Saturday 31 December 2022

ABEL NOSER ENDS 2022 ON A HIGH NOTE

KUALA LUMPUR, Dec 30 (Bernama) -- United States (US)-based Abel Noser Holdings, a market leader in institutional trade analytics and agency-only trading solutions, has notched a number of noteworthy achievements, including new product launches, numerous industry partnerships, and a ramping up of trade surveillance services this year.

In a statement, Abel Noser said its analytics arm, Abel Noser Solutions, began offering a first-of-its-kind global options transaction cost analysis product that covers all options strategies, from covered calls to complex spread strategies.

“The offering enables clients to quantify the transaction costs of options hedging, income and more speculative strategies while evaluating broker performance metrics and execution quality,” it said.

Abel Noser co-chief executive officer (CEO), Peter Weiler said the company expects best execution requirements for brokers and managers to continue to be updated and quantified, including calls for more fixed income transparency, pending updates to SEC Rule 605 and various US Financial Industry Regulatory Authority (FINRA) directives for the coming year.

“We also expect a continued ramping up of electronic and algorithmic trading, plus a greater emphasis on trading clarity and oversight from all sectors,” he said.

Its subsidiary, Zeno AN Solutions has also launched environmental, social and corporate governance (ESG)-agnostic consensus rating product for asset owners that provides portfolio-level analysis to help assess, measure and monitor the degree to which management practices are consistent with the client’s ESG policies.

The group had also developed a set of new regulatory tools to help brokers identify improper or illegal trading activity while implementing the best execution.

This year, Abel Noser has set up strategic liaisons with major industry players like JP Morgan’s Neovest and partnerships with more niche players, including working with the Hackett Group for minority and/or women-owned business enterprise (MWBE) brokerage programmes, and OWL ESG for consensus ESG data that powers the new fund holdings analysis product.

Co-CEO, Steve Glass said that the management is proud of the many successes that its top-notch team has accomplished this past year and looks forward to applying the firm’s resources and leading position as the overall market matures and becomes more data-driven.

-- BERNAMA

Friday 30 December 2022

 SAINT LUCIA UPDATES ITS CITIZENSHIP BY INVESTMENT REGULATIONS TO REMAIN COMPETITIVE IN THE INVESTMENT MIGRATION INDUSTRY



Castries, Dec 30 (Bernama-GLOBE NEWSWIRE) -- Saint Lucia has amended the regulations of its Citizenship by Investment Programme to remain increasingly competitive and ensure that the Caribbean country fulfils its mandate of growing demand for its investment products for the ultimate benefit of the people of Saint Lucia. 

As one of the youngest Citizenship by Investment products in the market, Saint Lucia has made bold strides in offering an alternative investment option in the Caribbean’s most developed and diverse economies. 

The country’s Citizenship by Investment Unit has taken a comprehensive review of its Citizenship by Investment offerings following approvals from the Citizenship by Investment Board and Honourable Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information, Ernest Hilaire. The below amendments to the existing regulations will take effect from 1 January 2023.
 
• Developers applying for approved real estate under the Citizenship by Investment Programme or enterprise projects will now have to pay due diligence and background check fee of US$7,500. 
 
• The replacement fee for a lost or damaged certificate will increase from US$100 to US$500. 
 
• Investors who have been a citizen of Saint Lucia for 12 months or less that are looking to include a newborn dependent through the country’s National Economic Fund will now have to pay a fee of US$5000, this has increased from US$500. 
 
• There is also an introduction of a new Bond Offer for investors purchasing non-interest-bearing Government Bonds with the following qualifying investment sums:
 
Category of applicant Bond purchase sum Bond holding period 
Applicant and all qualifying dependents of any number US$300,000 5-year holding bond 
Administrative fee (regardless of the number of dependants) US$50,000  
 
• To qualify for second citizenship through the real estate option, investors will have to invest a minimum of US$200,000, a reduction from US$300,000. 


Saint Lucia is emerging as one of the fastest-growing economies in the Caribbean region and the nation is well-known for offering various investment and business opportunities for people looking for options to plan their wealth and diversify their portfolios. 

The country’s Citizenship by Investment Programme is a perfect choice as it offers ideal business opportunities to investors who do not want to be bound by border limitations. 

The Caribbean country is recognized for providing a second home not just to investors but to their families too. The nation has been lauded for its advanced and modernized infrastructure. Saint Lucia has one of the most resilient, modernized education and healthcare systems in the region, which makes it ideal for investors and their families. 

The Citizenship by Investment Programme of this Caribbean country attracts Foreign Direct Investment (FDI) for the nation which is used for advancing various projects such as the development of infrastructure, advancement of real estate, business expansion and job innovation. 

The CBI Index 2022, published by PWM Magazine of Financial Times, reported that CBI is assuring the small island nation of Saint Lucia has become independent, developed and prosperous in the true sense. The report also recognized the programme for its “Ease of Processing” and “Due Diligence” Pillars. This year, Saint Lucia’s Citizenship by Investment Programme climbed a spot and gained the third position. 

Saint Lucia’s Citizenship by Investment Unit makes sure that citizenship is given to credible applicants of good standing while their dependants over the age of sixteen are also subject to multi-layered due diligence checks, in order to qualify for alternative citizenship. Saint Lucia asks for detailed information from the applicants to understand the funding source of the investors who want citizenship.
 
On this due diligence aspect, Minister Ernest Hilaire recently addressed concerns and fears related to Saint Lucia’s CBI Programme. He gave assurance that the government of Saint Lucia and its CBI Unit perform a strict and rigid due diligence process. Hilaire explained that the due diligence process is a multi-layered procedure noting, “Due diligence is performed by our Unit on all applicants, this is then followed by another due diligence check by the banks. This is then followed by due diligence checks by international intelligence units who also do on-the-ground assessments.” 

He also noted that the Government and Unit have been planning to review the country’s CBI programme, making it more attractive as well as competitive. Minister Hilaire announced that these updates would maintain the country’s rigorous but seamless vetting process. 

While the programme is the newest in the region, launched in 2016, the Government has made sure to set the bar very high – the programme has been regarded as one of the most advanced, secure as well as transparent programmes. 

