devices & Storage Corporation (Toshiba) has launched the ‘GT20N135SRA’, a 1350V discrete power semiconductor device IGBT for use in voltage resonance circuits in tabletop induction heating (IH) cookers, IH rice cookers, microwave ovens and other home appliances.

GT20N135SRA features a collector-emitter saturation voltage of 1.75V and a diode forward voltage of 1.8V, approximately 10 per cent and 21 per cent lower, respectively, than the current product, Toshiba said in a statement.

Both the IGBT (insulated-gate bipolar transistor) and diode have improved conduction loss characteristics at high temperature, and the new IGBT can help reduce equipment power consumption, according to a statement.

The new IGBT suppresses short circuit current that flows through the resonance capacitor when equipment is switched on. Its circuit current peak value is 129A, a 31 per cent reduction from the current product.

More information at https://toshiba.semicon-storage.com/ap-en/company.html.

-- BERNAMA

FERNS N PETALS MAKES GIFTING EASIER WITH ROUND THE CLOCK DELIVERY SERVICES IN SINGAPORE

SINGAPORE, Dec 9 (Bernama-BUSINESS WIRE) -- Ferns N Petals is a renowned name in the gifting world with over 25 years of expertise in the Indian & UAE market. Recently the company launched its operations in Singapore and is seeing a positive response from the customers. Recently they have started round the clock delivery services in Singapore, aiming to provide convenience to customers as they can now send gifts to their loved ones in an effortless manner whenever they want. The company is planning to offer 5 different kinds of delivery services in Singapore enabling the users to get their gifts delivered whenever they want. Customers can choose from flowers, cakes, chocolates, plants,  personalised gifts, Valentines Day gifts and gifts and get them delivered on the same-day. The company also provides grand opening arrangements and can also cater to big size arrangements even if the customers place a last-minute order. Following are the various delivery options that customers can choose from: Same Day Delivery- Customers can get same-day delivery of flowers, cakes, hampers anywhere in Singapore if the order is placed before 7 PM. Midnight Delivery- This is a one of a kind service in the market as the customers can place the order at the last-minute by 8 PM and get flowers and cake delivery in Singapore at midnight between 11 PM- 11:59 PM Fixed Time Delivery- Ferns N Petals can deliver a customer’s order in 3-hours anywhere in Singapore if the order is placed before 7 PM. Morning Delivery- This service has been launched based on customer demand. The idea is to deliver the gifts before a person leaves for work. For a morning delivery next day, customer needs to place the order by 8 PM previous day.   Talking about the future plans and on straightening the delivery service in the market Mr. Rahul Vyas, Business Head, said, “Convenience of the customers is a top priority for us, hence we will be launching 1 Hr. delivery service by Mid-December which will help people save time from going to nearest flower/cake shop to buy the items. Also, this will enable us to offer a quick delivery service for the last minute users during peak season like Christmas, Chinese New Year & Valentine.   View source version on businesswire.com: https://www.businesswire.com/news/home/20191204005392/en/  Contact Rahul Vyas +65-97279363 Email: rahul@fnp.sg Manager - Business Head Source : Ferns N Petals --BERNAMA

Wolters Kluwer assists Philippines' bank to manage Market Risk, ALM

KUALA LUMPUR, Dec 18 -- EastWest Banking Corporation (EastWest) has selected Wolters Kluwer’s OneSumX for Risk Management to manage its Market Risk and Asset and Liability Management (ALM) requirements.

The Philippines-based bank will implement the solutions to work alongside other Wolters Kluwer software modules, including OneSumX for Finance, which were used for many years.

EastWest is a universal bank that provides a wide array of products and services to retail and mid-market corporate customers.

Wolters Kluwer Finance, Risk & Reporting (FRR) OneSumX Market Risk solution provides an integrated view of profit and loss and risks on balance sheet.

Based on a centralised data structure specifically designed for financial institutions, the solution offers all modern risk analytics and techniques, from basic sensitivity and gap analysis, through more advanced Value at Risk techniques and into simultaneous dynamic simulation of credit and market risk, based on Monte Carlo modeling.

The ALM component is based on Wolters Kluwer’s integrated platform, enabling balance sheet modeling, stress testing and dynamic planning.

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions.

-- BERNAMA

HIMSS, Forrester to study digital doctor-patient relationship

KUALA LUMPUR, Dec 18 -- HIMSS and Forrester recently announced a research partnership to investigate the evolving digital doctor-patient relationship.

