| HONG KONG, Feb 27 (Bernama-BUSINESS WIRE) -- A regulatory change in South Korea permitting co-insurance to be used as a type of reinsurance arrangement may unlock opportunities and alternative capital sources for insurers, while reinsurers may benefit from greater business opportunities, according to a new AM Best report. Previously, only risk premiums may be ceded to reinsurers under the Insurance Business Act. The change in regulation now allows for risk transfers associated with other types of risks, such as risks from future interest rate changes and policy cancellations, both of which stem from savings premiums under South Korean regulatory definitions. The new Best’s Commentary, titled, “South Korea Regulation Change Brings Solvency Solution to Primary Insurers and Opportunities to Reinsurance Market,” states that with the new amendment, a new source of capital may help to provide solvency relief for life and non-life primary insurers with large interest rate risk exposures as they prepare for the upcoming implementations of both IFRS 17 accounting standards, and a more stringent risk-based capital (RBC) regime — the Korea Insurance Capital Standard — and likely will translate into a positive for primary insurers’ credit profiles. Insurance companies increasingly have adopted hybrid or debt securities issuance as a method to improve their available capital positions under the local RBC calculation framework. However, this practice has not been sufficient to mitigate fully the rising interest rate risks for some companies. It also potentially introduces other challenges, such as higher interest expenses and increased leverage. AM Best also notes that the industry’s efforts to lower required capital through narrowing their asset-liability mismatch gaps by raising asset duration are met with challenges such as a limited supply of long-duration assets in the domestic market, as well as volatile hedging costs for overseas investments. The regulatory change should increase demand for reinsurance, though the ultimate capital relief benefit provided to the industry will depend on the reinsurance pricing and capacity available in the market. Given the lack of local experience and precedents, AM Best anticipates that the larger international reinsurance players with experience in offering alternative capital solutions will be pioneers in this aspect; at the same time, these developments likely also will spur South Korea’s national reinsurer to expand its current scope and product offerings. AM Best will continue to monitor the further regulatory developments, and will assess any impact arising on the credit fundamentals of rated entities where possible. To access a copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=294579. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2020 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/20200226005517/en/ Contact Chanyoung Lee Senior Financial Analyst +852 2827 3404 chanyoung.lee@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 |
Saturday, 29 February 2020
BEST'S COMMENTARY: SOUTH KOREA REGULATION CHANGE BRINGS SOLVENCY SOLUTION TO PRIMARY INSURERS, OPPORTUNITIES TO REINSURERS
Friday, 28 February 2020
NIPPON EXPRESS LAUNCHES INTERMODAL ("RAIL & SEA") TRANSPORT SERVICE FROM EUROPE TO JAPAN VIA TAICANG, CHINA
TOKYO, Feb. 28, 2020 /Kyodo JBN-AsiaNet/--
| -"NEX Ocean-Solution China Land Bridge EJ (Europe-Japan)" Service in Operation- Nippon Express Co., Ltd. has launched "NEX Ocean-Solution China Land Bridge EJ (Europe-Japan)" intermodal ("rail & sea") service from Europe to Japan via Taicang, China, that uses cross-border rail transport between Europe and China. Logo: https://kyodonewsprwire.jp/img/202002267353-O1-7Zq9HWZj Image: https://kyodonewsprwire.jp/prwfile/release/M103866/202002267353/_prw_PI2fl_cgp2MIlD.png Service details The intermodal service, launched on February 19, combines rail transport from Europe (Hamburg and Duisburg in Germany as well as Malaszewicze in Poland) to China (Xian) with marine transport from the Port of Taicang to major ports in Japan (Tokyo, Yokohama, Nagoya, Osaka and Kobe). The lead time from various railway terminals in Europe to these major Japanese ports is 26-28 days. Service features - Lead time is substantially shorter than that for "all-water" marine transport (approximately 40 days). - Lead time is shorter by about one week, and transport costs about 40% lower, than for conventional rail & sea intermodal transport service from Europe via Dalian, China. - Scheduled trains depart European rail stations bound for Xian Station twice weekly (on Wednesdays and Fridays), making it possible to link up flexibly with marine transport. Background to service development In November 2015, Nippon Express began offering cross-border rail transport service between China and Europe as a "third transport mode" between air and marine transport and established this as a viable transport means. Intermodal transport service from Japan to Europe via Dalian, China, using China-Europe railways was launched in May 2018, and then complemented in September 2019 by sea & rail intermodal transport service via Xiamen (Amoy), China. The significant interest shown by customers in this "third transport mode" has prompted Nippon Express to consider developing services for other routes, and the latest addition to its service lineup offers customers shorter lead times, lower costs and greater convenience. Nippon Express website: http://www.nipponexpress.com/ Official LinkedIn Account: NIPPON EXPRESS GROUP https://www.linkedin.com/company/nippon-express-group/ SOURCE: Nippon Express Co., Ltd. --BERNAMA |
PROTEGRITY ANNOUNCES JUMPSTART SUBSCRIPTION PROGRAM AT RSA CONFERENCE 2020
STAMFORD, Conn. Feb 26 (Bernama-BUSINESS WIRE) -- Protegrity, the only data-first enterprise security platform, announces a new Data Protection Jumpstart Subscription program at the RSA Conference 2020 which takes place this week in San Francisco.
Protegrity’s data security platform offers best-in-class, policy-driven data protection and governance capabilities, and is relied upon by leading organizations around the globe to safely utilize their data by protecting it in production, in motion, and at rest. The Protegrity platform protects data at rest, in motion, and in use and provides robust discovery, monitoring, and governance features for on-premise and hybrid cloud environments.
With the introduction of the Data Protection Jumpstart Subscription program, organizations can implement Protegrity’s data security platform faster, and more efficiently than ever before. Jumpstart streamlines time-to-live for enterprises adopting the Protegrity Data Security Platform, by condensing the project scope, training, discovery, design, and delivery phases into a 16-week timeframe. To ensure successful long-term adoption, Jumpstart includes ongoing access to Protegrity’s Global Support organization.