Through the National Economic Fund, this prestigious programme has helped the nation to develop important public infrastructure. The funds from the programme have been directly contributing to advancing the standard of living of Saint Lucians. 

Alternative citizenship in the Caribbean nation is emerging as a platform to alleviate and tackle the risk of uncertainty and unpredictability in future. There is no other better plan than investing in building a new home at a place which offers ample opportunities and, most importantly, peace out of the hustle and bustle of big cities.


PR Saint Lucia
Saint Lucia
+1 758 458 6050
mildred.thabane@csglobalpartners.com

SOURCE : Saint Lucia

 TDCX TO ATTEND TWO INVESTOR CONFERENCES IN JANUARY 2023



KUALA LUMPUR, Dec 30 (Bernama) -- TDCX Inc, a digital customer experience (CX) solutions provider for technology and blue-chip companies, has announced it will attend two upcoming investor conferences.

In a statement, TDCX said the two conferences will be the Credit Suisse ASEAN Conference 2023 on Jan 5 and the Annual Needham Growth Conference 2023 on Jan 12.

Singapore-headquartered TDCX provides transformative digital CX solutions, enabling world-leading and disruptive brands to acquire new customers, build customer loyalty and protect their online communities.

The company has over 17,400 employees across 27 campuses globally, specifically Singapore, Malaysia, Thailand, the Philippines, China and Hong Kong, among others.

For more details about TDCX Inc, please visit the website at www.tdcx.com.

-- BERNAMA

Thursday 29 December 2022

ST KITTS AND NEVIS UNVEILS CHANGES TO CITIZENSHIP BY INVESTMENT PROGRAMME

KUALA LUMPUR, Dec 28 (Bernama) -- St Kitts and Nevis has introduced raft of changes to its Citizenship by Investment Programme, which is set to benefit both locals and investor.

The much-anticipated changes was announced by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin.

“Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.

“These changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Martin in a statement.

The changes have been gazetted on Dec 23 and will take effect on Jan 1, 2023.

The programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme, namely sustainability, good governance and pragmatism.

To further the programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly.

-- BERNAMA

Wednesday 28 December 2022

 LOCKIN TO WORK WITH SOUTHEAST ASIAN FINANCIAL SECTOR TO HASTEN SECURE DIGITALISATION



KUALA LUMPUR, Dec 28 (Bernama) -- South Korea’s Lockin Company plans to expand the presence of its flagship mobile security application, Lockin App Protector (LIAPP), in Southeast Asia by working with financial institutions and financial technology (fintech) firms and accelerating the region’s secure digitalisation of financial services.

The company said this would help create a more financially inclusive society for underserved citizens such as micro-business owners and rural communities.

“We plan to work with more financial service providers in Southeast Asia to strengthen mobile app security with LIAPP’s robust, cloud-based security infrastructure,” said Lockin chief executive officer Myoung Kyu Choi in a statement.

Lockin said LIAPP already protects customer-facing applications of institutions such as Industrial Bank of Korea, KB Kookmin Bank’s network of apps in Cambodia, Myanmar, and Vietnam; Indonesian fintech firm Rupi; as well as one of Indonesia’s largest banks.

It said that running on a Runtime Application Self-Protection system, LIAPP offers rooting detection, anti-tampering, memory protection, native library protection, and screen capture prevention, among other cyber protection services.

“By delivering best-in-class performance, LIAPP’s action-based detection technology prevents malicious app attacks by immediately detecting the first hint of tampering or suspicious app activity.

“LIAPP constantly evolves to provide utmost security and comply with market regulations. Its services range from basic protection to LIAPP Enterprise, which safeguards cross-border enterprises such as fintech firms and banks,” Lockin added.

-- BERNAMA

Tuesday 27 December 2022

 INTERNATIONAL SUPERSTAR RAIN CELEBRATES CHRISTMAS IN HONG KONG AS THE CITY REOPENS TO THE WORLD


Rain (Jung ji-hoon) is back in Hong Kong and is joined by Mr Dane Cheng, HKTB Executive Director, in the lighting ceremony of Hong Kong WinterFest to ring in Christmas with the city. (Photo Credit: Hong Kong Tourism Board)

Rain (Jung ji-hoon) is back in Hong Kong and is joined by Mr Dane Cheng, HKTB Executive Director, in the lighting ceremony of Hong Kong WinterFest to ring in Christmas with the city. (Photo Credit: Hong Kong Tourism Board)


HONG KONG, Dec 27 (Bernama-BUSINESS WIRE) -- In this festive month of the year, the Hong Kong Tourism Board (HKTB) invited Korean superstar Rain (Jung Ji-hoon) to spend the Christmas holiday in Hong Kong and to be the honorary guest for the lighting ceremony at the spectacular Christmas Wonderland of “Hong Kong WinterFest”.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221223005173/en/
 
Hong Kong is ready to welcome global visitors back to the city and the HKTB is glad to have Rain at this special time of the year. As much as his fans miss him, Rain has missed Hong Kong and its diverse food culture, which never fails to surprise him.

He said, “I’m delighted to be back in Hong Kong, after my last visit in 2019, and to be welcomed by the city. I’m looking forward to trying as many of the local delicacies as I can and enjoying the amazing views, while soaking in the festive spirit and joy of Christmas.”

Rain has experienced Hong Kong’s unique offerings from every angle, from its unforgettable local cuisine to the stunning skyline and breath-taking landscapes.

Unforgettable Local Cuisine

Rain says that Hong Kong is a food paradise and that he knows that no trip to Hong Kong is complete without trying dim sum, so his first stop in Hong Kong was enjoying dim sum at a Michelin Cantonese restaurant. He also walked through the West Kowloon neighbourhood, where he enjoyed “typhoon shelter-style fried crab” at a local authentic eatery.

Taking A Scenic Ride On The New Generation Peak Tram

As Hong Kong debuted the 6th Generation Peak Tram recently, Rain took the opportunity to ride on the new generation tram up to the Peak, where he enjoyed the beautiful views of Victoria Harbour and its surroundings, as well as local street snack egg waffle, both of which he never gets tired of.