The research effort will survey global health system leaders to measure digital health technology adoption and emerging strategies for measuring and managing patient experience, as well as physician burnout.

Health systems are making increased investments in new patient engagement channels, virtual care platforms, chronic disease management solutions and healthcare analytics solutions that have the potential to impact both clinical outcomes and total cost of care.

The healthcare industry has long struggled to meaningfully address physician burnout and there is little consensus on the best approach to measure its prevalence within an organisation.

The industry needs more visibility into emerging strategies aimed at measuring and managing provider burnout and patient experience. This research partnership aims to achieve this goal.

Results from the HIMSS-Forrester research effort will be presented at the 2020 HIMSS Global Health Conference & Exhibition in Orlando, Florida, on March 11.

HIMSS is a global adviser and thought leader supporting the transformation of the health ecosystem via information and technology while Forrester is one of the world’s most influential research and advisory firms.

-- BERNAMA

Kacific's first satellite launched successfully into space

KUALA LUMPUR, Dec 17 -- Kacific1 was launched successfully into space aboard a SpaceX Falcon 9 rocket at 7.10pm Eastern Standard Time (UTC-5) on Dec 16, from the Cape Canaveral Air Force Station in Florida, USA.

According to a statement, it was placed into its target geostationary transfer orbit, 33 minutes following initial ignition.

Owned by Kacific Broadband Satellites Group (Kacific), the Boeing-built communications satellite will stream high-speed broadband to 25 nations in South East Asia and the Pacific Islands via 56 high-throughput beams.

“Kacific1 is the newest and most powerful commercial satellite operating in the Asia-Pacific region, placing Kacific in an excellent position to grow alongside these markets,” said Kacific founder and chief executive officer, Christian Patouraux.

“Its range of services, from mobile backhaul to broadband internet via VSAT terminals, will provide a catalyst for positive change in the nations it is about to serve. I’m thrilled to start seeing the social and economic impact of Kacific1.”

Kacific1 will cover Indonesia, The Philippines, Timor-Leste and South Asia with 28 spot beams, while the Pacific Islands and New Zealand will be covered with a further 28 beams.

Following a sequence of in-orbit manoeuvres and tests that are expected to take approximately six weeks, Kacific1 is scheduled to begin commercial operations in the first quarter next year.

-- BERNAMA

RESERVATIONS BEGIN FOR POKÉMON ROOMS ON DECEMBER 18 AT APARTMENT HOTEL MIMARU

^{Pokémon Room (Photo: Business Wire)}


- Five Locations in Tokyo and Kyoto will Have Rooms Available beginning December 24

TOKYO, Dec 18 (Bernama-BUSINESS WIRE) -- Cosmos Initia Co., Ltd, a member of the Daiwa House Group, in collaboration with The Pokémon Company, announced that reservations for Pokémon Rooms at APARTMENT HOTEL MIMARU locations in Tokyo and Kyoto, are open as of today for stays beginning Tuesday, December 24^th, onward.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191217005372/en/

 

Five MIMARU Locations (see note) in Tokyo and Kyoto will feature Pokémon Rooms with Pokémon-themed décor such as giant sleeping Snorlax and dishes with Poké Ball patterns. All guests will also receive complimentary Pokémon merchandise exclusive to the hotel.

The online reservation system will open at noon Japan Standard Time on Wednesday, December 18, 2019 at
https://pokemon.mimaruhotels.com/en-us
NOTE: Check the available locations at the website listed above. One of the locations in Kyoto will open for business on February 6, 2020.

An Overview of Pokémon Rooms
The walls of the dining and sleeping areas in each Pokémon Room feature a unique wallpaper with a Poké Ball motif. There will also be a giant stuffed Snorlax in each room and dishes in the kitchen area with original designs. There will also be mugs and plates for guests during their stay.

Original Merchandise as Gifts for our Guests

• An original-design drawstring bag, not for sale elsewhere
• An original-design welcome card, not for sale elsewhere
• Two original-design hand towels, not for sale elsewhere

NOTE: There are two types of hand towels with unique designs for the Tokyo and Kyoto locations.
NOTE: The Tokyo locations are at Ueno EAST and Hatchobori. The Kyoto locations are at Shinmachi Sanjo, Kyoto Station, and Kawaramachi Gojo.

Rooms are available for stays beginning Tuesday, December 24, 2019, onward (subject to availability). NOTE: Reservations are accepted starting at noon Japan Standard Time on Wednesday, December 18, 2019.

