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:
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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

DARWINBOX UNVEILS AI-NATIVE HCM PLATFORM CORTEX

KUALA LUMPUR, Aug 5 (Bernama) -- Darwinbox, a human capital management (HCM) platform, has unveiled Darwinbox Cortex, the artificial intelligence (AI)-native HCM platform rebuilt from the ground up for AI.

Rather than adding AI features on top of existing software, Cortex embeds intelligence into the core of the platform. It is being launched with pilot customers and technology partners, including Microsoft, Slack and Glean.

Darwinbox said Cortex is designed to understand an organisation’s people, roles, policies, workflows and past decisions, enabling users to make requests within the governance and operational guardrails already established by the organisation.

“With Cortex, we reimagined the entire HCM experience from the ground up and pushed the boundaries of what AI can do for HR through a series of innovations, including the first Context Graph in the category.

“This is not an incremental evolution of HCM; it defines a new category, and we are excited about what it can unlock for our customers,” said Darwinbox co-founder and co-chief executive officer, Jayant Paleti in a statement.

According to Darwinbox, the AI-native platform is built on four architectural foundations namely, the Signal Layer, the Context Graph, the Cortex Agent Platform and the Experience Layer.

The company said the platform is being introduced with a select group of global design partners, including Visteon Corporation and Transcarent, which are working with Darwinbox to apply Cortex to complex workforce-management challenges.

Darwinbox added that Cortex is designed for a connected enterprise environment, integrating with Microsoft 365, Teams and Co-pilot, as well as platforms such as Slack and Glean, allowing enterprise intelligence to be delivered through applications employees already use in their daily work.

-- BERNAMA

HOLAFLY IDENTIFIES TOP INTERNATIONAL ALTERNATIVES TO ICONIC DESTINATIONS

KUALA LUMPUR, Aug 5 (Bernama) -- Holafly has identified the best international alternatives to some of the world's most iconic travel destinations in its first Travel Dupe Index, which compares visual and cultural similarity, accommodation costs, overtourism, accessibility and social momentum.

According to Holafly in a statement, destinations such as Venice, Aspen, Kyoto and Ibiza remain enduringly popular, but travellers are increasingly seeking comparable scenery and cultural experiences without the crowds, queues and higher prices associated with major tourist hotspots.

Unlike traditional "dupe" rankings, every alternative in the index is located in a different country from the destination it replaces, allowing travellers to discover a genuinely new destination while retaining a similar atmosphere and appeal.

The study found that the strongest alternative to Venice is Ghent, Belgium, whose mediaeval canals and historic architecture offer a similar experience while facing significantly lower tourism pressure.

The ranking also highlights Banff, Canada, as an alternative to Aspen, United States; Jeonju, South Korea, instead of Kyoto, Japan; and Budva, Montenegro, instead of Ibiza, Spain, with travellers saving up to 83 per cent on accommodation costs, depending on the destination.

Holafly said international travel dupes are emerging as an alternative to overtourism, enabling visitors to enjoy similar landscapes, architecture and cultural experiences while reducing travel costs and avoiding peak visitor numbers.

To compile the index, Holafly compared 10 iconic destinations with international alternatives using a weighted scoring model. The destinations were assessed based on visual and cultural similarity, accommodation savings, overtourism contrast, accessibility, and social momentum, including social media and online search trends.

The company added that each alternative had to be located in a different country from the original destination, with the methodology designed to highlight destinations that offer similar experiences, better value and fewer crowds while encouraging travellers to discover new places.

-- BERNAMA

Vedanta Aluminium Posts Record Q1 Financial Results

KUALA LUMPUR, Aug 4 (Bernama) -- Vedanta Aluminium Metal Limited, a global aluminium producer, reported record financial results for the quarter ended June 30, 2026, with revenue reaching 21,105 crore Indian rupees, up 13 per cent quarter-on-quarter (QoQ) and 45 per cent year-on-year (YoY). (100 Indian rupees = RM4.29)

The growth was driven by higher volumes and improved realisations, marking the company's first quarter (Q1) as an independent listed company following its demerger.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached an all-time high of 10,499 crore Indian rupees, up 24 per cent QoQ and 134 per cent YoY, while profit after tax climbed to 6,597 crore Indian rupees, an increase of 33 per cent QoQ and 205 per cent YoY.

