NEARFIELD INSTRUMENTS SECURES REPEAT ORDERS FOR QUADRA METROLOGY SYSTEM

KUALA LUMPUR, Dec 23 (Bernama) -- Nearfield Instruments, a pioneer in advanced process control metrology solutions, announced it has received repeat purchase orders for its flagship QUADRA High-Throughput Process Control Metrology System.

According to a statement, this follow-up order highlights the company’s increasing market traction and its success in penetrating high-volume manufacturing operations.

Nearfield Instruments chief executive officer, Hamed Sadeghian remarked that the repeat order is a testament to the system’s performance, reliability, and its essential role in supporting high-volume manufacturing.

He emphasised that the order reinforces the trust customers have in Nearfield to support their production objectives, and with the 2025 order book now full, the company remains committed to delivering innovative solutions that enhance manufacturing efficiency and yield.

The QUADRA system offers cutting-edge capabilities for in-line process control by Nearfield’s high-throughput AFM metrology technologies that deliver highly accurate, non-destructive 3D measurements of critical semiconductor parameters.

By providing real-time feedback on critical device structures, the system provides good correlation to device yield and enables manufacturers to maintain high yields and optimal performance in their production lines.

The system’s exceptional throughput allows manufacturers to quickly and accurately analyse large numbers of devices without compromising measurement precision, ensuring both efficiency and quality in the production process.

This repeat order from a leading semiconductor manufacturer highlights the growing confidence in the QUADRA platform as the industry advances to next-generation technologies.

The continued adoption of QUADRA systems by leading manufacturers further strengthens Nearfield Instruments’ position as a driving force in advanced process control metrology for mass production.

-- BERNAMA

Japan's Nippon Life Credit Ratings Stay Unaffected After Acquiring Resolution Life, Says AM Best

KUALA LUMPUR, Dec 17 (Bernama) -- Global credit rating agency, AM Best has commented on the financial strength rating of A+ (superior) and the long-term issuer credit rating of “aa-” (superior) of Japan’s Nippon Life Insurance Company (Nissay).

In a statement, AM Best said these ratings remain unchanged following the announcement of the acquisition of Resolution Life Group Holdings Ltd (Resolution Life) on Dec 11.

Nissay has entered into an agreement to acquire full ownership of Resolution Life, a global insurance group specialising in the acquisition and management of life insurance portfolios, which mainly operates in the United States, Australia and Bermuda.

The transaction will consolidate Nissay’s existing equity interest in Resolution Life, resulting in a wholly owned subsidiary, with the total consideration for this acquisition expected to be approximately US$8.2 billion (1.2 trillion Japanese yen). (US$1=RM4.44)

The transaction is subject to customary closing conditions, including required regulatory approvals, and is expected to close in the second half of 2025.

As part of the transaction, Nissay has reached an agreement with National Australia Bank Limited to acquire the remaining 20 per cent equity stake in MLC Life Insurance (MLC) for approximately AUD$500 million (50 billion Japanese yen).

Post-acquisition, Nissay intends to integrate MLC with Resolution Life Australia Limited, aiming to enhance market presence within the Australian life insurance sector.

AM Best expects the acquisition transaction to have a limited impact on Nissay’s balance sheet strength assessment at the current strongest level, considering the group’s large capital size relative to the scale of the acquisition, although there could be moderate erosion of the group’s risk-adjusted capitalisation.

The company’s absolute capital amounted to US$62 billion (9.4 trillion Japanese yen) as of Sept 2024, and upon completion, the acquisition is expected to deliver immediate profit contributions.

Moreover, AM Best expects the acquisition to support Nissay’s strategic objectives by enhancing business diversification across geographies for sustainable growth in the global life insurance market.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF NEWGT REINSURANCE COMPANY, LTD.

HONG KONG, Dec 12 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NEWGT Reinsurance Company, Ltd. (NEWGT) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NEWGT’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

NEWGT’s balance sheet strength is well-supported by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). As of the fiscal year ended on 31 March 2024, NEWGT’s capital and surplus increased by 21% mainly from increased retained earnings, with no dividend upstream made during the period. The company has a moderate level of reinsurance dependency; however, its exposure to potential credit risk is mitigated partially by a high-quality and well-diversified reinsurance panel.

