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Associated Press
23-05-2025
- Business
- Associated Press
AM Best Affirms Credit Ratings of N.V. Univé Her
AMSTERDAM--(BUSINESS WIRE)--May 23, 2025-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of N.V. Univé Her (Univé Her) (Netherlands), a wholly owned subsidiary of Coöperatie Univé U.A. (Univé Group), a mutual insurance group domiciled in the Netherlands. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Univé Her's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider Univé Her's strategic importance to and integration within the Univé Group as its internal reinsurance vehicle, with the company benefiting from rating enhancement as a result. Univé Her's balance sheet strength is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at year-end 2024, as measured by Best's Capital Adequacy Ratio (BCAR). Given the company's significant exposure to catastrophe losses, prospective risk-adjusted capitalisation is prone to volatility. An offsetting factor is the company's dependence on retrocession to manage its natural catastrophe exposure; however, the risks associated with this dependence are partially offset by the high credit quality of the counterparties. Univé Her's underwriting results are solid, having generated a five-year (2020-2024) average combined ratio of 74.5% (as calculated by AM Best), and overall operating earnings are supplemented by modest investment returns reflective of the company's conservative investment portfolio. In 2024, Univé Her reported an after-tax profit of EUR 9.2 million (2023: EUR 3.5 million profit after tax), underpinned by a combined ratio of 48.8% (98.1%), which improved mainly due to the reduced impact of natural catastrophe events compared to 2023. In addition, the company's five-year average (2020-2024) return-on-equity (ROE) ratio is 3.3% (as calculated by AM Best). Univé Her's technical performance is subject to periodic volatility, due to its exposure to natural catastrophes. Given its distinctive role as the Univé Group's main reinsurer, Univé Her benefits from its exclusive access to the reinsurance business ceded by the Univé mutuals and N.V. Univé Schade. Univé Her is predominantly a monoline reinsurer, offering property excess of loss covers to the regional Univé mutuals. All other product lines are fully retroceded to the external reinsurance market, with the exception of motor hull insurance, which has been partially included within Univé Her's risk appetite beginning in 2020. An offsetting factor to the business profile assessment is the company's limited geographic diversification, with its portfolio concentrated exclusively within the Netherlands. 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Valentine Gu, AAG Associate Financial Analyst +31 20 308 5421 [email protected] Dr. Mathilde Jakobsen Senior Director, Analytics +31 20 808 3118 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: NETHERLANDS EUROPE INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/23/2025 09:50 AM/DISC: 05/23/2025 09:48 AM
Yahoo
22-05-2025
- Business
- Yahoo
Ellington Credit Co (FRA:73Z) Q1 2025 Earnings Call Highlights: Navigating Market Challenges ...
Net Loss: $0.23 per share for calendar Q1. Adjusted Distributable Earnings: $0.26 per share for calendar Q1. Net Interest Margin: Increased by 20 basis points to 5.27%. Book Value per Share: $6.08 as of March 31. Economic Return: Negative 3.2% for the quarter. Debt-to-Equity Ratio: Declined to 2.2 times at March 31 from 2.9 times at December 31. CLO Portfolio: Increased by 46% to $250 million at March 31. Agency RMBS Holdings: Decreased slightly to $504 million from $512 million at December 31. Net Asset Value per Share: Estimated range of $5.85 to $5.91 at the end of April. Cash and Unencumbered Assets: Totaled $169 million or 74% of total shareholders' equity as of March 31. Warning! GuruFocus has detected 6 Warning Signs with SNOW. Release Date: May 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ellington Credit Co (FRA:73Z) successfully completed its conversion to a registered closed-end fund, enhancing liquidity and buying power. The company efficiently sold its remaining agency mortgage pools with minimal impact on net asset value, demonstrating effective risk management. Ellington Credit Co increased its CLO portfolio by 46% to $250 million, capitalizing on market opportunities. The company's adjusted distributable earnings covered dividends for the quarter, indicating strong financial management. Ellington Credit Co maintained high levels of liquidity, allowing for strategic deployment of capital in volatile markets. The company reported a net loss of $0.23 per share for calendar Q1, driven by declining prices on CLO mezzanine debt and equity. Economic return for the quarter was negative 3.2%, reflecting market challenges. CLO equity valuations were negatively impacted by loan coupon spread compression and price declines. The company's book value per share decreased to an estimated range of $5.85 to $5.91 by the end of April. Ellington Credit Co anticipates not covering the dividend in the calendar second quarter due to MBS sales and elevated cash prior to