S&P Global Ratings

EQS-News: Hannover Re boosts earnings and is well on track for full-year profit target

Retrieved on: 
Saturday, December 30, 2023
Policy, CSM, COVID-19, Wildfire, Mortality, Disease, Life, Growth, S&P Global Ratings, Insurance, Longevity, Investment, EUR, Risk management, Lithium

Hannover, 9 November 2023: Hannover Re has generated a nine-month profit of EUR 1.4 billion and is thus confirming its Group net income target for the full year.

Key Points: 
  • Hannover, 9 November 2023: Hannover Re has generated a nine-month profit of EUR 1.4 billion and is thus confirming its Group net income target for the full year.
  • The shareholders' equity of Hannover Re as at 30 September 2023 amounted to EUR 9.6 billion (31 December 2022: EUR 9.1 billion).
  • The contractual service margin (net) was boosted by 26% to EUR 8.3 billion (31 December 2022: EUR 6.6 billion).
  • This will be supplemented by a special dividend provided the capitalisation exceeds the capital required for future growth and the profit target is achieved.

ING takes next steps on energy financing after COP28

Retrieved on: 
Wednesday, December 20, 2023
Biophysical environment, ING, Failure, Annual report, ING Group, COVID-19, Life, Table, S&P Global Ratings, Sustainability, International, European, Lung compliance, ESG, Legislation, Risk, FATCA, Internet, Social, Climate change, Sustainalytics, MSCI, AA

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank.

Key Points: 
  • ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank.
  • The purpose of ING Bank is: empowering people to stay a step ahead in life and in business.
  • ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.
  • ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

The Parent of a SiriusPoint Shareholder Taken Into Private Receivership

Retrieved on: 
Thursday, December 14, 2023
S&P Global Ratings, Accounting

HAMILTON, Bermuda, Dec. 14, 2023 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has been made aware that CMIG International Holding Pte Ltd (CMIH) has been taken into private receivership by its lenders in Singapore.

Key Points: 
  • HAMILTON, Bermuda, Dec. 14, 2023 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has been made aware that CMIG International Holding Pte Ltd (CMIH) has been taken into private receivership by its lenders in Singapore.
  • CMIH is the parent company of CM Bermuda, a 33% shareholder of SiriusPoint, with 9.9% voting rights.
  • The appointed receiver is the audit, accounting and tax firm, EisnerAmper who will be tasked with assessing relevant assets and determining future restructuring plans.
  • Scott Egan, CEO, SiriusPoint, said: “The news of CMIH being taken into private receivership is a matter between its shareholders and lenders, and has no impact on the ongoing progress or day-to-day running of our business.

HedgeFundBank Confirms Establishment of a Branch in South Africa, Anticipated to Boost Employment and Investment

Retrieved on: 
Friday, December 8, 2023
Growth, Investment, BBB, GDP, Employment, S&P Global Ratings, Drug

This is expected to enhance the capabilities of local enterprises and drive a transformation in local employment and investment methods.

Key Points: 
  • This is expected to enhance the capabilities of local enterprises and drive a transformation in local employment and investment methods.
  • According to a data report from HedgeFundBank, the Southern African region experienced a slowdown in economic growth in the past year.
  • For HedgeFundBank, conducting business in South Africa, a market with vast potential, will also be a new point of business growth.
  • For South Africa, HedgeFundBank will help shape a pro-poor economic growth model, drive local industrial upgrading, and assist the local economy and workers with employment needs.

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Investigating RILY and Encourages RILY Investors Who Suffered Substantial Losses to Contact Firm’s Attorneys

Retrieved on: 
Tuesday, December 5, 2023
Reuters, S&P Global Ratings, Acquisition, Hagens Berman, SAN, FRG, DOJ, Person, Franchise Group, Bloomberg, S&P, Life insurance

SAN FRANCISCO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .

Key Points: 
  • SAN FRANCISCO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .
  • The investigation focuses on the accuracy of B. Riley’s statements concerning Franchise Group (“FRG”).
  • Bloomberg later reported that FRG’s CEO Brian Kahn is one of two co-conspirators and Reuters reported that Hughes named Kahn as a co-conspirator.
  • “We’re focused on RILY investors’ losses and are investigating the propriety of B. Riley’s disclosures concerning the FRG investment and the company’s relationship with Kahn,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

S&P Global Ratings raises its rating on CNH Industrial to ‘BBB+’

Retrieved on: 
Friday, December 1, 2023
BBB, Agriculture, S&P Global Ratings, Sustainability, IH, Breaking New Ground, News, CNHI, Miller, Workplace, CNH Industrial, Investment, CNH, New Holland Agriculture, Security (finance)

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that on November 30, 2023, S&P Global Ratings raised its long-term issuer credit ratings on CNH Industrial N.V. and its subsidiary, CNH Industrial Capital LLC, to 'BBB+' from 'BBB'.

