OLDWICK: Global insurance rating agency, AM Best has revised the outlooks for ECM Insurance Group members to stable reflecting the group’s balance sheet strength and adequate operating performance. AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term…
Munich Reinsurance moves into Top ranking of global reinsurers
OLDWICK: Munich Reinsurance Company moved into the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2020, marking a return to a position that it last held in 2017. The ranking appears in a new Best’s Market Segment Report, “Global Reinsurance Outlook Remains Stable in a More Uncertain World,” and is based…
StrongPoint becomes regional distributor of AutoStore
OSLO, NORWAY: StrongPoint ASA has signed a partnership agreement with Autostore to become a Nordic and Baltic regional distributor of Autostore’s innovative fulfilment solutions for retailers, a news release said. AutoStore’s cubic storage solutions use pioneering robotic and software technology to redefine how warehouses store goods and retrieve items for delivery, enabling retailers to scale…
Emirates appoints Mohammed Alnahari Alhashmi for Pakistan
DUBAI, UAE: Emirates has announced the appointment of Mohammad Alnahari Alhashmi as Vice President for Pakistan, effective 1st September. Alhashmi will be responsible for leading the airline’s operations and strengthening Emirates’ presence in the market. Mohammed Sarhan, who was previously Vice President of Emirates for Pakistan, will now take on a new role as Vice…
InfraZamin signs ITMinds for back office accounting services
KARACHI, PAKISTAN: InfraZamin Pakistan Limited and ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide back office accounting services to InfraZamin, a news release said. InfraZamin is licensed to act as an investment finance company and is an initiative by the Private…
Orascom signs $4.5bn contract for Egypt’s high speed rail system
DUBAI, UAE: Orascom Construction PLC has signed, in a consortium with Siemens Mobility and Arab Contractors, a contract with the National Authority for Tunnels (NAT) to design, install, commission and maintain Egypt’s first high speed rail system for 15 years, a news release said. The total contract value is approximately USD 4.5 billion. In a…
Knowit acquires management consultants, Capacent
STOCKHOLM, SWEDEN: Knowit AB is acquiring the subsidiaries of Capacent that conduct operations in management consulting, a nes release said. The enterprise value totals SEK 155 million. A potential additional consideration of at most SEK 30 million can be paid out during the second quarter of 2022. The additional consideration is conditional upon the EBIT…
Mark Duffin appointed CEO of nanosynth
LONDON, UK: The Board of nanosynth Group announced the appointment of Mr. Mark Duffin as Chief Executive Officer of nanosynth, effective immediately. Mr. Duffin is a qualified engineer with a multi-disciplinary background established over 20 years, including as CEO and board member of various companies in the technology, business services, industrial, manufacturing and consultancy sectors….
Ince Group launches Ince Corporate Finance
LONDON, UK: James Stocks & Co will begin trading as Ince Corporate Finance as of 1 September 2021.James Stocks & Co is subsidiary business of Ince. The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. The business will continue to…
LXi REIT acquires nursery schools portfolio in England for £34mn
LONDON, UK: The Board of LXi REIT announced the off-market sale and leaseback acquisition of a portfolio of 23 nursery schools in England for a total cost of £34 million, reflecting an accretive 5.5% net initial yield (versus a current portfolio value of 4.7%). The Nurseries have been acquired from and leased back to KidsFoundation,…
Grant of up to £2.4 million awarded for Altalto project
LONDON: Velocys plc, the sustainable fuels technology company, has secured a grant from the UK Department for Transport (DfT) under the Green Fuels, Green Skies competition. The grant award is up to a maximum of £2.4M, of which £1.2M is subject to progress by the DfT in developing policy support for Sustainable Aviation Fuels (SAF)….
Diurnal launches Efmody in Germany and Austria
LONDON: Diurnal Group plc announced the launch of Efmody (hydrocortisone modified-release hard capsules) in Germany and Austria as treatment of adult and adolescent patients (12 years and older) with the rare condition congenital adrenal hyperplasia (CAH), following approval by the European Commission in May 2021. Following the launch of Alkindi (hydrocortisone granules in capsules for…