• Hotels Offering Pokémon Rooms
Pokémon Rooms will be available at the following five facilities.

• MIMARU Tokyo, Ueno East, 4-26-3 Higashiueno, Taito-ku, Tokyo 110-0015
Three minute walk from the Iriya exit of JR Ueno Station
https://mimaruhotels.com/en/ja-jp/ueno-east/

• MIMARU Tokyo, Hatchobori, 3-8-8 Nihonbashi Kayabacho Chuo-ku, Tokyo 103-0025
Two minute walk from Exit A5 or B1 of Hatchobori Station
https://mimaruhotels.com/en/ja-jp/hatchobori/

• MIMARU Kyoto, Shinmachi Sanjo, 105 Shinmachi-dori, Sankyo-dori, Nakagyo-ku, Kyoto 604-8206
Five minute walk from Exit 4-2 of Karasuma-oike Station
https://mimaruhotels.com/en/ja-jp/shinmachi-sanjo/

• MIMARU Kyoto Station, 15-1 Higashisanjo, Higashikujo, Minami-ku, Kyoto 601-8004
Two minute walk from Hachijo East Exit of JR Kyoto Station
https://mimaruhotels.com/en/ja-jp/kyoto-station/

• MIMARU Kyoto, Kawaramachi Gojo, 17-1 Hiraicho, Nishitakasegawasuji, Shimogyo-ku, Kyoto 600-8118
Note: The MIMARU Kyoto, Kawaramachi Gojo facility plans to open on February 6, 2020.

Three minute walk from Exit 1 of Kiyomizu-gojo Station
https://mimaruhotels.com/en/ja-jp/kawaramachi-gojo/

​​​​​​​© 2019 Pokémon. © 1995–2019 Nintendo, Creatures Inc., GAME FREAK Inc.

• APARTMENT HOTEL MIMARU
APARTMENT HOTEL MIMARU, online at https://mimaruhotels.com/, is an urban-style hotel designed to cater to the needs of families or groups for medium- to long-term stays, and offer rooms complete with kitchenettes, and living and dining spaces. With the space and services that allow families to relax in 40m² (430.6ft²) rooms, this hotel chain offers a new way to stay in Japan.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20191217005372/en/

Contact

Kazuyuki Tanaka, Yuki Okihara
Marketing Section, Management Department
Cosmos Hotel Management Co., Ltd.
Tel: +81-3-5444-3600
Email: info@chm.cigr.co.jp

Source : Cosmos Hotel Management Co., Ltd.

Outbrain appoints new Head of Sales for APAC operations

KUALA LUMPUR, Dec 17 -- Outbrain, the world’s leading discovery and native advertising feed for the open web has appointed Nathan Jackson as the new Head of Sales for the APAC region.

According to a statement, this latest addition to the region’s leadership marks a further step towards Outbrain’s strategy of strengthening the group’s presence.

An innovative leader in the digital media space, Jackson brings more than 10 years of experience working closely with publishers, technology and data platforms.

In his new role, he will drive the strategic commercial and programmatic leadership and deepen industry knowledge of native advertising to this key growth region.

Jackson will manage the advertising revenues and oversee sales teams, which are based in Australia and Singapore, across the region.

“Advertisers, publishers and technology platforms must work together to create a high quality and innovative online experience. I am confident that the combined experience and talent of our regional leadership team will allow us to further develop key partnerships in the region,” said Outbrain MD International, Alexander Erlmeier.

Outbrain first started operating in the region in 2012 with main offices in Sydney and Singapore. More recently, the business has expanded into new markets, including China and India, as well as established a strong network of premium publisher partners including REA, NZ Herald and Mediacorp.

-- BERNAMA

P&G releases 2019 Citizenship Report on progress over 4 focus areas

KUALA LUMPUR, Dec 4 -- The Procter & Gamble Company (P&G) has released its 2019 Citizenship Report, detailing progress in its Citizenship focus areas of Community Impact, Diversity & Inclusion, Gender Equality and Environmental Sustainability built on the foundation of Ethics and Corporate Responsibility.

With operations in about 70 countries serving nearly five billion people, the Company leverages its scale, innovation and talented employees, along with the reach of its 65 leadership brands, to do good daily.

P&G’s contributions have been recognised externally with higher 2019 rankings on Fortune’s World’s Most Admired Companies and the Axios Harris Poll 100, according to a statement.

In addition, more than 80 per cent of P&G’s employees expressed a favourable opinion about its Citizenship efforts, making Citizenship a high-scoring index in the Company’s 2019 annual survey.

