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KKR Sells European Locomotive Leasing to AXA Investment Managers – Real Assets and Crédit Agricole Assurances

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KKR, a leading global investment firm, announces today the signing of a definitive agreement under which a consortium formed by AXA Investment Managers – Real Assets, acting on behalf of its clients (AXA IM “ Real Assets) and Crdit Agricole Assurances will acquire European Locomotive Leasing (ELL), a leading pan-European provider of electric locomotive leasing solutions.

ELL was established in early 2014 by founder and CEO Christoph Katzensteiner together with KKRs first Infrastructure fund, KKR Global Infrastructure Investors. The investment rationale was to meet the significant and unfulfilled market demand for modern, versatile electric locomotives, thereby supporting the broad political agenda to shift freight transportation from road to rail “ a more economic and ecological transportation method “ as well as to facilitate liberalization and competition in the rail market by offering leasing solutions to market players. Since its inception, the company has thrived and significantly exceeded initial expectations. While the initial business plan foresaw the purchase of a fleet of 50 locomotives, the company has after five years of operations built a fleet of over 150 locomotives that are leased on long-term contracts to over 20 customers across Continental Europe.

During that period, KKR has provided consistent support to the ELL team including through its dedicated Capital Markets team, which has led several rounds of financing for the company, each time expanding and enhancing the initial financing package put in place at inception of the company in 2014. The investment demonstrates KKRs unique proposition in the infrastructure space, bringing experience of over four decades of building and improving businesses to the infrastructure sector, with a particular focus on businesses that have a strong ESG impact.

Vincent Policard, Member at KKR in European Infrastructure, said: Having been there from day one, we are especially proud of what we have been able to create over the last five years together with Christoph and his incredible team. We have no doubt the future of ELL is bright and we will continue to cheer for the company from the sidelines.

Christoph Katzensteiner, founder, CEO and minority shareholder in ELL, said: I would like to thank KKR for having believed in us from the beginning and having enabled me and my team to turn the vision we had for ELL into a successful reality. I also want to welcome AXA IM “ Real Assets and Crdit Agricole Assurances as our new partners, who will provide significant further resources to bring our company to the next level.

The investment in ELL was made through KKR Global Infrastructure Investors, KKRs maiden vehicle in the infrastructure space raised in 2011/2012. KKR has been active in the infrastructure space for a decade and currently has around $20bn AUM. The global infrastructure platform has completed over 30 investments in that period, half of those in Europe, across the energy & utility, transportation and telecom sectors. The team is currently investing KKR Global Infrastructure Investors III, a USD 7.4bn vehicle raised in 2018, and has been active in Europe this year with transactions including the acquisition of a majority stake in Hyperoptic, a leading UK fiber broadband provider.

Crdit Agricole CIB acted as financial advisor to KKR Infrastructure; Vinson & Elkins and K&L Gates served as legal counsels on the transaction.

For more information:

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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Alastair Elwen

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Raphael Eisenmann / Stephanie Lorbach

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Clements Worldwide Receives 14th Consecutive IIABA Best Practices Agency Award

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WASHINGTON, Oct. 27, 2020 /PRNewswire/ — Clements Worldwide continues to be part of an elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents and Brokers of America (IIABA or the Big "I") Best Practices Study group. The annual survey and study of leading independent insurance agencies documents the business practices of the "best" agencies and urges others to adopt similar practices.

"We are honored to be recognized as a Best Practices agency for the 14th consecutive year. This is a testimony to the Customer First approach of our employees as we strive to enable our clients the freedom to live and operate anywhere in the world," says Tarun Chopra, President and CEO of Clements Worldwide. "We are proud that our sales velocity and new business generation performance is among the top quartile in our revenue category."

Since 1993, the Big "I" and Reagan Consulting, an Atlanta-based management consulting firm, have joined forces to study the country’s leading agencies. The selected Best Practices agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year. Over 1,000 independent agencies throughout the U.S. were nominated to take part in the annual study in 2019, but only 262 agencies qualified for the honor. To be selected, Clements was among the 35-45 top-performing agencies in one of six revenue categories.

Clements Worldwide has been innovating in international insurance since 1947 and currently has clients in more than 170 countries meeting needs with custom solutions in both personal and commercial lines. Specializing in high-risk areas and conflict zones, Clements Worldwide is one of the few Lloyd’s of London brokers that have a war risk program with full underwriting authority. The brokerage also has 14 different exclusive products, designed from concept to delivery, and Clements often acts as a complimentary broker to domestic brokers by collaborating to cover their domestic clients’ international exposures.

Founded in 1896, the IIABA (the Big "I") is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agency offer consumers all types of insurance – property, casualty, life, health, employee benefit plans and retirement products – from a variety of insurance companies.

Contact: Clements Marketing Department
[email protected] 

Logo – https://mma.prnasia.com/media2/1082520/Clements_Logo.jpg?p=medium600

Related Links :

http://www.clements.com

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VeChain, Renji Hospital and DNV GL Held Strategic Partnership Signing Ceremony To Launch World’s First Blockchain Intelligent Tumor Treatment Center

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SHANGHAI, Oct. 27, 2020 /PRNewswire/ — In partnership with VeChain and DNV GL, Renji Hospital, a top-ranked hospital in China affiliated with the Shanghai Jiaotong University School of Medicine, has announced the launch of the world’s first blockchain-enabled Intelligent Tumor Treatment Center on October 20, 2020. The Intelligent Tumor Treatment Center is a transparent, efficient, and traceable medical management solution powered by VeChain ToolChainTM.

