Latest news with #CRL
Business Wire
5 hours ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Convex Group Limited's Subsidiaries
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of 'a' (Excellent) of Convex Re Limited (CRL) (Bermuda), Convex Insurance UK Limited (CIL) (United Kingdom), Convex Europe S.A. (CES) (Luxembourg) and Convex Guernsey Limited (CGU) (Guernsey). All four entities are wholly owned subsidiaries of Convex Group Limited (Convex) (Bermuda), the non-operating holding company of the group. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Convex's consolidated balance sheet strength, which AM Best assesses as very strong, as well as the group's adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings factor in the strategic importance of CRL, CIL and CES to Convex, while CGU's ratings consider the significant reinsurance support it receives from CRL. Convex's balance sheet strength assessment is underpinned by its consolidated risk-adjusted capitalisation assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The group's balance sheet strength is supported further by good financial flexibility, evidenced by an equity capital raise of USD 1.0 billion in 2020 and the issuance of perpetual preference shares of USD 500 million that were drawn down fully in 2023. An offsetting rating factor is Convex's material exposure to catastrophe risk and its dependence on reinsurance to manage this, although this risk is mitigated partially by a reinsurance panel of excellent credit quality. Convex has demonstrated consistently improving underwriting results since its inception in 2019. In 2024, the group generated an 87% consolidated combined ratio (as calculated by AM Best), which represented the third consecutive year of sub-100% combined ratios. Overall earnings in 2024 benefited from improved investment income yields and robust underwriting performance, despite being a relatively active catastrophe year. AM Best expects the group to manage performance over the underwriting cycle, supported by increasing scale and growing diversification of its underwriting portfolio, albeit subject to potential volatility given the elevated exposure to catastrophe risk. Convex has established itself quickly as an internationally recognised (re)insurance group, with operations spanning across the UK, Bermuda, Luxembourg and Guernsey, as well as a managing general underwriter in the United States. The group's gross written premium exceeded USD 5 billion in 2024 and is expected to continue to expand over the medium term. 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.
Yahoo
5 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Convex Group Limited's Subsidiaries
LONDON, June 05, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a" (Excellent) of Convex Re Limited (CRL) (Bermuda), Convex Insurance UK Limited (CIL) (United Kingdom), Convex Europe S.A. (CES) (Luxembourg) and Convex Guernsey Limited (CGU) (Guernsey). All four entities are wholly owned subsidiaries of Convex Group Limited (Convex) (Bermuda), the non-operating holding company of the group. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Convex's consolidated balance sheet strength, which AM Best assesses as very strong, as well as the group's adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings factor in the strategic importance of CRL, CIL and CES to Convex, while CGU's ratings consider the significant reinsurance support it receives from CRL. Convex's balance sheet strength assessment is underpinned by its consolidated risk-adjusted capitalisation assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The group's balance sheet strength is supported further by good financial flexibility, evidenced by an equity capital raise of USD 1.0 billion in 2020 and the issuance of perpetual preference shares of USD 500 million that were drawn down fully in 2023. An offsetting rating factor is Convex's material exposure to catastrophe risk and its dependence on reinsurance to manage this, although this risk is mitigated partially by a reinsurance panel of excellent credit quality. Convex has demonstrated consistently improving underwriting results since its inception in 2019. In 2024, the group generated an 87% consolidated combined ratio (as calculated by AM Best), which represented the third consecutive year of sub-100% combined ratios. Overall earnings in 2024 benefited from improved investment income yields and robust underwriting performance, despite being a relatively active catastrophe year. AM Best expects the group to manage performance over the underwriting cycle, supported by increasing scale and growing diversification of its underwriting portfolio, albeit subject to potential volatility given the elevated exposure to catastrophe risk. Convex has established itself quickly as an internationally recognised (re)insurance group, with operations spanning across the UK, Bermuda, Luxembourg and Guernsey, as well as a managing general underwriter in the United States. The group's gross written premium exceeded USD 5 billion in 2024 and is expected to continue to expand over the medium term. 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 Dale Kirby Senior Financial Analyst +44 20 7397 0276 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Insider
8 hours ago
- Business
- Business Insider
Evercore ISI Reaffirms Their Buy Rating on Charles River Labs (CRL)
Evercore ISI analyst Elizabeth Anderson CFA maintained a Buy rating on Charles River Labs (CRL – Research Report) yesterday and set a price target of $170.00. The company's shares closed yesterday at $143.22. Confident Investing Starts Here: Anderson CFA covers the Healthcare sector, focusing on stocks such as CVS Health, Align Tech, and Quest Diagnostics. According to TipRanks, Anderson CFA has an average return of -6.7% and a 42.08% success rate on recommended stocks. In addition to Evercore ISI, Charles River Labs also received a Buy from Redburn Atlantic's Jamie Clark in a report issued on May 23. However, on June 3, William Blair maintained a Hold rating on Charles River Labs (NYSE: CRL). Based on Charles River Labs' latest earnings release for the quarter ending March 29, the company reported a quarterly revenue of $984.17 million and a net profit of $25.47 million. In comparison, last year the company earned a revenue of $1.01 billion and had a net profit of $67.33 million Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRL in relation to earlier this year. Last month, Joseph W LaPlume, the EVP, Corp Strategy & Develop of CRL sold 500.00 shares for a total of $72,705.00.
