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AM Best Affirms Credit Ratings of Alleghany Corporation, Transatlantic Reinsurance Company and Members of RSUI Group and CapSpecialty Insurance Group


AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa- of Transatlantic Reinsurance Company (New York, NY) and its subsidiaries (collectively referred to as TransRe). In addition, AM Best has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IRs) of a-of Alleghany Corporation (Alleghany) [NYSE: Y] and Transatlantic Holdings, Inc. Alleghany and Transatlantic Holdings, Inc. are headquartered in New York, NY.

Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of aa- of RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI) (headquartered in Atlanta, GA).

AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICRs of a of Capitol Indemnity Corporation and its two subsidiaries, which operate under a pooling agreement, collectively referred to as CapSpecialty Insurance Group (CapSpecialty) (headquartered in Middleton, WI).

The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)

The ratings of TransRe reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, very favorable business profile and appropriate enterprise risk management (ERM).

TransRe continues to maintain a robust business profile with a highly diversified book of business in terms of geography and product offerings. TransRe also maintains the strongest level of risk-adjusted capitalization even under stressed scenarios, and AM Best considers the quality of capital to be a positive factor for the companys ratings. TransRe consistently has delivered solid results over the reinsurance cycle, and although it remains exposed to catastrophe events worldwide, AM Best expects it to produce favorable earnings driven by underwriting income and complemented by investment income.

The ratings of RSUI reflect the groups balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate ERM.

RSUI continues to maintain an exceptional track record of strong operating performance driven by solid underwriting results that have outperformed the industry consistently. The group has been able to remain successfully relevant in a highly competitive environment, and AM Best expects that RSUI will continue to maintain a strong position in the market and will continue to deliver strong results and maintain the strongest level of risk-adjusted capitalization.

The ratings of CapSpecialty reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and appropriate ERM.

AM Best assesses CapSpecialtys operating performance as marginal, which is reflective largely of its overall return metrics and an expense ratio that has underperformed the industry. However, CapSpecialty maintains a loss ratio that is well-below its peers, and it continues to reposition its book of business to a more prudent risk selection. Going forward, AM Best expects CapSpecialty to continue working toward improving its expense ratio and deliver operating results that are more in line with the industry.

Currently, all companies have indicated that they reserved for net claims and claim expenses associated with the COVID-19 pandemic, which primarily represent incurred but not reported provisions related to potential claims in certain classes of business. Currently, AM Best considers these losses manageable based on the analysis performed by each management team.

Alleghanys ratings are based on the organizations historical earnings results, its low levels of financial leverage and favorable financial flexibility, as well as its consistent track record of supporting its insurance operations.

The FSR of A+ (Superior) and the Long-Term ICRs of aa- have been affirmed with stable outlooks for Transatlantic Reinsurance Company and its following subsidiaries:

  • TransRe Europe S.A.
  • TransRe London Limited
  • Fair American Insurance and Reinsurance Company
  • Fair American Select Insurance Company
  • Calpe Insurance Company Limited

The FSR of A+ (Superior) and the Long-Term ICRs of aa- have been affirmed with stable outlooks for the following members of RSUI Group:

  • RSUI Indemnity Company
  • Landmark American Insurance Company
  • Covington Specialty Insurance Company

The FSR of A (Excellent) and Long-Term ICRs of a have been affirmed with stable outlooks for the following members of CapSpecialty Insurance Group:

  • Capitol Indemnity Corporation
  • Platte River Insurance Company
  • Capitol Specialty Insurance Corporation

The following Long-Term IRs have been affirmed with stable outlooks:

Alleghany Corporation — a- on $400 million floating rate senior unsecured notes, due 2022 — a- on $300 million 4.9% senior unsecured notes, due 2044

Transatlantic Holdings Inc. — a- on $350 million 8% senior unsecured notes, due 2039

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

Copyright 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Mariza Costa

Associate Director

+1 908 439 2200, ext. 5154

[email protected]

Algirdas Karvelis

Financial Analyst

+44 20 7397 0293

[email protected]

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

[email protected]


Arcturus Therapeutics to Present at Upcoming Investor Conference


Arcturus Therapeutics Holdings Inc. (the Company, Arcturus, Nasdaq: ARCT), a leading clinical-stage messenger RNA medicines company focused on the development of infectious disease vaccines and significant opportunities within liver and respiratory rare diseases, today announced that the Company will be presenting at Piper Sandlers 32nd Annual Virtual Healthcare Conference:

The Road Ahead for COVID-19 Vaccines: What We Know and Questions Still to be Answered into 2021

Panel Presentation Date: Tuesday, Dec 1, 2020 Time: 10:00 a.m. ET

About Arcturus Therapeutics

Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a clinical-stage mRNA medicines and vaccines company with enabling technologies: (i) LUNAR lipid-mediated delivery, (ii) STARR„¢ mRNA Technology and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus diverse pipeline of RNA therapeutic and vaccine candidates includes self-replicating mRNA vaccine programs for SARS-CoV-2 (COVID-19) and Influenza, and other programs to potentially treat Ornithine Transcarbamylase (OTC) Deficiency, Cystic Fibrosis, and Cardiovascular Disease along with partnered programs including Glycogen Storage Disease Type 3, Hepatitis B Virus, and non-alcoholic steatohepatitis (NASH). Arcturus versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, replicon RNA, antisense RNA, microRNA, DNA, and gene editing therapeutics. Arcturus technologies are covered by its extensive patent portfolio (200 patents and patent applications, issued in the U.S., Europe, Japan, China and other countries). Arcturus commitment to the development of novel RNA therapeutics has led to collaborations with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, Ultragenyx Pharmaceutical, Inc., Takeda Pharmaceutical Company Limited, CureVac AG, Synthetic Genomics Inc., Duke-NUS, and the Cystic Fibrosis Foundation. For more information visit In addition, please connect with us on Twitter and LinkedIn.

