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AM Best Affirms Credit Ratings of BF&M Limited and Its Subsidiaries

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of BF&M Life Insurance Company Limited (BF&M Life), BF&M General Insurance Company Limited (BF&M General) and Island Heritage Insurance Company, Ltd. (Island Heritage) (Cayman Islands). Furthermore, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Insurance Corporation of Barbados Limited (ICBL) (Barbados). AM Best also has affirmed the Long-Term ICR of “bbb” of the parent company, BF&M Limited (BF&M). All companies are domiciled in Hamilton, Bermuda, unless otherwise stated. The outlook of these Credit Ratings (ratings) is stable.

The ratings of BF&M Life, BF&M General and Island Heritage reflect the companies’ balance sheet strength, which AM Best categorizes as strongest, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

BF&M manages its health, life and property lines with a strong level of capital in support of its current business. Consistent favorable net gains from its diversified and geographically disbursed products has contributed to long-term shareholder equity growth. The core operating results from its Bermuda business in 2018 was a favorable offset to the higher reinsurance costs in the property/casualty business in the Cayman Islands, and in 2019, AM Best anticipates that it will also offset losses in the Bahamas resulting from Hurricane Dorian. BF&M’s significant catastrophe reinsurance protection and its approach to risk management also contributed to mitigating financial impact to the group. While the company has provided loss estimates for Hurricane Dorian, AM Best will continue to monitor incurred gross and net losses to confirm the effectiveness of the group’s catastrophe risk management.

BF&M has solid market share in nearly all of its lines of business and is the second largest health insurer in Bermuda. Recent developments in local policy are affecting this market. AM Best also will monitor the outcomes of Bermuda’s regulatory changes stemming from the island’s health reform, where the government has legislated changes to how services delivered by the Bermuda Hospital Board (BHB) are funded and any potential impact this could have on BF&M’s health business. The island’s current fee-for-service model will be replaced by a set grant paid directly by the government to the BHB and the health system will have to manage costs to this.

The ratings of ICBL reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate ERM.

The ratings of ICBL benefit from risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). ICBL historically has produced positive net income driven by the underwriting and marketing expertise derived over its many years of risk and claims management. However, operating performance has declined somewhat in recent years, driven by deterioration in underwriting results and the significant impact from losses associated with Barbados’ sovereign debt restructure in 2018. BF&M is the majority shareholder of ICBL, whose shares are traded on the Barbados Stock Exchange. ICBL benefits from its strategic affiliation with BF&M and the implied support that could be provided if needed. The ratings also acknowledge the geographic concentration of ICBL’s business in Barbados and its considerable exposure to below investment-grade government bonds; in 2018, ICBL recorded a significant overall loss as a result of the impact of the Barbados government debt restructure.

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’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Wayne Kaminski
Senior Financial Analyst–L/H
+1 908 439 2200, ext. 5061
wayne.kaminski@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Ricardo Longchallon
Senior Financial Analyst–P/C
+1 908 439 2200, ext. 5676
ricardo.longchallon@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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Business Wire

Denodo Announces DataFest 2019 in London: Third Annual Conference in Europe for Data Professionals Provides Valuable Insights on Machine Learning, Cloud and Advanced Analytics

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Conference welcomes hundreds of data enthusiasts, customers, partners and subject matter experts to discuss the future of data management in the digital age. The event can be attended in person or online by connecting to the live stream.

LONDON–(BUSINESS WIRE)–#AIDenodo, the leader in data virtualization, announced its 3rd annual user conference in Europe, Denodo DataFest, on 23rd October in London. In this conference, attendees will learn strategies on how to leverage data virtualization to enable highly flexible, agile, and powerful BI architectures that are paving the way to multi-cloud adoption. The event can be attended in person or online by connecting to the live stream.

“I am looking forward to speaking at the Denodo DataFest 2019 user conference and am excited to share how we are using data virtualization to enable self-service BI for business users at Festo,” said Diethard Frank, IT Product Manager, Big Data & AI Services at Festo. “I’m excited to share our experience and lessons learned that will hopefully help other organizations think about how to leverage modern technology approaches to truly innovate and uncover hidden value from their data.”

Through this immersive conference, Denodo is bringing together visionary leaders and technical experts to help redefine how data is reshaping the modern enterprise and driving digital business.

