Latest news with #Bermuda-domiciled
Business Wire
22-05-2025
- Business
- Business Wire
GEM Token Fund Commits $100M to MoviePass for Launch of Mogul – Hollywood's First Daily Fantasy Entertainment Platform
NEW YORK--(BUSINESS WIRE)--GEM Token Fund ISA Ltd. ('GEM' or the 'Fund') is pleased to announce the completion of its first transaction. The Fund's $100 million token purchase agreement with MoviePass Inc., a technology company redefining the moviegoing experience, and its partner, C3 Foundation, has been undertaken to accelerate the development of Mogul —the first-ever daily fantasy entertainment platform built for Hollywood. Mogul, which launched in beta earlier this month, lets fans play the role of a studio head—predicting box office ranking, award outcomes, and sentiment scores in a game that blends Hollywood knowledge with the competitive spirit of fantasy sports. The platform taps into the excitement of real-world entertainment speculation, transforming passive viewership into active participation. 'With Mogul, we're inviting fans to become players in the entertainment ecosystem,' said Stacy Spikes, Co-Founder and CEO of MoviePass. 'Just as fantasy sports changed how people engage with sports, Mogul will redefine how fans engage with film and television. This investment gives us the runway to build something truly game-changing.' The investment from GEM comes in the form of a flexible capital commitment over twenty-four months that MoviePass can draw upon as needed to scale Mogul. MoviePass will control the timing and the number of drawdowns, with no minimum drawdown obligation. Funds will be used to enhance platform features—including data-driven competitions, digital collectibles, rewards-based gameplay, and community-led challenges. This transaction is GEM's inaugural commitment and marks the launch of the Fund. GEM's sponsor and majority GP shareholder is GEM Group, a $3.4 billion alternative investment group based in Paris, New York, and the Bahamas - with a 30-year track record of 570 transactions across 70 countries. About GEM Token Fund ISA Ltd. (GEM) GEM Token Fund ISA Ltd. ('GEM') is a Bermuda-domiciled investment vehicle, structured as a segregated account of DigitalArray ISAC Ltd. and regulated by the Bermuda Monetary Authority as a Professional Closed Fund under the Investment Funds Act 2006. GEM provides liquidity financing to blockchain and Web3 issuers of digital assets, leveraging a global network of top-tier service providers including AI Global Strategies ISA, KPMG Audit Limited, Walkers (Bermuda) Limited, and Apex Group. GEM is sponsored by GEM Group, which provides deep expertise in emerging markets, structured finance, and venture growth to its clients and partners. For more information: About Mogul Mogul is Hollywood's first daily fantasy entertainment platform, allowing fans to predict entertainment outcomes and climb leaderboards in a gamified, data-driven environment. Built on the Sui blockchain and backed by Mysten Labs and Animoca Brands, Mogul uses virtual currency and digital rewards to power its community. Beta access is live at About MoviePass Inc. MoviePass is a technology company building the future of film engagement. From reinventing theatrical subscription to pioneering Web3 experiences, MoviePass connects audiences with the movies they love through innovation, community, and storytelling. Learn more at Disclosure: This press release contains forward-looking statements which are based on current expectations and are subject to risks and uncertainties. The Parties hereto assume no obligation to update forward-looking statements except as required by law. THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY A FUND OR SECURITY. ANY SUCH OFFER MAY ONLY BE MADE TO ACCREDITED INVESTORS AS DEFINED IN RULE 501 OF REGULATION D OF THE SECURITIES ACT OF 1933, AND ONLY VIA A PROSPECTUS.