“Our Q1 as an independent company reflects disciplined execution, operational resilience and a clear long-term strategy.

“Our focus on resource security, integrated operations and value-added products continues to strengthen our competitive position and support sustainable growth,” said the company’s Whole-Time Director and Chief Executive Officer, Rajesh Kumar in a statement.

The Board of Directors approved the company's first interim dividend of eight Indian rupees per equity share, bringing the cumulative dividend payout for the quarter to over 3,000 crore Indian rupees.

Operationally, aluminium production reached a record 632 kilotonnes (KT), while value-added products production also achieved an all-time high of 389 KT. Alumina production increased 41 per cent YoY to 826 KT, supported by expanded refining capacity and improved asset utilisation.

Serving customers in more than 60 countries through its integrated aluminium and alumina operations, Vedanta Aluminium continues to strengthen its position as a globally competitive producer.

-- BERNAMA

2POINTZERO REPORTS STRONG FIRST HALF REVENUE, NET PROFIT

Samia Bouazza, CEO of 2PointZero (Photo: AETOSWire)

KUALA LUMPUR, Aug 4 (Bernama) -- Abu Dhabi-based investment holding firm, 2PointZero Group has reported revenue of 21.9 billion Emirati dirham and a group net profit of 7.7 billion Emirati dirham for the first half of 2026. (100 Emirati dirham = RM111.58)

The group said continued operational integration, wider adoption of artificial intelligence (AI) tools and ongoing cost optimisation strengthened operational performance, lifting revenue while maintaining a blended gross profit margin of 29 per cent.

Net profit from the group's businesses increased 2,301 per cent year-on-year, driven by the consolidation of Tendam and the mega-merger that formed 2PointZero Group, new investments in African financial services, expansion into European packaging markets and steady operational progress across all business segments.

The strong performance was reflected in the group's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), which reached 5.0 billion Emirati dirham after excluding fair value changes and one-off items.

“As we enter the second half of the year, we continue to strengthen the platform for long-term growth. Nearly 10 per cent of our workforce consists of AI co-workers, embedded across the group to improve productivity, accelerate decision-making, and strengthen operational performance.

“Together with our disciplined capital allocation and strong financial position, this gives us confidence in our ability to create long-term shareholder value,” said 2PointZero Chief Executive Officer, Samia Bouazza in a statement.

The group's financial position remained strong, supported by cash holdings of 13.7 billion Emirati dirham and a debt-to-equity ratio of 0.32, providing flexibility to manage risks, allocate resources efficiently and fund high-return investment opportunities globally.

Among its key developments, 2PointZero completed the sale of its entire 7.29 per cent stake in TAQA to Abu Dhabi Power and expanded its energy infrastructure portfolio through subsidiary ePointZero's acquisition of a 100 per cent stake in Traverse Midstream Partners.

The group also participated in the Series G funding round for WHOOP, a global health technology company, and acquired a 60.8 per cent controlling interest in Italy's ISEM Packaging Group for 704 million Emirati dirham.

Recognising its financial performance, 2PointZero ranked 36th on TIME's inaugural World's Growth Leaders 2026 list, reflecting its business growth, market performance and long-term financial stability.

-- BERNAMA

 

RHB PRESERVES ISLAMIC FINANCE LEGACY WHILE INVESTING IN FUTURE RESEARCH

(From left) Dr. Marjan Muhammad, Deputy President of Research, ISRA Institute, INCEIF University; Professor Emeritus Dato' Dr. Mohd Azmi Omar, President and Chief Executive Officer of INCEIF University; YBhg. Senator Dr. Zulkifli Hasan, Minister in the Prime Minister’s Department (Religious Affairs); Dato' Adissadikin Ali, Managing Director of RHB Islamic Bank Berhad; and Ahmad Mukarrami Ab Mumin, Head of Group Shariah Advisory of RHB Islamic Bank Berhad, at the book launch ceremony.

Publication preserves industry knowledge, while RM300,000 grant to INCEIF University supports future research and innovation

KUALA LUMPUR, July 31 (Bernama) -- RHB Islamic Bank Berhad ("RHB Islamic" or "the Bank") is strengthening its commitment to advancing knowledge, research and thought leadership in Islamic finance with the publication of Charting Progress Together – Malaysia's Islamic Finance Through the Years. Developed in collaboration with INCEIF University, the book captures key developments that have shaped Malaysia's Islamic finance industry.