NEWGT’s operating performance has been consistently positive during the most recent five-year period. For the fiscal year ended 31 March 2024, the gross premium and net premium earned from ITOCHU Corporation (ITOCHU)-related business, remained relatively flat as its premium income became normalized from the strong growth in the previous year while its underwriting profit showed improvement with favourable loss experience during the period. Notwithstanding the moderate volatility in the major lines of marine cargo business due to the impact of commodity price fluctuations, AM Best expects that NEWGT’s operating performance will remain profitable over the intermediate term given the company’s prudent underwriting practices and reinsurance programmes.  

http://mrem.bernama.com/viewsm.php?idm=49999

Kioxia CM7 Series NVMe SSD Obtains FIPS 140-3 Level 2 Validation

 

KIOXIA CM7 Series PCIe 5.0 NVMe Enterprise SSD (Photo: Business Wire)

KUALA LUMPUR, Dec 11 (Bernama) -- Kioxia Corporation, a world leader in memory solutions, has announced the cryptographic module used in KIOXIA CM7 Series PCIe 5.0 NVMe Enterprise solid-state drives (SSDs) has been validated to meet the Federal Information Processing Standard (FIPS) 140-3, Level 2 for cryptographic modules.

The FIPS 140-3 standard specifies a set of security requirements of the Cryptographic Module Validation Program administered by the National Institute of Standards and Technology (NIST), used as a security metric for federal agencies to procure validated information technology equipment.

According to Kioxia in a statement, this latest standard surpasses the previous FIPS 140-2 requirements by offering stronger authentication methods and updated implementation guidelines.

SSDs meeting FIPS 140-3 requirements are now more attractive to companies and federal agencies seeking to comply with stringent security regulations.

Kioxia brought PCIe 5.0 technology to server and storage applications with the KIOXIA CM7 Series NVMe SSD.

Targeted at enterprise applications and use cases, including artificial intelligence, high-performance computing, online transaction processing database, and data warehousing, KIOXIA CM7 Series drives bring enterprise performance, reliability and security to data centre servers and storage.

These SSDs are available in both 2.5-inch and E3.S form factors, with capacities ranging from 1.6 terabytes (TB) to 30.72 TB, and offer various security features such as sanitise instant erase (SIE), TCG Opal self-encrypting drive (SED), and SED utilising FIPS 140-3 Level 2 module.

-- BERNAMA

AM BEST UPGRADES CREDIT RATINGS OF PROVIDENT INSURANCE CORPORATION LIMITED

SINGAPORE, Dec 12 (Bernama-BUSINESS WIRE) -- AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bb+” (Fair) of Provident Insurance Corporation Limited (PICL) (New Zealand). The outlook of these Credit Rating (ratings) has been revised to stable from positive.

The ratings reflect PICL’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect the material and sustained improvement in PICL’s risk-adjusted capitalisation over recent periods. The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), was at the very strong level as of fiscal year-end 2024. Prospectively, AM Best expects PICL’s risk-adjusted capitalisation to remain at least at the strong level over the medium term, supported by its internal capital generation, which takes into account planned partial share redemption and its business growth targets. Other positive balance sheet strength factors include the company’s conservative investment strategy and robust regulatory solvency position. An offsetting balance sheet strength factor includes exposure to long-duration policies that increases reserving risk; however, PICL takes a prudent reserving approach and has a history of reserve adequacy.

AM Best views PICL’s operating performance as adequate. PICL’s operating performance continues to be supported by its positive underwriting performance and robust investment returns. The company recorded a return-on-equity ratio of 15.2% and a combined ratio (net/net, IFRS 17) of 96.9% in fiscal-year 2024, as calculated by AM Best. PICL has made significant investments in its information technology and pricing capabilities in recent periods to support its next phase of accelerated growth, which resulted in an elevated expense ratio in year-end 2024. Prospectively, the expense ratio is expected to normalise.

AM Best assesses PICL’s business profile as limited. This reflects the company’s relatively modest scale of operations and limited geographical diversification, with all business emanating from New Zealand. PICL is a niche insurer that focuses on mechanical breakdown insurance and private motor vehicle insurance, largely distributed through motor dealerships and distribution partners across its domestic market. PICL is exposed to a moderate level of pricing risk arising from its multi-year policies, largely its mechanical breakdown insurance.