Scott Fleming, EVP Global Services and Support, Protegrity, commented that “Enterprises cannot afford to risk prolonged exposure to cyberattacks due to drawn-out procurement and implementation cycles. We developed the Jumpstart program to get businesses discovering and securing their sensitive data as quickly as possible.”
Jumpstart engagements include access to the entire Protegrity platform including the recently-upgraded Insight Discovery product which identifies sensitive data in structured and unstructured formats such as images, Word documents, PDFs, and CSV files.
Rick Farnell, CEO, Protegrity, commented, “The largest brands in the world have trusted Protegrity to help protect their more sensitive data for nearly 15 years. Jumpstart allows customers to get started using our platform across their enterprise easier and faster than ever before. We are committed to helping our customers secure their data across all applications, datastores and cloud platforms.”
To schedule a personalized demo or fix a meeting at Protegrity - Booth No. 5580, North Expo, register here: https://www.protegrity.com/event/schedule-a-demo-rsa-2020
About Protegrity
Founded by a team of data security experts aiming to simplify the complexities of traditional data protection methods, Protegrity has at its core the customer-first mission of creating and delivering the most comprehensive and reliable data security solutions possible. This mission and commitment has driven our innovative approach for more than 15 years, which remains unmatched in its depth and breadth. With Protegrity, enterprises can confidently leverage their sensitive data for digital transformation while ensuring its protection whether in motion, in use, or at rest. For more information, visit www.protegrity.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200225005999/en/
Contact
James Cook | Digital Marketing Director
T: +1 203-914-6130
E: james.cook@protegrity.com
Related Links
Website
Media Opportunities
Source : Protegrity
--BERNAMA
Protegrity’s data security platform offers best-in-class, policy-driven data protection and governance capabilities, and is relied upon by leading organizations around the globe to safely utilize their data by protecting it in production, in motion, and at rest. The Protegrity platform protects data at rest, in motion, and in use and provides robust discovery, monitoring, and governance features for on-premise and hybrid cloud environments.
With the introduction of the Data Protection Jumpstart Subscription program, organizations can implement Protegrity’s data security platform faster, and more efficiently than ever before. Jumpstart streamlines time-to-live for enterprises adopting the Protegrity Data Security Platform, by condensing the project scope, training, discovery, design, and delivery phases into a 16-week timeframe. To ensure successful long-term adoption, Jumpstart includes ongoing access to Protegrity’s Global Support organization.
Scott Fleming, EVP Global Services and Support, Protegrity, commented that “Enterprises cannot afford to risk prolonged exposure to cyberattacks due to drawn-out procurement and implementation cycles. We developed the Jumpstart program to get businesses discovering and securing their sensitive data as quickly as possible.”
Jumpstart engagements include access to the entire Protegrity platform including the recently-upgraded Insight Discovery product which identifies sensitive data in structured and unstructured formats such as images, Word documents, PDFs, and CSV files.
Rick Farnell, CEO, Protegrity, commented, “The largest brands in the world have trusted Protegrity to help protect their more sensitive data for nearly 15 years. Jumpstart allows customers to get started using our platform across their enterprise easier and faster than ever before. We are committed to helping our customers secure their data across all applications, datastores and cloud platforms.”
To schedule a personalized demo or fix a meeting at Protegrity - Booth No. 5580, North Expo, register here: https://www.protegrity.com/event/schedule-a-demo-rsa-2020
About Protegrity
Founded by a team of data security experts aiming to simplify the complexities of traditional data protection methods, Protegrity has at its core the customer-first mission of creating and delivering the most comprehensive and reliable data security solutions possible. This mission and commitment has driven our innovative approach for more than 15 years, which remains unmatched in its depth and breadth. With Protegrity, enterprises can confidently leverage their sensitive data for digital transformation while ensuring its protection whether in motion, in use, or at rest. For more information, visit www.protegrity.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200225005999/en/
Contact
James Cook | Digital Marketing Director
T: +1 203-914-6130
E: james.cook@protegrity.com
Related Links
Website
Media Opportunities
Source : Protegrity
--BERNAMA
Thursday, 27 February 2020
TRICOR GROUP RELEASES COVID-19 BUSINESS SENTIMENT & RESILIENCE BAROMETER REPORT HIGHLIGHTING THE ACUTE FINANCIAL AND OPERATIONAL CHALLENGES FACING COMPANIES IN APAC
HONG KONG, Feb 27 (Bernama-BUSINESS WIRE) -- Businesses in Asia Pacific are struggling to maintain operations amidst the Coronavirus (COVID-19) outbreak. Nearly 50% report that they will be forced to restructure business operations to stay afloat if the situation worsens, according to the Tricor Group COVID-19 Business Sentiment and Resilience Barometer Report released today.
The Business Barometer Report, which evaluated how the outbreak is impacting Asia Pacific business sentiment, business continuity planning, operational decision-making, business restructuring and expansion strategies.
This report contains key primary research findings from an in-depth survey conducted of business leaders and finance executives at 1,050 organizations in APAC, sampling a cross-section of start-ups, SMEs, MNCs and listed companies in the private sector across 12 major industries.
Key findings from the report include:
The Business Barometer Report, which evaluated how the outbreak is impacting Asia Pacific business sentiment, business continuity planning, operational decision-making, business restructuring and expansion strategies.
This report contains key primary research findings from an in-depth survey conducted of business leaders and finance executives at 1,050 organizations in APAC, sampling a cross-section of start-ups, SMEs, MNCs and listed companies in the private sector across 12 major industries.
Key findings from the report include:
- 1 out of 2 executives agree that their business has been impacted by the current public health situation and are concerned about the future of their business.
- 43% of executives report that if the situation gets worse, they will need to consider restructuring operations.
- Less than 1 in 3 executives are confident they have well-equipped crisis management teams capable of handling the situation.
- 43% of the executives agree that COVID-19 has heightened their awareness of business continuity risks and has increased their need for third-party, consulting and outsourcing support.
- 46% of the executives are actively looking for ways to streamline business functions through cost reductions and operational efficiency.