Rain Joins The Christmas Town Lighting Ceremony

On 23 December, Rain paid a special visit to the lighting ceremony at Hong Kong WinterFest’s Christmas Wonderland as the honorary guest and rang in Christmas with the people in Hong Kong. As a traveller, Rain expressed his warm feelings about the trip and sent heartfelt blessings to the people of Hong Kong.

For more information about Hong Kong WinterFest, please visit the HKTB website:
https://www.discoverhongkong.com/hk-eng/what-s-new/events/hong-kong-winterfest.html

For the latest travel requirements for inbound travellers, please visit:
https://www.discoverhongkong.com/eng/plan/traveller-info/boarding-and-testing-arrangements-upon-arrival.html

*All photos and videos are for advertising and creative purposes only. Please wear a mask and comply with latest regulations and guidelines issued by the HKSAR Government.

Information about video and images downloads:
Download link: https://drive.google.com/drive/folders/1DOjLZfZNlid0PfvSRcfcM2FneXu7H-eI?usp=sharing

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20221223005173/en/


Contact

Ms Holly Chan
Email: holly.chan@hktb.com
Ms Natalie Chan
Email: natalie.yt.chan@hktb.com

Source : Hong Kong Tourism Board

Cloudflare: Google is world's top Internet service, beats Facebook, Apple, TikTok

KUALA LUMPUR, Dec 23 (Bernama) -- Google is the most popular Internet service, beating Facebook (No. 2) as well as Apple and TikTok (tied at No. 3) and YouTube (No. 5), according to US-based Internet services firm, Cloudflare Inc.

Cloudflare said its 2022 Year in Review showed that Facebook ranked first among social media services, with TikTok coming in second.

"Instagram (No. 3) surpassed Twitter (No. 4) as the photo and video-sharing app knocked Twitter from third place in August," it said.

Cloudflare also highlighted that worldwide Internet traffic surged in late November as the Fifa World Cup 2022 got underway and holiday shoppers made Black Friday, Nov 25, the busiest day online in 2022.

Its co-founder and chief executive officer, Matthew Prince, said Cloudflare had built one of the world’s largest networks that offer a unique view of Internet traffic and online activityaround the world.

“The world continues to rely on the Internet, and we are humbled to have been able to do our part to keep the world connected through protests, conflicts, and natural disasters in 2022. It’s a privilege to help build a better, more transparent and more informed Internet,” he added.

Cloudflare said the data for its Year in Review findings came from Cloudflare Radar, a free tool that lets anyone view global trends and insights across the Internet.

-- BERNAMA

Saturday 24 December 2022

AM BEST REVISES OUTLOOK FOR INDONESIA’S TUGU TO NEGATIVE

KUALA LUMPUR, Dec 23 (Bernama) -- AM Best has revised the outlook of PT Asuransi Tugu Pratama Indonesia Tbk (Tugu) to negative from stable while affirming its financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent).

The rating agency said the credit ratings reflected the Indonesian insurer’s balance sheet strength, which it assessed as very strong, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management.

“The ratings also factor in a neutral impact from the company’s ultimate majority parent, PT Pertamina (Persero), a state-owned energy company in Indonesia,” AM Best said in a statement.

It said the revision of the outlook to negative from stable reflected the trend of deterioration in Tugu’s underwriting performance over recent periods.

“We expect the overall operating performance to remain constrained over the near to medium term,” it said

The rating agency said Tugu’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remains at the strongest level.

“Capital adequacy is supported by its low net underwriting leverage and ongoing internal capital generation while its investment portfolio as assessed by AM Best to be of moderate risk and generally diversified,” it said.

AM Best said Tugu’s operating performance was also regarded as strong, driven by profitable business from its parent company, Pertamina, which continues to be the key contributor.

“However, underwriting performance has deteriorated in the two most recent financial years, accompanied by an increasing trend of operating expense ratio, and underwriting losses at its reinsurance subsidiary, PT Tugu Reasuransi Indonesia (Tugu Re).

“Meanwhile, pre-tax profits increased 15 per cent in the first nine months of 2022 compared with the same period in 2021 supported by higher investment income,” it said.

Tugu is a large insurance group in Indonesia, ranked number five by market share in 2021 in the domestic general insurance market, and additionally writes reinsurance through Tugu Re.

-- BERNAMA

QUANTEXA’S PLATFORM CATEGORY LEADER IN CHARTIS RISKTECH100 REPORT

KUALA LUMPUR, Dec 23 (Bernama) -- Quantexa, a global data and analytics software company announced that its Decision Intelligence Platform has been recognised as a category leader in the Chartis RiskTech100 report for Trade-Based Anti-Money Laundering (TBAML) Solutions.

In a statement, it said the platform was also named as a category leader in the Chartis Financial Crime Risk Management Systems, Entity Management and Analytics Quadrant report.

“The 2023 RiskTech100 report ranks the world’s major players in risk and compliance technology.

“The Quantexa TBAML Solution was also ranked for depth of typology coverage, breadth of analytical techniques and workflow,” it said.

Quantexa chief product officer, Dan Higgins said the company is delighted to be included in the RiskTech 100 report, positioned very strongly among an esteemed list of enterprise solution providers.

Meanwhile, Chartis chief researcher, Sidhartha Dash said that Quantexa’s increasingly mature solutions and their strong implementations in large financial institutions -- leveraging network-based concepts -- drove its rise in the RiskTech 100 as well as its leadership in TBAML and Entity Management quadrants.

By unifying internal and external data sources and scaling to understand billions of transactions, Quantexa’s Decision Intelligence Platform helps organisations create a holistic view of transactional, customer, and counterparty information.

Quantexa’s approach to TBAML provides more accurate and efficient detection so organisations can reduce risk, assure compliance, and protect their reputation.

Founded in 2016, Quantexa has offices in the United Kingdom (London), the United States (New York, Boston, Washington DC), Belgium (Brussels), Canada (Toronto), Singapore and Australia (Melbourne and Sydney).