Among those highlighted in the report, P&G provided disaster relief kits filled with its products to families affected by more than 25 natural disasters. It also established neurodiversity programmes at four Company sites to provide opportunities for individuals on the autism spectrum.

In April, P&G marked its one-year anniversary of Ambition 2030 – a set of bold sustainability goals encompassing P&G’s brands, supply chain, society and employees.

It also partnered with TerraCycle to introduce the ‘milkman’ concept of reusable packaging with Loop and joined forces with more than 40 companies to form the Alliance to End Plastic Waste to reduce global use of virgin petroleum plastic in product packaging.

More information at https://us.pg.com.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF BAO MINH INSURANCE CORPORATION

SINGAPORE, Dec 16 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Bao Minh Insurance Corporation (BMI) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect BMI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

BMI’s balance sheet strength assessment is underpinned by risk-adjusted capitalization that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Despite the company’s moderate dividend payout ratio, which has limited the company’s capital growth, retained earnings have remained sufficient to bolster shareholders’ equity and support business growth. Offsetting balance sheet considerations include the company’s simplistic asset liability management framework for the management of long-duration products.

AM Best views the company’s operating performance as adequate, as evidenced by a five-year average return-on-equity ratio of 6.8% (2014-2018). BMI’s underwriting performance has operated consistently at a close to a break-even position, with a five-year average combined ratio of 98.1% (2014-2018). BMI’s technical performance remains constrained partially by its elevated operating expense ratio. Despite this, the company’s overall earnings remain supported by robust investment returns arising mainly from interest income on term deposits. AM Best expects the organization to continue to focus on underwriting profitability despite rising competitive pressures. However, there are concerns that the long-duration health and personal accident products may exhibit higher loss ratios in later policy years.

AM Best assesses BMI’s business profile as neutral. In 2018, the company reported gross written premiums (GWP) of VND 4.0 trillion (USD 174 million), ranking it fourth by market share among non-life insurers in Vietnam. BMI continues to benefit from the business referrals through its major shareholder. The company’s premium is well-diversified by product. The main lines of businesses are personal accident and health, motor, and property and engineering, which collectively accounted for approximately 76% of GWP in 2018.

AM Best considers the company’s ERM framework as appropriate given the size and complexity of its operations. Risk management capabilities are aligned typically with the profile of its key risks.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

http://mrem.bernama.com/viewsm.php?idm=36415

VFMC chooses BNY Mellon to support data transformation

KUALA LUMPUR, Dec 17 -- BNY Mellon has been selected by the Victorian Funds Management Corporation (VFMC) to adopt its Eagle Data Management product to underpin comprehensive data and IT transformation strategy.

The solutions, hosted on Eagle ACCESS [SM], a secure private cloud, also include a Managed Services agreement to integrate, clean, enrich and validate multiple sources of investment data into one centralised location.

It also helps to manage the technology environment for VFMC on a going-forward basis.

In its search for a technology partner to support its IT transformation strategy, VFMC prioritised solutions that could improve data quality while offering a flexible and open platform able to scale as assets under management also grow.

As the investment specialist of the government of Victoria in Australia, VFMC manages assets of over US$65 billion, and delivers investment and funds-management services to 29 Victorian public authorities and related organisations. (US$1 = RM4.14)

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. More details at www.bnymellon.com

-- BERNAMA

IELTS: Official English test provider for UK visas

KUALA LUMPUR, Dec 17 -- The International English Language Testing System (IELTS), the world’s most trusted language test will continue to be accepted for UK visas that require applicants to demonstrate their English.

This is according to the announcement by the UK Visas and Immigration (UKVI).

Following a tender process, IELTS was reappointed as an official test provider for visas required as part of UK immigration applications.

IELTS managing director at Cambridge Assessment English, Christine Nuttall said: “This announcement is a testament to the ongoing value and trust placed in IELTS by the United Kingdom Government and test takers around the world.”

IELTS is the only test trusted for migration purposes by the governments of the UK, Australia, Canada and New Zealand.

IELTS for UKVI and IELTS Life Skills can be taken at more than 110 centres across the IELTS global network.

-- BERNAMA

Epiq appoints Vishal Chhibbar as president, chief financial officer

KUALA LUMPUR, Dec 17 -- Vishal Chhibbar has joined Epiq, a global leader in the legal services industry, as president and chief financial officer, bringing over three decades of experience in global finance and operations.

