S&P Reaffirms Its ‘A-’ Financial Strength and Counterparty Credit Ratings for IGI Bermuda and ‘A-’ Financial Strength Rating for IGI UK

HAMILTON, Bermuda - Monday, July 4th 2016 [ME NewsWire]

(BUSINESS WIRE)-- Standard & Poor’s Ratings Services (S&P) reaffirmed the “A-” insurer financial strength and counterparty credit ratings on International General Insurance Company Ltd (IGI)’s Bermuda and “A-” insurer financial strength rating for UK operations and affirmed its stable outlook.

In March last year, S&P upgraded the Group’s financial strength ratings to “A-” from “BBB+” after IGI outperformed the ratings agency's expectations in 2014.

S&P said it now regards both IGI Bermuda and IGI UK as “core operating companies” within the IGI Group, and the A- ratings were affirmed because of the “group's strong financial risk profile and satisfactory business risk profile”.

“Despite highly competitive market conditions, we believe the IGI Group is establishing a successful track-record of strong, stable technical and overall earnings (2015 post-tax net income: US$35.0 million; 2014: US$34.3 million) and we assess its capital and earnings as very strong overall,” S&P said.

“We are delighted to have our rating re-affirmed,” said Wasef Jabsheh, Chief Executive Officer of IGI. “It reflects our strong results, prudent management and the disciplined underwriting that underpins the company’s success.”

In 2015, IGI Group wrote US $242.3 million of gross premiums, supported by US $284.9 million of reported shareholders' funds, and generated US $35.0 million of post-tax net income.

Andreas Loucaides, Chief Executive Officer of IGI UK, said: “We are very pleased with this announcement. This affirmation will enhance our market standing and strengthen our relationship with core brokers and clients and will help us on our next stage of prudent and well-managed growth.”

Issued by rein4ce on behalf of IGI UK.

About IGI:

International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.

IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best Company.

IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.

IGIH has assets in excess of US$ 761 million as at 31st December, 2015.

For more information, please visit www.iginsure.com or email info@iginsure.com

Contacts

IGI

Sarah Mortimer

+44 (0)7718 882011

sarah.mortimer@rein4ce.co.uk









Permalink: http://www.me-newswire.net/news/18294/en

Murgitroyd’s Euro Hubs Offer Certainty After Brexit Vote

 As the world’s only intellectual property (IP) attorney firm operating across the UK, Ireland and mainland Europe, Murgitroyd is uniquely positioned to provide market certainty in the wake of the Brexit vote

GLASGOW, United Kingdom - Monday, July 4th 2016 [ME NewsWire]

(BUSINESS WIRE)-- Over the next few years, as the UK officially begins the process of leaving the EU, Murgitroyd’s clients will feel the full advantage of its extensive office network.

“This is a pan-European company, with experienced attorneys based in the UK, Ireland, France, Germany, Italy and the Nordic Region,” said the firm’s founder and Chairman, Ian Murgitroyd. “So we’re perfectly placed to operate across the entire European IP landscape.

“We don’t yet know when the UK will exit the EU. But we do know that our extensive and long-standing network of offices gives us a unique perspective on events. It perfectly positions us to take care of our clients’ needs, without any disruption to service.”

To ensure that continuity of service, Murgitroyd has made its Ireland office the English-speaking EU hub for clients outside the UK. The company’s headquarters will still be in Glasgow, and are not affected by that decision.

“Glasgow is where this company was founded, and it remains at the heart of all our operations,” said Mr Murgitroyd. “But by making sure our clients have the same access to English-speaking, EU-based IP specialists as they enjoy now, we’re offering certainty and confidence where there might otherwise be concerns and doubt.”

Murgitroyd has already posted information on its website and issued emails to clients to explain the potential impact of the UK vote in terms of European IP law.

“The crucial thing for all clients is that at a time when there’s a lot of change and uncertainty, we’ll be able to continue representing them without any interruptions to their service,” said Mr Murgitroyd. “We’ll still be able to appear before the EU IPO for EU trade mark and design matters. And we will be able to appear before the Unified Patent Court for patent matters when it comes into being.

“We’ll keep clients fully informed of any and all developments as they arise, and we’re happy to offer advice and expertise to anyone with concerns about how this change might affect their IP rights. Most importantly, we’ll make sure business continues as usual, whatever the future holds.”