Sunny Lu, Co-founder and CEO of VeChain & Jidong Zhang, Vice President of Renji Hospital & George Kang, Senior Vice President of DNV GL Group
Sunny Lu, Co-founder and CEO of VeChain & Jidong Zhang, Vice President of Renji Hospital & George Kang, Senior Vice President of DNV GL Group

As strategic partners of this new initiative, VeChain and DNV GL will jointly support the hospital in the quest to improve global public health through state-of-the-art blockchain technology and professional advisory.

VeChain ToolChainTM Powers The World’s First Intelligent Tumor Treatment Center 

The Intelligent Tumor Treatment Center combines the advantages of VeChain blockchain technology with DNV GL’s professional services. It enables full patient ownership of personal medical records, allowing patients to take control of the authorization and medical records data management. Research institutions inside and outside the hospital can use authorized data to improve the efficiency of clinical research, and regulatory agencies can use authorized data to conduct business compliance checks on medical institutions and establish a credit evaluation system.

Zhang Jidong, Vice President of Renji Hospital, said, "The launch of the Intelligent Tumor Treatment Centre intends to enhance high-quality integrated development of Renji Hospital. Moving forward, Renji intends to boost our healthcare facilities with more blockchain-powered use cases and projects, which will be gradually disclosed together with our partners when the time is right."

George Kang, Senior Vice President of DNV GL Group, said, "Through independent and objective medical evaluation methods, DNV GL intends to provide more services for Renji Hospital to improve its service quality and medical experience, moving to a new stage of higher standards, higher requirements and higher quality."

Sunny Lu, co-founder and CEO of VeChain, said, "As digital transformation accelerates in the healthcare sector, VeChain will continue to demonstrate its advantages and flexibility as a superior blockchain platform that is suitable for all types of use cases and industries. We are very proud and excited to be contributing to the public health industry by providing the technology for Renji Hospital’s Intelligent Tumor Treatment Centre."

VeChain Facilitating Digital Transformation To Improve Public Health

In line with the Chinese Government’s 14th Five-Year (2021-2025) Plan for Economic and Social Development, the National Health Commission formulated an official guideline and re-emphasized blockchain technology as an essential innovation and integration of the medical and health industry.VeChain is committed to solving the pain points of digital medical reform through blockchain technology and balancing personal privacy and public interests.

By using the self-developed one-stop data BaaS platform VeChain ToolChainTM , we have many proven cases in the medical sector, including a blockchain powered Clinical Trial Traceability Platform for Bayer China, and a blockchain-enabled medical data management platform named The E-NewHealthLife for Mediterranean Hospital of Cyprus. Facing new demands for digital transformation brought by COVID-19, VeChain, together with DNV GL, will be seeking for more opportunities to create more high-efficiency and low-cost digital solutions for the medical industry.

About VeChain
Launched in 2015, VeChain connects blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, Shanghai Gas, AWS, PICC, ASI etc. Website: www.vechain.com

About Renji Hospital
Built in 1844, Renji Hospital has a history of over 170 years. It has been the first western medicine hospital since the opening of Shanghai. With an integration of medical treatment, teaching and scientific research, it is a comprehensive 3A hospital (the top level of hospital ranking in China) with a complete range of disciplines. Up to now, Renji Hospital consists of five  areas in total. Below is the timeline of the development process of Renji Hospital.

About DNV GL
DNV GL is a leading provider of risk management and quality assurance services. The company is also a global leader in certifying management systems of companies across all types of industries, including F&B. Since 1864, its purpose has been to safeguard life, property and the environment. Passionate about safety, quality and integrity, companies turn to DNV GL to make complex decisions with confidence. DNV GL helps them manage their most critical risks and demonstrate compliance with regulations and standards.

Related Links :

http://www.vechain.com

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Huaneng Power International, Inc.: RMB 9.133 Billion Net Profit Attributable to Shareholders for the Three Quarters of 2020 Increased by 69.34%

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BEIJING, Oct. 27, 2020 /PRNewswire/ — Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the PRC GAAP for the nine months ended September 30, 2020.

For the three quarters of 2020, the Company and its subsidiaries recorded consolidated operating revenue of RMB 121.823 billion (equivalent to approximately USD 17.889 billion), representing a decrease of 4.31% compared to the same period of last year. The net profit attributable to shareholders of the Company was RMB 9.133 billion (equivalent to approximately USD 1.341 billion), representing an increase of 69.34% compared to the same period of last year. The earnings per share was RMB 0.50 and earnings per ADS amounted to RMB 20.13 (equivalent to approximately USD 2.957). The increase of Company’s net profit was mainly due to the decrease of fuel prices.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information. 

~End~

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information. 


About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China’s largest listed power producers with controlled generation capacity of 111,971 MW and equity-based generation capacity of 98,217 MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore, and an invested power company in Pakistan.

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