MAVENIR APPOINTS JITIN BHANDARI AS EVP TO LEAD NEOCLOUD EXPANSION

KUALA LUMPUR, Aug 11 (Bernama) -- Mavenir has appointed Jitin Bhandari as Executive Vice President (EVP), NeoCloud Platform and Forward Deployment Engineering.

Mavenir in a statement said Bhandari will lead the company’s expansion into the growing NeoCloud market and establish a Forward Deployment Engineering practice serving its communications service provider and NeoCloud customer base.

He will report to the company’s President and Chief Executive Officer, Pardeep Kohli.

The appointment follows Mavenir’s recently announced AI-Integrated Platform and AI Service Assurance framework for communications service providers as the company extends its artificial intelligence (AI) platform, tools and cloud-native expertise to NeoCloud providers.

Kohli said Bhandari brings deep technical expertise, experience in scaling software portfolios and a vision for AI that will help the company expand its AI platform and capabilities into new markets and use cases.

Meanwhile, Bhandari said Mavenir is well positioned to lead the transition towards AI-by-design and agentic operations, adding that he looks forward to expanding the company’s AI platform, tools and Forward Deployment Engineering capabilities for communications service providers, NeoCloud providers and enterprises worldwide.

Bhandari joins Mavenir from Nokia, where he most recently served as Chief Technology Officer for Cloud and Network Services, overseeing technology strategy and innovation in cloud-native and AI-powered networking solutions.

He previously held executive positions at Nokia, including Chief Product Officer for Core Network Applications and Vice President and General Manager of Digital Networks. Earlier in his career, he held leadership roles at Oracle, Acme Packet and Alcatel-Lucent.

-- BERNAMA

SPACE42, AUTONOMOUS A2Z SIGN US$7 MLN AGREEMENT FOR UAE LEVEL-4 MOBILITY

KUALA LUMPUR, Aug 11 (Bernama) -- Space42, a United Arab Emirates (UAE)-based artificial intelligence (AI)-powered SpaceTech company, and South Korea’s Autonomous A2Z (A2Z) have signed a US$7 million commercial agreement to deploy Level-4 autonomous mobility solutions in the UAE. (US$1=RM4.09)

In a statement, the company said this is the first commercial agreement under the two companies’ broader partnership and is a direct supply contract separate from the joint venture announced in 2025 to support the long-term commercialisation of intelligent mobility solutions in the UAE.

The agreement combines A2Z’s Level-4 autonomous driving technology with Space42’s AI, geospatial and connectivity capabilities. For A2Z, the agreement marks a step in its international expansion, while Space42 said it advances its efforts to enable safe and reliable driverless vehicle operations at scale.

Space42 chief executive officer (CEO) of Smart Solutions, Hasan Al Hosani said autonomous mobility is critical infrastructure for smart city development and that the UAE has created conditions for its integration into everyday transport.

Meanwhile, A2Z CEO, Han Ji-hyung said the agreement demonstrates that autonomous driving technology developed and validated in South Korea is ready for international deployment.

Pilot robo-shuttle services using A2Z’s ‘ROii’, along with other modified and retrofitted autonomous vehicles, will undergo operational testing and demand assessment. The companies expect the rollout to expand into demand-responsive transport (DRT) and tourism shuttle operations.

The project aligns with the UAE’s broader efforts to advance AI-enabled transportation and intelligent mobility under its National Smart Mobility Strategy.

Space42 said its mobility portfolio includes TXAI, an autonomous taxi service that has travelled more than 600,000 kilometres (km) across 20,000 trips with zero recorded accidents since operations began in 2021.

A2Z has conducted autonomous driving trials across 13 cities and provinces in South Korea and operates 91 permitted autonomous vehicles with over 1.02 million km of cumulative driving experience. Commercial execution of the agreement was led by Autonomous to Global (A2G), A2Z’s Singapore-based joint venture with Kilsa Global.

-- BERNAMA

BASF PETRONAS Chemicals Welcomes More Than 1,500 Visitors at Open Day & Global Safety Days 2026

The official launch of Open Day & Global Safety Days 2026 was commemorated with a tree-planting ceremony, symbolising the growth of a strong safety culture and sustainable future.