About Murgitroyd

Murgitroyd ranks among the largest groups of patent and trademark attorneys in Europe, with over 60 patent and trademark professionals and 260 staff. Its 14 European offices in the UK, Finland, France, Germany, Ireland, Italy and Switzerland provide local and European representation. It also has direct representation rights in Austria, Belgium, Denmark, Luxembourg, Monaco, Netherlands, Norway and Sweden, two client liaison offices in the United States and an office in Managua, Nicaragua specialising in patent search services. The firm works across all industrial sectors.

Visit murgitroyd.com for further information.    

Contacts

Murgitroyd

Fiona McKenzie, Manager Manager - Europe

+44 (0)141 307 8400

fiona.mckenzie@murgitroyd.com









Permalink: http://me-newswire.net/news/18295/en

SES Exercises Call Option to Acquire 100% of O3b Networks

Regulatory approvals received

LUXEMBOURG - Monday, July 4th 2016 [ME NewsWire]

Completion of the acquisition and full consolidation of O3b is expected on 1 August 2016

Accelerating SES’s top-line growth and generating an additional EUR 106 million of synergies by 2021

(BUSINESS WIRE)-- SES S.A. (Euronext Paris:SESG) (LuxX:SESG) announces today that on 1 July 2016, having received all of the necessary regulatory approvals, the company exercised its call option and offered to acquire the remaining shares and warrants of O3b Networks. The other shareholders have agreed to accept the SES offer, non-tendering warrant holders will be cashed out, and completion of the transaction is expected on 1 August 2016.

SES will pay USD 730 million to directly increase its fully diluted ownership of O3b from 49.1% to 100%, using proceeds from the company’s recent equity raising. On completion, SES will consolidate USD 1.2 billion of O3b net debt and will, following completion, refinance a significant proportion of the most expensive debt facilities, using the proceeds secured by the recent hybrid bond issuance and the remaining proceeds from the equity raising. This will significantly reduce O3b average cost of debt of 9.5%, noting that SES's current average cost of financing is approximately 4%.

The consolidation of O3b’s unique and global high throughput, low latency solution expands SES’s global reach and satellite-enabled solutions, augments SES’s differentiated capabilities in data-centric verticals, and enhances SES’s foundations for sustainable growth.

The transaction is expected to generate a return (pre-synergies) in excess of SES’s hurdle rate for infrastructure investments. In addition, SES expects to generate EUR 53 million of annual commercial, operational, product development and financial synergies in 2017, increasing to EUR 106 million annually by 2021.

Karim Michel Sabbagh, President and CEO of SES, commented: “Moving to 100% of O3b will be highly accretive for SES, both from a strategic and economic standpoint. In addition to exceeding SES’s investment hurdle rates, full consolidation accelerates the delivery of important transformational and combinational synergies that are only possible with 100% ownership.”

Padraig McCarthy, CFO of SES said: “The acquisition of O3b – the fastest growing satellite network – significantly enhances SES’s long-term growth profile, with the constellation expected to generate annualised revenues of between USD 32 million and USD 36 million per satellite at steady-state. Looking forward, both SES and O3b will benefit from the strong synergies and strategic fit across both businesses.”

About SES

SES (Euronext Paris:SESG) (LuxX:SESG) is the world-leading satellite operator with a fleet of more than 50 geostationary satellites. The company provides satellite communications services to broadcasters, content and internet service providers, mobile and fixed network operators and business and governmental organisations worldwide. SES stands for long-lasting business relationships, high-quality service and excellence in the satellite industry. The culturally diverse regional teams of SES are located around the globe and work closely with customers to meet their specific satellite bandwidth and service requirements. Further information available at: www.ses.com.    

Contacts

SES

Markus Payer

SES Communications

Tel. +352 710 725 500

Markus.Payer@ses.com



Richard Whiteing

SES Investor Relations

Tel. +352 710 725 261

Richard.Whiteing@ses.com







Permalink: http://www.me-newswire.net/news/18292/en

Grundfos iSOLUTIONS – Smart Technology to Measure, Manage and Use Resources More Wisely during the Region’s Construction Boom

Dubai, United Arab Emirates - Sunday, July 3rd 2016 [ME NewsWire]

During the region’s construction boom of the last decade, industrial pumps were an integral part of every kind of construction project, from cooling and heating to wastewater and water treatment – and much more.  Today, the region is experiencing a new wave of construction and infrastructural development, but this time we are reaping the environmental and financial benefits of the smart technological advances available in the crucial area of pump engineering and management.

The current building and construction boom is now taking place in an era of sustainability awareness in all sectors, which has been encouraged by the regional governmental plans to use water and energy resources more wisely. Against this backdrop, world-leading pump manufacturer and trendsetter in water technology, Grundfos, has raised the bar for intelligent pump systems, giving the region’s construction sector exciting advantages for harnessing water and energy resources more efficiently, preventing the over-use of water, and reducing the overall life-cycle costs for pumps.