Yahoo
21-03-2025
- Business
- Yahoo
AM Best Assigns Credit Ratings to IQUW Re Bermuda Limited
LONDON, March 21, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to IQUW Re Bermuda Limited (IQUW Re) (Bermuda). IQUW Re is a wholly owned subsidiary of IQUW Holdings Bermuda Limited (IQUW), the ultimate holding company of the IQUW group. In addition, AM Best has assigned a Long-Term Issue Credit Rating of "bbb-" (Good) on $170 million senior unsecured notes, due 2035, issued by IQUW. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect IQUW's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of IQUW Re also reflect its strategic importance to IQUW. IQUW Re is the group's Bermuda-domiciled reinsurer. The company writes a substantial whole account quota share of the group's Lloyd's corporate member and is expected to underwrite a modest volume of third-party reinsurance business over time. The IQUW group is a specialty (re)insurer that has successfully managed the early years of its build out phase, operating through established Lloyd's syndicates. The group has an emerging presence and distribution network in the competitive London market. IQUW has an experienced management team, and its underwriters have a credible record within targeted lines of business. The group reported a diversified book of USD 1.3 billion gross written premiums in 2023, and in 2024 is expected to have grown by more than 20%. IQUW's balance sheet strength assessment is underpinned by risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level. The group's risk-adjusted capitalisation benefits from a recent debt raise, and over time, is expected to be supported by the retention of earnings as the organisation grows. The balance sheet strength assessment incorporates modest leverage and good expected interest coverage. IQUW's balance sheet strength is supported by an appropriate reinsurance programme placed with reinsurers of excellent credit quality, a conservative investment strategy, good liquidity and limited exposure to legacy business. IQUW's adequate operating performance assessment considers the group's well-defined five-year business plan, along with its good underwriting performance in financial years 2023 and 2024. While there is heightened execution risk during the group's growth phase, AM Best considers its risk management capabilities to be relatively sophisticated and key in controlling and mitigating risks presented during the early years of operations. 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 Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Emily Thompson Senior Financial Analyst +44 20 7397 0291 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Tim Prince Director, Analytics +44 20 7397 0320 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Associated Press
10-03-2025
- Business
- Associated Press
Triton International Announces Agreement to Acquire Global Container International
March 10, 2025 – Triton International Limited ('Triton' or the 'Company') today announced that it has entered into an agreement to acquire Global Container International LLC ('GCI'). The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close during the first half of 2025. Established in 2018 by a team of experienced container industry executives in partnership with investment vehicles managed by Wafra Inc., GCI is a Bermuda-domiciled marine container leasing company with worldwide operations. GCI operates a container fleet of approximately half a million TEU and its customers include many of the world's largest shipping lines. Brian Sondey, Triton's Chief Executive Officer commented, 'The GCI team has created an impressive business with a well-structured long-term lease portfolio. This acquisition is an excellent strategic fit for Triton that will allow us to lock in meaningful container fleet growth. We are confident that this transaction will strengthen our ability to offer best-in-class service and support to our customers.' About Triton Triton International Limited is the world's largest lessor of intermodal freight containers. With a container fleet of approximately 7 million twenty-foot equivalent units ('TEU'), Triton's global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. Important Cautionary Information Regarding Forward-Looking Statements Certain statements in this press release may constitute 'forward-looking statements' within the meaning of U.S. federal securities laws. Actual results could differ materially from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include the following: risks related to the satisfaction or waiver of the conditions to closing the proposed acquisition (including the failure to obtain necessary regulatory approvals) in the anticipated timeframe or at all, including the possibility that the proposed acquisition does not close; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the transaction, risks related to the ability to realize the anticipated benefits of the proposed acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time periods; continued availability of capital and financing and rating agency actions; disruptions in the financial markets; certain restrictions during the pendency of the transaction that may impact the parties' ability to pursue certain business opportunities or strategic transactions; risks related to diverting the parties' management's attention from ongoing business operation; negative effects of this announcement or the consummation of the proposed acquisition on the parties' business relationships and operating results; significant transaction costs; Triton assuming unexpected risks, liabilities and obligations of the acquired business; the risk of litigation and/or regulatory actions related to the proposed acquisition; and other business effects and uncertainties, many of which are described in Triton's filings with the U.S. Securities and Exchange Commission (the 'SEC'), including its annual report on Form 20-F and subsequent filings, which are available at These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Triton assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. VP, Treasurer SOURCE: Triton International Limited Copyright Business Wire 2025. PUB: 03/10/2025 06:45 AM/DISC: 03/10/2025 06:46 AM