- Nearly half of the executives cite cost reduction as a key strategic focus to help navigate business uncertainty resulting from the acute reliance on Mainland China.
The report also offers key insights, industry analysis, recommendations and best practices that organizations can leverage to scale up readiness and response in the face of business uncertainty in 2020 and beyond. To achieve business resiliency, top priorities for businesses include: 1) De-risking and diversifying supply chains, 2) Rebalancing market interdependencies, 3) Restructuring business operations to reduce costs and 4) Mitigating operational risk exposures through outsourcing and offshoring.
Lennard Yong, Tricor Group CEO, said: “As business leaders, we cannot always control the situation, but we can control how we react to it, particularly when it comes to dealing with disruptions to operations. Since January, Tricor has received an increasing number of inquiries from organizations looking to circumvent the challenges posed by COVID-19 and cut the cost of daily operations, especially in mainland China and Hong Kong SAR. Our teams, led by Tricor Mainland China CEO Hailiang Zhang and Tricor Hong Kong Joe Wan, are dedicated to helping clients face the evolving business environment with confidence – and thrive in the face of uncertainty.”
Gary Tok, Tricor Group CCO said: “Amidst the COVID-19 outbreak, organizations in Asia Pacific are focusing on becoming more resilient by restructuring, diversifying and automating operations. Tricor ace, our shared services centre, streamlines back-end operations for our clients, including payroll, invoice management and HR administration. This allows our clients to quickly set up, expand and seamlessly scale new markets at unprecedented rates Furthermore, Tricor recently signed a sale and purchase agreement to acquire the Malaysia operations of Axcelasia Inc. (a SGX listed company), which strategically equips us with a full suite governance, risk & compliance (GRC) solutions to help clients future-proof their operations.”
Sunshine Farzan, Tricor Group, Group Head of Marketing & Communications said: "Businesses face a challenging start to the new decade and are now anticipating a few more difficult months ahead. Tricor’s COVID-19 Barometer Research conducted in mid-February 2020 shows that sentiments of concern COVID-19 are most acute in the technology, hospitality and travel, professional services, consumer goods and manufacturing sector – and amongst small and mid-sized organizations. By highlighting these challenges and prescribing possible solutions, this report can help executives own business continuity strategies and achieve resilience.”
About Tricor Group
Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, and corporate trust & debt services. Tricor provides the building blocks for, and catalyzes every stage of clients’ business growth, from incorporation to IPO. Tricor has had a rapid expansion through organic growth and development as well as partnerships, mergers and acquisitions. The Group today has over 50,000 clients globally (including 20,000 clients in mainland China), a staff strength of over 2,600 and a network of offices in 47 cities across 21 countries / territories. Our client portfolio includes over 1,500 companies listed in Hong Kong SAR and China, ~500 companies listed in Singapore and Malaysia, and more than 40% of the Fortune Global 500 companies, as well as a significant share of multinationals and private enterprises operating across international markets. In March 2017, the Permira Funds became the controlling shareholder of the Tricor Group, alongside management.
Visit: www.tricorglobal.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200226005850/en/
Contact
For more information, please contact:
HONG KONG SAR (GROUP OFFICE)
Sunshine Farzan
Tricor Services Limited
Group Head of Marketing & Communications
Tel: +852 2980 1261
Email: Sunshine.Farzan@hk.tricorglobal.com
Source : Tricor Group
Lennard Yong, Tricor Group CEO, said: “As business leaders, we cannot always control the situation, but we can control how we react to it, particularly when it comes to dealing with disruptions to operations. Since January, Tricor has received an increasing number of inquiries from organizations looking to circumvent the challenges posed by COVID-19 and cut the cost of daily operations, especially in mainland China and Hong Kong SAR. Our teams, led by Tricor Mainland China CEO Hailiang Zhang and Tricor Hong Kong Joe Wan, are dedicated to helping clients face the evolving business environment with confidence – and thrive in the face of uncertainty.”
Gary Tok, Tricor Group CCO said: “Amidst the COVID-19 outbreak, organizations in Asia Pacific are focusing on becoming more resilient by restructuring, diversifying and automating operations. Tricor ace, our shared services centre, streamlines back-end operations for our clients, including payroll, invoice management and HR administration. This allows our clients to quickly set up, expand and seamlessly scale new markets at unprecedented rates Furthermore, Tricor recently signed a sale and purchase agreement to acquire the Malaysia operations of Axcelasia Inc. (a SGX listed company), which strategically equips us with a full suite governance, risk & compliance (GRC) solutions to help clients future-proof their operations.”
Sunshine Farzan, Tricor Group, Group Head of Marketing & Communications said: "Businesses face a challenging start to the new decade and are now anticipating a few more difficult months ahead. Tricor’s COVID-19 Barometer Research conducted in mid-February 2020 shows that sentiments of concern COVID-19 are most acute in the technology, hospitality and travel, professional services, consumer goods and manufacturing sector – and amongst small and mid-sized organizations. By highlighting these challenges and prescribing possible solutions, this report can help executives own business continuity strategies and achieve resilience.”
About Tricor Group
Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, and corporate trust & debt services. Tricor provides the building blocks for, and catalyzes every stage of clients’ business growth, from incorporation to IPO. Tricor has had a rapid expansion through organic growth and development as well as partnerships, mergers and acquisitions. The Group today has over 50,000 clients globally (including 20,000 clients in mainland China), a staff strength of over 2,600 and a network of offices in 47 cities across 21 countries / territories. Our client portfolio includes over 1,500 companies listed in Hong Kong SAR and China, ~500 companies listed in Singapore and Malaysia, and more than 40% of the Fortune Global 500 companies, as well as a significant share of multinationals and private enterprises operating across international markets. In March 2017, the Permira Funds became the controlling shareholder of the Tricor Group, alongside management.