IR and Media Contacts

Arcturus Therapeutics

Neda Safarzadeh

(858) 900-2682

[email protected]

Kendall Investor Relations

Carlo Tanzi, Ph.D.

(617) 914-0008

[email protected]

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Diamond S Shipping Inc. Comments on an Incident Involving One of Its Vessels


Diamond S Shipping Inc. (NYSE: DSSI) (Diamond S or the Company) announced the receipt of an incident report involving a kidnapping on one of its product tanker vessels, the Agisilaos, as it was approaching the port of Lome, Togo on November 29, 2020.  The vessel is managed and crewed by Capital Ship Management Corp. (˜Capital) who informed Diamond S about the kidnapping of four crew members. The Company confirms that there were 22 seafarers aboard when the attack occurred.  There have been no reports of injuries at this time. All appropriate authorities have been notified and Diamond S is fully supporting Capital as they respond to this situation. Diamond S will not comment further on these operational issues to avoid potentially jeopardizing the safety of the crew members being held or prolonging their stay in captivity.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE Ticker: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S Shipping is one of the largest energy shipping companies providing seaborne transportation of crude oil and refined petroleum products in the international shipping markets.  The Company is headquartered in Greenwich, CT.  More information about the Company can be found at

Investor Relations Inquiries:

Robert Brinberg

Tel: +1-212-517-0810

E-mail: [email protected]

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Takeda Completes Sale of Select OTC and Non-Core Assets to Celltrion in Asia Pacific


Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (Takeda) today announced the completion of its previously-announced sale of a portfolio of select products to Celltrion Inc. (Celltrion) for a total value of $278 million USD inclusive of milestone payments. The portfolio includes 18 pharmaceutical products and over-the-counter (OTC) products sold in Asia Pacific, which is part of Takedas Growth & Emerging Markets Business Unit. This divestment agreement was first announced in June 2020.

The divested portfolio includes pharmaceutical products and OTC products in the Cardiovascular, Diabetes and General Medicine therapeutic areas, sold in Australia, Hong Kong, Macau, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. The products, while addressing key patient needs in these countries and territories, are outside of the business areas Takeda has chosen as core to its global long-term growth. As part of the deal, Takeda will continue to manufacture the portfolio of divested products and supply them to Celltrion under a manufacturing and supply agreement.

Takeda intends to use the proceeds from the sale to reduce its debt and accelerate deleveraging towards its target of 2x net debt/adjusted EBITDA within Fiscal Years 2021“2023.

Takeda has exceeded its $10 billion non-core asset divestiture target and has announced 10 deals since January 2019 to date for a total aggregate value of up to ~$11.3 billion, including agreements to divest:

  • Takeda Consumer Healthcare Company Limited to Oscar A-Co KK, a company controlled by funds managed by The Blackstone Group Inc. and its affiliates for a¯total value of approximately JPY 242.0 billion ($2.3 billion USD).
  • Other non-core portfolio assets within the Growth & Emerging Markets Business Unit, totaling ~$1.7 billion* with three separate buyers.
  • Select OTC and non-core assets in Europe to Orifarm for approximately $670 million.
  • Non-core assets in Europe and Canada to Cheplapharm for approximately $562 million.
  • The TachoSil Fibrin Sealant Patch to Corza Health, Inc. for approximately ‚¬350 million.

Transactions still pending are expected to close by March 31, 2021, subject to customary legal and regulatory closing conditions.

* Including an agreement for $825 million with Hypera S.A. for select non-core products in Latin America which remains subject to close.

About Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to bringing Better Health and a Brighter Future to patients by translating science into highly-innovative medicines. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Diseases, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people’s lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries.

For more information, visit

Important Notice

For the purposes of this notice, press release means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (Takeda) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, Takeda is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words we, us and our are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takedas future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as targets, plans, believes, hopes, continues, expects, aims, intends, ensures, will, may, should, would, could anticipates, estimates, projects or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takedas global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takedas operations and the timing of any such divestment(s); and other factors identified in Takedas most recent Annual Report on Form 20-F and Takedas other reports filed with the U.S. Securities and Exchange Commission, available on Takedas website at: or at Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takedas future results.

Japanese Media

Kazumi Kobayashi

[email protected]

+81 (0) 3-3278-2095

Media outside Japan

Justine Grosvenor

[email protected]

+1 872 226 6701

Investor Relations Contact:

Christopher O’Reilly

[email protected]

+81 (0) 3-3278-2306

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