Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Fintech PR

Nayms Issues World’s First Crypto-Denominated Industry Loss Warranty (ILW)

Published

on

nayms-issues-world’s-first-crypto-denominated-industry-loss-warranty-(ilw)

LONDON, July 6, 2023 /PRNewswire/ — Nayms SAC Ltd., the leading crypto-native insurance marketplace, is proud to announce the issuing of the world’s first crypto-denominated industry loss warranty (ILW) through the second segregated account or ‘cell’ within its marketplace. This type of instrument is index-based and used for providing retrocessional reinsurance protection to property reinsurers.

In this program, Nayms provides coverage for US named windstorm, attaching above a loss trigger of $60 billion. The basic structure aligns with other ILWs, but Nayms innovates on the traditional approach by using USD Coin (USDC) as the collateral within the segregated account on its independently audited Ethereum smart contract, and by securing that collateral through new mechanisms and concepts, including a digital multi-signature process, for enhanced transparency and efficiency.

“This deal demonstrates so nicely the benefits of our business model and technology for a broad range of parties and opportunities. Notably, insureds gain access to alternative capital and investors can earn a return on their crypto that is fully regulated yet not correlated to most other financial instruments,” observed Dr. David Verbeeten, Chief Commercial Officer at Nayms.

The purchaser is Prospero Re, a Bermuda insurer, wholly owned by Resolute Global Partners, with a strong commitment to innovation. For underwriting, Nayms was assisted by the deep domain knowledge of Daniel Vestergren, CEO of Varius Capital Partners Ltd. and former head of ILS at Hiscox Bermuda, who acted as general advisor. For seamless placement, both the purchaser and Nayms were guided by Guy Carpenter, who acted as sole placing broker.

Tom Libassi, Co-Founder and Managing Partner of Resolute Global Partners, said, “We’re proud to partner with Nayms to offer the first-ever property catastrophe reinsurance contract denominated in cryptocurrency. This contract is also the first ILW with a loss trigger based on the advanced catastrophe modeling technology behind our Footprint product, which provides coverage for severe losses along with a transparent, timely, and highly efficient way for investors to access the property catastrophe market.”

The ILW market is part of the larger global property catastrophe reinsurance market, which generates more than $300 billion of annual renewal premium, presenting significant opportunities for insurers, insureds, and investors alike. Moving forward on the success of its innovative ILW, Nayms remains committed to deploying emerging technologies to reshape the insurance industry. The company invites interested parties to explore other pending investment opportunities (returns as estimated) in prospective segregated accounts within Nayms’ marketplace:

a. Primary insurance for excess cyber liability, 10-15% ROI
b. Primary insurance for smart contract hack and cross-chain bridging failure, 12-15% ROI
c. Captive insurance for smart contract protection services, 8-12% ROI
d. Captive insurance for digital asset recovery services, 10-15% ROI

About Nayms
Nayms is the world’s leading crypto-native insurance marketplace. The company is licensed in Bermuda for both general insurance (IIGB) and digital assets business (DABA Class F). It operates as a bridge between alternative capital and uninsured risk in the rapidly evolving digital assets’ space and other hard-to-place markets. It provides the technical and legal infrastructure over which diverse stakeholders, including insureds, insurers, underwriters, brokers, and others, come together to capitalise and transfer risk on-chain. Building on Ethereum, Nayms’ diverse team uses a smart contract to coordinate crypto-native payments, underwriting, claims handling, and capitalisation for a large variety of insurances.

About Prospero Re
Prospero Re Ltd. is a Class 3A licensed reinsurance company domiciled in Bermuda and regulated by the Bermuda Monetary Authority. Launched in 2013 by long-term industry leader Don Kramer, Prospero Re is wholly owned by Resolute Global Partners Ltd. and offers both catastrophe and non-catastrophe reinsurance coverage to a wide range of insurance and reinsurance companies across the globe, predominantly in the United States, Europe, United Kingdom, Canada, Japan, and Australia. Business assumed includes property, marine, and offshore energy, as well as aviation and other sectors within the reinsurance market. We view our counterparties as partners and work to deliver meaningful solutions to our clients for their current and future needs. Prospero Re has an ‘A’ rating from Kroll Bond Rating Agency.

About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com and follow us on LinkedIn and Twitter.

For more information on launching insurance vehicles at Nayms, contact [email protected]. For more information on Nayms and investment opportunities, contact [email protected] or go directly to the website.

Media Contact
Sarah George
Head of Operations
[email protected]
www.nayms.com

Logo – https://mma.prnewswire.com/media/2148055/Nayms_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/nayms-issues-worlds-first-crypto-denominated-industry-loss-warranty-ilw-301870879.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Invitation to presentation of EQT AB’s Q1 Announcement 2024

Published

on

invitation-to-presentation-of-eqt-ab’s-q1-announcement-2024

STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826

The following files are available for download:

https://mb.cision.com/Main/87/3956826/2712771.pdf

Invitation to presentation of EQT AB’s Q1 Announcement 2024

https://news.cision.com/eqt/i/eqt-ab-group,c3285895

EQT AB Group

 

View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html

Continue Reading

Fintech PR

Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

Published

on

kia-presents-roadmap-to-lead-global-electrification-era-through-evs,-hevs-and-pbvs
  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html

Continue Reading

Fintech PR

BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

Published

on

biovaxys-technology-corp.-provides-bi-weekly-mcto-status-update

VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html

Continue Reading

Trending