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

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