-- BERNAMA

Friday 23 December 2022

 DRIVEWEALTH CELEBRATED AS CATEGORY LEADER WITH TOP-TIER INDUSTRY ACCOLADES FROM DELOITTE, FORBES, CB INSIGHTS, MORE, DURING LANDMARK YEAR



Widespread industry recognition celebrates firm’s growing global footprint and product innovation


NEW YORK, Dec 23 (Bernama-BUSINESS WIRE) -- DriveWealth, LLC, a global fintech investment rail and pioneer in fractional investing, today announced that following its milestone year of rapid global expansion, customer growth, and product innovation, the company has been recognized for its achievements as the category leader that is redefining investing through 10 of the most prominent industry awards. Each of these lists recognize the world’s most innovative and influential businesses and include:
  • Product awards: DriveWealth recently partnered with Adaptive Financial Consulting to build a new proprietary order management system (OMS) to address increased demand in its retail brokerage business. This high-throughput, low-latency OMS, which leverages Aeron technology, was recognized as 2022’s Best Collaboration/Alliance Initiative by Waters Technology’s American Financial Technology Awards.
“Our solutions are transforming the investing landscape and we’re honored to see such positive industry recognition for our work,” said Bob Cortright, Founder of DriveWealth. “DriveWealth’s significant global growth this year can be directly attributed to the flexible scalability and customization of our platform’s APIs. We look forward to remaining the primary industry choice for fintechs who are looking to empower their customers with innovative investing solutions worldwide.”

These industry accolades built upon a number of milestones that DriveWealth achieved in 2022, including:
  • Grew its global footprint: DriveWealth built upon key partnerships in Europe (Bank of Georgia) and Asia Pacific (Toss Securities), in addition to launching new partnerships in underserved markets such as Africa (Chipper Cash) and Latin America (Sproutfi) to expand affordable access to investing. In addition to notable new partnerships, DriveWealth expanded its global footprint by establishing presences in Singapore, London, Dublin, Lithuania, and Brazil to support partners and retail investors globally.
  • Bolstered its innovative suite of services: DriveWealth’s Fracker®, its proprietary OMS that has reinvented the retail investing experience for millions worldwide, was granted a patent by the U.S. Patent and Trademark Office. In addition to launching two wholly-owned subsidiaries, DriveDigital and DriveLiquidity, to offer cryptocurrency capabilities to partners and their retail investors, the company launched its Developer Dashboard to enable developers to gain free, instant access to the same resilient and scalable APIs that DriveWealth’s partners access in a sandbox environment. Finally, the firm expanded its DriveAdvisory platform, a technology infrastructure solution that empowers partners to fully integrate financial advisory products into their existing apps.
DriveWealth anticipates significant opportunities for growth in 2023, supported by results included in its proprietary DriveTrends report, which showed that digital trading became increasingly popular this year among global Millennials even amid 2022 market lows – a trend expected to continue into 2023. The study analyzed data from more than 12 million investors worldwide who trade fractional shares of U.S. equities through DriveWealth’s network of 100+ global partners, including MoneyLion, Revolut, Grupo Bursátil Mexicano (GBM), and Goalsetter, among others.

About DriveWealth

DriveWealth, a global fintech investment rail and pioneer of fractional equities trading, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hands. We believe the future is fractional, transactional and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth’s consultative support and cloud-based, modern technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth. For more information, please visit drivewealth.com or connect with us on Twitter @DriveWealth or on LinkedIn.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20221222005077/en/

Contact

Madison Perrott
drivewealth@fullyvested.com

Source : DriveWealth, LLC

 MARY KAY INVESTS IN YOUNG WOMEN'S FUTURES VIA IMPACTFUL EDUCATION OPPORTUNITIES




KUALA LUMPUR, Dec 23 (Bernama) --  Mary Kay is committed to provide 250,000 young women education opportunities by 2030 as part of its sustainability strategy, Enriching Lives Today for a Sustainable Tomorrow (ELTFAST) and to continue its decades-long advocacy for women’s empowerment, education and entrepreneurship.

In a statement, Mary Kay said ELTFAST ­encompasses five pillars, 15 commitments, and over a decade of action.

“To further its mission of enriching women’s lives, partnerships and scholarships with local and global organisations in 2022 ensure young women around the world are provided with exceptional education opportunities to pursue their dreams,” it said.

Mary Kay partnerships and programmes include grants programmes such as Young Women in STEAM and Young Women in STEAM Continuing Education; Society of Cosmetic Chemists Madam C. J. Walker Scholarship; Network for Teaching Entrepreneurship; and Academy of Marketing Science, among others.

ELTFAST was developed with Mary Kay’s key stakeholders and is aligned with the United Nations’ Sustainable Development Goals, making Mary Kay an essential part of a global coalition to ensure a better future.

-- BERNAMA

Nixon Peabody selects Anaqua's PATTSY WAVE for IP management

KUALA LUMPUR, Dec 22 (Bernama) -- Anaqua, the leading provider of innovation and intellectual property (IP) management technology announced that global law firm Nixon Peabody has selected Anaqua’s PATTSY WAVE platform as its new IP management solution.

In a statement, Anaqua said Nixon Peabody will use its platform to manage its clients’ IP portfolios, including patent and trademark filing.

The law firm will also utilise the platform as an automated docketing tool and will leverage additional Anaqua services related to annuities, patent analytics and intelligent time capture.

With approximately 600 attorneys collaborating across offices in the United States (US) and major European and Asian commercial centres, Nixon Peabody, one of the world’s largest law firms, has a prominent and expanding intellectual property practice.

Anaqua's global operations are headquartered in Boston, US, with offices across the US, Europe, Asia, and Australia. 

-- BERNAMA

GLOBAL LAW FIRM NIXON PEABODY SELECTS ANAQUA'S PATTSY WAVE FOR IP MANAGEMENT

BOSTON, Dec 22 (Bernama-GLOBE NEWSWIRE) -- Anaqua, the leading provider of innovation and intellectual property (IP) management technology, today announced that global law firm Nixon Peabody has selected Anaqua’s PATTSY WAVE platform as its new IP management solution.

Nixon Peabody will use the Anaqua platform to manage clients’ IP portfolios, including patent and trademark filing. The firm will also utilize the platform as an automated docketing tool, and will leverage additional Anaqua services related to annuities, patent analytics, and intelligent time capture.

