ASIAN REINSURANCE CORPORATION CREDIT RATINGS AFFIRMED - AM BEST

KUALA LUMPUR, May 7 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of ‘bbb-’ of Asian Reinsurance Corporation (Asian Re) Thailand. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Asian Re’s balance sheet strength, which the United States-based global credit rating agency assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

Asian Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which is expected to remain at the strongest level over the medium term.

According to a statement, AM Best expects the company’s capital adequacy to remain supported by its low underwriting leverage and its investment portfolio, mainly in cash and short-term deposits.

Last year, Asian Re reported an operating loss, and its five-year average return-on-equity ratio is modest at 0.5 per cent (2016-2020). Underwriting results remain volatile, with the company’s average combined ratio over the past five years exceeding 125 per cent (2016-2020).

AM Best views Asian Re’s business profile to be limited, as the company faces pressure in rebuilding its presence in the regional reinsurance market following catastrophe events in 2011 and 2012, which led to a need to recapitalise the company.

The company continues to implement a number of strategic initiatives and business partnerships aimed at expanding its underwriting portfolio and market presence.

AM Best considers Asian Re’s ERM approach to be appropriate given the size and complexity of its current operations. The company has taken steps to develop the identification, management and mitigation of key risks, and has demonstrated improvements in its risk management capabilities over recent years.

For more information, visit www.ambest.com.

-- BERNAMA

ARIA SYSTEMS' CLOUD BILLING, MONETISATION PLATFORM NOW LIVE WITH SINGAPORE’S M1

KUALA LUMPUR, May 6 (Bernama) -- Aria Systems, the leader in helping enterprises grow subscription and usage-based revenue, announced that M1 has successfully implemented and launched Aria’s billing and monetisation platform as part of its digital transformation journey.

According to a statement, Aria is now supporting the Singapore-based telecommunications provider, M1’s consumer business, with commercial accounts soon to be added.

“M1 now has a modern, agile billing platform that allows the company to offer customers product bundles and billing plans tailored to their needs, automate its internal operations, and accelerate new revenue generation from 5G services,” said Aria Systems President & Chief Executive Officer, Tom Dibble.

“For Aria, this implementation builds upon our track record of successful execution in the telecommunications industry. As M1 expands Aria into additional lines of business and geographies, we look forward to growing our partnership and supporting M1’s innovation efforts.”

Meanwhile, M1 Chief Digital Officer, Nathan Bell said: “Aria’s modern billing platform is a key component of our efforts to digitalise our business and offer our customers personalised services along with more flexible and fully customised plans.”

In addition to core billing capabilities, Aria has deployed a number of business-specific applications configured to support M1’s new hyper-personalised, self-service offerings now available to customers.

The Aria solution offers M1 the ability to automate actions and personalise customer communications based on individual profiles and demographics, including geographic location, payment history, and longevity as a customer.

More details at www.ariasystems.com.

-- BERNAMA

Napier to provide advanced Transaction Screening system for ClearBank

KUALA LUMPUR, May 6 -- Napier, the London-based provider of next-generation anti-financial crime compliance solutions, will provide ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.  

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs.  

Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk, according to a statement.  

“We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency,” said Napier Chief Executive Officer, Julian Dixon.  

Meanwhile, ClearBank CIO, Stuart Morley said: “Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance.”  

Napier works with institutions such as ClearBank globally to provide its AI-led platform for intelligent KYC, AML & trade compliance.  

Doubling its annual revenue last year, Napier has recently been strengthening both its senior management team and its roster of global customers.  

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.  

-- BERNAMA

HUBER SIGNS AGREEMENT TO ACQUIRE REMAINING STAKE IN MAGNIFIN JOINT VENTURE

 ATLANTA, May 6 (Bernama-GLOBE NEWSWIRE) -- On May 4, J.M. Huber Corporation (“Huber”) signed a definitive agreement with RHI Magnesita (“RHIM”) to acquire their 50% ownership stake in the companies’ 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG (“MAGNIFIN”). This transaction is expected to close in the second half of 2021, pending regulatory approvals.

