Latest news with #NEIC
RTÉ News
6 days ago
- Business
- RTÉ News
NEIC Start Up Entrepreneur class of 2025 graduate
The NEIC (North East Inner City) Start Up Entrepreneurship programme's graduation ceremony for its 2025 programme at a "Dragon's Den" style event was held at the headquarters of aircraft lessor Avolon today. Participants pitched their new business ideas to a panel of dragons including former Dublin GAA football player Paddy Andrews and Scale Ireland CEO Martina Fitzgerald. Business ideas planned by the graduates included the hire and repair of sustainable e-scooters, AI-powered predictive energy management and blockchain-based cybersecurity software solutions. The NEIC 10-week programme provides the opportunity for young people aged between 18-30 to develop their business idea and build their competencies as an entrepreneur. The programme was created in a partnership that included the NEIC Initiative, TU Dublin Growth Hub, Inner City Enterprise, Open Doors Initiative, Dogpatch Labs and Avolon. "We are committed to maximising educational, training and employment opportunities. Through NEIC Start Up, we empower young people to explore self-employment, unlocking business ideas and building a brighter future for the NEIC Community," Jim Gavin, Chairperson of the Programme Implementation Board for the NEIC Initiative, said. Tom Cooney, Professor of Entrepreneurship at TU Dublin, said the NEIC Start Up Programme is a powerful example of how TU Dublin and community partners are unlocking the entrepreneurial potential of young people in Dublin's inner city. Fionn Crowley, Chair of Avolon's CARE Committee, said the programme provides participants with tangible skills to succeed as they look to take the brave step of launching their business idea. "Avolon started its life 15 years ago and has grown to be one of the world's leading lessors, and we welcome the opportunity to celebrate this group of young people on their entrepreneurship journey," he added.
Yahoo
14-05-2025
- Business
- Yahoo
AM Best Assigns Preliminary Credit Assessment to New England Indemnity Company
OLDWICK, N.J., May 14, 2025--(BUSINESS WIRE)--AM Best has assigned a Preliminary Credit Assessment (PCA) to New England Indemnity Company (NEIC) (Bedford, NH) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of "a-" pca (Excellent). The outlook assigned to the PCAs is stable. The PCAs reflect NEIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment is driven by AM Best's expectation that NEIC will maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), over the five-year startup period. Additionally, the assessment is contingent upon management executing its proposed plans, as well as maintaining an appropriate capital buffer to support future growth plans. The balance sheet strength assessment further reflects NEIC's conservative investment portfolio; the company plans to grow conservatively by maintaining underwriting leverage ratios below or in line with its composite averages. The operating performance assessment is based on NEIC's operating results that are expected to benefit from the expertise of the management team, which has longstanding partnerships in the insurance industry. NEIC's projections reflect the startup nature of the company with outsized expenses at the onset. The company is expecting to report modest income in the near term, which is contingent upon the successful execution of its business plan. The company's business plan reflects a consistent stream of net investment income, which will be derived from the fixed-income portfolio. The business profile assessment is based on NEIC's narrow geographic and product concentrations, along with execution risk. The company plans to write personal and small commercial insurance products in New Hampshire. The company intends to distribute business exclusively through the independent agency channel with already established agency partners. In addition, third-party tools will be utilized to guard against rate evasion, adverse selection and fraud. The company is also licensed in New Hampshire for accident & health (A&H) products; however, it has no current plans to write any A&H business. The ERM assessment is based on a formalized ERM policy that has been established and approved by the NEIC's board of directors. The company's board is made up of experienced insurance and finance professionals, and it mandates accountability throughout the organization and addresses various risk management topics in each quarterly meeting. The ERM program is expected to continue to develop as the company expands the established structure. In addition, the company utilizes a combination of per-risk excess of loss and catastrophe coverage, as well as facultative coverage when necessary. NEIC was licensed as a New Hampshire property/casualty insurance company on Feb. 14, 2024. The company is a wholly owned subsidiary of NEIC Holding Company, Inc. (NEIC Holdings), alongside its affiliated service company, NEIC Services Company, Inc. (NEIC Services). The company maintains modest financial flexibility through NEIC Holdings to provide additional capital if warranted to support growth plans. This press release relates to Preliminary Credit Assessments that have been published on AM Best's website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments 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 and Assessment 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 specializing 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 Adib Nassery Senior Financial Analyst +1 908 882 2198 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Christopher Draghi Director +1 908 882 1749 Al Slavin Senior Public Relations Specialist +1 908 882 Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
AM Best Assigns Preliminary Credit Assessment to New England Indemnity Company
