Reinsurance

Athene Executes Block Reinsurance Transaction in Japan

Retrieved on: 
Monday, November 27, 2023
Mortality, Insurance, Growth, Risk management, Reinsurance

HAMILTON, Bermuda, Nov. 26, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”), a leading provider of retirement services products, has executed a block reinsurance transaction with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer.

Key Points: 
  • HAMILTON, Bermuda, Nov. 26, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”), a leading provider of retirement services products, has executed a block reinsurance transaction with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer.
  • In conjunction with the transaction, Athene has also entered into an agreement to retrocede the mortality risk associated with the block to Swiss Re, a leading mortality reinsurer.
  • Michael van Vuuren, FWD’s Group Chief Actuary, said, “We are pleased to partner with Athene on this transaction, which furthers our risk management objectives and delivers significant capital benefits to FWD.”
    This is Athene’s inaugural block reinsurance transaction in the region.
  • Since 2020, Athene has been active in the local new business reinsurance market, with four flow reinsurance agreements executed to date in Japan.

Central 1 reports 2023 third quarter financial results

Retrieved on: 
Thursday, November 23, 2023
National Housing Act, Risk, Credit union, Treasury, Investment, Total, Reinsurance

VANCOUVER, British Columbia, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Central 1 Credit Union (‘Central 1’ or ‘the organization’) today reported a net income of $3.9 million for its third quarter, ended September 30, 2023, up $2.6 million from the same quarter last year.

Key Points: 
  • These results reflect a stable and consistent quarter in most areas of Central 1’s business and a smaller fair value loss in its financial instruments.
  • While bond credit spreads continued to narrow into the third quarter of 2023, National Housing Act Mortgage-Backed Securities credit spreads widened, leading to a $2.0 million net fair value loss in Central 1’s financial instruments2 compared to a $13.3 million net fair value loss2 in the same quarter last year.
  • Provision for credit losses reflected a charge of $1.0 million in the third quarter, up $0.6 million from the same quarter last year.
  • Payments & DBPX reported a net loss of $4.9 million in the third quarter of 2023, compared to a $3.7 million net loss in the same quarter last year.

ZW Data Action Technologies Reports Third Quarter and First Nine Months 2023 Unaudited Financial Results

Retrieved on: 
Monday, November 20, 2023
Advertising, Marketing, COVID-19, CNET, Reinsurance

BEIJING, Nov. 20, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2023.

Key Points: 
  • BEIJING, Nov. 20, 2023 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2023.
  • Gross loss was approximately $0.004 million for the third quarter of 2023, compared to $0.05 million for the same period last year.
  • Overall gross loss margin rate was 0.04% for the third quarter of 2023, compared to 0.7% for the same period last year.
  • Sales and marketing expenses were approximately $0.06 million for the third quarter of 2023, compared to $0.07 million for the same period last year.

AM Best Revises Outlooks to Negative for SILAC Insurance Company

Retrieved on: 
Thursday, December 21, 2023
Insurance, Professional Services, SILAC, ERM, Credit, AM Best, News, FIA, Growth, Good, ALL, Reinsurance

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).

Key Points: 
  • AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).
  • The negative outlooks reflect the decline in quality of SILAC’s reinsurance counterparties and risk-adjusted capital due to increasing reinsurance leverage, as measured by Best’s Capital Adequacy Ratio (BCAR).
  • SILAC has entered into several reinsurance agreements with unrated reinsurers and maintains relatively high reinsurance leverage to control capital strain.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

White Mountains Renews Lead Commitment in Ark-Sponsored Reinsurance Sidecar

Retrieved on: 
Thursday, December 21, 2023
White Mountains Insurance Group, Calendar, Insurance, WTM, Reinsurance

HAMILTON, Bermuda, Dec. 21, 2023 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ("White Mountains") announced today that Ark Insurance Holdings Limited ("Ark"), its specialty property and casualty reinsurance and insurance subsidiary, has renewed Outrigger Re Ltd. ("Outrigger") for business incepted during calendar year 2024.

Key Points: 
  • HAMILTON, Bermuda, Dec. 21, 2023 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ("White Mountains") announced today that Ark Insurance Holdings Limited ("Ark"), its specialty property and casualty reinsurance and insurance subsidiary, has renewed Outrigger Re Ltd. ("Outrigger") for business incepted during calendar year 2024.
  • Outrigger has received $250 million of total investor capital for January 1, including $130 million from White Mountains.
  • Manning Rountree, Chief Executive Officer of White Mountains, said, "We are pleased to continue supporting Outrigger Re and the underwriting team at Ark.
  • We are pleased to see expanded investor interest in supporting Outrigger including White Mountains's ongoing lead commitment."

Result of AGM

Retrieved on: 
Tuesday, December 26, 2023
Policy, FCA, Proxy, AGM, Remuneration, Reinsurance, Holding company, Management, Internet service provider, Security (finance), Cryptocurrency, Grit

Total number of shares in issue as at the date of the AGM was 495,092,339.

