AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of a- of Bahrain Kuwait Insurance Company B.S.C. (gig-Bahrain) and its subsidiary, Takaful International Company BSC (gig-Bahrain Takaful), both of which are domiciled in Bahrain. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect gig-Bahrains balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the financial strength of gig-Bahrains parent company, Gulf Insurance Group K.S.C.P., due to its strategic importance to the group.
gig-Bahrain Takafuls ratings consider its strategic importance to gig-Bahrain, with the company providing a platform to underwrite takaful business locally and increasing the overall operations market share to approximately 20%, measured by gross written premium. Following its acquisition by gig-Bahrain, gig-Bahrain Takaful has reported improved technical results, with further improvements expected from operational synergies.
gig-Bahrains balance sheet strength is underpinned by its risk-adjusted capitalisation that was at the strongest level at year-end 2019, as measured by Bests Capital Adequacy Ratio (BCAR). gig-Bahrain benefits from a relatively conservative asset allocation and a well-rated reinsurance panel, which mitigates the heightened credit risk associated with the companys high cessions on commercial risks. AM Best expects gig-Bahrains risk-adjusted capitalisation to remain at the strongest level over the medium term.
gig-Bahrains longer-term historical underwriting performance has been strong, with combined ratios in the low-80% range; however, there has been a deteriorating trend in underwriting performance in recent years. The group generated a combined ratio of 95.8% in 2019, compared with 92.5% in 2018, driven by one-off expenses relating to value-added tax and a voluntary retirement scheme. The companys recent underwriting performance also has been impacted by the strengthening of incurred but not reported reserves. AM Best expects prospective underwriting performance to improve following management actions in the motor lines of business, increased retention of profitable business and further synergies with gig-Bahrain Takaful.
gig-Bahrain has a market-leading position in Bahrains insurance market and a strong position in Kuwait. The company maintains an excellent domestic franchise, which has been strengthened further following its acquisition of gig-Bahrain Takaful. The company operates in Bahrain and Kuwait, and writes a well-diversified portfolio on a gross premium basis; however, on a net premium basis, its portfolio is concentrated heavily toward motor risks.
This press release relates to Credit Ratings that have been published on AM Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
AM Best Affirms Credit Ratings of Gulf Insurance Group K.S.C.P. and Gulf Insurance and Reinsurance Company K.S.C. (Closed)
HONG KONG, CHINA – Media OutReach – 28 August 2020 – A fully integrated biopharmaceutical company — Uni-Bio Science Group Limited (“Uni-Bio Science”, together with its subsidiaries referred to as the “Group”, stock code: 0690.HK), is pleased to announce its interim results for six months ended 30 June 2020 (the “Period”). During the Period, the Group recorded a turnover of HK$67.4 million, representing a decrease of approximately 30.7% year-on-year. It is mainly attributable to substantial decrease in sales recorded from February to April due to the limited hospital services and decrease patient flow during the COVID-19 pandemic. Nevertheless, the sales rebound significantly in May and June, which exceeded the monthly performance of the same period of last year, showing a V-curve market recovery, operating profit from marketed pharmaceutical products reached HK$1.7 million, representing an increase of 126.6%. Excluding the one-off gains of HK$65.9 million from the disposals of a subsidiary and material assets in the first half of 2019, there was a improvement of HK$9.5 million for the Period, from a loss of HK$21 million in first half of 2019 to a loss of HK$11.5 million in the first half of 2020.
The Group has numerous innovative biologic drugs and quality generic products undergoing late stage R&D. Amid the pandemic, many of these projects have not been significantly impacted.
Pinup® (voriconazole) has completed all Bioequivalence (“BE”) experiments, which will obtain BE certification in the second half of 2020. Pinup is expected to become the second BE approved voriconazole in China. With only a limited numbers of competitors in the market, passing BE will provide Pinup® solid competitive advantages. On the other hand, Bokangtai® (“Mitiglinide”), a first and/or second line of treatment for the Type 2 Diabetes, is currently undergoing BE studies in collaboration with Jiangsu Hansoh Pharmaceutical. The Group expects to submit the results to the National Medical Products Administration (“NMPA”) at the end of 2020 and obtain BE certification in the second half of 2021. Bokangtai® is expected to be the first Mitiglinide to be BE certified in the market, therefore enjoying enormous market potential.
The NMPA officially accepted the Group’s application for registering Boshutai® (“Acarbose”) as a Category IV chemical drug. Acarbose has completed its production evaluation in July 2020. It is expected that Acarbose will be launched into the market within the next three to six months. To compete with competitors in the national volume-based procurement program, the Group partnered with Sinopharm Weiqida and Suzhou Yingli to lower its manufacturing cost and optimize its cost structure. The management believes that cost leadership is the key for generic drugs to succeed in the PRC market.
Uni-PTH is the only class of anabolic agent which can actively increase bone density and reduce the chance of vertebral and hip and has very limited competition in the PRC market. Supplementary information of Uni-PTH lyophilised powder injection was submitted in December 2019, and is currently awaiting production evaluation from the NMPA, which was originally expected in the second half of 2020. However, due to the Pandemic and strict lockdown regulations in Beijing, the NMPA has pushed the evaluation to a later date. Based on updated timelines, the Group expects the registration approval of Uni-PTH lyophilised powder injection in the first half of 2021. Nevertheless, there has been significant progress in the 2nd generation liquid formulation Uni-PTH, advancing to a significant milestone where the application of clinical trial exemption was submitted in April 2020. If approved, development of liquid form Uni-PTH would be significantly accelerated.