Grundfos iSOLUTIONS is an innovative response to the many inefficient, unreliable and outdated pumps and pump solutions in a market where manufacturers have traditionally concentrated on engineering the pump itself to improve its efficiency. Rather than focusing on just the pump, Grundfos iSOLUTIONS breaks new ground by focusing on the entire system, taking a holistic intelligent design approach that optimises the way the pumps, drives, controls, protection, and communication units all work together.

“Why accept pumps that run when there’s no need for it? Why accept system failure when we can predict it in advance?” said Rajesh Kumar Sunkarineni, Product Manager for Controls & Monitoring at Grundfos Gulf Distribution, when summarizing the difference made by the sophisticated technologies incorporated into Grundfos iSOLUTIONS. He continued: “We think beyond the pump - we take the entire system into account. With Grundfos iSOLUTIONS, we combine the traditional Grundfos offerings - pumps and intelligent motors - with monitoring, controls and sensors to ensure optimal performance in any specific application. The system simply adapts to changing demands, and any deviation or differences will be detected immediately by the integrated communication solutions.”

With potential energy savings of up to 40-50% and a more optimized use of water resources, construction industry decision-makers across the region now have smarter options to enhance their environmental and financial performance, as the march of infrastructural building continues.

Sunkarineni summarizes by adding: “Intelligence pays off. Whether you are looking for reliable, energy-efficient heating for your hotel, residential or commercial buildings, precise dosing for your water treatment plant, or trouble-free operation at your production facility, reliable and efficient water and wastewater pumping systems, Grundfos iSOLUTIONS will ensure you have the lowest overall life-cycle costs.”

About Grundfos

With an annual production of more than 16 million pump units, Grundfos is the world's leading pump manufacturer and a trendsetter in water technology. The major products include: circulator pumps for heating and air-conditioning and other centrifugal pumps for industry, water supply, wastewater and dosing. Today, Grundfos is the world's largest manufacturer of circulator pumps, covering approximately 50% of the world market. In addition to pumps, Grundfos manufactures both normal and submersible motors for the pumps, which are sold as separate merchandising. Grundfos also develops and sells state-of-the-art electronics for monitoring, controls for pumps and other systems, including connectivity for system optimization. Setting the highest industry standards in energy efficient and sustainable pumping solutions is a key part of Grundfos’ foundation. Built on values and high ethics, Grundfos works with local communities and global society to resolve the world’s water and energy challenges. Grundfos has been present in the Middle East since the 1980s and today its regional headquarters are in the Jebel Ali Free Zone, one of the largest ports and Free Zones in the world. It has additional representative companies in KSA and Egypt, and branch offices throughout the region.

To see more:

http://www.grundfos.com/products/features/grundfos-isolutions.html

Contacts

Grundfos

Gitte Borup Nielsen

Tel.:  +971 50 553 2540

Email: gnielsen@grundfos.com  

Follow Grundfos Gulf Distribution at:

Website: http://ae.grundfos.com









Permalink: http://me-newswire.net/news/18289/en

Western Union Joins White House Call-to-Action for Private Sector Engagement on the Global Refugee Crisis

ENGLEWOOD, Colo. - Sunday, July 3rd 2016 [ME NewsWire]

(BUSINESS WIRE)-- The Western Union Company (NYSE: WU), a leader in global payment services, announced its participation as a founding partner in the White House call-to-action for private sector engagement on the global refugee crisis.

There are more than 65 million displaced people in the world today, the highest number on record since the UN Refugee Agency (UNHCR) began collecting statistics. More than 21 million of these people have crossed international borders in search of safety and are registered as refugees. The despair that drives these people to flee their homes is heart-breaking, but their resilience is awe inspiring. Refugees are a valuable untapped resource and, if given the opportunity, can thrive and contribute wherever they reside.

A crisis of this scale, however, requires more than government action. For this reason, Western Union is proud to join with President Obama in challenging the U.S. private sector to draw on its unique expertise, resources and entrepreneurial spirit to help refugees regain control over their lives and integrate into their new communities.

To date, Western Union has taken the following action to assist the global refugee crisis:

Western Union has a long history of supporting issues related to migration, refugees, and humanitarian crisis. In 2013, Western Union drew early attention to the needs of young Syrian refugees through a multi-year consumer fundraising campaign to benefit UNICEF. In 2015, the company expanded its efforts to support humanitarian relief for refugees throughout the Middle East & Europe, taking a 360° approach by engaging a variety of assets and audiences, including its core operations, corporate voice, marketing and customer engagement programs, employee volunteerism, business partnerships, corporate giving, and support from the Western Union Foundation. Western Union designed a three-pronged approach, designed to address short-, medium- and long-term needs that were identified through hands-on field research.

