LONDON: AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Nigeria based Custodian and Allied Insurance Limited (CAI), a wholly owned non-life subsidiary of Custodian Investment Plc. The outlook of these ratings is stable. The ratings reflect CAI’s balance sheet strength, which AM Best…
AM Best affirms Ratings of Mercury Insurance Group on strong balance sheet, operating performance
OLDWICK: AM Best has affirmed credit ratings of Mercury Casualty Group’s members and Mercury General Corporation based on strong balance sheet, operating performance, neutral business profile and appropriate enterprise risk management (ERM). AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of…
AM Best withdraws ratings of First Assurance Life of America, Performance Life of America and Versant Life Insurance
OLDWICK: Insurance sector rating agency, AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of First Assurance Life of America, Performance Life of America and Versant Life Insurance Company. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in…
Economic outlook for New Zealand remains uncertain: AM Best
SINGAPORE: The economic outlook for New Zealand remains uncertain despite an as of yet successful response to the pandemic, AM Best, a global credit rating agency, news publisher and data analytics provider, noted in a report New Zealand’s life insurance market is being tested by regulatory developments and a pandemic fuelled economic downturn, with the…
AM Best removes from under review, upgrades ratings of insurance companies
OLDWICK: Global rating agency AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa+” from “a” of Life Insurance Company of North America and Cigna Life Insurance Company of New York. The…
AM Best
Founded in 1899, AM Best is the world’s first credit rating agency. It all began with the founder working out of a one-room office in New York City and grew to become what is now the largest credit rating agency in the world specializing in the insurance industry. Headquartered in the United States, the company…
Moody’s upgrades Aker BP to Baa3 with stable outlook
OSLO: Aker BP announced that Moody’s Investor Service today has upgraded its long-term issuer rating of Aker BP from Ba1 to Baa3 with stable outlook. With this assignment, Aker BP is now investment grade rated by S&P Global Ratings, Fitch Ratings and Moody’s Investor Service, all with stable outlook. Aker BP is a fully-fledged E&P…
TECO 2030 signs pact with Thecla Bodewes Shipyards for zero emission vessels
LYSAKER: TECO 2030 ASA announced a partnership with Thecla Bodewes Shipyards in Holland to develop zero emission hydrogen-based fuel cell propulsion on all types of river going vessels, such as push tugs, dredgers, passenger and cargo ships and low-profile coasters. TECO 2030 ASA has signed a Strategic Cooperation Agreement with the Dutch Thecla Bodewes Shipyard…
TECO 2030 ASA
TECO 2030 ASA (OSE-Ticker: TECO is an innovative engineering and equipment development company aiming to significantly increase the use of renewable energy, specifically in the form of hydrogen fuel. cells, and reduce the environmental footprint of the shipping industry. TECO 2030 is striving in a fast-paced environment to help clients operate within the maritime rules…
PSMC Update
Given the unfolding post-Covid scenario, along with recent volumetric growth, we believe that Pak Suzuki (PSMC) still has some upside on offer. We apprise investors regarding the same in this piece and Recommend ‘Hold’ with a revised TP of Rs325. The revision is based on stronger-than-anticipated volumetric outlook for CY21 (high demand for the Alto,…
Auto volumes to grow by 43% YoY in January
Aggregate auto volumes for the 3 major passenger car OEMs are expected at ~16.9k units in Jan-2021, which would amount to YoY growth of ~43%. Pak Suzuki (PSMC) is expected to be the outperformer during the month, with YoY growth of 62% expected. This would only be the third month in 2 years for the…
K-Electric committed to keeping industries powered up
KARACHI: Following the Federal Cabinet’s approval of moratorium on gas supply to industrial units for self-generation of electricity, K-Electric (KE) continues to remain fully committed to facilitating Karachi’s industrial customers in line with the Ministry of Energy’s (Power Division) direction to expedite fresh electricity connections and improve power supplies. KE is closely engaged with the…