Finally, the application for clinical trial of Recombinant GLP-1 Injection (“Uni-GLP”) has been approved by the NMPA on 14 July 2020. The Group is going to carry out bridging clinical research and phase III clinical trials directly in the second half of 2020. Uni-GLP is the first biologically expressed GLP-1 agent in the world. Due to its higher technical requirement, the product will not be easily copied and enjoy greater advantages in pricing as compared with chemically synthesized GLP-1. The product also enjoys the benefits from stable active pharmaceutical ingredients supply and costs as no external procurement is required. Coupled with clinical advantages such as an improved safety profile, Uni-GLP has the potential of becoming a leading product in the blue ocean GLP-1 market of China.
The resumption of regular hospital services and patient inflow in the second half of 2020 will continue to drive sales recovery of marketed products. As social distance may still be a concern in over-crowed top tier hospitals, the Group has been putting more resources to expand networks to lower-tier hospitals and cities. In addition, social distancing and travel limitations brought by the COVID-19 outbreak have greatly changed the behavior of patients and consumers. The demands for online medical consultation and pharmacies have increased. As a result, the Group has taken proactive steps to pioneer new online business models. This includes the Group’s recently formed collaboration with Medlink, which is expected to become another driver of GeneTime® sales as well as other products in the future.
Looking into the future, Mr. Kingsley Leung, Chairman of Uni-Bio Science Group said, “We are actively diversifying our product portfolio. Antibody drug market has been growing in recent years. the Group is investigating antibody drug opportunities in metabolic, dermatology and ophthalmology indications. By collaborating with strategic partners, the Group will create a network of new technologies, resources and pharmaceutical professionals, in order to co-develop next generation, best-in-class antibody drugs in the above fields. Besides, we are also planning to expand our production capacity by establishing a new production site for GeneTime® and GeneSoft® in Beijing, which is expected to launch production in 2023. All in all, we are planning the next phase of the company’s development, especially as most of our current self-developed products are about to enter the market.”
Uni-Bio Science Group Limited is principally engaged in the research and development, manufacture and distribution of pharmaceutical products. The research and development centre is fully equipped with a complete system for the development of genetically-engineered products with a pilot plant test base which is in line with NMPA requirements. The Group also has two GMP manufacturing bases in Beijing and Shenzhen. The Group is focused on the development of novel treatments and innovative drugs addressing the therapeutic areas of diabetes, ophthalmology and dermatology.
Uni-Bio Science Group Limited was listed on the Main Board of the Hong Kong Stock Exchange on November 12, 2001. Stock code: 0690.
What: TWO ˜they just DID that great offerings on the super popular iPhone 11 and iPhone 11 Pro, featuring an unparalleled camera experience, the powerful Apple-designed A13 Bionic chip to handle the most demanding tasks, and industry-leading privacy features:
Says Who: Mike Sievert, CEO of T-Mobile: “We passed AT&T, and we arent looking in the rearview mirror. Our sights are firmly set on the #1 spot, and were gonna get there by giving people the freedom finally to get a great network AND a great price ¦ no more choosing one or the other with T-Mobile. And now, with iPhone on Us, its an incredible time to be with the Un-carrier.”
Limited time offers; subject to change. With 24 monthly bill credits, plus device tax. If you cancel wireless service, credits may stop and remaining balance on required finance agreement(s) may be due. For well-qualified customers. $10 SIM card and, in stores & on customer service calls, $20 assisted or upgrade support charge may be required. May not be combinable with some offers or discounts.
T-Mobile U.S. Inc. (NASDAQ: TMUS) is Americas supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobiles customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: http://www.t-mobile.com.
Legacybox, the largest mail-in solution for digitizing home videos and photos, continues to expand in its Chattanooga-based headquarters to meet national demand for its services. The companys leadership, cofounders Nick Macco and Adam Boeselager, have acquired another 60,000 square feet of production space on its current production and fulfillment focused campus, which is now greater than five acres.
Hamilton County Mayor Jim Coppinger greeted this news with enthusiasm, Legacyboxs expansion is more than just the preservation of memories for generations. This is also opportunity for Hamilton County residents as the company continues to grow and expand. We are excited about the opportunity for new jobs as the company continues to meet the needs of hundreds of thousands of families across the world who wish to preserve the precious moments of their lives in a digital format.
Construction and renovations have begun on the new production space which will be operational in 2021. The space will allow the company to digitize more than 75,000 home movies per week.
Legacybox is a point of pride for Chattanooga, said Charles Wood, Vice President of Economic Development at the Chattanooga Area Chamber of Commerce. “They are the national leader in their space, creative innovators, and employers of hundreds. They continue to invest in our city and in our people. The sky is the limit for them, and it is exciting to know that from their growing Chattanooga facility they are sustaining legacies for hundreds of thousands of families across the U.S.
Legacybox now employs over 300 people in Chattanooga “ this includes 25 new managers recently promoted and trained across three shifts. Further growth to come in 2021 when the new product space opens.
The importance of protecting analog media for generations to come has been further reinforced as people have more time to spend time at the home and with family to consider legacy and what is important, said Boeslager and Macco. Were proud to invest further in our operations and to employ more in fulfilling work that creates lasting happiness. Chattanooga has absolutely played an important role in our success “ the talent is here; the technology is here; and well continue to invest here.
For its upcoming and current facility, Legacybox partnered with EPB to equip 5GB fiber to manage massive needs for digital uploads, providing videos and photos to customers over the cloud. The company is quickly approaching more than 1,000,000 customers served.
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