“Today, businesses need a holistic view of data across the enterprise from all data sources—on premises, in the cloud, and streaming—to gain deeper insights into customers, new market opportunities, and competition,” said Ravi Shankar, Sr. Vice President and Chief Marketing Officer at Denodo. “Business success demands agile, real-time data integration—to accelerate the time-to-results, and hence the time-to-revenue. DataFest brings together some of our most trusted customers, partners, and industry thought leaders to help address these critical challenges, while setting the course for the future of data driven intelligence.”

Sessions will feature actionable insight from analyst Rick van der Lans and partners including Wipro, Square IT Services, UST Global, HCL and others who will participate in panel discussions. Attendees will also hear real world insights from Festo, NHS Scotland, St. James’s Place and Landsbankinn, to name a few, who will share how they leveraged data virtualization to enable enhanced analytics and agility.

“Organizations moving towards cloud and migrating Personnel Identification Information (PII) and other sensitive and critical enterprise information will face challenges. Data services best practices will help resolve most of these pain points,” said Rajat Sinha, Senior Director Alliances, Wipro Limited. “I am excited to talk about our partnership with Denodo for modern data virtualization solutions that will enable companies to gain maximum benefits from cloud initiatives in form of agility and cost savings.”

“At UST Global, we help our Fortune 500 customers get insightful, actionable and explainable insights which drive business outcomes at speed, by integrating data engineering and engineering analytics,” said Niranjan Ram, CTO of UST Global. “As a trusted Denodo partner, we look forward to presenting a practitioner’s perspective, focusing on the challenges of managing a data science pipeline and improving productivity of our data scientists.”

“Denodo DataFest is the ideal event for everybody interested in data virtualization, data management and data architecture. It’s always a pleasure to be there and exchange knowledge with the people from Denodo and all their customers and partners,” said Bas van der Peet, Business Unit Manager at Axians.

Please Tweet: Attend #DenodoDataFest on 23rd Oct to learn how #datavirtualization can support the journey to #cloudcomputing #multicloudadoption #machinelearning #AI #analytics. Register: https://www.denododatafest.com/EMEA

About Denodo

Denodo is the leader in data virtualization providing agile, high performance data integration, data abstraction, and real-time data services across the broadest range of enterprise, cloud, big data, and unstructured data sources at half the cost of traditional approaches. Denodo’s customers across every major industry have gained significant business agility and ROI by enabling faster and easier access to unified business information for agile BI, big data analytics, Web, and cloud integration, single-view applications, and enterprise data services. Denodo is well-funded, profitable, and privately held. For more information, visit www.denodo.com or call +1 877 556 2531 / +44 (0) 20 7869 8053.

Contacts

Gemma Rowlan

+44 (0) 20 7608 8359

gemma.rowlan@hotwireglobal.com

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Business Wire

Dale Robinson Appointed Chief Operating Officer of HealthTrust Europe

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BIRMINGHAM, England–(BUSINESS WIRE)–HealthTrust Europe, a trusted group purchasing organisation and supply chain partner for healthcare providers, announced the appointment of Dale Robinson as chief operating officer. Robinson will lead the strategic direction of the group purchasing organisation and oversee programmes to further integrate providers and suppliers in advancing clinical excellence.

“With years of success working with the National Health Service (NHS), Dale brings a unique perspective to broaden our engagement with providers across the UK,” stated Ed Jones, president and CEO of HealthTrust. “He will lead a team of supply chain professionals focused on improving service offerings across public and private sector Trusts, hospitals, and outpatient treatment and diagnostic centres thereby strengthening their ability to serve patients and communities.”

HealthTrust Europe manages over £1 billion of healthcare spend in the UK, negotiating superior value and terms on behalf of member organisations which include more than 280 public and private acute care hospitals and non-acute sites of care.

A qualified solicitor, Robinson joined HealthTrust Europe as a legal adviser in 2012 specialising in public procurement law. He has played an instrumental role in the expansion of the company’s UK operation including serving as vice president of operations, and chief legal and ethics officer.

About HealthTrust Europe

HealthTrust Europe is committed to strengthening provider performance and clinical excellence through an aligned membership model and the delivery of total spend management advisory solutions that leverage our operator experience, scale and innovation. HealthTrust Europe operates as the UK arm of HealthTrust, one of the leading healthcare improvement organisations in the United States representing over 1,600 hospitals and managing $42 billion of contracted spend annually. An affiliate of HCA Healthcare, HealthTrust Europe is committed to supporting the delivery of compassionate, efficient, quality and patient-focused healthcare in the communities we serve. For more information, visit http://www.healthtrusteurope.com.