full redeployment. Q: How does the yield on the newly acquired $50 million of CLOs compare to the existing $250 million portfolio, and do you currently have dry powder to deploy? A: Gregory Borenstein, Portfolio Manager, explained that the yield on newly acquired CLOs varied, with some offering slightly wider yields and others potentially hundreds of basis points back. The portfolio's composition shifted based on investment thesis, with a balance between mezzanine and equity investments. Laurence Penn, CEO, confirmed that they still have dry powder and manage risk to allow for more asset deployment, with plans to increase credit hedges soon. Q: What are your perspectives on the asset management industry's push for 401(k) plans to access private equity, and its impact on the CLO market? A: Laurence Penn, CEO, noted that it might take time for this to impact the CLO asset class. Gregory Borenstein, Portfolio Manager, added that while increased demand could compress yields, it might also create attractive arbitrage opportunities for equity further down the line. Q: What does being fully deployed look like for your CLO investments, and were you more aggressive in deploying capital in early April? A: Gregory Borenstein, Portfolio Manager, stated that they were opportunistic in deploying capital as prices improved by the end of April. Laurence Penn, CEO, mentioned that they could easily exceed $300 million in CLO investments, depending on leverage and risk management strategies. Q: Can you share your latest thoughts on the adjusted distributable earnings (ADE) trajectory and dividend coverage? A: Laurence Penn, CEO, indicated that they might fall short of covering the dividend in the current quarter due to MBS sales and elevated cash levels but expect to resume coverage in the third quarter. Q: How do you manage liquidity and risk in the current market environment? A: Gregory Borenstein, Portfolio Manager, emphasized the importance of maintaining liquidity and using credit hedges to ensure the vehicle remains liquid during market shocks. Laurence Penn, CEO, added that they plan to issue unsecured debt later in the year to enhance risk management and asset deployment. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Associated Press
19-05-2025
- Business
- Associated Press
DocGo Wins 'Compliance Management Innovation Award' in 2025 MedTech Breakthrough Awards Program
NEW YORK--(BUSINESS WIRE)--May 19, 2025-- DocGo Inc. (Nasdaq: DCGO) ('DocGo'), a leading provider of technology-enabled mobile health services, today announced that it has been selected as winner of the 'Compliance Management Innovation Award' in the 9 th annual MedTech Breakthrough Awards program conducted by MedTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global digital health and medical technology market. DocGo's breakthrough Compliance Program excels at adapting to the organization's dynamic environment and consistently updating its strategies to address emerging risks and technologies. The program's approach focuses on managing ethics, compliance, and risk management to strengthen corporate culture, drive results, and promote transparency and accountability within the healthcare industry. DocGo's Compliance Program ensures alignment with industry standards and federal and state regulations, even as the organization scales rapidly and introduces innovative solutions to the healthcare industry. The program's annual compliance survey, a key component, provides employees with an additional confidential channel to report concerns and share feedback. 'Our Compliance Program has been an essential component in the success of our organization, and is built on the foundation of organizational excellence. Along with transparency and ethical practices, our approach remains focused on fostering a culture of trust,' said Stephen Sugrue, DocGo's Chief Compliance Officer. 'We're grateful to MedTech Breakthrough for this recognition, and we remain committed to delivering high quality, highly accessible healthcare to all, and through our meticulously crafted Compliance Program, to do so ethically.' The MedTech Breakthrough Awards program celebrates excellence and innovation in the health and medical technology industry, recognizing the companies, products, and solutions driving meaningful progress and improving patient care. Spanning a wide range of categories—including Telehealth, Clinical Administration, Patient Engagement, Electronic Health Records (EHR), Virtual Care, Medical Devices, Medical Data & Privacy, and beyond—the awards highlight the groundbreaking work that is transforming the healthcare landscape. This year's program saw a record-breaking number of nominations from leading companies and startups across more than 18 countries, showcasing the global impact and momentum of the digital healthcare industry today. 'DocGo's approach to compliance offers innovative strategies to consistently build a strong foundation. Healthcare organizations need to implement and streamline policies and procedures that address emerging issues and ensure compliance with regulatory standards. From patient safety to care quality, to employee satisfaction, the right policies build trust and reputation,' said Steve Johansson, managing director, MedTech Breakthrough. 