Latest news with #GBU
Business Wire
08-08-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for GBU Financial Life
BUSINESS WIRE)-- AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of GBU Financial Life (GBU) (Pittsburgh, PA). These Credit Ratings (ratings) reflect GBU's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. AM Best notes GBU's expansion in its operating jurisdictions, the lines of business it writes and its overall position in the fraternal market. The company also utilizes conservative reserving practices and has taken actions to improve its risk-based capitalization, which has decreased in recent periods. This includes GBU's successful execution of a third-party annuity reinsurance treaty for in-force policies. This arrangement is expected to stabilize GBU's strong overall balance sheet assessment and position the company for growth. Additional reinsurance on new sales is expected to further support profitable premium growth. The company's reported net premiums written of approximately $183 million in the first quarter of 2025, and its balance sheet strength is expected to remain supportive of similar strategic growth plans going forward. Partially offsetting some of the positive rating factors are GBU's increased reinsurance dependence and some expected operating performance volatility. GBU utilizes a number of external investment managers to provide further expertise. This is done through management of a more diversified invested asset portfolio, which has supported strong investment income and driven favorable annuity crediting spreads and overall operating earnings over the last five years, despite the new business strain. The company has steadily increased its allocation to real estate investments, including private commercial and public structured security exposures that present some concentration risk. AM Best will continue to monitor the impacts of the reinsurance treaty on the company's capitalization and operating performance, as GBU continues to execute its business profile expansion plans, along with the nature of GBU's retained and ceded assets. 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.
Euractiv
18-07-2025
- Business
- Euractiv
The Brief – 18 July: The Good, the Bad, and the Ugly
Happy Friday and welcome back to GBU, where we look back on what should be (we hope) Brussels' last busy week before everyone in the vicinity of the Schuman roundabout logs off for the summer. Decide for yourself what's good, what's bad, and what's ugly. MFF MADNESS: After weeks of build-up, the European Commission's presentation of its 'most ambitious ever' seven-year EU budget proposal took ( messy ) centre stage on Wednesday. While no one really knows what it all means, and it's still subject to significant change as the real budget talks are only about to begin, it's provocative, and it surely gets people talking . It was my first MFF announcement day and a good chunk of it resembled mass confusion on all fronts, although one would think the Commission had enough time to plan everything surrounding that spectacular €2 trillion proposal drop to a T. The International Press Association seems to think so, too, accusing the Commission of breaching media agreements and deliberately keeping journalists in the dark in a press release sent earlier today. Anyway, we did follow the revolting commissioners, unhappy parliamentarians and more on our live blog and are keeping an eye on the budget aftermath. Spoiler: It is all 'bout the money, contrary to pop culture belief. Thomas Moller-Nielsen has a must-read budget breakdown , Sarantis Michalopoulos tells you why the new budget has a smoking problem and Jeremias Lin spoke to disgruntled farmers who are readying their pitchforks for a September return to Brussels after farm subsidies got slashed big time. TIT, TAT, TARIFFS: S omewhat in the shadows of the budget, the EU-US tariff bonanza kept going, too. Trade chief Šefčovič travelled to Washington again and briefed EU ministers on the outcome this afternoon. So, where do we stand? Some want peace, some want violence, seemingly. At least France wants Commission chief Ursula von der Leyen to get the "bazooka" – alias the EU's most powerful trade weapon, the anti-coercion instrument – out in response to Trump's tariff threats. Sun's out, guns out? Would that even be possible? Is that a good idea? I personally wouldn't trust my judgment on this, but Tom beautifully lays it all down here. TOUGH ON RUSSIA, ROUND 18: Today, EU member states agreed on a new wave of economic sanctions against Russia over its war in Ukraine – after Slovakia's Russia-friendly PM Robert Fico lifted his weeks-long veto. The new measures target Russian banks and lower a price cap on Russian oil exports in a bid to crush the country's war chest. GERMANY'S MIGRATION SUMMIT: Against an alpine backdrop, German Interior Minister Alexander Dobrindt hosted France, Poland, Austria, Denmark, and Czechia as well as EU Home Affairs Commissioner Magnus Brunner atop