AM Best assesses PICL’s ERM as appropriate, given the size and complexity of its operations. AM Best views the successful execution of the company’s growth plan to be an ongoing risk. To date, this risk has been mitigated through investments in internal capabilities and technology. Prospectively, AM Best expects PICL’s risk management capability to continue to develop and strengthen, supporting its increasing operational scale.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241211936745/en/

Contact

Chee Yun
Associate Financial Analyst
+65 6303 5019
chee.yun@ambest.com

Victoria Ohorodnyk
Director, Head of Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

Malaysia’s Lonpac Insurance Receives Excellent Ratings from AM Best

KUALA LUMPUR, Dec 12 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of “a” (excellent) of Malaysia’s Lonpac Insurance Bhd (Lonpac).

In a statement, AM Best said these credit ratings (ratings) have a stable outlook, which reflected Lonpac’s balance sheet strength, was assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Lonpac’s risk-adjusted capitalisation was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio, and is expected to remain at this level over the near to medium term. During the past five years (2019-2023), the company has demonstrated strong capital growth from retained earnings, taking into account the high dividend payout ratio over this period.

In addition, Lonpac has a generally conservative investment portfolio comprising cash, bonds and debt-focused unit trust funds. However, AM Best considers the company to have a moderate dependence on third-party reinsurance to support the underwriting of large-limit risks and manage its catastrophe exposures.

In December this year, Public Bank Berhad (PBB) acquired a 44.15 per cent stake in LPI Capital Bhd (LPI), Lonpac’s ultimate parent, from the estate of the late founder, Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd, making PBB the largest shareholder of LPI. It is AM Best’s view that the transfer of shares will have a neutral impact on the credit rating fundamentals of Lonpac.

Lonpac’s operating performance is strong, supported by robust underwriting results, particularly in the property and bond sectors. Low net loss experience and favorable reinsurance commission income in recent periods have supported strong technical profitability.

Whilst AM Best expects the company to maintain its strong operating performance over the medium term, the elevated cost of reinsurance, as well as the ongoing phased liberalisation of motor and fire insurance pricing in Malaysia, may constrain underwriting margins over the near to medium term.

AM Best views Lonpac’s business profile as neutral, as it is a medium-size non-life insurer in Malaysia, with a market share of approximately seven per cent, based on 2023 gross written premium. The company’s underwriting portfolio is diversified moderately by line of business, albeit with the majority of business originating from Malaysia.

Lonpac benefits from a long-standing relationship with Public Bank Berhad, which provides the company with preferential access to profitable property business through the banking channel.

-- BERNAMA

QIANHAI FORUM ON HIGH-QUALITY DEVELOPMENT OF SHENZHEN-HONG KONG MODERN SERVICE INDUSTRIES

SHENZHEN, China, Dec. 10, 2024 /Xinhua-AsiaNet/--

On December 6, the Qianhai Forum, themed "New Situation, New Reform, and New Action: Shenzhen-Hong Kong Cooperation to Build a Hub for High-Quality Development of Modern Service Industries", kicked off in Qianhai, Shenzhen. The Forum consisted of a main forum, four parallel forums on financial opening-up and innovation, Shenzhen-Hong Kong technological innovation, rule of law related to foreign affairs, and new cultural industries, as well as a series of strategic events on upgrading the pilot free trade zone. Over 100 representatives from Hong Kong SAR and Macao SAR, industry leaders, and renowned experts gathered in Qianhai to explore the latest developments in the cooperation zone.
 
Maintaining a vibrant momentum for development
 
With institutional innovation at its core, Qianhai is steadily expanding institutional opening-up in terms of rules, regulations, management, and standards. To this end, Qianhai has launched a total of 882 institutional innovation achievements. With the modern service industry as its primary sector, Qianhai is vigorously facilitating the construction of 18 industrial clusters. Statistics released by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone at the forum show that, in the first three quarters of 2024, its GDP grew by 8.2% and its import and export volume increased by 50.1%. This has indicated a vibrant momentum for development. 
 
Qianhai is systematically upgrading the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub. In cooperation with universities such as the University of Hong Kong, Hong Kong Polytechnic University, and City University of Hong Kong, a wide variety of innovation and entrepreneurship projects have been incubated at the Hub. Overall, Qianhai has aimed to become a leading area for deep integration between Shenzhen and Hong Kong. 

http://mrem.bernama.com/viewsm.php?idm=49977