With approximately 600 attorneys collaborating across offices in the U.S. and major European and Asian commercial centers, Nixon Peabody is one of the world’s largest law firms. The firm has a prominent and expanding intellectual property practice.

About Anaqua

Anaqua, Inc. is a premium provider of integrated intellectual property (IP) management technology solutions and services for corporations and law firms. Its IP management software solutions, AQX and PATTSY WAVE, both offer best practice workflows with big data analytics and tech-enabled services to create an intelligent environment designed to inform IP strategy, enable IP decision-making, and streamline IP operations, tailored to each segment’s need. Today, nearly half of the top 100 U.S. patent filers and global brands, as well as a growing number of law firms worldwide use Anaqua’s solutions. Over one million IP executives, attorneys, paralegals, administrators, and innovators use the platform for their IP management needs. The company’s global operations are headquartered in Boston, with offices across the U.S., Europe, Asia, and Australia. For additional information, please visit anaqua.com, or on Anaqua’s LinkedIn.

Company Contact:
Amanda Hollis
Director, Communications
Anaqua
617-375-2626
ahollis@Anaqua.com 

SOURCE: Anaqua Inc

--BERNAMA

Thursday 22 December 2022

90 PCT SINGAPOREANS OPT FOR OVERSEAS OVER DOMESTIC TRAVEL DURING HOLIDAY SEASON - USERTESTING SURVEY

KUALA LUMPUR, Dec 21 (Bernama) -- UserTesting, a leader in video-based human insight said 70 per cent of Singaporeans have a holiday planned this year-end with the significant drop in COVID-19 cases worldwide based on a survey conducted recently in Singapore.

Ninety per cent of respondents are travelling overseas for their next trip while 10 per cent are travelling internally despite rising costs due to inflation.

However, most Singaporeans are cost-cutting while planning their travels due to rising prices as a result of inflation, a statement said.

The survey revealed that 40 per cent of Singaporeans are now taking fewer trips than before, while 40 per cent are opting for cheaper accommodations rather than luxurious stays.

As for travelling during the holiday season, 80 per cent reported altering their plans and taking an economical route by choosing cheaper destinations to keep expenses in check.

The survey also revealed that 50 per cent of respondents will be travelling with their families instead of friends this year.

“Additionally, in terms of travel priorities in the near future, 50 per cent of Singaporeans are more inclined towards simple, short, and low-key vacations while some are also visiting their families to spend time with loved ones,” it said.

The survey showed that 80 per cent of Singaporeans are willing to plan trips abroad as they want to make up for lost time and move on to explore newer destinations outside of Singapore.

UserTesting has more than 2,500 customers. It is headquartered in San Francisco, USA.

-- BERNAMA

 "BE GOLDEN, HERE TO START THE NEXT 50 YEARS": ASEAN-JAPAN CENTRE LAUNCHED THE SPECIAL WEBSITE DEDICATED TO THE 50TH YEAR OF ASEAN-JAPAN FRIENDSHIP AND COOPERATION



Website visual (Graphic: Business Wire)

Website visual (Graphic: Business Wire)


TOKYO, Dec 22 (Bernama-BUSINESS WIRE) -- ASEAN-Japan Centre (AJC) launched the special website dedicated to the 50th Year of ASEAN-Japan Friendship and Cooperation to celebrate the anniversary in 2023. The website is primarily in Japanese language, while automatic translation in 12 major languages spoken in the ASEAN Member States is also available.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221221005643/en/
 
The website for the 50th Anniversary of ASEAN-Japan Friendship and Cooperation
URL: https://aseanjapan50.jp/

In 2023, commemorative events for the 50th Year of ASEAN-Japan Friendship and Cooperation will be held in the ASEAN Member States and Japan throughout the year. The governments of ASEAN and Japan will accredit a wide range of events taking place in the ASEAN Member States or Japan as commemorative events celebrating the 50th Year of ASEAN-Japan Friendship and Cooperation. These authorized events will be permitted to use the official logo and catchphrase of the 50th Year of ASEAN-Japan Friendship and Cooperation, and their information will be available on the website’s event calendar. Submission of applications for accreditation will be available from the website. Please refer to its guideline for the eligibility and other information on the website.

In addition to introducing these commemorative events, the website also features "The People of ASEAN-Japan" (updated monthly), which introduces the people who are contributing to connecting and deepening the mutual understanding among the people of the ASEAN Member States and Japan, as well as "Happy ASEAN-Japan 50!" (Coming soon) to share the congratulatory photo messages from various people.

Further, the website will also conduct a series of campaigns titled “GOLDEN BRIDGE” for the people of the ASEAN Member States and Japan to celebrate the anniversary together. To start with, an Instagram photo challenge will start from January until July 2023. The topic of challenge will change every two months, and in each period, five winners will be chosen by lot. The winners will receive exclusive items commemorating the 50th Year of ASEAN-Japan Friendship and Cooperation from AJC. From February, there will be a movie production campaign, in which creators from all ASEAN Member States and Japan will collaborate to produce the ASEAN-Japan 50th anniversary movie. Details will be announced on the website and Instagram (@aseanjapancentre_pr) in due course.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20221221005643/en/

Contact

ASEAN-Japan Centre (AJC) PR Unit
Tomoko Miyauchi (MS)
URL: https://www.asean.or.jp/en/
TEL: +81 (0)3-5402-8118
E-mail: toiawase_ga@asean.or.jp

Source : ASEAN-Japan Centre

 HITACHI ENERGY AND LINXON SUPPORT NATIONAL GRID IN ACHIEVING SUSTAINABILITY TARGETS THROUGH PIONEERING 420 KV SF6-FREE GAS-INSULATED SWITCHGEAR TECHNOLOGY



Strengthening key power infrastructure in London while reducing carbon footprint


Zurich, Switzerland, Dec 22 (Bernama-GLOBE NEWSWIRE) -- Hitachi Energy and Linxon are collaborating to strengthen London Power Tunnels (LPT), a key power infrastructure project that will ensure reliable, clean electricity supply for England’s capital city. To support National Grid in accelerating its net zero targets, Hitachi Energy will deliver EconiQ™ 420-kilovolt (kV) gas-insulated switchgear (GIS) and gas-insulated lines (GIL) containing no sulfur hexafluoride (SF6).