Germany's highest mountain to talk migration on Friday. Berlin is talking the talk as it's getting tough on migration and walking the walk as the first deportation flight to Afghanistan under Merz took off early this morning. Read all about it here. STRANDED USAID CONDOMS IN BELGIUM: A total 26 million condoms, millions of contraceptive pills, thousands of implants, two million injectable doses, and 50,000 bottles of HIV prevention medication from the US development agency USAID are sitting – unused – in a warehouse in the north-east of Belgium and face possible destruction. That's a stockpile worth about €8.6 million, and destroying would cost Washington around €145,000. How did we get here? Thomas Mangin knows . In case you haven't had enough yet, here are a few weekend reads: Laurent Geslin looked at the latest of France's military disengagement from Africa . In Senegal, a remnant of French colonial presence came to an end on Thursday, with the French army officially handing over the keys of the Dakar-based Camp Geille – which has been occupied by French forces since 1960 – to Senegalese authorities. Inés Fernández-Pontes explained how Sanchez's domestic corruption pickle leads to the country pushing for its minority languages – Catalan, Galician, and Basque – to become EU official once again. Do you know what E3, E4, G5 and MED9 stand for? Fear not, this is not a quiz. Just read Nick Alipour's piece spoon-feeding you Europe's alphabet soup. … and in case you missed it, Brussels supermarkets will be allowed to stay open longer. Want to get The Good, the Bad, and the Ugly in your inbox? Subscribe to The Brief (jp)
Euractiv
11-07-2025
- Business
- Euractiv
The Brief – 11 July 2025: The Good, the Bad, and the Ugly
Good Friday afternoon, welcome back to GBU. This Strasbourg week saw von der Leyen face the ire of MEPs, as a motion of censure offered the chance to air multifarious grievances against the Commission president. The vote itself didn't present an existential threat to the executive, as disunity among the plaintiffs made it almost inconceivable that the two-thirds majority would be reached. But the debate three days before was entertaining nonetheless, as centrist parties upbraided the EPP for its dealings with far-right groups. And after railing against the European People's Party's "irresponsible" tactics to sideline old allies through dealings with the European Conservatives and Reformists, the Socialists landed a victory as von der Leyen promised to keep €150 billion social spending in the next budget. Tariffs incoming The spectacle of von der Leyen's dressing down didn't distract from the more ominous prospect of US tariffs, which had been scheduled to drop 9 July until that deadline was pushed back to 1 August – probably, as Treasury Secretary Scott Bessent was unable to firm up on details. The bloc's point man on trade, Maroš Šefčovič, had been on numerous missions to Washington, in a bid to avoid a baseline duty of 50% on EU exports. But with the trade commissioner's efforts so far unfruitful, hopes for an agreeable deal sank throughout the week. Fears for the worst started on Monday, as South Korea and Japan were handed a 25% blanket levy, despite Japanese negotiators having been seven times to Washington since April. Optimism faded further as Canada was served a fat 35% – and was cautioned not to retaliate. Addressing MEPs on Wednesday, Šefčovič was fatalistic, only able to give assurances he would continue pushing for the best deal for Europe (ie. keep doing his job). The best-case scenario now seems a 10% deal, similar that secured by the UK, and which EU ministers had scoffed at when (some) time was still on our side. At time of writing we are still waiting for Trump's letter. The Commission told journalists on midday Friday that "we've grown used to things happening very quickly, or not". And so we wait. Schengen falters The freedom of movement that goods and citizens enjoy thanks to the Schengen treaty is being unpicked, as various signatory nations impose border controls to stem the flow of refugees and migrants. The Oder–Neisse line between Germany and Poland has become the most vigorously guarded border, as both countries enforce checks on vehicles, sparking delays and incurring costs to businesses. The issue has stoked anti-German sentiment in Poland, with far-right activists carrying out their own patrols to apprehend migrants. Besides the annoyance for those crossing these borders, the economic repercussions are substantial, potentially impacting some 32 million businesses with additional bureaucratic costs. Has Germany's great conservative hope had his day? Jens Spahn was once considered a chancellor-in-waiting. But the leader of the parliamentary faction of Merz' CDU party has been tarnished by a scandal dating to his days as health minister during the pandemic. Spahn had overseen procurement contracts for masks, but a recent report by Germany's National Court of Auditors found that the protective supplies – that cost the