The book is the first publication under the RHB Islamic Insight series and features 24 selected articles originally published between 2012 and 2021. Written by RHB Islamic practitioners, the articles provide insights into the industry’s growth and transformation, covering topics such as Islamic banking and finance, capital markets, Shariah governance and Islamic social finance.

The articles also reflect a transformative period in the industry's development, marked by the growing adoption of fintech, the introduction of Value-Based Intermediation (“VBI”), evolving Shariah standards and governance frameworks, and a growing emphasis on sustainability and social impact in financial services.

Dato’ Adissadikin Ali, Managing Director of RHB Islamic Bank Berhad said, "Malaysia's Islamic finance industry has grown through the collective efforts of regulators, financial institutions, scholars and industry practitioners across generations. Over the past two decades, RHB Islamic has been part of this journey, and this publication reflects our commitment to preserving valuable insights gained along the way and making them more accessible to those who will continue shaping its future.”

"While preserving what we have learned is important, generating new ideas is equally vital. This is why we are also investing in research to support the next chapter of Malaysia's Islamic finance industry. We believe continued collaboration between academia and practitioners will be key to developing fresh perspectives that respond to the Islamic finance industry’s evolving needs," added Dato’ Adissadikin Ali.

RHB Islamic will provide a RM300,000 grant to INCEIF University to support research aimed at strengthening Malaysia’s Islamic finance ecosystem. The grant reflects a shared commitment between academia and practitioners to advance research and deepen understanding in ways that foster innovation and sustainable growth across the nation’s Islamic finance industry.

Bank Negara Malaysia has identified research, talent development and knowledge-sharing as key priorities for supporting the future growth of the Islamic finance industry and reinforcing Malaysia's position as a global leader in Islamic finance. RHB Islamic's publication and research collaboration contribute to these national priorities by strengthening knowledge development and industry-academia collaboration.

RHB Islamic remains committed to supporting the long-term development of Malaysia's Islamic finance ecosystem through knowledge development, research and industry collaboration, in line with the Bank’s strategy to create sustainable social impact through education and knowledge empowerment.

To find out more about Charting Progress Together – Malaysia’s Islamic Finance Through the Years, please visit www.rhbgroup.com.

About RHB Banking Group
RHB Banking Group is one of Malaysia’s longest-standing and leading financial institutions, with a proud heritage spanning over a century. Headquartered in Kuala Lumpur, Malaysia, the Group has a strong presence across seven ASEAN markets and is powered by a workforce of about 13,000 employees. United by a common purpose – Together We Progress – RHB is committed to empowering individuals, businesses and communities to grow and progress together.

As a fully integrated financial group, our core businesses are structured into six key pillars: Group Community Banking, Group Corporate & Business Banking, Group Wholesale Banking, Group Shariah Business, Group International Business and Group Insurance. We offer comprehensive and innovative financial solutions through RHB Bank Berhad and our key subsidiaries: RHB Investment Bank Berhad, RHB Islamic Bank Berhad, and RHB Insurance Berhad. Our asset management and unit trust businesses are undertaken by RHB Asset Management Sdn. Bhd. and RHB Islamic International Asset Management Berhad.

RHB Bank Berhad is listed on Bursa Malaysia with a market capitalisation of RM37 billion as at 30 July 2026.

Guided by our purpose, RHB is focused on delivering meaningful and sustainable value by driving innovation, fostering inclusive growth, and strengthening long-term resilience to meet the evolving needs of our customers, communities, and the broader financial ecosystem.

For more information, please visit www.rhbgroup.com.

Malaysia | Singapore | Indonesia | Thailand | Brunei | Cambodia | Lao PDR

Issued on behalf of RHB Bank Berhad by Group Corporate Communications.

Customers may call our Customer Contact Centre at 03–9206 8118 for enquiries on RHB’s products and services.

SOURCE: RHB Islamic Bank Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Azim Daman
Tel: 017-380 9497
Email: azim.daman@rhbgroup.com

Name: Nishanthi Palani
Tel: 012-420 0812
Email: nishanthi.palani@rhbgroup.com

--BERNAMA