KUANTAN, Malaysia, Aug 10 (Bernama) -- BASF PETRONAS Chemicals (BPC) successfully hosted its Open Day & Global Safety Days 2026 at the Kuantan Verbund Site, bringing together more than 1,500 visitors comprising employees and their families, government representatives, local authorities, industry partners, community members, and other key stakeholders.

Held under the theme "Jejak Kimia Di Desa Halaman: Think Safe, Act Safe, Win Together", the event underscored BPC's commitment to strengthening its safety culture, fostering transparency, and building meaningful relationships with stakeholders and the local community.

The event was officially inaugurated by YBrs. Tuan Ahmad Fauzi bin Awang, Pengarah Jabatan Keselamatan dan Kesihatan Pekerjaan (JKKP) Pahang, demonstrating the strong partnership between industry and regulators in advancing workplace safety excellence.

Among the key invitees were representatives from Majlis Bandaraya Kuantan (MBK), government agencies, industry partners, community leaders, educational institutions, and neighbouring communities, reflecting the broad stakeholder ecosystem that contributes to the company's long-term success.

Combining BPC's annual Global Safety Days celebration with its Open Day programme, the event provided visitors with a unique opportunity to gain deeper insights into the company's operations, safety standards, sustainability initiatives, and contributions to the economic and social development of the region.

The kampung-inspired "Desa Halaman" concept created a welcoming and inclusive environment that resonated with visitors of all ages. Throughout the day, participants enjoyed a variety of educational, interactive, and family-oriented activities designed to promote safety awareness while strengthening community connections.

Event Highlights

• Guided plant bus tours offering firsthand insights into BPC's operations and safety practices.

• Process and technology exhibitions showcasing BPC's manufacturing capabilities, products, and innovations.

• Hands-on STEM and Kids Lab activities aimed at inspiring young minds through science and engineering.

• ESG and sustainability showcases demonstrating BPC's commitment to responsible business practices.

• Global Safety Days exhibitions promoting safety awareness through showcases by government agencies and industry partners.

• Emergency response and safety demonstrations highlighting preparedness and operational excellence.

• Traditional games, cultural activities, food stalls, and family-friendly attractions that encouraged employee engagement and community bonding.

Speaking at the event, Tan Aik Meam, Managing Director of BASF PETRONAS Chemicals, said: "Events like Open Day and Global Safety Days allow us to engage openly with our stakeholders, reinforce our unwavering commitment to safety through interactive learning and meaningful experiences, and showcase how Chemistry Drives Sustainability through the work we do every day."

The event highlighted how Chemistry Drives Sustainability at BASF PETRONAS Chemicals through innovation, responsible operations, and community engagement. It also reaffirmed the company's commitment to safety, transparency, and meaningful stakeholder partnerships. As BPC looks to the future, it will continue fostering collaboration with employees, regulators, industry partners, and local communities to create lasting value through safe, sustainable, and responsible growth.

About BASF PETRONAS Chemicals Sdn. Bhd.
BASF PETRONAS Chemicals Sdn. Bhd. is a Malaysia-based joint venture between BASF and PETRONAS Chemicals Group Berhad (PCG) a subsidiary of Petroliam Nasional Berhad (PETRONAS), Malaysia’s fully integrated oil and gas multinational. Incorporated in 1997, the company operates an integrated Verbund site situated in the Gebeng Industrial Zone, Kuantan, Pahang. The company’s share capital is 60% held by BASF and 40% held by PCG. Key products include acrylic monomers, oxo products, 2-ethylhexanoic acid, highly reactive polyisobutene and aroma ingredients.

For more information, visit our website www.basf-petronas.com.my.

SOURCE: BASF PETRONAS Chemicals Sdn. Bhd. ​

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Sow Kheng Lee
Tel: +60 9585 5035 / +60 12 983 0250
Email: sowkheng.lee@basf-petronas.com.my

--BERNAMA

AM BEST: RECORD REINSURANCE CAPITAL TESTS UNDERWRITING DISCIPLINE

 

KUALA LUMPUR, Aug 10 (Bernama) -- Global reinsurers are facing increased pressure on pricing as strong earnings since 2023 have driven capital to record levels, raising questions over whether underwriting discipline can be maintained amid growing competition, according to a new report by AM Best.

The Best’s Market Segment Report, titled “Global Reinsurance at an Inflection Point: Can Discipline Survive the Temptation of Record Capital?”, stated that the global non-life reinsurance segment continues to benefit from strong capitalisation, favourable earnings generation and supportive market conditions.