Huber originally acquired its 50% ownership interest in MAGNIFIN as part of the purchase of the Martinswerk operation from Albemarle in 2016. Located in Bergheim, Germany, Martinswerk became part of the Huber Engineered Materials (HEM) Fire Retardant Additives (FRA) strategic business unit (SBU), which produces a wide range of halogen-free products for flame retardant and smoke suppression applications and aluminum oxides.

Based in Breitenau, Austria, MAGNIFIN has been producing and selling premium magnesium hydroxide (MDH) products since 1991. MAGNIFIN^® coated and uncoated magnesium hydroxides are environment friendly, non-halogenated flame retardants used in a wide range of polymer applications, especially thermoplastic materials and elastomers requiring high processing temperatures in excess of 300 °C. Typical flame retardant applications include energy and LAN (local area network) data cables, automotive wire and cable, engineering thermoplastics (e.g. connectors) and construction foils.

“This transition is a strong strategic fit with HEM’s mission to own and operate specialty chemical and mineral companies with market leading positions,” says Dan Krawczyk, President of Huber Engineered Materials.

“This step forward demonstrates our commitment towards our customers to support their growth and our clear strategy to grow our halogen-free fire retardant business globally,” adds Victor Dean, General Manager of HEM’s FRA Business.

About Huber Engineered Materials
Huber Engineered Materials (HEM), headquartered in Atlanta, Georgia (US), is a global leader in the production of fine precipitated alumina trihydrate and magnesium hydroxide, both non-halogenated fire retardants. Its FRA business unit has four manufacturing sites in North America and two in Europe, one of which is the MAGNIFIN plant.

HEM has been a trusted supplier of halogen-free fire retardants and smoke suppressants for almost 40 years, manufacturing a large portfolio of value-added Hydral^®, Hymod^®, Martinal^® and Micral^® alumina trihydrates; MAGNIFIN^®, Vertex^® and Zerogen^® magnesium hydroxides; and Kemgard^® molybdate compounds for a variety of end-use applications, including reinforced polyester molding and pultrusion, engineering thermoplastics, roofing, silicone rubber, wire and cable, coatings and carpet backing. In addition, Huber produces Martoxid^® calcined aluminum oxides, Compalox^® specialty oxides and Pergopak^® carriers and matting agents.

HEM is focused on engineered specialty chemical and minerals that enhance the performance, appeal and processing of a broad range of products used in industrial, agricultural and consumer applications and also has a portfolio of high value agricultural nutrients and adjuvants and industrial, food and USP grade calcium carbonate products. For more information, visit www.hubermaterials.com.

About J.M. Huber Corporation
J.M. Huber Corporation, headquartered in Atlanta, Georgia (US), operates a diverse portfolio of companies: CP Kelco, Huber Engineered Materials, Huber Engineered Woods and Huber Resources Corp. With locations around the world, our businesses create products used in a broad range of applications including personal care, food and beverage, agricultural nutrients and adjuvants, building materials, flame retardants and smoke suppressants, as well as sustainable forestry services. Founded in 1883, Huber is one of the largest family-owned companies based in the US. For more information, visit www.huber.com.

MEDIA CONTACT:
Lea Volpe
Director, Corporate Communications
J.M. Huber Corporation
678.247.7128 phone
lea.volpe@huber.com 


SOURCE : J.M. Huber Corporation

LeddarTech’s Technical Leadership Featured at Three Major Events in May 2021 Focused on Environmental Sensing That Reimagines ADAS and AD Solutions

 QUEBEC CITY, May 4, 2021 (GLOBE NEWSWIRE) -- LeddarTech®, a global leader in Level 1-5 ADAS and AD sensing technology, is proud to announce its participation in several global digital events in May as an exhibitor, presenter, as well as sponsor. The company will showcase its comprehensive end-to-end technology platforms that enable customers to solve critical sensing and perception challenges across the entire value chain of the automotive and mobility markets. These featured solutions include the LeddarVision™ sensor-fusion and perception platform and the cost-effective, scalable LiDAR development platform based on patented LeddarEngine™ technology.
RESO360o Online – May 5 (Digital) With a focus on partnership and collaboration, this event is sponsored and created by the Chamber of Commerce and Industry of Quebec to bring together the business community to engage, contribute, and learn about the major trends in the business world. Featured panel: “Artificial Intelligence Through Connected Objects,” a panel discussion (in French) featuring Frantz Saintellemy, President and COO of LeddarTech, May 5, 4:20 – 5.05 p.m. ET. Register here