OLDWICK, N.J., May 14, 2025--(BUSINESS WIRE)--AM Best has assigned a Preliminary Credit Assessment (PCA) to New England Indemnity Company (NEIC) (Bedford, NH) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of "a-" pca (Excellent). The outlook assigned to the PCAs is stable. The PCAs reflect NEIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment is driven by AM Best's expectation that NEIC will maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), over the five-year startup period. Additionally, the assessment is contingent upon management executing its proposed plans, as well as maintaining an appropriate capital buffer to support future growth plans. The balance sheet strength assessment further reflects NEIC's conservative investment portfolio; the company plans to grow conservatively by maintaining underwriting leverage ratios below or in line with its composite averages. The operating performance assessment is based on NEIC's operating results that are expected to benefit from the expertise of the management team, which has longstanding partnerships in the insurance industry. NEIC's projections reflect the startup nature of the company with outsized expenses at the onset. The company is expecting to report modest income in the near term, which is contingent upon the successful execution of its business plan. The company's business plan reflects a consistent stream of net investment income, which will be derived from the fixed-income portfolio. The business profile assessment is based on NEIC's narrow geographic and product concentrations, along with execution risk. The company plans to write personal and small commercial insurance products in New Hampshire. The company intends to distribute business exclusively through the independent agency channel with already established agency partners. In addition, third-party tools will be utilized to guard against rate evasion, adverse selection and fraud. The company is also licensed in New Hampshire for accident & health (A&H) products; however, it has no current plans to write any A&H business. The ERM assessment is based on a formalized ERM policy that has been established and approved by the NEIC's board of directors. The company's board is made up of experienced insurance and finance professionals, and it mandates accountability throughout the organization and addresses various risk management topics in each quarterly meeting. The ERM program is expected to continue to develop as the company expands the established structure. In addition, the company utilizes a combination of per-risk excess of loss and catastrophe coverage, as well as facultative coverage when necessary. NEIC was licensed as a New Hampshire property/casualty insurance company on Feb. 14, 2024. The company is a wholly owned subsidiary of NEIC Holding Company, Inc. (NEIC Holdings), alongside its affiliated service company, NEIC Services Company, Inc. (NEIC Services). The company maintains modest financial flexibility through NEIC Holdings to provide additional capital if warranted to support growth plans. This press release relates to Preliminary Credit Assessments that have been published on AM Best's website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments 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 and Assessment 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 specializing 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 Adib Nassery Senior Financial Analyst +1 908 882 2198 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Christopher Draghi Director +1 908 882 1749 Al Slavin Senior Public Relations Specialist +1 908 882 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
14-05-2025
- Business
- Business Wire
AM Best Assigns Preliminary Credit Assessment to New England Indemnity Company
BUSINESS WIRE)-- AM Best has assigned a Preliminary Credit Assessment (PCA) to New England Indemnity Company (NEIC) (Bedford, NH) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of 'a-' pca (Excellent). The outlook assigned to the PCAs is stable. The PCAs reflect NEIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment is driven by AM Best's expectation that NEIC will maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), over the five-year startup period. Additionally, the assessment is contingent upon management executing its proposed plans, as well as maintaining an appropriate capital buffer to support future growth plans. The balance sheet strength assessment further reflects NEIC's conservative investment portfolio; the company plans to grow conservatively by maintaining underwriting leverage ratios below or in line with its composite averages. The operating performance assessment is based on NEIC's operating results that are expected to benefit from the expertise of the management team, which has longstanding partnerships in the insurance industry. NEIC's projections reflect the startup nature of the company with outsized expenses at the onset. The company is expecting to report modest income in the near term, which is contingent upon the successful execution of its business plan. The company's business plan reflects a consistent stream of net investment income, which will be derived from the fixed-income portfolio. The business profile assessment is based on NEIC's narrow geographic and product concentrations, along with execution risk. The company plans to write personal and small commercial insurance products in New Hampshire. The company intends to distribute business exclusively through the independent agency channel with already established agency partners. In addition, third-party tools will be utilized to guard against rate evasion, adverse selection and fraud. The company is also licensed in New Hampshire for accident & health (A&H) products; however, it has no current plans to write any A&H business. The ERM assessment is based on a formalized ERM policy that has been established and approved by the NEIC's board of directors. The company's board is made up of experienced insurance and finance professionals, and it mandates accountability throughout the organization and addresses various risk management topics in each quarterly meeting. The ERM program is expected to continue to develop as the company expands the established structure. In addition, the company utilizes a combination of per-risk excess of loss and catastrophe coverage, as well as facultative coverage when necessary. NEIC was licensed as a New Hampshire property/casualty insurance company on Feb. 14, 2024. The company is a wholly owned subsidiary of NEIC Holding Company, Inc. (NEIC Holdings), alongside its affiliated service company, NEIC Services Company, Inc. (NEIC Services). The company maintains modest financial flexibility through NEIC Holdings to provide additional capital if warranted to support growth plans. This press release relates to Preliminary Credit Assessments that have been published on AM Best's website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Best's Recent Rating Activity 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.