    Products: Western Union products have enabled NGO staff from Oxfam, IRC and others to send humanitarian payments from their desktops directly to programs in the field – including to refugees and fieldworkers. Western Union is offering zero-fee and reduced fee promotions to support the refugee community.
    Giving: In 2015, The Western Union Foundation with the support of The Western Union Company provided more than $600,000 in philanthropic contributions to numerous charitable organizations serving refugee populations throughout the Middle East and Europe, including longtime partners Save the Children, Mercy Corps, and the Red Cross. Western Union also contributed ten US cents per transaction for all consumer-to-consumer transactions originated within the European Union, giving more than $400,000. In 2016, The Western Union Foundation has committed to giving more than $500,000 in humanitarian assistance, raising additional funds from business partners and employees to deliver critical support.
    Employees: Western Union has matched employee contributions 2:1, and Western Union employees in Europe have participated in hands-on volunteer efforts, collecting donations, handing out supplies, even babysitting the children of refugees so the parents could attend classes. Employees are working with NGOs to teach a full year of Italian and German to roughly 1,000 new refugees – a camp-full. They have worked with Caritas to create two homes for unaccompanied refugee children, and to provide language skills and education.
    Customers: Western Union has made it easy for customers to make a difference through the MyWU customer loyalty program, which enabled Western Union customers to redeem their loyalty points to support the refugee crisis both in France and Germany, with Western Union matching their donations. Western Union actively promoted points donation via SMS and email, and used social media to provide transparent updates on progress and encourage others to join in. Earlier this year, Western Union donated more than €10,000 thanks to the generosity of loyalty members.

About Western Union:

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2016, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to over a billion accounts. In 2015, The Western Union Company completed 262 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 508 million business payments. For more information, visit www.westernunion.com.

Follow Western Union:

@WUNewsroom @WesternUnionCEO @WesternUnion @TheWUFoundation

About The Western Union Foundation

The Western Union Foundation is dedicated to creating a better world, where the ability to realize dreams through economic opportunity is not just a privilege for the few but a right for all. Through its signature program, Education for Better, and with the support of The Western Union Company, its employees, Agents, and business partners, The Western Union Foundation works to realize this vision by supporting education and disaster relief efforts as pathways toward a better future. Our combined social ventures efforts make life better for individuals, families and communities around the world. Since its inception, The Western Union Foundation has paid more than $106 million in grants and other giving. These funds have been pledged to more than 2,794 nongovernmental organizations in more than 137 countries and territories. The Western Union Foundation, is a separate §501(c)(3) recognized United States charity. To learn more, visit www.westernunionfoundation.org, or Follow us on Twitter @TheWUFoundation.

WU-G    

Contacts

Western Union Corporate Communications

Americas and European Union:

Pia De Lima, +1 954 260-5732

pia.delima@westernunion.com



Middle East, Africa, APAC, Eastern Europe & CIS:

Ingrid Sahu, +971 44373656

Ingrid.sahu@westernunion.com







Permalink: http://me-newswire.net/news/18288/en

AURAK Announces Admissions Open until Late August

Ras Al Khaimah, United Arab Emirates - Sunday, July 3rd 2016 [ME NewsWire]

The American University of Ras Al Khaimah (AURAK) has announced that the admissions period for new applications will remain open until the end of August.

According to the QS World University Rankings, has for the first time broken into the top 60 universities in the Arab region.  The latest figures rank AURAK as the number 11 on a national level, although the University expects to continue its remarkable ascension up the tables.  Since entering the QS rankings just two years ago in 2014, AURAK has climbed 150 places.

Manager of the Admissions Department, Hassan Ammari, in light of the University’s recent success, predicts a large influx of new students ahead of the new semester, beginning in September, 2016.  Mr. Ammari highlighted the large number of applications that the University has received over the last two months, and with admissions remaining open until the end of August, expects the growth in applications to continue.

Mr. Ammari also believes that the range of scholarships and discounts on offer make AURAK an attractive option for many students.  “Enrolled students have a number of options in terms of financial aid, be it based on merit or through our relationships with embassies and large companies within a variety of industries”, stressed the admissions manager.

Since 2011, when Professor Hassan Hamdan Al Alkim was named president, the University has grown considerably.  Besides the steady growth in the number of students, AURAK has seen its number of academic programs grow from just four in 2011, to 22 in 2016.  This includes four graduate programs in the University’s School of Graduate Studies and Research.