country some €6 billion – were largely faulty. Over half were eventually destroyed. Whilst Merz has so far stood by his parliamentary chief (he wasn't in government at the time of the deals), the backlash is damaging for the chancellor's party. Mediterranean migration crackdown Greece is devising new ways to deter migrants, as boats from Libya have already brought around 10,000 to the island of Crete this year. Deeming the current conditions in migrant camps too comfortable – "hotel-style", in the words of the migration minister – one strategy is to provide less appealing meals. Already, asylum requests for people arriving from North Africa have been suspended for at least three months. But the success of such measures will be undermined by deteriorating relations between the EU and Libya, as was highlighted when on Wednesday the EU Migration Commissioner Magnus Brunner was ejected from eastern Libya. The situation is further complicated by a bilateral agreement between Turkey and the Tripoli government to establish exclusive economic zones close to Crete – an agreement condemned by the EU as illegal. Macron gets a Great British welcome Emmanuel Macron became the first European leader since Brexit to make a state visit to the UK, an extravagant trip that featured a banquet at Windsor Castle and a speech by the French president to the British Parliament. Top of the agenda was finding a better arrangement to slow the influx of migrants crossing the Channel. A deal was reached that could see 2,600 failed asylum seekers returned from Britain to France every year. But critics point out that the same number are currently making the journey every three weeks. The visit also saw the two leaders agree to coordinate on using their nuclear weapons to protect European allies against possible Russian aggression. This came in addition to a more formalised 'Coalition of the Willing': the Western nations that support Ukraine will now have a headquarters in Paris. Battle over bresaola The prized Italian cured beef has Protected Geographical Indication (PGI) status, but don't be fooled into thinking it's Italian. Turns out that 90% of the meat used today comes from South America. Italy's agriculture minister has now backed a plan to use US beef which, after processing, could be shipped back to America where it might be sold without heavy duties. But the dubious sourcing workaround (which would greatly increase the product's carbon cost) may be incompatible with EU law, experts warn. (jp)
Euractiv
04-07-2025
- Politics
- Euractiv
The Brief – 4 July 2025: The Good, the Bad, and the Ugly
Today's edition is powered by NetworkNature Choose Nature: NetworkNature Annual Event 2025 Choose Nature on 16 September in Brussels to explore how Nature-based Solutions can align biodiversity and the economy in times of urgency. Engage with diverse stakeholders and discover pathways toward a resilient future for people and the planet. Learn more. Register. Good afternoon and welcome back to GBU, where we look back on a blistering week that saw a Saharan "heat dome" settle over Europe. This week gave many of us cause to appraise the position of media within the Schuman environs, and the point at which business and public service overlap. As professionals directly concerned with this debate, representatives of the Fourth Estate are ever ready to add their two cents to the conversation. And discussion was lively after Euractiv revealed that the EU is putting rather more money into a coterie of outlets than had previously been acknowledged. If journalists are to hold authorities to account, to what extent is this mission compromised by subsidies that allow them to carry out that task? And even if you don't depend on public funds, does this not make you beholden to commercial interests? Such questions could keep Brussels media circles animated until the cows come home. Having spent most of my time in Brussels managing a small media outlet, I know the struggle of competing with far larger operations. Not everyone has the luxury of a multi-million-euro parent company backing them, and it's a tough war of attrition. For all the canny efforts small media use to attract an audience and deliver a fresh take on current affairs, it is disingenuous to overlook the structural advantages that big media enjoy. Should we not provide a helping hand to smaller initiatives in the name of media plurality? And setting aside the question of how media manages to be commercially viable, subsidies are surely not the main barrier to critiquing our legislators. More problematic is the closeness of journalists and public officials, where friendliness is rewarded with insider access to valuable information. This pursuit of leaks is incentivised by the concentration of lobbies that cluster around the institutions. These are issues most of us will be familiar with, though how we address them – and the tenor of that argument – depends largely on the stakes, which are inevitably personal. Still, we could certainly