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AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of Aegis Security Insurance Company

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications
and affirmed the Financial Strength Rating of A- (Excellent) and the
Long-Term Issuer Credit Rating of “a-” of Aegis Security Insurance
Company (Aegis) (Harrisburg, PA). The outlook assigned to these Credit
Ratings (ratings) is negative.

The rating actions reflect Aegis’ balance sheet strength, which AM Best
categorizes as very strong, as well as its adequate operating
performance, neutral business profile and marginal enterprise risk
management. The rating actions also reflect the company’s unfavorable
trend in balance sheet strength, as well as the pending bifurcation from
the current ownership organization, K2 Insurance Services LLC (K2).

The assigned negative outlooks reflect the unfavorable trends in balance
sheet strength, stemming from elevated growth in recent years. While
risk-adjusted capitalization has remained supportive of the very strong
assessment, in recent years, the company has experienced rising
underwriting leverage ratios due to premium growth outpacing surplus
growth. In 2018, the company experienced elevated catastrophe losses
from the California wildfires, which were mitigated ultimately by
subjugation right sales and capital contributions by the ultimate parent
company, K2. While the management team was able to reduce the losses
substantially through creative deal sourcing, the large losses following
periods of elevated growth bring uncertainty to the future profitability
of the business. Operationally, prior to 2018, the company reported four
consecutive years of combined ratios below 100% mainly due to net
investment income.

Management has implemented a number of corrective actions to improve
risk management and underwriting within its book of business. These
actions include enhanced modeling, exposure mitigation efforts, new
underwriting restrictions and non-renewal of some higher-risk business.
In May 2019, the ownership group announced the sale of majority
ownership in K2 to Lee Equity Partners. This sale does not include
Aegis, which will be spun off under the current owners of Patrick
Kilkenny and Endevour Capital. Going forward, Aegis will continue to
provide premium capacity at pre-specified levels for K2. AM Best will
monitor the company’s results closely, and resolution of the negative
outlooks is contingent upon the company’s ability to demonstrate a
reversal of the current balance sheet strength trends, primarily the
growth in underwriting leverage ratios.

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
Understanding
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view
Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases
.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

Dan Hofmeister, CFA
Financial Analyst
+1 908
439 2200, ext. 5385

dan.hofmeister@ambest.com

Joe Burtone
Director
+1 908 439 2200, ext.
5125

joseph.burtone@ambest.com

Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644

james.peavy@ambest.com

Trade Show News

Which CD is right for you? Continuous Deployment or Continuous Delivery? – Matt Beaney (AutoTrader UK) present the solution at TCE2019 Prague

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Software release expert will present a keynote session at PICANTE TECH Conference Europe 2019.

 

If you search online, you will find that continuous integration, continuous deployment, and continuous delivery are like vectors that have the same direction, but different magnitude. Their goal is the same: make our software development and release process faster and more robust.

The key difference between the three is in the scope of automation applied. What gets people who are new to the field confused is that they are not mutually exclusive, but include each other, like Russian dolls.

At PICANTE TECH Conference Europe (TCE2019), which will take place in Prague on the 3rd of September at Vienna House Andel’s Prague, you can hear more about the subject in a special keynote which will be presented by Matt Beaney, Service Transition at AutoTrader UK.

Matt has overseen Service Transition at AutoTrader UK for over 10 years, driving continual improvement of the release success rate from 85% to 99.8% and increasing the release rate from <600 to 15,000 per year. In Prague, he will tell you all about CD is right for you and your company.

REGISTER HERE to secure your seat!

PICANTE Tech Conference Europe is designed to bring both people and knowledge together and provides the excellent ecosystem of networking and learning opportunities without interruptions with emphasis on comfort and communication. After learning from genuine world-class experts and wayseers, meeting achievers shaping the B2B ecosystem, all attendees will get the chance to grab a drink and relax while networking at the evening social gathering.

REGISTER HERE or BROWSE THE AGENDA/PROGRAM!

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Cannabis

National Access Cannabis Corp. Provides Sales Update for Retail Cannabis Operations Since Federal Legalization

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National Access Cannabis Corp. (“NAC” or “the Company”) (TSXV: META), Canada’slargest cannabis retailer1, today provided investors with a corporate and retail sales update. The Company is successfully executing on its growth strategy and has achieved over $50 million in retail sales since legalization, with cumulative gross margin in excess of 31%. The Company is targeting to have 40 operating stores by the end of calendar 2019.