In order to accommodate the growth in programs and students, a significant amount of work has been put into developing the infrastructure in and around the AURAK campus, as well as the development of a master plan which will see a series of new buildings constructed over the coming years.

Just this year AURAK opened a new building, which encompasses a gym, cafeteria, recreation center and auditorium, as well as a number of state-of-the-art classrooms and laboratories.  In addition to campus development, the University continues to hire world-class faculty from around the globe to the benefit of its students.

When asked about AURAK’s latest achievement and what the future may hold for the University, Professor Al Alkim stated, “AURAK is going to continue improving and growing.  We have a long term plan in place, which will see this University transform into one of the leading institutions of higher education in this region.”

Contacts

Eóin Brown

Marketing and Public Relations Department, +971553404179

eoin.brown@aurak.ac.ae









Permalink: http://me-newswire.net/news/18290/en

PENTAX Medical Launches New High-Definition Pulmonology Endoscopy System for Crystal Clear Imaging

New DEFINA system in Pulmonology delivers HD images for clear, fast and more detailed endoscopic visualization of bronchial mucosal structures

HAMBURG, Germany - Friday, July 1st 2016 [ME NewsWire]

(BUSINESS WIRE)-- PENTAX Medical today announces the launch of a new high-definition (HD) pulmonology endoscopy system in the European, Middle Eastern & African (EMEA) markets. The new DEFINA system in Pulmonology combines a state-of-the art HD processor with i-scan imaging technology and two highly maneuverable HD bronchoscopes. This powerful combination serves to deliver outstanding HD image quality, which subsequently supports clinical outcomes across the complete range of diagnostic and therapeutic applications.

The HD DEFINA system delivers sharp and clear image quality, enabling rapid and highly detailed visualization for the improved evaluation of anatomical details of the bronchial mucosa. This in combination with i-scan technology facilitates the precise detection and demarcation of suspicious areas and assists in characterization of abnormalities to support therapeutic decisions.

Fully complying with increasing hygiene requirements, the new DEFINA system uses disposable accessories to reduce the risk of cross-contamination. It is also STERRAD® compatible, ensuring that it is clear of multidrug resistant and extreme drug resistant Mycobacterium. Further adding to patient safety, the new disposable suction valve is safely attached to the endoscope using a click mechanism that cannot be dislodged. This also delivers strong suction to efficiently remove secretion and control bleeding for precise sampling.

Used in conjunction with the EPK-3000 HD processor, the two HD bronchoscopes (EB15-J10 and EB19-J10) of the DEFINA system in Pulmonology are unmatched in their ergonomic design and ease of operation. The new-design lightweight control body of these J10 scopes has an ergonomically positioned suction valve, angulation levers and remote control buttons. Effortless maneuverability within the bronchus, with easy access even to the right upper lobe of the lung, is made possible due to the bronchoscopes’ 210˚ distal tip deflection and insertion tube flexibility.

Rainer Burkard, President EMEA of PENTAX Medical, commented: “Through our close relations with practising endoscopists worldwide, we have looked to develop a high-definition video endoscope system that delivers the optimum in visualization, providing crystal clarity. We have produced a system that also offers high standards of hygiene and ergonomics for the full range of diagnostic and therapeutic applications in the Pulmonology field. Our new DEFINA system in Pulmonology is engineered to support the delivery of best clinical outcomes and image quality.”

This new DEFINA system in Pulmonology will be commercially available from September 1st 2016 to all EMEA markets, except for Russia. In UK only the two HD bronchoscopes (EB15-J10 and EB19-J10) will be available.

About PENTAX Medical

PENTAX Medical is a division of HOYA Group. Its mission is to improve the standard of patient care and quality of healthcare delivery by providing the best endoscopic products and services with a focus on QUALITY, CLINICALLY RELEVANT INNOVATION, and SIMPLICITY. Through leading edge R&D and manufacturing, PENTAX Medical provides endoscopic imaging devices and solutions to the global medical community. Headquartered in Japan, PENTAX Medical has a worldwide focus and presence with R&D, regional sales, service, and in-country facilities around the globe. For more information, please visit:www.pentaxmedical.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=51373037&lang=en

Contacts

PENTAX Europe GmbH

Sangeeta Gehlot-Vadher

EMEA PR Manager

T: +44 (0)1753 792 733

F: +44 (0)1753 792 794

E: sangeeta.gehlot@pentaxmedical.com

W: www.pentaxmedical.com









Permalink: http://me-newswire.net/news/18285/en