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AM Best Affirms Credit Ratings of Third Point Reinsurance Ltd. and Its Subsidiaries; Revises Outlooks to Negative

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and
affirmed the Financial Strength Rating of A- (Excellent) and the
Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Third Point
Reinsurance Company Ltd. (Bermuda) and Third Point Reinsurance (USA)
Ltd. (Bermuda). AM Best also has revised the outlooks to negative from
stable and affirmed the Long-Term ICRs of “bbb-” of Third Point
Re (USA) Holdings, Inc. (TP USA) (Wilmington, DE) and its
ultimate holding company, Third Point Reinsurance Ltd. (TPRE) (Bermuda).
Concurrently, AM Best has revised the outlook to negative from stable
and affirmed the Long-Term Issue Credit Rating of “bbb-” on the $115
million 7% fixed senior unsecured notes due 2025 of TP USA.

The ratings reflect TPRE’s balance sheet strength, which AM Best
categorizes as very strong, as well as its marginal operating
performance, neutral business profile and appropriate enterprise risk
management.

The negative outlooks reflect AM Best’s concern over the company’s
business profile given its prolonged inability to generate an
underwriting profit, which has resulted in an average combined ratio of
105.6% for the five years from 2014 to 2018. Furthermore, recent changes
in senior management will need to prove beneficial to TPRE’s market
profile over the medium to long term. The company will need to enhance
its business profile gradually and achieve a core portfolio of business
that can deliver a sustainable level of technical profitability going
forward.

TPRE’s risk-adjusted capitalization, as measured by Best’s Capital
Adequacy Ratio (BCAR), was categorized as strongest as of year-end 2018.
Although surplus has trended down over the past five years (2018-2014),
AM Best expects the company to continue to run its operations while
maintaining the strongest BCAR level. An offsetting factor in AM Best’s
balance sheet strength assessment is TPRE’s high-risk investment
appetite, which exposes its capital to potential short-term volatility.
However, AM Best believes that the company’s investment adviser, Third
Point LLC, has begun to take appropriate actions to mitigate this risk
and stabilize investment earnings going forward.

TPRE has achieved a level of marginal operating results on average over
recent years. The company has not reported an underwriting profit since
inception, and its investment results have been volatile and below AM
Best’s expectations over the cycle. AM Best will continue to monitor the
company’s underwriting performance closely in future years.

TPRE has a diversified reinsurance portfolio that historically focused
on quota shares of lines of business with lower volatility. The company
recently hired senior underwriters with extensive experience and began
expanding into higher margin lines of business, including property
catastrophe and specialty reinsurance. TPRE has established strong
relationships with reinsurance brokers and progressively grown its
business footprint despite challenging market conditions. Additionally,
AM Best considers risk management capabilities to be appropriate for
TPRE’s risk profile.

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

Darian Ryan
Senior Financial Analyst
+1 908
439 2200, ext. 5449

darian.ryan@ambest.com

Steven
Chirico, CPA

Director
+1 908 439 2200, ext. 5087
steven.chirico@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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