Chubb-led initiative addresses lack of capacity in marine cargo market for risks associated with lithium battery transit and stock
LONDON, Sept. 14, 2023 /PRNewswire/ — Chubb today announced the launch of a new Lloyd’s of London consortium it will lead that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries.
The consortium was created to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance. It provides a one-stop solution with limits up to $50 million for risk types associated with lithium batteries including transit, stock throughput, standalone stock and warehouse legal liability, and will include excess stock and part orders. It is led by Chubb Global Markets (CGM), the company’s London Market wholesale and specialty business including its Lloyd’s platform, and supported by 11 other Lloyd’s syndicates. CGM will also draw on the capabilities of Chubb Climate+, the company’s global climate business unit launched early in 2023.
Rob Wilson, Chief Underwriting Officer for Chubb Global Markets, said: “We’re delighted to lead the creation of this battery consortium with the support of the Lloyd’s market, utilising our in-house risk management capabilities to ensure its viability. The work involved in managing lithium battery risks is extensive and brokers can now use this facility to gain access to capacity in this new risk area. The consortium provides brokers and insureds with a single port of call to bind these risks, helping to shore up the lithium battery supply chain as demand continues to grow.”
Matt Hardy, Leader of Chubb Climate+ for Chubb Overseas General, said: “The lithium battery industry is growing at a rapid rate and many businesses involved in moving and storing these batteries are increasingly in need of an experienced and reliable insurance partner and solution to support the ramp-up in production. The creation of a consortium dedicated to underwriting these risks aligns firmly with our commitment to harnessing our underwriting and risk engineering capabilities to support the transition to a low-carbon economy.”
To learn more about the lithium battery consortium, please contact Alex O’Brien, Product Head – Cargo – Chubb Global Markets: [email protected]
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com
Chubb Global Markets is a trading name of Chubb European Group SE (CEG) and Chubb Underwriting Agencies Limited (CUAL).
CEG is a Societas Europaea, a public company registered in accordance with the corporate law of the European Union. Members’ liability is limited. CEG is headquartered in France and governed by the provisions of the French insurance code. Risks falling within the European Economic Area are underwritten by CEG, which is authorised and regulated by the French Prudential Supervision and Resolution Authority. Registered company number: 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. Fully paid share capital of €896,176,662.
CEG’s UK branch is registered in England & Wales under UK Establishment number: BR023093. UK Establishment address: 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request (FS Register number 820988).
CUAL is registered in England & Wales under number 2287773. Registered address: 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FS Register number 204901).
Details about our authorisation can be found on the Financial Conduct Authority website.
PTI Secures €1.2 Billion Multi-Jurisdiction Transaction
NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe.
The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses, (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.
“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.
“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.
Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.
Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.
PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.
PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com
BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.
BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.
Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”
Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.
About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.
BranchOut Food Inc.
Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/branchout-food-inc-expands-partnership-with-enwave-corporation-increasing-manufacturing-capacity-by-an-additional-15mm-annually–secures-additional-product-exclusivities-301941949.html
SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders
– Augments trader’s interactions and transforms decision-making capabilities
– Handles the full extent of structured to unstructured financial data
– Mitigates portfolio exposure risk and accelerates speed to market
LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.
Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly.
Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.
Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”
“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.
Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”
Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”
*Akili is the Swahili word for intelligence.
About SIGMA Financial AI:
We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.
Note to Editors: For more information about SIGMA Financial AI, please visit www.sigmafinancial.ai.
- PTI Secures €1.2 Billion Multi-Jurisdiction Transaction
- BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.
- SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders
- NJI Welcomes Allison Hoffman Cousens as Managing Director of Partnerships & Marketing
- AlphaSense Grows to $2.5 Billion Valuation, Securing $150 Million in Series E Funding Led by BOND
- FP Markets Wins ‘Best Trading Conditions’ and ‘Most Trusted Broker’ at the Ultimate Fintech Awards Global 2023
- Coating Additives Market worth $10.5 billion by 2028 – Exclusive Report by MarketsandMarkets™
- RiverStone International to Drive Investment Strategy with Clearwater Analytics
- Gallerist Pearl Lam Launches The Pearl Lam Podcast
- Intrum: Three quarters of consumers admit to breaking even or overspending each month
- Navigating the Future: Yodaplus’s DocuTrade at the Forefront of the Trade Finance Evolution
- New EU Carbon Emissions Tariff Will Significantly Impact Businesses, Highlights Report from The Conference Board
- Guangzhou Development District holds 2023 Saudi (Jazan) Special Investment Promotion and Exchange Forum
- Global IPO market: Investor appetite shifts from growth to value amid tighter liquidity
- Shandong kicks off the 2023 World Cities Forum and Regional Leaders’ Summit
Fintech PR2 weeks ago
2023 Asian Green and Low-Carbon Development Roundtable successfully held
Fintech PR1 week ago
MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Fintech PR1 week ago
Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities
Fintech PR1 week ago
Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management
Fintech PR1 week ago
Rönesans secures prodigious ranking in ENR list: 9th European largest international contracting company, and 38th worldwide
Fintech PR1 week ago
Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights
Fintech PR1 week ago
MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange
Fintech PR2 weeks ago
iFOREX new Dubai efforts