EcoMotion Week 2021 – May 18-20 (Digital) As a Gold Sponsor, LeddarTech joins EcoMotion as a speaker and an exhibitor. EcoMotion is a joint venture of Israel’s Innovation Institute, Smart Mobility Initiative, Ministry of Economy, and automotive & high-tech industries. The event brings together the world’s leading companies pioneering in the smart mobility field with hundreds of startups, investors, industry leaders, policy makers, and more attending virtually and exhibiting live on the platform. Keynote presentation: “Re-Imagining the Path to Autonomous Driving,” featuring Pierre Olivier, Chief Technical Officer of LeddarTech, and Youval Nehmadi, Engineering Director, Sensor Fusion & Perception, May 19. Innovation marketplace: LeddarTech will showcase its market-defining sensing and perception solutions for ADAS and AD applications, including the LeddarVision platform and various sensing components and software. Register here

Autonomous Vehicles Online 2021 – May 26-27 (Digital) LeddarTech is one of the main event sponsors for this digital version of Autonomous Vehicles Online and will host a keynote presentation with fellow professionals developing the next generation of self-driving technology. Keynote presentation: “Robust Environmental Sensing Technology - Enabling Mass-Market Adoption of Safer and Smarter AD Technology,” featuring Pierre Olivier, Chief Technical Officer of LeddarTech, and Ronny Cohen, Senior Director, Israel Operations & Engineering, May 26, 9:10 – 10:00 a.m. ET. Register here
About LeddarTech LeddarTech is a leader in environmental sensing platforms for autonomous vehicles and advanced driver assistance systems. Founded in 2007, LeddarTech has evolved to become a comprehensive end-to-end environmental sensing company by enabling customers to solve critical sensing and perception challenges across the entire value chain of the automotive and mobility market segments. With its LeddarVision™ sensor-fusion and perception platform and its cost-effective, scalable, and versatile LiDAR development solution for automotive-grade solid-state LiDARs based on the LeddarEngine™, LeddarTech enables Tier 1-2 automotive system integrators to develop full-stack sensing solutions for autonomy level 1 to 5. These solutions are actively deployed in autonomous shuttles, trucks, buses, delivery vehicles, smart cities/factories, and robotaxi applications. The company is responsible for several innovations in cutting-edge automotive and mobility remote-sensing applications, with over 95 patented technologies (granted or pending) enhancing ADAS and autonomous driving capabilities. Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter, Facebook, and YouTube.
Contact: Daniel Aitken, Vice-President, Global Marketing, Communications, and Product Management, LeddarTech Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@leddartech.com
Leddar, LeddarTech, LeddarEngine, LeddarVision, LeddarSP, LeddarCore, VAYADrive, VayaVision, and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners. SOURCE: LeddarTech Inc.

ASSET VALUE INVESTORS (AVI) CALLS FOR SHAREHOLDER SUPPORT TO REMOVE AND REPLACE SYMPHONY INTERNATIONAL HOLDINGS' BOARD OF DIRECTORS

LONDON, April 30 (Bernama-BUSINESS WIRE) -- Asset Value Investors (“AVI”) today launches a new campaign calling on shareholders of Symphony International Holdings Ltd (“SIHL”), a closed-end investment vehicle managed from Singapore and listed on the London Stock Exchange, to help bring about change at the company after years of poor performance. AVI owns a 15.4% stake in SIHL on behalf of institutional clients. Having first invested in 2012, it has now been concluded that a continued approach of constructive private engagement has no prospects of success.

Tom Treanor, Executive Director, Asset Value Investors introduced the new initiative, stating, “The poor performance of Symphony International Holdings Ltd (SIHL) has gone on long enough. We have two key aims and we need the support of our fellow shareholders to make them a reality.”