Visit: www.tricorglobal.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200226005850/en/
Contact
For more information, please contact:
HONG KONG SAR (GROUP OFFICE)
Sunshine Farzan
Tricor Services Limited
Group Head of Marketing & Communications
Tel: +852 2980 1261
Email: Sunshine.Farzan@hk.tricorglobal.com
Source : Tricor Group
HeadSpin secures US$60 million funding, adds Nikesh Arora as Chairman of the Board
KUALA LUMPUR, Feb 27 -- HeadSpin has announced a US$60 million Series C funding round led by Dell Technologies Capital and ICONIQ Capital with participation from institutional investors Tiger Global Management, Kearny Jackson, and Alpha Square Group. (US$1 = RM4.22)
The round brings the total amount raised since inception to US$117 million. HeadSpin will use the funding to develop new product offerings, expand into new market segments, and deepen position within cloud ecosystems.
Also participating in the round are leading angel investors, including LinkedIn’s Jeff Weiner, We’s Shiva Rajaraman, Calm’s Alex Will, Notion’s Akshay Kothari, Bumble’s Derek Callow, Caviar’s Gokul Rajaram, Uber’s Manik Gupta and Stripe’s Amber Feng.
In the same statement, HeadSpin also announced that Palo Alto Networks’ Chairman and Chief Executive Officer, Nikesh Arora, has joined the company Board of Directors as Chairman of the Board.
Understanding that connected experiences enabled by web, mobile, IoT, and 5G technologies have become the primary point of interaction between companies and their customers, HeadSpin developed the world’s first Connected Intelligence Platform™ to unify testing, monitoring and analytics across applications, devices and networks.
This enables companies to optimise the functionality and performance of connected experiences throughout the development lifecycle and across the increasingly complex ecosystem of software and infrastructure used to reach today’s global audiences.
Since launching in 2015, HeadSpin has doubled its annual revenue year-over-year, earning the trust of over 1,000 enterprise customers and telco operators. New HeadSpin enterprise customers include Microsoft, Tik Tok, Bandai Namco Studios, Yahoo! and Uber.
More details at https://www.headspin.io.
-- BERNAMA
Wednesday, 26 February 2020
LeddarTech to exhibit and present at Automotive TECH.AD Berlin starting March 2
KUALA LUMPUR, Feb 26 -- LeddarTech®, an industry leader in LiDAR technology will exhibit and take the stage at Automotive TECH.AD Berlin on March 2 and 3.
Its Chief Technology Officer, Pierre Olivier will present ‘Solid-State Flash Sensors for Autonomous Driving’ on March 2, regarding the role LiDAR plays in the automotive ecosystem for ADAS and Autonomous Driving applications as well as an exploration of promising LiDAR development platforms.
Olivier will also be on hand for the ever-popular ‘Challenge Your Peers’ segment of TECH.AD, entitled ‘The 'Safe' Sensor Set for L5 AD Vehicles’, according to a statement.
As Europe’s foremost technical autonomous vehicle L4+ development conference for the automotive industry, the theme of TECH.AD Berlin is to address the challenges of achieving full autonomy.
One of Europe’s leading knowledge exchange events, Automotive Tech.AD brings together stakeholders who play an active role in the vehicle automation scene under the motto ‘From Development & Deployment to Series-Production’.
LeddarTech also will demonstrate its award-winning Leddar™ Pixell and platform technologies at booth 20 at TECH.AD.
More details at https://leddartech.com.
-- BERNAMA
Tuesday, 25 February 2020
AM BEST AFFIRMS CREDIT RATINGS OF GUILD INSURANCE LIMITED
SINGAPORE, Feb 24 (Bernama-BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Guild Insurance Limited (GIL) (Australia). The outlook of these Credit Ratings (ratings) is stable.
These ratings reflect GIL’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 (ERM).
GIL’s balance sheet strength is underpinned by its risk-adjusted capitalization, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best also views GIL as having a prudent approach to reserving, maintaining a buffer in its reserves notably above the regulatory imposed minimums. Other balance sheet considerations include the company’s strong regulatory solvency position, conservative investment strategy and limited financial flexibility given its ultimate ownership by a not-for-profit organization.
AM Best views GIL’s operating performance as adequate, as evidenced by a five-year average return-on-equity ratio of 6% (fiscal-years 2015-2019). Overall earnings over the past five years remain supported by robust and generally stable investment returns. GIL’s combined ratio has been maintained historically at approximately 100%, reflecting a favorable loss ratio albeit offset by an elevated expense ratio when compared with the industry average. Prospectively, AM Best expects an adequate level of operating performance to be maintained and underpinned by continued good loss experience, supported by expense efficiencies achieved in the coming years.
AM Best views GIL’s business profile as neutral. While the company is considered a small insurer in Australia’s non-life sector with a total gross written premium of AUD 195 million and an overall market share below 1% in fiscal-year 2019, GIL is a leading provider of insurance protection to allied health professional associations. The company’s presence in this segment is supported by its direct access to members of its parent; The Pharmacy Guild of Australia, a national employers’ organization representing community pharmacies across Australia.
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 analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 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/20200221005279/en/
Contact
Yi Ding
Financial Analyst
+65 6303 5021
yi.ding@ambest.com
Jason Shum
Associate Director, Analytics
+852 2827 3424
jason.shum@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
http://mrem.bernama.com/viewsm.php?idm=36806
These ratings reflect GIL’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 (ERM).
GIL’s balance sheet strength is underpinned by its risk-adjusted capitalization, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best also views GIL as having a prudent approach to reserving, maintaining a buffer in its reserves notably above the regulatory imposed minimums. Other balance sheet considerations include the company’s strong regulatory solvency position, conservative investment strategy and limited financial flexibility given its ultimate ownership by a not-for-profit organization.
AM Best views GIL’s operating performance as adequate, as evidenced by a five-year average return-on-equity ratio of 6% (fiscal-years 2015-2019). Overall earnings over the past five years remain supported by robust and generally stable investment returns. GIL’s combined ratio has been maintained historically at approximately 100%, reflecting a favorable loss ratio albeit offset by an elevated expense ratio when compared with the industry average. Prospectively, AM Best expects an adequate level of operating performance to be maintained and underpinned by continued good loss experience, supported by expense efficiencies achieved in the coming years.