design a more democratic way of dispensing with public money. Which is kind of the whole point, if we are to accept that the media's primary duty is to the demos . A dull Danish presidency Denmark took over the EU presidency on Tuesday, during which it will focus on a secure, competitive, and green agenda. The generally discreet Scandinavian country also champions a hardline approach to migration – which puts Prime Minister Mette Frederiksen at odds with other European Socialists. But Denmark's guiding principle during its six-month stint at the helm of policy-making will be running a tight ship – which, as Magnus Lund Nielsen writes, means no fuss, limited expectations, and a plea to opposition parties to lay off domestic spats until the duty has been served. Are you not entertained? Not if Denmark can do anything to help it. Tariff countdown With Trump's "reciprocal" tariffs on EU goods due to kick in on 9 July, negotiations to strike a deal were led by trade chief Maroš Šefčovič in Washington. At last week's EUCO summit, France's Emmanuel Macron argued Europe should not bend to the punitive levies. But with the deadline now so near, Germany has pushed for a quick compromise to prevent the worst-case scenario. The latest hope is that the EU pulls off the same deal as the UK – an "agreement in principle" that would keep Trump's 10% baseline tariffs in place. It's something trade ministers had scoffed at a few weeks ago but looks much more appealing when faced with the imminent alternative. And it's not only ministers who have shifted in their attitude towards the negotiations; journalists, too, have lacked consistency in reporting on the saga – as Thomas Moller-Nielsen points out. 2040 climate targets The EU revealed on Wednesday its 2040 target for greenhouse gas emissions, which must be reduced by 90% compared to 1990. The scale of ambition is huge: it will mean cutting emissions to less than a sixth of what they are right now. Achieving the goals will need a massive effort from all sectors – and citizens won't be spared the knock-on costs. Indeed, the project won't be managed solely through efficiency gains and scaling up renewables; it will require a complete change in mindset. And politics, as Robert Hodgson writes. Bulking up the budget In two weeks, the Commission will propose a new budget (MFF), one that is substantially larger (€1.2 trillion) to respond to growing geopolitical instabilities. But with an investment gap of at least €750 billion a year and new defence demands, the discussions about how funds are allocated will be tense. Jacob Wulff Wold highlights the five key fights that must be resolved by 2028. Want to get The Good, the Bad, and the Ugly in your inbox? Subscribe to The Brief.
Pink Villa
01-07-2025
- Entertainment
- Pink Villa
AK64: Ajith Kumar's next movie to be officially announced in August 2025? Find out
Ajith Kumar hit the big screens earlier this year in April with the action comedy flick Good Bad Ugly. As the superstar is yet to announce his next movie, an official confirmation may not be too far. Ajith Kumar's AK64 to be announced in August 2025? According to a report by industry insider Ramesh Bala, Ajith Kumar's much-awaited movie, tentatively titled AK64, will be officially announced in August 2025. Reportedly, industry sources have claimed that Ajith's movie will be bankrolled by the production house Romeo Pictures. Earlier, the production company had invested in Ajith Kumar films like Viswasam and Vivegam. While more details about AK64 are yet to be made, rumors indicate that director Adhik Ravichandran would be helming the project, marking the superstar's second collaboration with him. Interestingly, the actor had already confirmed that he would work in a movie only during the racing off-season, most likely in the latter half of 2025 and release in the early months of 2026. Before Adhik, the names of various directors like Karthik Subbaraj, Prashanth Neel, Venkat Prabhu, and even Dhanush were doing the rounds to work with AK. Talking about the actor's motorsport career, Ajith recently launched his own team, Ajith Kumar Racing. Being the team owner and racer, the crew managed to bag several accolades after their performances in Dubai and Europe. Ajith Kumar's work front Ajith Kumar was last seen in the action drama flick Good Bad Ugly. The movie, directed by Adhik Ravichandran, featured the tale of AK, a former crime boss popularly known as Red Dragon. After the birth of his son, the gangster decides to atone for his crime-filled past and serves an 18-year-long sentence in jail. However, upon his release, he finds out that his son has been framed for a crime he never committed. Now, AK must go back to his old ways to figure out who targeted his son and clear his name once and for all. Apart from the superstar, GBU had Trisha Krishnan, Arjun Das, Sunil, Prabhu, Prasanna, Karthikeya Dev, Priya Prakash Varrier, Jackie Shroff, Shine Tom Chacko, and many more in key roles. The movie is currently streaming on Netflix.
