OLDWICK: AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Petroleum Marketers Management Insurance Company. The outlook of these Credit Ratings has been revised to stable from positive. The ratings reflect PMMIC’s balance sheet strength, which AM Best categorizes…
Category: Australian Exchange
Australian Securities Exchange news today and company announcements regarding mergers, acquisitions, appointments, expansion and technology of companies listed on Australian Securities Exchange (ASX).
Marlowe Plc acquires Law At Work for £6.3 million
LONDON, UK: Marlowe plc, the specialist services group focused on developing companies which assure regulatory compliance and safety, has acquired Law At Work (Holdings) Limited for an initial consideration of £6.3 million. Established in 2001 and headquartered in Glasgow, Law At Work (LAW) is a leading national provider of subscription-based employment law compliance and health…
Mercia Asset Management to acquire fund management business of NVM Private Equity
LONDON: Mercia Asset Management has entered into a conditional agreement to acquire the venture capital trust (VCT) fund management business of NVM Private Equity LLP for a total maximum consideration of up to £25.0million, comprising a combination of cash and new ordinary shares in the capital of Mercia. Mercia also announced its intention to conduct…
Nordic Investment Bank and Helgeland Sparebank finance environmental investments in Helgeland
OSLO: The Nordic Investment Bank (NIB) and Norway’s Helgeland Sparebank have agreed a new 5-year loan programme of NOK 300 million (EUR 29.5 million) for onlending to small and medium-sized companies (SMEs) and environmental projects in northern Norway. Environmental projects that are eligible for financing under the loan facility include, for example, renewable energy investments,…
NTPC lists its commercial paper at BSE
MUMBAI: On November 29, 2019, NTPC Limited, India’s largest energy conglomerate, made an application to list Commercial Paper at BSE for an Issue Size of Rs. 1500 crore. Post process, the effective date of listing for the same at BSE is December 02, 2019. BSE, Asia’s oldest exchange on November 26, 2019 announced the Framework…
AM Best affirms credit ratings of Hiscox Ltd and its subsidiaries
OLDWICK: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda), Hiscox Insurance Company Limited (Hisco) (United Kingdom), Hiscox Insurance Company (Guernsey) Limited (Hiscox Guernsey), Hiscox Insurance Company Inc. (HICI) (Chicago, Illinois, USA), and Lloyd’s Syndicate…
Tinkoff GDRs included in MOEX Russia indices from next month
LIMASSOL: TCS Group Holding, Russia’s leading provider of online financial and lifestyle services via its Tinkoff ecosystem, announced that its depositary receipts (GDRs) will be included in MOEX Russia indices starting December 2019. The securities will be included in the MOEX Russia Index and the RTS Russia Index from 20 December 2019, according to Moscow…
Infront ASA posts 256% increase in revenue for Q3 2019
OSLO: Infront ASA, a provider of global market data, news, analytics and trading tools, announced group revenue of EUR 25.3 million for Q3 2019 as against EUR 7.1 million same period last year, posting an increase of 256%, driven mainly by the inclusion of vwd Group, full effect of Infront Italia and price increases across…
OKEA ASA completes USD120mn five-year bond issue
OSLO, NORWAY: OKEA ASA, an Exploration and Production (E&P) company, has announced successful completion of a USD 120 million five-year senior secured bond issue with a coupon rate of 8.75 percent and an issue price of 99% of the nominal value. The bond issue attracted broad international investor interest. The bond issue is expected to…
Income of U. S. life, annuity insurers’ declines by 18% in nine months of 2019
OLDWICK: Net income of the life insurance and annuity industry in U. S. shrank 18% to $27.6 billion in the first nine months of 2019, compared with the same prior-year period. This financial review is detailed in a new Best’s Special Report, titled, “First Look – 9-Month 2019 Life/Annuity Financial Results,” and the data is…
Euromoney acquires Wealth-X for $20.4 million
LONDON, UK: Euromoney Institutional Investor PLC, the global information business providing essential B2B information to global and specialist markets, announced the acquisition of 100% of Wealth-X Pte. Ltd. Wealth-X is the market-leading provider of data-driven intelligence on the world’s wealthiest individuals. The platform’s proprietary database is embedded in the workflow of banks, wealth managers, luxury…
Nine months 2019 results show 13% underwriting income increase for U.S. P/C industry
OLDWICK: The U.S. property/casualty (P/C) industry’s net underwriting income improved in the first nine months of 2019 by 13% compared with the same prior-year period to $4.5 billion, as growth in net earned premiums offset year-over-year increases in incurred losses and loss adjustment expenses, underwriting expenses and policyholder dividends. This financial review is detailed in…