However, growing competition is putting pressure on reinsurance pricing, particularly in property lines. Unlike previous hard markets, capital has largely accumulated within existing organisations rather than through a wave of new entrants, giving reinsurers multiple opportunities to deploy capital.

According to the report, casualty reinsurance is also emerging as an important strategic concern, with some reinsurers pursuing growth opportunities supported by enhanced rates, while others remain cautious amid uncertainty surrounding social inflation, litigation funding, larger jury awards and adverse legal environments.

“Casualty exposures often develop over many years, meaning that decisions being made today may not be fully understood until well into the next decade,” said AM Best director, Dan Hofmeister in a statement.

AM Best expects the non-life reinsurance market to maintain favourable earnings profiles barring an outsized catastrophe event, but says the ability to preserve underwriting discipline and pricing integrity amid record capital will be critical to sustaining recent profitability.

The report also noted that reinsurance renewal trends intensified during the April and midyear renewals, with United States (US) property catastrophe placements, led by Florida, recording widely estimated reductions of 15 per cent to 20 per cent.

Meanwhile, US and Bermuda reinsurers have improved their combined ratios to the mid-80s to low-90s range under US generally accepted accounting principles (GAAP) from an underwriting loss position in 2020.

Artificial intelligence (AI) is also increasingly expected to become a differentiating factor for reinsurers that successfully integrate the technology, although limited and inconsistent data can constrain model effectiveness while increasing exposure to cyber and systemic risks.

-- BERNAMA

Hong Kong Cyclothon Returns With Scenic Routes

KUALA LUMPUR, Aug 5 (Bernama) -- The Hong Kong Tourism Board (HKTB) has announced the return of Sun Hung Kai Properties Hong Kong Cyclothon (Hong Kong Cyclothon) on Oct 11.

Organised by HKTB, Hong Kong’s largest annual cycling event will feature two scenic rides, a 56-kilometre (km) Ride and a 32km Ride, inviting visitors and cycling enthusiasts worldwide to experience a unique journey across the city’s iconic bridges, tunnels and urban landscapes.

Registration for the event will open on Aug 20, with participants invited to secure their spots for a distinctive cycling experience while immersing themselves in the vibrant energy of the Events Capital of Asia.

In a statement, HKTB said the event would allow visitors to discover Hong Kong’s appeal as a dynamic metropolitan destination, where urban excitement meets breathtaking natural landscapes and a wide range of outdoor adventures.

More than 6,000 cyclists worldwide are expected to set off from the West Kowloon Cultural District, passing through multiple Hong Kong landmarks along major roads while taking in the city’s distinctive scenery, which blends a dynamic metropolis with a picturesque harbour.

The 56km Ride, featuring an all-new route, and the shorter 32km Ride will offer participants the rare opportunity to cycle on major roads closed to all traffic, allowing them to enjoy the thrill of riding through Hong Kong’s bustling cityscape.

Beyond the cycling routes, the HKTB will host an action-packed Cyclothon Carnival at the West Kowloon Cultural District on event day, featuring activities spanning sports, entertainment, family-friendly experiences and gourmet offerings for cyclists, visitors and locals.

The tourism board added that autumn is one of the best times to visit Hong Kong due to its mild and pleasant weather. Beyond the Hong Kong Cyclothon, visitors can explore the city’s spectacular natural landscapes and geological wonders through outdoor experiences ranging from hiking trails and scenic islands to coastal attractions and water sports.

With its unique combination of urban vibrancy and natural beauty, Hong Kong offers visitors the opportunity to transition from the city centre to tranquil outdoor surroundings in less than an hour, showcasing experiences found “Only in Hong Kong”.

-- BERNAMA

AM Best Upgrades Fortegra Insurance Subsidiaries to A (Excellent)

 

Rating actions follow completion of the DB Insurance acquisition


JACKSONVILLE, Fla., Aug 7 (Bernama-BUSINESS WIRE) -- The Fortegra Group, Inc. (“Fortegra” or the “Company”), a global specialty insurer and part of DB Insurance Co., Ltd., today announced that AM Best has upgraded the Financial Strength Rating (FSR) of its insurance subsidiaries to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent). The outlook assigned to the ratings is stable, and AM Best removed the ratings from under review with positive implications. KBRA has also upgraded all of its ratings for the Company.