AM Best views GIL’s business profile as neutral. While the company is considered a small insurer in Australia’s non-life sector with a total gross written premium of AUD 195 million and an overall market share below 1% in fiscal-year 2019, GIL is a leading provider of insurance protection to allied health professional associations. The company’s presence in this segment is supported by its direct access to members of its parent; The Pharmacy Guild of Australia, a national employers’ organization representing community pharmacies across Australia.
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 analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 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/20200221005279/en/
Contact
Yi Ding
Financial Analyst
+65 6303 5021
yi.ding@ambest.com
Jason Shum
Associate Director, Analytics
+852 2827 3424
jason.shum@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
http://mrem.bernama.com/viewsm.php?idm=36806
NIPPON EXPRESS USA RELOCATES WAREHOUSE TO LONG BEACH (LOS ANGELES)
TOKYO, Feb 25 (Bernama) -- Nippon Express USA, Inc. (hereinafter, "NE USA"), a local subsidiary of Nippon Express Co., Ltd., has relocated its principal location for West Coast ocean cargo transport and warehousing operations from Torrance to Long Beach, both in California. The new location in Long Beach, part of the Los Angeles metropolitan area, opened for business in January 2020.
Logo: https://kyodonewsprwire.jp/img/202002217132-O3-M9KxbID5
An opening ceremony was held at the new location on Tuesday, January 28.
Photo1: Opening ceremony
https://kyodonewsprwire.jp/prwfile/release/M103866/202002217132/_prw_PI1lg_1QSJx8da.jpg
Photo2: Exterior view of new location
https://kyodonewsprwire.jp/prwfile/release/M103866/202002217132/_prw_PI2lg_1TKqb67K.jpg
Reflecting the robust U.S. economy, the Port of Los Angeles area has been seeing a sharp rise across the board in warehouse demand. NE USA's previous location comprised three buildings on the same site, but the new location will use a single high-ceilinged building in the interest of greater storage and operational efficiency.
This consolidation of locations with a Nippon Express Group company, Associated Global Systems, Inc., is expected to produce considerable synergy by efficiently integrating the trunk transport of cargo to/from Los Angeles.
The new site in Long Beach sits alongside the Port of Los Angeles' "Heavy Container Corridor," a roadway on which overweight container loads can be transported without special authorization. NE USA will be seeking to take advantage of this siting to step up its business efforts in the transport of large plant equipment and other heavy haulage as well as various transloading operations, and to acquire new forwarding business.
The new location is an air-conditioned facility equipped with frozen (-20 C) and refrigerated (2 C to 8 C) temperature control, enabling storage of perishables, pharmaceuticals and other goods requiring temperature control.
NE USA remains committed to further enhancing its community-rooted logistics services worldwide to support its customers' diversifying global business operations.
Profile of new location
Name: Ocean Service Division & Logistics Service Division, Los Angeles Branch;
Household Goods Branch; Nippon Express USA, Inc.
Address: 1901 W. Pacific Coast Highway, Long Beach, CA 90810, USA
Warehouse area: 16,570 square meters
Office: 1,535 square meters
Nippon Express website: http://www.nipponexpress.com/
Official LinkedIn Account: NIPPON EXPRESS GROUP
https://www.linkedin.com/company/nippon-express-group/
Source: Nippon Express Co., Ltd.
--BERNAMA
Logo: https://kyodonewsprwire.jp/img/202002217132-O3-M9KxbID5
An opening ceremony was held at the new location on Tuesday, January 28.
Photo1: Opening ceremony
https://kyodonewsprwire.jp/prwfile/release/M103866/202002217132/_prw_PI1lg_1QSJx8da.jpg
Photo2: Exterior view of new location
https://kyodonewsprwire.jp/prwfile/release/M103866/202002217132/_prw_PI2lg_1TKqb67K.jpg
Reflecting the robust U.S. economy, the Port of Los Angeles area has been seeing a sharp rise across the board in warehouse demand. NE USA's previous location comprised three buildings on the same site, but the new location will use a single high-ceilinged building in the interest of greater storage and operational efficiency.
This consolidation of locations with a Nippon Express Group company, Associated Global Systems, Inc., is expected to produce considerable synergy by efficiently integrating the trunk transport of cargo to/from Los Angeles.
The new site in Long Beach sits alongside the Port of Los Angeles' "Heavy Container Corridor," a roadway on which overweight container loads can be transported without special authorization. NE USA will be seeking to take advantage of this siting to step up its business efforts in the transport of large plant equipment and other heavy haulage as well as various transloading operations, and to acquire new forwarding business.
The new location is an air-conditioned facility equipped with frozen (-20 C) and refrigerated (2 C to 8 C) temperature control, enabling storage of perishables, pharmaceuticals and other goods requiring temperature control.
NE USA remains committed to further enhancing its community-rooted logistics services worldwide to support its customers' diversifying global business operations.
Profile of new location
Name: Ocean Service Division & Logistics Service Division, Los Angeles Branch;
Household Goods Branch; Nippon Express USA, Inc.
Address: 1901 W. Pacific Coast Highway, Long Beach, CA 90810, USA
Warehouse area: 16,570 square meters
Office: 1,535 square meters
Nippon Express website: http://www.nipponexpress.com/
Official LinkedIn Account: NIPPON EXPRESS GROUP
https://www.linkedin.com/company/nippon-express-group/
Source: Nippon Express Co., Ltd.
--BERNAMA
Unisys to present at Air Cargo India conference next week
KUALA LUMPUR, Feb 19 -- Unisys Corporation, a global information technology company has announced its cargo industry director, Niranjan Navaratnarajah will present at the Air Cargo India conference on Feb 26 in Mumbai.
He will discuss why a fundamental cultural change is essential for the air cargo industry to remain nimble, economically viable and combat escalating physical and data security threats.
“In the increasingly competitive air cargo industry, the whole ecosystem spanning airlines, warehouses, freight forwarders, booking agents, customs and road/rail transport must accelerate its digital transformation to be more efficient and remain economically viable,” said Navaratnarajah.
“Some players have made great strides in adopting new technologies, from online marketplaces, to IoT and drones. However, for most of the industry, a fundamental cultural change is required to evolve and create a truly connected supply chain.”