According to a statement, he will be responsible for the finance function, global operations and lead the continued transformation of Epiq to deliver high value solutions to clients with world class process, automation and technology.

With a remarkable record of accomplishments, Chhibbar has worked with blue chip companies on mergers, acquisitions, financial and strategic planning, joint venture management, Security and Exchange Commission accounting and reporting, as well as managing risk in diverse markets and expanding economies.

Most recently, he served for 10 years as the executive vice-president and chief financial officer for EXL Services, a publicly traded company.

Chhibbar is a Chartered Accountant and an Associate Member of Certified Practicing Accountant Australia and Six Sigma Black Belt certified. He holds a Bachelor of Commerce from DAV College, Dehradun in India.

-- BERNAMA

LeddarTech to exhibit LiDAR technology at CES 2020 early January

KUALA LUMPUR, Dec 17 -- LeddarTech will exhibit its LiDAR technology at the four-day CES 2020, beginning Jan 7, next year at the Las Vegas Convention Center.

LeddarTech will join an esteemed group of companies at the Government of Canada Booth, in collaboration with the Government of Quebec’s Ministry of Economy and Innovation.

“LeddarTech is excited and honoured to join the Government of Quebec at this year’s Consumer Electronics Show,” said LeddarTech Vice-President (Global Marketing & Communications), Daniel Aitken.

CES 2020 is a return for LeddarTech which has been committed to this annual event for several years now.

LeddarTech will be participating in several different locations throughout the conference as it continues to gain accolades and attention for its industry-leading LiDAR solutions.

Moreover, LeddarTech was honoured as a CES 2020 Innovation Award Honoree in Vehicle Intelligence and Transportation for the newly-launched Leddar(™) Pixell, a Cocoon LiDAR recently released for the autonomous vehicle market.

Launched in September, the Leddar Pixell has won both praises and awards from industry associations and customers, alike.

-- BERNAMA

Capital Life Insurance Company Limited credit ratings withdrawn - AM Best

KUALA LUMPUR, Dec 16 -- AM Best has affirmed the Financial Strength Rating of C- (weak) and the Long-Term Issuer Credit Rating of ‘cc’ of Capital Life Insurance Company Limited (CLI) Papua New Guinea, resulting in stable outlook of these ratings.

Concurrently, these ratings have been withdrawn as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect CLI’s balance sheet strength, which AM Best described as weak, as well as its adequate operating performance, limited business profile and weak enterprise risk management.

The ratings factor in a neutral impact from the company’s 100 per cent ownership by Capital Insurance Group Limited.

Risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, remained at a very weak level at year-end 2018.

This follows an internal control failure that resulted in notable reserve strengthening of the company’s medical portfolio, which led to a significant decline in shareholders’ equity at 2017-end.

The company’s management team has since implemented a number of remedial actions, including large premium rate adjustments and strengthening of policy conditions.

AM Best continues to view CLI’s business profile as limited given the company’s small scale of operations and niche portfolio of business. It is also viewed to have a moderate level of product concentration and a high level of geographical concentration, with its entire premium base emanating from Papua New Guinea.

-- BERNAMA

AM Best downgrades, withdraws Papua New Guinea's CGI credit ratings

KUALA LUMPUR, Dec 16 -- AM Best has downgraded the Financial Strength Rating to C (weak) from C+ (marginal) and the Long-Term Issuer Credit Rating to ‘ccc’ from ‘b-’ of Capital General Insurance Company Limited (CGI) Papua New Guinea.

According to a statement, the outlook of these credit ratings remained negative.

Concurrently, these ratings have been withdrawn as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect CGI’s balance sheet strength, which AM Best described as weak, as well as its adequate operating performance, limited business profile and weak enterprise risk management.

The rating downgrades reflect a deterioration in AM Best’s view of CGI’s operating performance and balance sheet strength fundamentals.

The company’s underwriting and operating performance metrics have exhibited a high degree of volatility over a number of years.

Most recently, a notable increase in large loss activity arising from the company’s property portfolio during the second half of 2019 is expected to drive a material pre-tax operating loss for full-year 2019.

A number of single large property losses, principally arising from fire events, has triggered the company’s reinsurance protection multiple times during the second half of this year.

Consequently, CGI’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, continues to depict a high level of volatility and trend negatively.

The negative outlooks reflect AM Best’s expectation of continued pressure on risk-adjusted capitalisation over the medium term and ongoing volatility in operating performance metrics.

-- BERNAMA