About HCA Healthcare

Nashville, Tennessee-based HCA Healthcare is one of the leading providers of healthcare services in the U.S., comprised of 184 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics, in 21 states and the United Kingdom. With its founding in 1968, HCA Healthcare created a new model for hospital care in the United States, using combined resources to strengthen hospitals, deliver patient-focused care and improve the practice of medicine. HCA Healthcare is a learning healthcare system that uses its more than 31 million annual patient encounters to advance science, improve patient care and save lives.

Contacts

Vivek Jain

+44 (0) 7887 961 549

vivek.jain@htepg.com

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Business Wire

HID Global Completes Acquisition of De La Rue’s Citizen Identity Business

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AUSTIN, Texas–(BUSINESS WIRE)–#HID–HID Global®, a worldwide leader in trusted identity solutions, today announced that it has completed the acquisition of the international identity solutions business of De La Rue (LSE:DLAR), the world’s largest commercial issuer of banknotes and passports. The De La Rue business will be merged with HID’s citizen identity solutions portfolio, broadening HID Global’s leadership position, extending its capabilities to scale and assemble government-issued citizen IDs, and expanding the value delivered to customers.

HID Global and the De La Rue international identity solutions business share the common goal of helping governments fulfill their e-government initiatives today and in the future by converging physical and digital identities to increase efficiency, security and flexibility,” said Stefan Widing, President and CEO, HID Global. “The acquisition sets the stage for HID to leverage the decades-long relationships De La Rue has had as a prime citizen ID supplier providing HID’s innovative solutions to governments seeking to modernize. From making it possible for citizens to use mobile IDs with their smartphones in everyday life to providing travelers with a more secure and convenient passport for border crossing, HID is transforming the citizen experience.”

Today, HID Global’s citizen identification solutions can be found in sixty percent of all government-issued electronic identity projects around the world. HID delivers complete, end-to-end system solutions that meet governmental requirements for national IDs, passports, foreign resident IDs, driver licenses, vehicle registration and other programs.

De La Rue’s direct relationships with ministries of the interior, immigration departments, police departments, and numerous other government entities/agencies will enhance HID’s ability to provide customers with a broader suite of offerings that include mobile IDs, automated verification capabilities, and e-passports with advanced physical and electronic security features.

The addition of the De La Rue citizen ID business also extends HID’s capabilities to assemble secure ID documents from end to end in world-class facilities. It will create new opportunities to apply its design excellence, data analysis services/consultancy, and proven software and systems–including civil registry and vital statistics (CRVS)–to HID’s citizen ID portfolio.

To learn more about the HID Global’s citizen identification offerings, please click here.

About De La Rue

De La Rue’s purpose is to enable every citizen to participate securely in the global economy. As a trusted partner of governments, central banks and commercial organisations, De La Rue provides products and services that underpin the integrity of trade, personal identity and the movement of goods. As the world’s largest designer and commercial printer of banknotes, De La Rue designs, manufactures and delivers banknotes, banknote substrates and security features to customers in a world where currency will continue to be a key part of the developing payments eco-system. De La Rue is the only integrated supplier of both paper and polymer banknotes, and creates security features that ensure banknotes are protected against counterfeiting. De La Rue is the world’s largest commercial designer and printer of passports, delivering national and international identity tokens and software solutions for governments in a world that is increasingly focused on the importance of a legal and secure identity for every individual. De La Rue also creates and delivers secure product identifiers and ‘track and trace’ software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties. De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com

About HID Global

HID Global powers the trusted identities of the world’s people, places and things. We make it possible for people to transact safely, work productively and travel freely. Our trusted identity solutions give people convenient access to physical and digital places and connect things that can be identified, verified and tracked digitally. Millions of people around the world use HID products and services to navigate their everyday lives, and over 2 billion things are connected through HID technology. We work with governments, educational institutions, hospitals, financial institutions, industrial businesses and some of the most innovative companies on the planet. Headquartered in Austin, Texas, HID Global has over 3,000 employees worldwide and operates international offices that support more than 100 countries. HID Global® is an ASSA ABLOY Group brand. For more information, visit www.hidglobal.com.

© 2019 HID Global Corporation/ASSA ABLOY AB. All rights reserved. HID, HID Global, the HID Blue Brick, the logo, and the Chain Design are trademarks or registered trademarks of HID Global, ASSA ABLOY AB, or its affiliates(s) in the US and other countries and may not be used without permission. All other trademarks, service marks, and product or service names are trademarks or registered trademarks of their respective owners.

Contacts

Leah Washington

lwashington@hidglobal.com

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