Navaratnarajah has cited three areas where cultural change was required in air cargo, namely, make inventory visible across multiple sales channels to create new business models, focus on both data and physical security, and respond to market demand for specialised cargo.
Reducing shipment dwell time in warehouses is key to improving efficiency. Smarter processes in the warehouse are a first step, but the industry also needs to develop new channels to market.
Unisys has more than 55 years of experience providing innovative IT solutions to the travel and transportation industry. Its cargo solutions are used by many of the world's leading carriers, who collaborate via the Unisys Cargo User Group.
More details at www.unisys.com.
-- BERNAMA
He will discuss why a fundamental cultural change is essential for the air cargo industry to remain nimble, economically viable and combat escalating physical and data security threats.
“In the increasingly competitive air cargo industry, the whole ecosystem spanning airlines, warehouses, freight forwarders, booking agents, customs and road/rail transport must accelerate its digital transformation to be more efficient and remain economically viable,” said Navaratnarajah.
“Some players have made great strides in adopting new technologies, from online marketplaces, to IoT and drones. However, for most of the industry, a fundamental cultural change is required to evolve and create a truly connected supply chain.”
Navaratnarajah has cited three areas where cultural change was required in air cargo, namely, make inventory visible across multiple sales channels to create new business models, focus on both data and physical security, and respond to market demand for specialised cargo.
Reducing shipment dwell time in warehouses is key to improving efficiency. Smarter processes in the warehouse are a first step, but the industry also needs to develop new channels to market.
Unisys has more than 55 years of experience providing innovative IT solutions to the travel and transportation industry. Its cargo solutions are used by many of the world's leading carriers, who collaborate via the Unisys Cargo User Group.
More details at www.unisys.com.
-- BERNAMA
TELEDYNE DALSA'S 32K TDI CAMERA DELIVERS THE INDUSTRY'S HIGHEST RESOLUTION IN LINE SCAN IMAGING
Patent-pending pixel offset technology outputs 32k resolution for enhanced detectability
WATERLOO, Ontario, Feb 21 (Bernama-GLOBE NEWSWIRE) -- Teledyne DALSA, a Teledyne Technologies [NYSE:TDY] company and global leader in machine vision technology, is pleased to announce the release of its newest charge-domain CMOS TDI camera – the Linea HS 32k TDI camera using patent-pending pixel offset technology.
“One of the greatest challenges in machine vision today is to increase resolution while maintaining or even reducing system-level costs. Our new Linea HS 32k TDI camera provides an innovative solution to meet such contradictory requirements. OEMs can readily integrate the new camera into existing systems to achieve much higher performance without needing to change any components,” said Xing-Fei He, Senior Product Manager for Teledyne DALSA’s line scan portfolio.
The Linea HS 32k uses two 16k/5μm TDI arrays with pixel offset. Two 16k/5μm images are captured in real time, then reconstructed to achieve a higher resolution image of 32k/2.5μm. This upconversion significantly enhances detectability for subpixel defects. One advantage of the patent-pending pixel offset technology is that existing lighting and 16k/5μm lenses can be used without sacrifice in responsivity and MTF with a smaller physical pixel size.
Combined with Teledyne’s Xtium™2 CLHS series of high-performance frame grabbers, these new products represent a breakthrough in data throughput. Built on field-proven technology, the next generation CLHS fiber optic interface provides reliable and high throughput data transmission. Fiber optic cables lower system costs, offer longer cable lengths (up to 300 m), are immune to electromagnetic radiation in industrial environments. Teledyne DALSA’s Xtium2 family of high-performance frame grabbers feature the PCI Express Gen 3 x8 platform.
Key Features:
· Up to 150 kHz line rate in 32k/2.5um resolutions, or 5 Gpix/sec
· Compatible with existing lighting and lenses for 16k/5μm
· Very low noise and high sensitivity
· Active pixel assisted alignment
· Camera Link HS fiber optic interface for high reliability and long cable data transmission
· Lowers system costs
Please visit the Linea HS product page for more information. For sales enquiries, visit our contact page, and for full resolution images, our online media kit.
About Teledyne DALSA
Teledyne DALSA is a part of the Teledyne Imaging group and a leader in the design, manufacture and deployment of digital imaging components for machine vision. Teledyne DALSA image sensors, cameras, smart cameras, frame grabbers, software, and vision solutions are at the heart of thousands of inspection systems around the world and across multiple industries. For more information, visit www.teledynedalsa.com/imaging.
Teledyne Imaging is a group of leading-edge companies aligned under the Teledyne umbrella. Teledyne Imaging forms an unrivalled collective of expertise across the spectrum with decades of experience. Individually, each company offers best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest imaging and related technology portfolio in the world. From aerospace through industrial inspection, scientific research, spectroscopy, radiography and radiotherapy, geospatial surveying, and advanced MEMS and semiconductor solutions, Teledyne Imaging offers worldwide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage.
All trademarks are registered by their respective companies.
Teledyne Imaging reserves the right to make changes at any time without notice.
Media Contact:
Geralyn Miller
Senior Manager, Global Media Relations
Tel: +1-519-886-6001 ext. 2187
Email: geralyn.miller@teledyne.com
Sales Contacts:
Sales.americas@teledynedalsa.com
Sales.europe@teledynedalsa.com
Sales.asia@teledynedalsa.com
SOURCE: Teledyne DALSA
--BERNAMA
WATERLOO, Ontario, Feb 21 (Bernama-GLOBE NEWSWIRE) -- Teledyne DALSA, a Teledyne Technologies [NYSE:TDY] company and global leader in machine vision technology, is pleased to announce the release of its newest charge-domain CMOS TDI camera – the Linea HS 32k TDI camera using patent-pending pixel offset technology.
“One of the greatest challenges in machine vision today is to increase resolution while maintaining or even reducing system-level costs. Our new Linea HS 32k TDI camera provides an innovative solution to meet such contradictory requirements. OEMs can readily integrate the new camera into existing systems to achieve much higher performance without needing to change any components,” said Xing-Fei He, Senior Product Manager for Teledyne DALSA’s line scan portfolio.
