NEW YORK: Global insurance industry credit rating agency, AM Best expects Latin America’s economies to rebound somewhat in 2020, which would help the insurance markets in these countries better realize their growth potential. In a new Special Report, titled, “Latin America: Economic and Political Risks May Subside in 2020,” AM Best notes that countries in…
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Al Ramz buys market‐making business of SHUAA Capital
DUBAI: Al Ramz Corporation Investment & Development PJSC announced the acquisition of the market‐making business of SHUAA Capital, the leading Asset Management and Investment Banking platform in the region created by the merger of SHUAA Capital and Abu Dhabi Financial Group (ADFG). The transaction will entail transfer of personnel and market‐making activities to Al Ramz.…
Bahrain Bourse adopts new listing rules to clarify regulatory and organizational framework
MANAMA, BAHRAIN: Bahrain Bourse’s (BHB) has adopted the new Listing Rules that aim to clarify the regulatory and organizational framework governing all operational aspects of Bahrain Bourse, particularly future listings. The new Listing Rules will be effective immediately, allowing for companies currently listed on the market a grace period of 3 months to abide by…
AM Best affirms credit ratings of EyeMed Insurance Company
OLDWICK: AM Best, a global credit rating agency, news publisher and data provider specializing in the insurance industry, has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of EyeMed Insurance Company (EIC) (Phoenix, AZ). The outlook is stable. EIC, along with EyeMed Vision Care LLC,…
SGX RegCo enhances rules governing listings review, increases oversight and due diligence standards
SINGAPORE: Singapore Exchange Regulation (SGX RegCo) is incorporating The Association of Banks in Singapore (ABS) Listings Due Diligence Guidelines (ABS Guidelines) and Issue Managers (IM) independence requirements into the Mainboard Listing Rules, a press release said. SGX RegCo is also strengthening its oversight of IMs as part of overall enhancements to regulations governing the Mainboard…
AM Best maintains Brazil reinsurance market outlook at negative
NEW YORK: AM Best continues to hold a negative outlook on Brazil’s reinsurance sector, due predominantly to macroeconomic instability and a declining interest rate environment that has led to lower investment income. A new Best’s Market Segment Report, titled, “Market Segment Outlook: Brazil Reinsurance,” states that investment income has been a major contributor to the…
Al Salam Bank opens new Riffa branch in Al Raya Mall
MANAMA, BAHRAIN: Al Salam Bank-Bahrain officially opened its newest branch at Al Raya Mall in Riffa in the presence of the Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB) Mr. Khalid Hamad Abdulrahman, Group CEO Mr. Rafik Nayed, Deputy CEO Mr. Anwar Murad and other key members of the Executive Management.…
SeABank and Prudential Vietnam jointly establish exclusive bancassurance partnership
LONDON: Prudential Vietnam Assurance Private Limited, a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank (SeABank) have entered into an exclusive bancassurance partnership with a 20-year term. Prudential Vietnam will also become the preferred life insurance provider to BRG Group Joint Stock Company (BRG Group), a leading conglomerate in Vietnam with approximately…
BetMakers extends its partnership with Racing Victoria
SYDNEY AUSTRALIA: BetMakers Technology Group’s subsidiary DynamicOdds has extended its Australian Principal Racing Authority Official Price project through its existing partnership with Racing Victoria (RV) with the development of the VBA Price feature for RV and the Victorian Bookmakers Association (VBA). All intellectual property rights in the VBA Price software are owned by RV and…
Allied Wallet China hits 200mn eWallet users worldwide
BEIJING–(BUSINESS WIRE)–Allied Wallet China, an Asia-based division of Allied Wallet providing online payment processing, and Founder Andy Khawaja recently celebrated reaching over 200 million eWallet users for their digital wallet e-commerce solution. Allied Wallet China and its merchants saw a busy holiday season with a 27% increase in sales, and many users around the world…
Sovcombank to acquire Liberty Insurance
MOSCOW: Sovcombank and Liberty Mutual Group have entered into a definitive agreement whereby Sovcombank will acquire Liberty Insurance PJSC, a Russian subsidiary of Liberty Mutual. Boston-based LMHC, the parent corporation of the Liberty Mutual Insurance group of entities, is a diversified global insurer and third largest property and casualty insurer in the U.S. based on…
Declining rates could threaten profitability of U.S. workers’ compensation line
NEW YORK: Declining rates and growing competition in the U.S. workers’ compensation insurance segment could begin to challenge carriers’ ability to retain profitable accounts and maintain market share, a new AM Best report said. The Best’s Market Segment Report, “Declining Rates Could Threaten Profitability of U.S. Workers’ Compensation Line,” states that rate decreases in the…