As one of the world’s largest investor-owned transmission and distribution utilities, National Grid has the ambition to remove all SF6 from its fleet by 2050. In 2020, it embarked on LPT project that will replace ageing high-voltage electricity cables and expand network capacity to meet the increasing electricity demand. Considered to be one of the city’s largest engineering projects since the 1960s, the LPT will span 32.5 kilometers via underground tunnels in South London.

Linxon is building Bengeworth Road substation for National Grid to develop the LPT infrastructure. To support National Grid in its transition to SF6-free solutions, Hitachi Energy will deliver 7 bays of its EconiQ 420 kV GIS to enable the transmission of electricity over long distances while eliminating SF6, in addition to EconiQ 420 kV GIL. The EconiQ high-voltage portfolio is 100 percent as reliable as the conventional solutions based on SF6. The installation is expected to commence by 2023.

“We’re delighted that Bengeworth Road substation, at the heart of London Power Tunnels, will be SF6-free,” said Onur Aydemir, National Grid Project Director for London Power Tunnels. “This key power project will deliver a secure energy supply to the capital, and by using sustainable technology we are minimizing the environmental impact of our operations to support the transition to Net Zero.”

“Following the successful collaboration with National Grid on the world’s first replacement of SF6 in existing high-voltage equipment and award-winning project in Richborough, UK, we are proud to be supporting National Grid again in its transition to SF6-free solutions,” said Markus Heimbach, Managing Director of the High Voltage Products business at Hitachi Energy. “The EconiQ GIS is based on our breakthrough SF6-free 420 kV circuit-breaker that demonstrates the reliability and scalability of the technology for the lowest carbon footprint.”

“Linxon is building the infrastructure to power the world with carbon free energy. Thanks to strong collaboration with Hitachi Energy, Linxon is able to provide the pioneering EconiQ SF6-free solution from Hitachi Energy for the Bengeworth substation, supporting our client to meet their sustainability targets”, said Stefan Reisacher, CEO of Linxon.

EconiQ is Hitachi Energy’s eco-efficient portfolio for sustainability, where products, services and solutions are proven to deliver exceptional environmental performance. Hitachi Energy has placed sustainability at the heart of its purpose and is advancing a sustainable energy future for all. 

- End - 

About Hitachi Energy

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of approximately $10 billion USD.

https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. We will solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems. Driven by green, digital, and innovation, we aim for growth through collaboration with our customers. The company’s consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

About Linxon

Linxon commenced operations on September 1, 2018, undertaking turnkey electrical alternating current substation projects related to renewable and conventional power generation, power transmission and transportation solutions. Substations enable the efficient and reliable transmission and distribution of electricity. Within the substation, switchgear controls and protects the network from power outages and facilitates reliable electricity supply. (https://linxon.com/)

Attachment


Jocelyn Chang
Hitachi Energy
+41793847775
jocelyn.chang@hitachienergy.com

SOURCE : Hitachi Energy Ltd.

FPT Software garners positive review in Gartner Peer Insights Customer First Programme




KUALA LUMPUR, Dec 21 (Bernama) -- Vietnam’s leading information and communications technology service provider, FPT Software, has garnered positive reviews from its customers based on its participation in the Gartner Peer Insights Customer First Programme.

The company received 100 per cent of “willingness to recommend” from existing customers of its end-to-end automation solution for businesses, akaBot, according to Gartner Peer Insights.

“FPT Software received positive feedback from clients in several industries, including banking, financial service and insurance, retail and manufacturing in Asia Pacific, the Middle East and North America.

“Its product received an overall rating of 4.5 out of five based on existing customers’ reviews as of Dec 13, which shows high customer satisfaction,” it said in a statement.

The company said the customer first badge represented a technology provider’s commitment to putting customers first by inviting all customers to share honest feedback, valuing all opinions and presenting a holistic view as well as adhering to principles of transparency.

“We are excited to join the programme (to showcase) our strong capabilities among robotic process automation vendors, our customer-centric mindset and our continuous effort to assist our clients in their automation journey.

“With a client-oriented approach, our firm has constantly acknowledged all individuals’ reviews, and improved our products with innovative technologies such as artificial intelligence, machine learning and more, to accelerate customer experience towards full hyper-automation,” said akaBot chief executive officer Bui Dinh Giap.

A provider of comprehensive robotic process automation and hyper-automation services, akaBot has helped 3000 customers from 20 countries achieve operational excellence with minimum effort and low licensing costs as well as automate over 5000 processes.

-- BERNAMA

Wednesday 21 December 2022

PETER MARCHESINI JOINS INDEGENE AS SENIOR VICE PRESIDENT

KUALA LUMPUR, Dec 20 (Bernama) -- Indegene, a digital-first, life sciences commercialisation company, has appointed Peter Marchesini as senior vice president to help improve the effectiveness and efficiency of its clients’ commercial processes and go-to-market approach.

In a statement today, it said Marchesini would drive strategic client engagement at Indegene with a focus on the commercial segment of the life sciences value chain.

“With our digital-first capabilities and healthcare expertise, we are committed to helping clients personalise the experience for patients and physicians across channels.

“I am excited to welcome Peter onboard and look forward to helping our clients be future-ready,” executive vice president Gaurav Kapoor said.

Meanwhile, Marchesini said he is inspired by Indegene’s consistent growth, stable leadership and strong client relationships over the years and looks forward to working with clients to fully realise their commercialisation potential through the company’s digital-first approach.

Marchesini brought more than 30 years of experience in the life sciences industry including the most recently as president of Field Solutions at Eversana and the co-founder and chief operating officer of Alamo Pharma Services prior to that.

Indegene combines healthcare expertise with data, analytics and insights based on the digital affinity of healthcare professionals to help life sciences companies personalise their omnichannel experience and improve the effectiveness of their sales efforts.