'DocGo's Compliance Program has all the hallmarks of a well-designed program with ample resources, empowerment, and the evidence of working incredibly well in practice. We're thrilled to award them our 2025 'Compliance Management Innovation Award!'' By incorporating the Department of Justice (DOJ) 2024 Evaluation of Corporate Compliance Programs, DocGo's program has been able to further improve its effectiveness strategies. This guidance has been the model framework in building the 2025 Compliance & Audit Work Plan, a valuable resource that assesses the program based on the DOJ's risk strategy initiatives. The work plan has been enhanced with various risk assessments conducted by key stakeholders, as well as incorporating and handling risks with new and emerging technology, and streamlining cybersecurity procedures to improve HIPAA privacy objectives. Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose. View source version on CONTACT: Investors: Mike Cole DocGo 949-444-1341 [email protected] [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: APPS/APPLICATIONS MOBILE/WIRELESS TECHNOLOGY HOSPITALS HEALTH TECHNOLOGY TELEMEDICINE/VIRTUAL MEDICINE SOFTWARE PRACTICE MANAGEMENT MANAGED CARE HEALTH SOURCE: DocGo Inc. Copyright Business Wire 2025. PUB: 05/19/2025 07:35 AM/DISC: 05/19/2025 07:35 AM
Associated Press
19-05-2025
- Business
- Associated Press
Risk-based Computer System Validation: Reduce Costs and Avoid 483s - 2 Day Online Course (August 6-7, 2025)
DUBLIN--(BUSINESS WIRE)--May 19, 2025-- The 'Risk-based Computer System Validation; Reduce Costs and Avoid 483s (ONLINE EVENT: August 6-7, 2025)' has been added to offering. This highly interactive two-day course uses real life examples and explores proven techniques for reducing costs, usually by two-thirds, associated with implementing, and maintaining computer systems in regulated environments. Course Features Learning Objectives Who Should Attend: Agenda: DAY 1 DAY 2 For more information about this course visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: INDUSTRY KEYWORD: NETWORKS OTHER TECHNOLOGY TECHNOLOGY TRAINING EDUCATION SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 05/19/2025 07:39 AM/DISC: 05/19/2025 07:38 AM
Times of Oman
19-05-2025
- Business
- Times of Oman
State Audit Institution celebrates Internal Audit Awareness Month
Muscat: State Audit Institution (SAI) joined institutions and organisations from around the world in celebrating "Internal Audit Awareness Month,' which falls on May every year. This annual occasion aims to highlight the importance of internal audit in enhancing transparency and efficiency within institutions. It affirms the pivotal role that internal audit undertakes in strengthening governance, managing risks, and ensuring compliance with regulations and standards. Commenting on the occasion, Imad Abdullah Al Shanfari, Director of the Internal Audit Department at SAI, stated that internal audit departments serve as a safety wall and the first line of defence in the financial and administrative operations of both government and private institutions. He noted that the primary objective of internal audit is to provide independent and objective assurance that the institution's risk management, governance, and internal control processes are functioning effectively, thereby ensuring the institution's ability to achieve its goals. Al Shanfari pointed out that the importance of internal audit lies in its role as a key element institutions rely on to ensure the efficiency and effectiveness of financial, administrative and operational processes. Through internal audits, officials can identify gaps that may affect performance, enabling them to take corrective actions in a timely manner. Internal audit is also an important part of governance as it helps enhance transparency and ensures that all operations are conducted in accordance with the established laws and regulations. Furthermore, Al Shanfari stressed that fully leveraging internal audit to improve organizational performance requires implementing practical changes based on audit findings. This is accomplished by acting on the recommendations provided by internal auditors, which help institutions enhance processes, reduce costs, and improve efficiency. Regarding its focus on internal audit departments, Imad Al Shanfari emphasised that SAI places great importance on these departments within the entities subject to its audit. This is achieved through year-round training programs for internal audit staff, as part of the ongoing collaboration between SAI and the units of the State's Administrative Apparatus, with the aim to enhance professional awareness, activate institutional partnerships to protect public fund, improve resource efficiency, and strengthen professional competencies. Al Shanfari added that SAI issued in 2015 Internal Audit Manuals, which include The General Manual for Internal Audit Methodology (for Ministries and Government Units) , the Internal Audit Procedures Manual (Financial and Compliance), and the Supporting Tools Manual for Operational and Strategic Audits.