“NAC is rapidly growing its store count and revenue,” said Mark Goliger, CEO of NAC. “We have been granted 10 licenses in Alberta since the ending of the moratorium on May 31st, and we expect positive movement with our licence applications in British Columbia. We now have 30 stores open, with another 5 stores licensed and in development.  We expect continued revenue momentum as we roll out improved and streamlined store designs to enhance customer experience. With the recent filing of our final base shelf prospectus to provide us with flexible access to capital, we are confident in our ability to execute on our strategic growth initiatives to continue our leadership position in Canadian cannabis retail.”

The Company’s current portfolio of 35 licensed locations is split as follows:

  • 25 NewLeaf Cannabis™ stores in Alberta
  • 9 Meta Cannabis Supply Co.™ stores in Manitoba
  • 1 Meta Cannabis Supply Co.™ store in Saskatchewan

The newest retail location opened August 20, 2019:
NewLeaf Cannabis – Falconridge
55 Castleridge Blvd NE, Calgary

Previous announcements regarding NAC’s retail store expansion may be found through the following links:

August 8, 2019National Access Cannabis Corp. Continues Growth by Announcing Licence to Open a New Retail Cannabis Store in Alberta for a Total of 35 Licensed Retail Stores Across Canada and New Store Opening Update

July 30, 2019National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 34 Licensed Retail Stores Across Canada

July 25, 2019National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 32 Licensed Retail Stores Across Canada

July 3, 2019National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 30 Licensed Retail Stores Across Canada

May 31, 2019National Access Cannabis Corp. Responds to the AGLC Lifting the Moratorium on Cannabis Retail Stores in Alberta

 

SOURCE National Access Cannabis Corp.

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Trade Show News

The Use of Artificial Intelligence by Startups and SMEs panel discussion moderated by Dr. Robert Skalina (WH Partners) at TCE2019 Prague

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Leading law expert and tech compliance advisor to moderate the AI-related panel discussion at PICANTE TECH Conference Europe 2019.

 

The future is almost here and there are more and more talks about AI being a key part of our daily life. But, it seems we are not quite there yet as most of the services that are available are not the real independent AI which is feared by many doomsday preachers.

At PICANTE TECH Conference Europe (TCE2019), which will take place in Prague on the 3rd of September at Vienna House Andel’s Prague, we have put together an artificial intelligence-related panel discussion which will highlight some of the most recent topics that are discussed in the sphere and can benefit many in the upcoming period.

The panel discussion will be joined by Andjela Todorovic (Software Engineering Intern at Cubic Corporation), Jiří Třečák (CEO at Supernova), Aleksander Kijek (Chief Product Officer at Nethone) and last but not least, Vojtech Chloupek (Partner at Bird & Bird).

The futuristic thinking panel discussion will be moderated by Dr. Robert Skalina, Senior Advisor at WH Partners.

REGISTER HERE to secure your seat!

About Dr. Robert Skalina

Robert Skalina is a Czech Advocate as well as a Registered European Lawyer in Malta. He is based in Prague and works in Malta regularly.

He is financial services and corporate lawyer and provides advice to a wide range of investment managers, advisors and funds, including private equity and hedge funds. Robert also regularly advises clients in the gaming/gambling industries and has vast experience in the area of mergers and acquisitions and complex cross border transactions.

Robert has previously held the position of head of legal of a London based investment advisor active throughout the EMEA region. Prior to that, he served as legal counsel for the largest retail bank in the Czech Republic.

Robert graduated with an LLM cum laude from the London School of Economics. He holds a Master of Laws degree from the Charles University in Prague. He provides advice in English, Czech and Slovak.

PICANTE Tech Conference Europe is designed to bring both people and knowledge together and provides the excellent ecosystem of networking and learning opportunities without interruptions with emphasis on comfort and communication. After learning from genuine world-class experts and wayseers, meeting achievers shaping the B2B ecosystem, all attendees will get the chance to grab a drink and relax while networking at the evening social gathering.

REGISTER HERE or BROWSE THE AGENDA/PROGRAM!

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