The Linea HS 32k uses two 16k/5μm TDI arrays with pixel offset. Two 16k/5μm images are captured in real time, then reconstructed to achieve a higher resolution image of 32k/2.5μm. This upconversion significantly enhances detectability for subpixel defects. One advantage of the patent-pending pixel offset technology is that existing lighting and 16k/5μm lenses can be used without sacrifice in responsivity and MTF with a smaller physical pixel size.
Combined with Teledyne’s Xtium™2 CLHS series of high-performance frame grabbers, these new products represent a breakthrough in data throughput. Built on field-proven technology, the next generation CLHS fiber optic interface provides reliable and high throughput data transmission. Fiber optic cables lower system costs, offer longer cable lengths (up to 300 m), are immune to electromagnetic radiation in industrial environments. Teledyne DALSA’s Xtium2 family of high-performance frame grabbers feature the PCI Express Gen 3 x8 platform.
Key Features:
· Up to 150 kHz line rate in 32k/2.5um resolutions, or 5 Gpix/sec
· Compatible with existing lighting and lenses for 16k/5μm
· Very low noise and high sensitivity
· Active pixel assisted alignment
· Camera Link HS fiber optic interface for high reliability and long cable data transmission
· Lowers system costs
Please visit the Linea HS product page for more information. For sales enquiries, visit our contact page, and for full resolution images, our online media kit.
About Teledyne DALSA
Teledyne DALSA is a part of the Teledyne Imaging group and a leader in the design, manufacture and deployment of digital imaging components for machine vision. Teledyne DALSA image sensors, cameras, smart cameras, frame grabbers, software, and vision solutions are at the heart of thousands of inspection systems around the world and across multiple industries. For more information, visit www.teledynedalsa.com/imaging.
Teledyne Imaging is a group of leading-edge companies aligned under the Teledyne umbrella. Teledyne Imaging forms an unrivalled collective of expertise across the spectrum with decades of experience. Individually, each company offers best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest imaging and related technology portfolio in the world. From aerospace through industrial inspection, scientific research, spectroscopy, radiography and radiotherapy, geospatial surveying, and advanced MEMS and semiconductor solutions, Teledyne Imaging offers worldwide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage.
All trademarks are registered by their respective companies.
Teledyne Imaging reserves the right to make changes at any time without notice.
Media Contact:
Geralyn Miller
Senior Manager, Global Media Relations
Tel: +1-519-886-6001 ext. 2187
Email: geralyn.miller@teledyne.com
Sales Contacts:
Sales.americas@teledynedalsa.com
Sales.europe@teledynedalsa.com
Sales.asia@teledynedalsa.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/01f9a9e6-36ae-4cf7-b162-f92a062b08a
SOURCE: Teledyne DALSA
--BERNAMA
Monday, 24 February 2020
Mary Kay names Monique Coleman first-ever Pink Changing Lives Honoree
KUALA LUMPUR, Feb 18 -- Mary Kay Inc, a long-time leader in global female empowerment has named Monique Coleman as its first-ever Pink Changing Lives Honoree.
According to a statement, Pink Changing Lives is Mary Kay’s global commitment to celebrate individuals and organisations that improve women and girls’ lives worldwide.
It has supported more than three million women and their families by partnering with over 2,000 organisations and donating over US$15 million. (US$1 = RM4.14)
Mary Kay’s Pink Changing Lives cause empowerment programme to donate funds to organisations focused on supporting cancer research, helping end hunger, protecting survivors from domestic abuse and beautifying communities, among others.
This year, Mary Kay has created the Pink Changing Lives Honoree programme to celebrate influential women worldwide who change lives and history for the better.
Long before Coleman first graced the silver screen as Taylor McKessie in Disney’s High School Musical, she was a young girl with big dreams of changing the world. Coleman is an advocate for improving the social and economic well-being of young people, most notably being appointed the first United Nations Youth Champion in 2010.
As Youth Champion, Coleman raised awareness around the most serious challenges facing young women the world over, including poverty, domestic violence and lack of educational resources.
Over the years, Coleman has supported various charities including Thirst Project, She’s The First, Global Kids, Lollipop Theater, Better Youth, WeDay, Playworks, Allstate Foundation, and UN Foundation’s Girl Up Campaign.
-- BERNAMA
Friday, 21 February 2020
CERUZZI PROPERTIES SECURES $350 MILLION LOAN AT 'THE CENTRALE' NYC LUXURY TOWER
New loan from Meritz Securities marks the first Korean inventory loan in New York City
NEW YORK, Feb 21 (Bernama-GLOBE NEWSWIRE) -- Ceruzzi Properties has secured the next phase of financing at The Centrale, the luxury residential condominium tower at 138 East 50th Street in the Midtown East neighborhood of Manhattan.
Meritz provided Ceruzzi with a $350 million inventory loan collateralized by the luxury residential tower, which pays off a previous $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017. The new financing marks the first Korean inventory loan in New York City.
“We are pleased with the seamless execution of this latest financing between all parties involved,” said Ceruzzi President Arthur Hooper. “In addition, we are very appreciative of the original construction loan that Madison Realty Capital provided on the property, which allowed us to complete this remarkable asset within the original timeline.”
The 803-foot, 63-floor tower features 124 luxury residential condominium units, 8,527 square feet of retail space at and below grade, and a 25-space parking garage, with a façade designed by Pelli Clarke Pelli Architects. Ceruzzi completed The Centrale in early 2019 and has begun selling condos at the project, having put 20 units into hard contract already.
VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to enter as the asset management company for the project.
“We’ve always had great confidence in this borrower and this asset,” said Terence Park, CEO and President of VI Development Group. “The transaction shows that Korean investors have rapidly developed their underwriting abilities in recent years, putting them on par with major local lenders. We believe this is just the beginning of an influx of sophisticated Korean capital that will provide an attractive alternative financing option for New York City borrowers moving forward.”
The new financing pays off the $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017 and allows the firm to successfully exit the investment.