Zawya
12-02-2025
- Business
- Zawya
African Energy Chamber (AEC) Supports Namibia International Energy Conference 2025 as Platform for Driving Projects Forward
As Namibia progresses towards becoming a regional energy hub, it is crucial to ensure that local industries and communities benefit from the development of world-class hydrocarbons discoveries being made in the country's on- and offshore basins. By focusing on the strategic use of its abundant oil, gas and renewable resources to attract global investment, Namibia stands on the precipice of rapid socioeconomic development. As such, the African Energy Chamber (AEC) ( – the voice of the African energy sector – is proud to support the 7th edition of the Namibia International Energy Conference (NEIC), which will take place from April 23-25, 2025, in Windhoek. Convened by strategic advisory firm RichAfrica Consultancy – under the auspices of CEO Selma Shimutwikeni – and endorsed by the Ministry of Mines and Energy, this flagship event gathers global and local energy leaders, investors, service companies and financial institutions under the theme, Leading the Way: Becoming an Energy Hub with In-Country Value. As part of its efforts to promote sustainable growth, the conference will explore and unlock dynamic opportunities for partnership and investment aimed at expanding infrastructure, building local content, improving access to finance and enhancing regulatory frameworks. Namibia's Oil Boom Well on track to become a major playing in the African oil and gas landscape in the coming years, Namibia strives to begin oil production by 2029, with potential advancements in the Mopane field set to accelerate this timeline. Having witnessed a string of oil discoveries in the Orange Basin since 2022, Namibia's oil play has attracted interest from energy supermajors TotalEnergies and Shell and energy corporation Galp Energia. One the back of discoveries such as the Graff-1X, Venus-1X, Jonker-1X, Lesedi-1X and Mopane-1X, over 11 billion barrels of oil have been discovered in the country so far. This month, Galp Energia discovered a new hydrocarbon column of light oil at the Mopane-1A well, which is situated in offshore PEL 83. The discovery identified gas condensate with a thin net play in the AVO-3 reservoir and light oil in the AVO-4 reservoir. Both reservoirs indicate good quality sands with high porosities and permeabilities, as well as high pressures and low fluid viscosities. Galp Energia, along with its partners Namibian national oil company Namcor and exploration company Custos, will continue to integrate acquired data from the well to allow a better understanding of the complex. Concurrently, Galp Energia will continue to assess the commerciality of the discoveries. As part of the exploration and appraisal campaign, oilfield services company Saipem's Santorini drillship will proceed to the Mopane-3X well location, where it will target the AVO-10 and AVO-13 reservoirs. Empowering Namibians, Fostering Economic Sovereignty In a strategic move for the industry, Namibia's cabinet recently approved the National Upstream Local Content Policy, which is set to play a crucial role in reducing the country's dependence on foreign expertise by focusing on the development of local capacity building. Aimed at strengthening economic sovereignty and empowering Namibians within the country's oil and gas industry, the policy marks a turning point for the country as it targets first oil production within four years. It is clear that the policy is designed to balance the interests of local stakeholders with the need of international oil companies, a model that other African nations can look to for guidance. With its recent surge of major discoveries, the government has recognized the urgency of maximizing the involvement of local businesses, labor and resources in the country's oil and gas sector. As such, the National Upstream Petroleum Local Content Policy aims to create a globally competitive supply chain while promoting sustainable development, energy independence and technological expertise within the country. This policy addresses the unique challenges faced by Namibia's upstream petroleum sector, which is capital-intensive, technologically driven and reliant on high-risk investments over long periods. What to Expect at NIEC 2025 Delegates participating at NIEC 2025 will witness and participate in insightful discussions on Namibia's latest offshore discoveries, upcoming exploration campaigns, energy security, power industry growth, infrastructure development, renewable project rollout and green hydrogen initiatives. NIEC 2025 will also explore the nexus of Namibia's energy sector and critical minerals industry, and its role in driving broader economic and industrial development. The conference will feature an interactive exhibition where companies can showcase cutting-edge technologies and innovative solutions that are shaping Namibia's energy future, with a focus on power access, environmental stewardship and sustainability. Convening leading industry experts, investors and decision makers, NIEC 2025 will provide the premier platform for fostering strategic partnerships to accelerate Namibia's progress towards becoming a regional energy hub. As part of its 7th edition, the conference also features the Future Energy Leaders Initiative, which aims to drive youth participation in Namibia's energy industry and provides young professionals with opportunities for access, mentorship and skills development. 'Under the visionary leadership of Selma Shimutwikeni and RichAfrica Consultancy, NIEC 2025 plays a pivotal role in shaping the future of Namibia's energy sector. This event provides a vital platform for fostering global partnerships and local empowerment. As Namibia continues to evolve into a regional energy hub, NIEC 2025 stands as a cornerstone for achieving the country's ambitious goals of sustainable energy development and economic transformation,' states AEC Executive Chairman NJ Ayuk. Distributed by APO Group on behalf of African Energy Chamber.