We aim to:

1. Ensure all shareholders are fully informed as to our concerns regarding the stewardship of SIHL and the independence of the Board, which in our view is inherently conflicted and whose actions have failed to protect shareholder interests ahead of those of the management team;

2. Gather together sufficient support (30%, including our own 15.4% stake) to requisition an EGM to remove the current directors and replace them with new directors willing and able to properly represent the interests of shareholders. Following their appointment, the new board would be given a mandate to consult widely with shareholders to build a consensus for the optimal path forward to maximise value for the benefit of all shareholders.

SIHL listed in 2007 with an investment objective focussed on growth through consumer-related investments in Asia. Performance has been abject in absolute terms and when measured against market indices or peer funds. Furthermore, SIHL today trades at a discount in excess of 50% to estimated NAV. It is AVI’s view that the substantial discount at which SIHL trades represents the market’s verdict on the Company’s performance track record, investment proposition, its governance, its Manager, and its Board.

A detailed presentation has been published on its dedicated website www.savesymphony.com and analyses key interconnected areas that require urgent action:

1. Disastrous NAV and Share Price Performance

2. Misrepresented Performance and Material Non-Disclosure

3. Persistently Wide Discount to NAV

4. Manager Compensation dwarfing Shareholder Returns

5. Conflicted Board

6. The 2017 Wind-Up Vote That Wasn’t: Shareholder Exit Frustrated

7. Forced Partial Sale of Minor International investment at Distressed Prices

http://mrem.bernama.com/viewsm.php?idm=39958

INFOGAIN POSITIONED AS A "STAR PERFORMER" AND "MAJOR CONTENDER" IN EVEREST GROUP'S SOFTWARE PRODUCT ENGINEERING SERVICES PEAK MATRIX® ASSESSMENT 2021

SINGAPORE, April 30 (Bernama-BUSINESS WIRE) -- Infogain, a leading provider of Digital Platform solutions, announced it has been positioned as a “Star Performer” and “Major Contender” in Everest Group’s Software Product Engineering Services PEAK Matrix® Assessment 2021. Infogain is a pioneer in leveraging human-centred experience led by insights to drive co-innovation for leading product companies worldwide.

In this third edition of the software product engineering-focused assessment, Everest Group evaluated 31 leading service providers. Infogain was evaluated across a wide range of criteria on the Everest Group PEAK Matrix that included:

• Market impact: market adoption, portfolio mix, and value delivered.
• Vision and capability: ability to deliver services successfully through vision and strategy, scope of services offered, innovation and investment, and delivery footprint.
• Inputs to the evaluation included reference interviews, case studies, and Everest Group-conducted buyer surveys.

Ayan Mukerji, COO, Infogain, said, “We are pleased to feature as a Star Performer and Major Contender in Everest Group’s Software Product Engineering Services PEAK Matrix Assessment 2021. This validates our digital growth strategy of repositioning ourselves within our customer base. Our continued focus on Experience Design, Digital Platforms and Cloud Engineering enables us to target a wider buyer base within our accounts. Driving transformational business outcomes for our customers is what differentiates us from our competitors.”

Akshat Vaid, Vice President - Engineering Services Research, Everest Group, said, “Infogain has elevated its positioning as a software product and platform engineering partner significantly, following three acquisitions aimed at enhancing specific capabilities, namely Silicus Technologies for cloud transformation, Revel Consulting for experience design and AbsolutData for data analytics and AI. This, coupled with Infogain’s deep focus on select industry domains and a legacy of digital platform engineering, make it a competent service provider in a highly competitive market. Customers acknowledge its expertise in experience design, cloud engineering in addition to deep domain expertise in industries such as travel, retail, and healthcare, as well as its cost competitiveness. Additionally, Infogain’s willingness to invest in building relationships and go the extra mile in serving beyond the scope has been well received by its customers, resulting in increasingly larger and strategic engagements.”

Everest Group is a consulting and research firm focused on strategic IT, business services and engineering services. To request the full report, contact Infogain here.

http://mrem.bernama.com/viewsm.php?idm=39947