The Hindu
a day ago
- General
- The Hindu
Happy that my hard work paid off, says AP topper in JEE (Advanced) Vadlamudi Lokesh
VIJAYAWADA 'I was fast asleep when my brother Karthikeya woke me up and broke the news of my success in the JEE exam. The house erupted in celebrations. I am still excited,' said an excited Vadlamudi Lokesh, who secured an all-India 10th rank in the JEE (Advanced) 2025 and is also the State topper. IIT-Kanpur announced the results in the early hours of Monday for the entrance exam conducted on May 18. Lokesh had appeared for the exam from the IIT Hyderabad zone and secured 317 marks, placing him in the top 10 of the Common Rank List (CRL). His father, Venkaiah Naidu, who works with a Dutch-based NGO, and mother, Sailaja, a homemaker, are elated over their son's achievement. 'Ï worked really hard and was confident that the amount of hard work I invested in my preparation for the exam, would pay off,' he says, adding that he was expecting a rank below 60. 'To know that I had done way better and had scored 10th rank came as a pleasant surprise,' he told The Hindu on Wednesday. Lokesh is keen on joining IIT-Bombay and pursue a course in Computer Science Engineering (CSE). 'My aim is to start my own company in the future and pay back to society,' says the young achiever. After completing his schooling in different places, including his primary education in Ethiopia, he joined the Narayana campus at Kanuru in Vijayawada for intermediate education. Students of IIT Hyderabad zone performed exceptionally well this year, securing five positions in the top 20. Arnav Singh from Hyderabad bagged the 9th rank with 319 marks, while Lokesh secured 10th position. Dharmana Gnana Rutvik Sai, also from Andhra Pradesh, secured 18th rank and topped in the OBC-NCL category at the national level. Vangala Ajay Reddy from Nellore stood 19th and secured first rank in the GEN-EWS category, followed by Avanaganti Anirudh Reddy, who secured 20th position.
New Indian Express
2 days ago
- General
- New Indian Express
JEE- Advanced results: Hans Daruka is Odisha state topper
BHUBANESWAR: Rajit Gupta from Kota has topped the Joint Entrance Examination (JEE-advanced) examination-2025, results of which were declared by the Indian Institute of Technology (IIT), Kanpur on Monday. A resident of Kota in Rajasthan, Gupta secured the top position securing 332 out of 360 marks in the Common Rank List (CRL). IIT-Kanpur officials said Devdutta Majhi with CRL 16 emerged as the top-ranked female candidate in the prestigious exam. Hailing from West Bengal, Majhi has also become the topper of IIT-Kharagpur zone. Hans Daruka from KiiT International School emerged as the Odisha topper in the JEE (Advanced) 2025. Daruka secured an all-India rank of 39 in the CRL. Apart from Daruka, 13 more students from KiiT International School qualified in the prestigious exam conducted for admission into India's premier IITs. KIIT and KISS founder Achyuta Samanta congratulated Daruka and all other successful students for their achievement. Apart from KiiT, students from many other schools in the state also successfully cracked the exam.