Key Points: 
  • Total number of shares in issue as at the date of the AGM was 495,092,339.
  • Shareholders are further invited to forward their concerns/questions on the remuneration policy to the company secretary in writing by close of business on Wednesday, 10 January 2024.
  • An update on the views received from shareholders and actions taken will be published no later than six months after the meeting with the dissenting shareholders.
  • In accordance with Listing Rules 9.6.2 and 9.6.3 of the UK Financial Conduct Authority ("FCA"), a copy of the resolutions passed at the AGM has been submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Announcement regarding N+V AG's voluntary public tender offer to the holders of SFP ISIN IT0005422925 issued by Astaris S.p.A. (formerly Astaldi S.p.A.)

Retrieved on: 
Monday, December 25, 2023
Collection, Offer and acceptance, NOS, Email, Offer, Equitas, Communication, Person, Internet, SFP, Diffusion, Telephone, Cryptocurrency, Telescopic sight, Reinsurance

Announcement regarding N+V AG's voluntary public tender offer to the holders of SFP ISIN IT0005422925 issued by Astaris S.p.A. (formerly Astaldi S.p.A.)

Key Points: 
  • Announcement regarding N+V AG's voluntary public tender offer to the holders of SFP ISIN IT0005422925 issued by Astaris S.p.A. (formerly Astaldi S.p.A.)
    Registered office at Schochenmühlestrasse 4, 6340 Baar, Switzerland
    RE: Announcement regarding the voluntary public tender offer (the "Offer") launched by N+V AG, with registered office at Schochenmühlestrasse 4, 6340 Baar, Switzerland ("Offeror") on 2 November 2023 on maximum nos.
  • 200,000,000 participating financial instruments with ISIN IT0005422925 (the "SFPs") issued by Astaris S.p.A. (formerly Astaldi S.p.A.), for a price of 2.5 euro cent per SFP.
  • Reference is made to the captioned Offer, as described in more details in the document published by the Offeror on its website at the address www.nv.ag , in section "Purchase offer to security holders of Astaris SpA - Astaldi SpA - Deadline: 30.11.23" (the "Offer Document").
  • Before submitting acceptances in the Offer during the Extended Acceptance Period, holders of the SFP are invited to read the Supplementary Offer Document.

Aroundtown SA Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

Retrieved on: 
Thursday, December 21, 2023
Council, European, ISO, Nature, European Parliament, Person, Exercise, CFO, Union, UTC, Security (finance), Auction, Property management, Medical device, Reinsurance

For legal persons: full name including legal form as provided for in the register where it is incorporated, if applicable.

Key Points: 
  • For legal persons: full name including legal form as provided for in the register where it is incorporated, if applicable.
  • 2 For persons discharging managerial responsibilities: the position occupied within the issuer, emission allowances market participant/auction platform/auctioneer/auction monitor should be indicated, e.g.
  • For persons closely accociated:
    An indication that the notification concerns a person closely associated with a person discharging managerial responsibilities;
    Name and position of the relevant person discharging managerial responsibilities.
  • 3 Indication that this is an initial notification or an amendment to prior notifications.

Director/PDMR Shareholding*

Retrieved on: 
Wednesday, December 20, 2023
Customs, SIP, Trustee, Britvic, HM Revenue and Customs, Health insurance, Reinsurance

Britvic plc (the “Company") was notified on 19 December 2023 that the following transactions have taken place in relation to the Britvic Share Incentive Plan (“SIP”).

Key Points: 
  • Britvic plc (the “Company") was notified on 19 December 2023 that the following transactions have taken place in relation to the Britvic Share Incentive Plan (“SIP”).
  • The SIP is an all-employee trust arrangement approved by HM Revenue and Customs, under which employees are able to buy ordinary shares in the Company of 20 pence each (“Shares”), using deductions from salary in each monthly pay period, and receive allocations of matching free Shares (“Matching Shares”).
  • The following Director purchased the number of Shares set out against their name below, at a price of 856.00 pence per Share, and were allocated for no consideration the number of Matching Shares (purchased by the SIP trustees at a price of 856.00 pence per Matching Share) set out against their name below:

Purchase offer on SFP (PFI) issued by Astaris SpA - ex Astaldi SpA - ISIN IT0005422925 - Preliminary results of the Offer

Retrieved on: 
Wednesday, December 20, 2023
Residual, SFP, ISIN, Business, NOS, Offer and acceptance, Collection, Consideration, Reinsurance, Telescopic sight

220,000,000 participating financial instruments with ISIN IT0005422925 (the "SFPs") issued by Astaris S.p.A. (formerly Astaldi S.p.A.), for a price of 2.5 euro cent per SFP.

Key Points: 
  • 220,000,000 participating financial instruments with ISIN IT0005422925 (the "SFPs") issued by Astaris S.p.A. (formerly Astaldi S.p.A.), for a price of 2.5 euro cent per SFP.
  • As used herein and unless otherwise defined, capitalized terms have the meaning ascribed to them in the Supplementary Offer Document.
  • On the basis of the provisional results communicated by Equita SIM S.p.A., as Intermediary In Charge of Coordinating the Collection of Acceptances, nos.
  • In accordance with the provisions of the Supplementary Offer Document, the effectiveness of the Residual Offer is not subject to any condition.