-- BERNAMA

Tuesday 20 December 2022

 INTRODUCING THE BRIJ - A WORLD OF ARTS AND CULTURE



Serendipity Arts announces THE BRIJ, a futuristic arts and culture centre in the National Capital Region that will host multiple creative projects and expressions, based on the principles of innovation, sustainability, accessibility, and inclusion


PANAJI, India, Dec 20 (Bernama-BUSINESS WIRE) -- Serendipity Arts today announced its vision to bring the arts to life through a cutting-edge arts and culture centre, that will be a bridge that connects the world to the arts, and its transformational power. THE BRIJ will dedicate space, time, and resources to create ground-breaking art that is transformational and meaningful. Through this centre, Serendipity Arts also hopes to spark conversations around the arts across the South Asian region worldwide, assimilating regional flavours, traditions, and cultures, while also building a sustainable artistic ecosystem. The upcoming institution is named after and pays homage to late Mr. Brijmohan Lall Munjal, Indian industrialist and visionary, Mr. Sunil Kant Munjal’s father.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221218005083/en/

Outlining the idea behind THE BRIJ, Mr. Sunil Kant Munjal, Founder & Patron of Serendipity Arts and Founder of THE BRIJ, said, “Our privileges always come with responsibility; this initiative is a responsibility and a passion project for us. THE BRIJ stems from a responsibility we feel towards the arts; the way art is seen today, compared to how it was perceived in the region, prior to colonization. In terms of its programming, THE BRIJ will retain the aura of the flagship festival while adding multiple layers of practice, learning and experimentation to its programs, around the year. Planned around diverse creative practices, the facility will have higher arts education, incubation labs, centres of cultural innovation, performance spaces, and museums at a never-before-seen scale, in an interdisciplinary manner. In effect it will be the complete ecosystem for Arts & Culture at one place.”

The three essential elements of the Centre will be Education & Research, Multidisciplinary Experiences and Innovation & Incubation with training, workshops, and residencies. The one-of-its-kind centre is currently under construction and will have a Museum, an Academy & Workshop, a Gallery, Library, a Stepwell Gallery, an Arena, Theatre and Black Box, and much more. The facility will also house a crafts centre and an artisanal village, where dying and fringe art & craft forms will be brought back to life, through research, practice, and incubation. The entire campus has been designed in a way that it is 100 percent accessible to the differently abled.

With interdisciplinarity, education, and intergenerational exchange as its key purposes, THE BRIJ will emphasise excellence, change, innovation, equality, integrity, and responsibility. The aim is to gift the city of Delhi and the nation a cultural centre, enabling visitors with a shared passion and curiosity for the arts to cherish and immerse in it, inclusively. The centre hopes to create a space that attracts academics, intellectuals, students, art lovers, critics, artists, and members of the public, who can come together to create a bustling creative community.

With cutting-edge technologies that promise to bring forth unique and engaging experiences for visitors, THE BRIJ will be truly global in form and spirit. It will have all the ingredients for an inclusive and immersive experience with assisted navigation and omnichannel availability, while also driving the imperatives of sustainability through a reduced carbon footprint. At the same time, an efficient operational backend, a robust infrastructure for security and connectivity, and futuristic technologies will support the museum and the dream.

Speaking about THE BRIJ, Ms Smriti Rajgarhia, Director, Serendipity Arts Foundation and Festival, said, “THE BRIJ is our endeavour to strengthen India’s place in the global cultural dialogue and make international art accessible to the discerning and the common enthusiast. We aim to contribute to the cultural quotient of the region, through restored artworks and revival of lost or at-risk art forms, while also seeking to redefine the future of arts through interdisciplinary collaboration and innovation.”

Among the many features that make this cultural centre unique are the twin driving forces of economy and sustainability, both of which find expression through this building. THE BRIJ will also aim to meet the Foundation’s aspiration to emerge as a catalyst for change, by creating employment opportunities, contributing to India’s and New Delhi’s cultural economy and attracting both Indian and international tourists. Courtesy of Serendipity Arts, THE BRIJ already has and will further enhance its partnerships and exchanges with global institution and creative organizations, to build a facility with state-of-the-art infrastructure, that is organic and future facing.

The entire campus of THE BRIJ would have a platinum rating for green buildings and will generate more than 5200 direct and indirect employment. Besides, more than 120,000 people are expected to benefit from the education and skilling programmes that will be made available. About 90,000 young learners will have free access to the museum, with over 200 art start-ups and projects supported through the incubation centre. Through its multilateral and multicultural platform, the one-of-its-kind Museum hopes to significantly contribute to India’s GDP.

Speaking on the initiative, key member of our expert panel of architects, Mr. Dikshu Kukreja, Managing Principal, CP Kukreja Architects (CPKA), New Delhi, said“The design philosophy for THE BRIJ is to create a co-existential architecture where the building and landscape dissolve into one. The architecture amplifies its context with buildings envisioned as magnified rock outcrops just like the quartzite rock formations found on the site. The design allows the adjoining forest to permeate into the site. All this as the vibrant and varied programmatic elements form a musical ensemble experiencing hitherto unexplored and futuristic sustainable design strategies.”

In addition to Mr Sunil Kant Munjal, THE BRIJ is also the dream of patron and social entrepreneur Shefali Munjal, Founder-Patron of THE BRIJ. The Board of Advisors include media personality and the current Chair of the Royal College of Arts, UK, Sir Peter BazelgetteHarsh Goenka, Chairman of the RPG Group, an ardent collector of art and a strong advocate for fostering innovation; and Deepak Iyer, who heads the Accenture Microsoft Business group for Southeast Asia.

Advisors for THE BRIJ include poet, cultural theorist, and curator Ranjit Hoskote; Manu Chandra, Chef Partner for THE BRIJ and one of the pioneers of the gastropub scene in India; Shubha Mudgal, Padma Shri recipient and winner of the Gold Plaque Award for Special Achievement in Music at the Chicago International Film Festival; Aneesh Pradhan, noted table player; and Anuradha Kapur, recipient of the Sangeet Natak Award for Direction in Theatre and the instrumental figure at the National School of Drama, Delhi and Bangalore.