Key Points: 
  • CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that on November 30, 2023, S&P Global Ratings raised its long-term issuer credit ratings on CNH Industrial N.V. and its subsidiary, CNH Industrial Capital LLC, to 'BBB+' from 'BBB'.
  • S&P Global Ratings also affirmed the 'A-2' short-term issuer credit rating.
  • Additionally, S&P Global Ratings raised the issue-level ratings on CNH Industrial N.V. and its industrial subsidiaries' debt, as well as the issue-level ratings on CNH Industrial Capital LLC's senior unsecured debt, to 'BBB+' from 'BBB'.
  • For more information and the latest financial and sustainability reports visit: cnhindustrial.com
    For news from CNH Industrial and its Brands visit: media.cnhindustrial.com

Capital Power announces C$850 million medium term notes offering

Retrieved on: 
Wednesday, November 29, 2023
Capital Power Corporation, TD Securities, Indigenous peoples, S&P Global Ratings, NOT, Risk management, BBB, Person, WIRE, Internet, News, U.S, Perception, TSX, CPX, Capital, Annual report, Offering

EDMONTON, Alberta, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Capital Power Corporation (“Capital Power”) (TSX: CPX) announced today that it has priced a public offering in Canada of unsecured medium term notes in the aggregate principal amount of C$850 million (the “Offering”). The Offering consists of C$400 million of 5.378% medium term notes maturing on January 25, 2027 and C$450 million of 5.973% medium term notes maturing on January 25, 2034 (collectively, the "Notes").

Key Points: 
  • NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
    EDMONTON, Alberta, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Capital Power Corporation (“Capital Power”) (TSX: CPX) announced today that it has priced a public offering in Canada of unsecured medium term notes in the aggregate principal amount of C$850 million (the “Offering”).
  • The Offering consists of C$400 million of 5.378% medium term notes maturing on January 25, 2027 and C$450 million of 5.973% medium term notes maturing on January 25, 2034 (collectively, the "Notes").
  • The Notes to be issued and sold under the Offering have been rated BBB- by S&P Global Ratings and BBB (low) by DBRS Limited.
  • Capital Power undertakes no obligation to update or revise any forward-looking information except as required by law.

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Investigating B. Riley (RILY) Amid Write Offs and Credit Downgrades of Franchise Group, Encourages RILY Investors with Substantial Losses to Contact Firm’s Attorneys

Retrieved on: 
Monday, November 27, 2023
Reuters, S&P Global Ratings, Acquisition, Hagens Berman, SAN, FRG, DOJ, Person, Franchise Group, Bloomberg, S&P, Life insurance

SAN FRANCISCO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .

Key Points: 
  • SAN FRANCISCO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .
  • The investigation focuses on the accuracy of B. Riley’s statements concerning Franchise Group (“FRG”).
  • On Aug. 28, 2023, B. Riley announced it invested $216.5 million in an equity financing to facilitate the $2.8 billion management-led acquisition of FRG, which was completed on Aug. 21, 2023.
  • Bloomberg later reported that FRG’s CEO Brian Kahn is one of two co-conspirators and Reuters reported that Hughes named Kahn as a co-conspirator.

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Investigating B. Riley (RILY) Amid Write Offs and Credit Downgrades of Franchise Group, Encourages RILY Investors with Substantial Losses to Contact Firm’s Attorneys

Retrieved on: 
Monday, November 20, 2023
Reuters, S&P Global Ratings, Acquisition, Hagens Berman, SAN, FRG, DOJ, Person, Franchise Group, Bloomberg, S&P, Life insurance

SAN FRANCISCO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .

Key Points: 
  • SAN FRANCISCO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now .
  • The investigation focuses on the accuracy of B. Riley’s statements concerning Franchise Group (“FRG”).
  • On Aug. 28, 2023, B. Riley announced it invested $216.5 million in an equity financing to facilitate the $2.8 billion management-led acquisition of FRG, which was completed on Aug. 21, 2023.
  • Bloomberg later reported that FRG’s CEO Brian Kahn is one of two co-conspirators and Reuters reported that Hughes named Kahn as a co-conspirator.

Inside information: Citycon Oyj successfully completes directed share issue in exchange for repurchasing certain of its hybrid bonds for EUR 6.4 million

Retrieved on: 
Wednesday, December 20, 2023
ITS, Finnish Trade Register, Share (finance), Health, NOT, ANY, Transaction, S&P Global Ratings, Citycon, Heart, Annual, EUR, PEOPLE, Standard, Security (finance)

HELSINKI, Dec. 20, 2023 /PRNewswire/ -- The Board of Directors of Citycon Oyj ("Citycon" or the "Company") has decided, by virtue of the authorization granted by the Annual General Meeting of the Company on 21 March 2023, to issue up to 1,210,866 new shares in the Company (the "Shares") to certain institutional hybrid bond holders in the Company (the "Investors") in deviation of the pre-emptive subscription rights of the shareholders (the "Share Issue") in exchange for the Company repurchasing certain of its outstanding subordinated fixed to reset rate 5.25 year non-call undated green capital securities, issued on 22 November 2019 (ISIN XS2079413527, the "2024 Hybrid Bonds") from the Investors in an approximate aggregate principal amount of EUR 7.6 million (the bond repurchases and the Share Issue together, the "Transaction"). Pursuant to the Transaction, the subscription price for the Shares payable by the Investors to the Company is set off against the repurchase price for the 2024 Hybrid Bonds payable by the Company to the Investors.

Key Points: 
  • The Board of Directors has approved the terms and conditions of the Share Issue and the subscription made in accordance with the terms and conditions of the Share Issue.
  • A total of 1,210,866 Shares were subscribed for in the Share Issue.
  • The subscription price was EUR 5.30 per Share, and the aggregate subscription price for all Shares was approximately EUR 6.4 million.
  • The closing price of the Company's share in Nasdaq Helsinki on 19 December 2023 was EUR 5.26.