The upgrade applies across Fortegra’s insurance platform. The property and casualty companies include Lyndon Southern Insurance Company, Insurance Company of the South, Response Indemnity Company of California, Blue Ridge Indemnity Company, Fortegra Specialty Insurance Company and Fortegra Europe Insurance Company SE. The life and health companies include Life of the South Insurance Company, Bankers Life Insurance Company of Louisiana and Southern Financial Life Insurance Company. AM Best also upgraded Fortegra Belgium Insurance Company NV, Fortegra Insurance UK Ltd. and Fortegra Indemnity Insurance Company, Ltd.

The rating action follows DB Insurance’s acquisition of Fortegra on May 29, 2026. In its analysis, AM Best cited Fortegra’s strategic importance to DB Insurance and the expected advantages of operating as part of a larger, higher-rated insurance organization. DB Insurance holds an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior), each with a stable outlook, and is one of Korea’s leading non-life insurers.

KBRA separately upgraded all of its ratings for Fortegra and removed them from Watch Developing, where they were placed on Sept. 29, 2025, following DB Insurance’s announcement that it intended to acquire the Company. The insurance financial strength ratings of Fortegra’s key insurance subsidiaries moved to A from A-, and the issuer rating for The Fortegra Group moved to BBB+ from BBB. All ratings carry a Stable outlook. KBRA cited Fortegra’s underwriting results, the strengthening of its credit profile and the strategic benefits of the completed acquisition.

About Fortegra

For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a multinational specialty insurer whose insurance subsidiaries have an A.M. Best Financial Strength Rating of A (Excellent) and an A.M. Best Financial Size Category of ‘X’, we offer a diverse set of admitted and excess and surplus lines insurance products and warranty solutions. For more information: www.fortegra.com.

About DB Insurance

For more than six decades, DB Insurance Co., Ltd. has built a strong foundation as one of Korea’s leading insurers, protecting individuals and businesses while driving the advancement of the nation’s insurance industry. Founded in 1962 as Korea’s first public automobile insurer, the company adopted the name DB Insurance in 2017 to embody its vision of becoming a global insurance group. With an A.M. Best Financial Strength Rating of A+ (Superior) with Financial Size Category of ‘XV’ and S&P Rating A+ (Stable), DB Insurance provides a comprehensive portfolio of general, long-term, and automobile insurance, along with a broad range of financial services through its subsidiaries in life insurance, securities, savings banking, and asset management. For more information: www.idbins.com.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20260804451520/en/

Contact

Vijaya Singh, Fortegra
vsingh@fortegra.com
Katie Butler, Aartrijk
katie@Aartrijk.com

Source : The Fortegra Group, Inc.

MOOVE RAISES US$250 MLN TO SCALE AUTONOMOUS MOBILITY

KUALA LUMPUR, Aug 5 (Bernama) -- Moove, a global mobility technology company, has raised US$250 million in a Series C funding round that values the company at US$2.1 billion, led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific. (US$1=RM4.09)

The funding will support Moove’s expansion of its autonomous vehicle business, including fleet ownership, autonomous vehicle infrastructure and its robotics-focused depot facilities known as “Nests”, where autonomous fleets are charged, serviced, maintained and managed.

The company also plans to expand into new markets and increase its autonomous vehicle workforce from about 150 employees to 500 by the end of the year.

Moove Co-Founder, Co-Chief Executive Officer and Advisory Board Chairman, Ladi Delano said the company is building the infrastructure needed to support autonomous mobility at scale.

“Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city — and that is what Moove is building,” he said in a statement.

Moove said scaling autonomous mobility requires more than vehicle technology, including access to capital, fleet operations, charging infrastructure, maintenance capabilities and operational systems. The company is building an infrastructure layer designed to support the deployment and management of autonomous transportation networks.

Since its founding in 2020, Moove has developed a mobility operations platform for human-driven ride-hailing services and now operates about 42,000 vehicles across 29 cities in 13 countries. It employs 3,300 people globally and has grown to US$420 million in annual recurring revenue (ARR) through organic expansion and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.

Moove is extending its fleet management and operational expertise into autonomous mobility, where it operates autonomous vehicle fleets through its partnership with Waymo in Phoenix and Miami, with future operations planned in London.

The company said it is applying its experience in fleet orchestration, operations, servicing, charging and logistics to support the deployment of next-generation autonomous vehicle systems.

-- BERNAMA