For more details, visit www.thebrij.world

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20221218005083/en/

Contact
Kaustav Guha | +91 98316-90977 | kaustav@serendipityarts.org

Source : THE BRIJ

AM BEST AFFIRMS CHINA’S QIANHAI REINSURANCE CREDIT RATINGS

KUALA LUMPUR, Dec 19 (Bernama) -- United States-headquartered global credit rating agency, AM Best has affirmed China’s Qianhai Reinsurance Co Ltd’s (QHR) financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent).

The outlook for these credit ratings is stable, reflecting the credit rating agency’s assessment of QHR’s balance sheet strength (very strong), its operating performance (adequate), business profile (neutral) and enterprise risk management (appropriate).

In a statement today, AM Best said QHR’s risk-adjusted capitalisation remained at the strongest level as of end-2021, as measured by its Capital Adequacy Ratio. 

The company’s capital and surplus increased by 7.1 per cent to RMB3.3 billion in 2021, underpinned by full retention of net profit. (RMB100=RM63.33)

Going forward, AM Best expects the company to continue to receive financial support from its major shareholders and explore opportunities in capital markets to enrich its capital structure.

Other supportive factors to the balance sheet strength include the prudent retrocession arrangements and the diversified investment portfolio, focusing on cash and fixed-income securities, albeit with a moderate exposure to debt-type alternative investments.

The company extended its profitable trend in 2021 with a return on equity of 6.5 per cent, compared with the five-year (2017-2021) average of 2.1 per cent.

QHR, a composite reinsurer controlled by three Chinese state-owned enterprises, plays a strategic role in the development of the Qianhai Free Trade Zone, and has continued to strengthen its market presence over the past five years.

-- BERNAMA

Monday 19 December 2022

MCI Capital extends cash tender offer period for StarTek's common stock

KUALA LUMPUR, Dec 16 (Bernama) -- MCI Capital LC, a wholly-owned subsidiary of United States (US)-based tech-enabled business process outsourcing (BPO) and customer experience (CX) technology services provider MCI LC, is extending the offer period for its previously announced cash tender offer to purchase up to four million common shares of StarTek Inc at a purchase price of US$4.20 per share (US$1=RM4.41) until Jan 4, 2023.

StarTek is a US-based global provider of tech-enabled BPO solutions.

It said the tender offer was previously scheduled to expire at 12 midnight New York City time on Dec 20, 2022 (1 pm Dec 21, 2022 Malaysian Time) but is now extended to the tenth business day after its previously scheduled expiration.

“To date, no shares of StarTek common stock have been deposited in response to the tender offer,” it said in a statement.

It said as previously announced, if more than four million shares are tendered in the tender offer, then, subject to the terms and conditions of the tender offer, MCI would purchase shares from shareholders who properly tender shares on a pro-rata basis based on the aggregate number of shares tendered.

“The tender offer is conditioned upon, among other things, a minimum of two million shares being validly tendered and not withdrawn in accordance with its terms,” it said.

It added that tenders of the shares in the tender offer must be made prior to its expiration and might be withdrawn at any time prior to the expiration in accordance with the terms described in the offer documents.

-- BERNAMA

Saturday 17 December 2022

AM Best revises outlooks for New Zealand’s Provident Insurance

KUALA LUMPUR, Dec 15 (Bernama) -- AM Best has revised the outlooks to positive from stable and affirmed the financial strength rating of B (Fair) and the long-term issuer credit rating of “bb+” (Fair) of New Zealand’s Provident Insurance Corporation Ltd (PICL).

AM Best in a statement said the credit ratings reflect PICL’s balance sheet strength, which AM Best assessed as adequate, as well as its adequate operating performance, limited business profile, and appropriate enterprise risk management (ERM).

The positive outlooks reflect an improving trend in PICL’s balance sheet fundamentals, including risk-adjusted capitalisation and the size of the company’s absolute capital base. 

“These factors, coupled with AM Best’s expectation of sustainable business growth and robust operating results over the medium term, could lead to positive rating actions,” it said.

The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation, which is at a strong level in the fiscal year 2022, as measured by Best’s Capital Adequacy Ratio. 

The credit rating agency expects PICL’s risk-adjusted capitalisation to remain at least a strong level over the medium term, supported by positive retained earnings and a conservative investment strategy. 

Offsetting balance sheet factors include exposure to long-duration policies that increase reserving risks, and a dividend policy anticipated to distribute the majority of profits.

AM Best assessed PICL’s business profile as limited. This reflects the company’s relatively modest scale of operations and limited geographical diversification, with all businesses emanating from New Zealand. 

It also rated PICL’s ERM as appropriate, given the size and the complexity of its operations and views the successful execution of the company’s underwriting strategy and planned infrastructure investment to be a key risk exposure. 

Over the medium term, PICL’s risk management capabilities are expected to continue to develop in order to support increasing operational scale and widening product offerings.

-- BERNAMA

AM BEST REMOVES FROM UNDER REVIEW WITH POSITIVE IMPLICATIONS AND UPGRADES CREDIT RATINGS OF PARTNERS LIFE LIMITED

SINGAPORE, Dec 16 (Bernama-BUSINESS WIRE) -- AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Partners Life Limited (Partners Life) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable.

These rating actions follow the acquisition of Partners Group Holdings Limited (PGHL), Partners Life’s parent, by Dai-ichi Life Holdings, Inc. (Dai-ichi group) [TSE: 8750] on 30 November 2022. This follows a previous announcement on 12 August 2022 that Dai-ichi group had entered into an agreement to buy 100% of PGHL’s shares for approximately NZD 1 billion.

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

The rating upgrades factor in rating enhancement from Dai-ichi group following its acquisition of Partners Life. This reflects integration with and ownership by the Dai-ichi group, one of Japan’s largest life insurers. In addition, AM Best expects Dai-ichi group to provide capital support to Partners Life in the event that the company is unable to maintain an appropriate level of capital adequacy. While Partners Life accounts for a small component of Dai-ichi group’s overall revenues and earnings, the acquisition grows the group’s presence notably in New Zealand.

Partners Life’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). A partially offsetting balance sheet strength factor is the company’s reliance on third-party reinsurance for risk transfer and upfront commission financing.