“It’s been a pleasure working with a top-tier sponsor such as Ceruzzi Properties and the firm’s partners throughout this process,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “We are proud to have played a significant role in bringing this stunning, high-quality asset to fruition.”
JLL represented Ceruzzi exclusively on the transaction.
“New York City remains the go-to market for global capital,” said JLL Managing Director Chris Peck. “This transaction proves that quality product and premier sponsorship, coupled with a central location, will always drive liquidity for condo inventory financing."
The Centrale offers a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. The building features luxury amenities including an indoor pool and spa, fitness center, and shared work areas, while interior design by Champalimaud Design contributes to the property’s overall high-end sheen.
The property is located in the Midtown East’s Plaza District, between Third Avenue and Lexington Avenues. The high-end location offers easy access to Grand Central and its range of subway trains, including the 4, 5, 6, 7 and S, as well as uptown, downtown and crosstown buses, and close proximity to nearby attractions such as Times Square and Bryant Park.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $12 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
SOURCE : Madison Realty Capital
NEW YORK, Feb 21 (Bernama-GLOBE NEWSWIRE) -- Ceruzzi Properties has secured the next phase of financing at The Centrale, the luxury residential condominium tower at 138 East 50th Street in the Midtown East neighborhood of Manhattan.
Meritz provided Ceruzzi with a $350 million inventory loan collateralized by the luxury residential tower, which pays off a previous $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017. The new financing marks the first Korean inventory loan in New York City.
“We are pleased with the seamless execution of this latest financing between all parties involved,” said Ceruzzi President Arthur Hooper. “In addition, we are very appreciative of the original construction loan that Madison Realty Capital provided on the property, which allowed us to complete this remarkable asset within the original timeline.”
The 803-foot, 63-floor tower features 124 luxury residential condominium units, 8,527 square feet of retail space at and below grade, and a 25-space parking garage, with a façade designed by Pelli Clarke Pelli Architects. Ceruzzi completed The Centrale in early 2019 and has begun selling condos at the project, having put 20 units into hard contract already.
VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to enter as the asset management company for the project.
“We’ve always had great confidence in this borrower and this asset,” said Terence Park, CEO and President of VI Development Group. “The transaction shows that Korean investors have rapidly developed their underwriting abilities in recent years, putting them on par with major local lenders. We believe this is just the beginning of an influx of sophisticated Korean capital that will provide an attractive alternative financing option for New York City borrowers moving forward.”
The new financing pays off the $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017 and allows the firm to successfully exit the investment.
“It’s been a pleasure working with a top-tier sponsor such as Ceruzzi Properties and the firm’s partners throughout this process,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “We are proud to have played a significant role in bringing this stunning, high-quality asset to fruition.”
JLL represented Ceruzzi exclusively on the transaction.
“New York City remains the go-to market for global capital,” said JLL Managing Director Chris Peck. “This transaction proves that quality product and premier sponsorship, coupled with a central location, will always drive liquidity for condo inventory financing."
The Centrale offers a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. The building features luxury amenities including an indoor pool and spa, fitness center, and shared work areas, while interior design by Champalimaud Design contributes to the property’s overall high-end sheen.
The property is located in the Midtown East’s Plaza District, between Third Avenue and Lexington Avenues. The high-end location offers easy access to Grand Central and its range of subway trains, including the 4, 5, 6, 7 and S, as well as uptown, downtown and crosstown buses, and close proximity to nearby attractions such as Times Square and Bryant Park.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $12 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
SOURCE : Madison Realty Capital
AG&P breaks ground on LNG Import Facility, expands access to natural gas for downstream customers
KUALA LUMPUR, Feb 21 -- AG&P, the global downstream gas and LNG logistics company has broken ground on its LNG Import Facility at Karaikal Port, Puducherry, paving the way to broader access to natural gas as a primary fuel in South India.
According to a statement, the Karaikal LNG Import Facility (Karaikal LNG) is expected to commence commercial operations by fourth quarter, next year.
Owned and operated by AG&P, Karaikal LNG Import Facility is being built on a 12-hectare site within the Karaikal Port, which enjoys the only deep-water access on the East Coast of India south of Chennai, with all-weather capabilities and round-the-clock operations.
Karaikal LNG, which will have an initial capacity of one million tonnes per annum (MTPA), will include a Floating Storage Unit (FSU) leased via a long-term charter agreement with ADNOC Logistics and Services from 2021 to provide an efficient solution that will enable the supply of this clean fuel to be affordable.
Strategically located 280km south of Chennai and in close proximity to Tamil Nadu’s thriving manufacturing clusters, the new terminal will provide natural gas to power plants, industrial and commercial customers within a 300km radius.
In addition, Karaikal LNG will serve the important city gas networks of AG&P and other city gas companies that bring CNG and LNG to vehicles and piped natural gas to households and other establishments.
AG&P develops and builds LNG import terminals in nascent and growing markets worldwide. At Karaikal LNG, AG&P has developed a flexible configuration combining floating storage and onshore facilities, such as truck-loading, to increase operational efficiencies – resulting in a flexible and commercially-compelling solution for customers.
More details at www.agpglobal.com.
Karaikal LNG, which will have an initial capacity of one million tonnes per annum (MTPA), will include a Floating Storage Unit (FSU) leased via a long-term charter agreement with ADNOC Logistics and Services from 2021 to provide an efficient solution that will enable the supply of this clean fuel to be affordable.
Strategically located 280km south of Chennai and in close proximity to Tamil Nadu’s thriving manufacturing clusters, the new terminal will provide natural gas to power plants, industrial and commercial customers within a 300km radius.
In addition, Karaikal LNG will serve the important city gas networks of AG&P and other city gas companies that bring CNG and LNG to vehicles and piped natural gas to households and other establishments.
AG&P develops and builds LNG import terminals in nascent and growing markets worldwide. At Karaikal LNG, AG&P has developed a flexible configuration combining floating storage and onshore facilities, such as truck-loading, to increase operational efficiencies – resulting in a flexible and commercially-compelling solution for customers.
More details at www.agpglobal.com.
-- BERNAMA
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