TALLINN, Estonia, Nov. 21, 2024 /PRNewswire/ — ESTO Holdings OU (“ESTO”), a leading Baltic shopping network and consumer credit provider, successfully issued €15m Secured Notes due 2026 via private placement (the “Notes”). The Notes will bear interest at 12.00% per annum.

Encountering strong demand from investors, followed by 1.9x oversubscription, ESTO decided to increase the offering amount from €10m to €15m to take on further growth capital. ESTO is using the net proceeds from the offering of the Notes to repurchase its outstanding €11m senior notes due 2024 (the “2024 Notes”) pursuant to the previously announced repurchase plan and for accelerating portfolio growth in anticipation of the seasonal sales spike. Notes were issued in the form of a private placement.

“The successful completion of the second bond issuance, marked by strong investor participation and oversubscription, demonstrates the confidence investors have in our sustainable profitable growth trajectory, strong financials and proven strategy. We are particularly pleased that many participants from our first issuance chose to exchange into this new bond, further reinforcing their trust in our vision and long-term success. I would like to extend my gratitude to Signet Bank for their expertise in arranging the issuance and to our CFO, Gustav Juurikas, for his outstanding leadership in managing this project effectively”, said Mikk Metsa, CEO of ESTO.

“Having worked with ESTO during it’s debut bond issue in 2021, it is a pleasure to see how the company and business model itself has matured and showed solid financial performance year after year. More than half of the demand for new bonds were generated by institutional investors from all Baltic states showcasing the company’s pan-Baltic recognition, “said Edmunds Antufjevs, Head of Investment Banking of Signet Bank.

Signet Bank AS (Latvia) acted as lead manager and sole bookrunner of the ESTO notes issue.
Eversheds Sutherland Ots & Co acted as the sole legal counsel for the issuer.

About ESTO:
Founded in 2017, ESTO focuses on building a comprehensive shopping ecosystem that helps Baltic businesses sell and enables people to access products and make purchases easily. With a straightforward approach, ESTO supports both consumers and businesses across the region and has become a trusted name in the Baltic region.

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LONDON, Nov. 21, 2024 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of David Pressman as Senior Underwriter – Marine Cargo, with immediate effect.

Pressman will support the profitable expansion of Markel’s Marine Cargo portfolio in London, by servicing new and renewal business as well as fostering strong relationships with broker partners, ensuring high service levels are maintained. He will also be responsible for identifying new areas to scale further profitable growth and supporting members in the Marine Cargo underwriting team with their professional development.

Pressman is a seasoned underwriter possessing 11 years of experience within the insurance industry. Before joining Markel, he was employed at AEGIS London, where he served in a marine cargo underwriting capacity. Before this position, Pressman spent more than eight years at MS Amlin, starting out as a Binding Authority Technician before progressing to the role of Marine Cargo Underwriter. 

Based at Markel’s London office, Pressman will report directly to Brook Styles, Head of Marine Cargo.

Styles commented: “The marine cargo market is continuing to navigate a plethora of challenges – from the ongoing geopolitical tensions in the Red Sea to the increase in natural disasters – which are causing supply chains disruptions and security concerns for the transportation of goods worldwide.

“I’m therefore delighted to welcome David to our Cargo team here in London. His strong track record, deep sector knowledge and 11 years of market experience in developing and managing cargo portfolios will add further bench strength to our well-established underwriting team. This appointment will further strengthen our leadership profile with our existing London market brokers and global partners while positioning us for long-term, profitable growth over the coming years.”

About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.

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LONDON, Nov. 21, 2024 /PRNewswire/ — 10x Banking, the cloud-native core banking platform, has partnered with Alloy, a leading identity and fraud prevention platform, to deliver a next-generation customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning platform for financial institutions globally.

The partnership combines 10x’s pioneering meta core platform with Alloy’s leading solutions for managing identity risk throughout the customer lifecycle. 10x’s solution powers major financial institutions globally, including Chase UK and Westpac, and provides banks with the fastest, most cost-effective path to cloud-native transformation.

Alloy’s platform is trusted by over 600 of the world’s most prominent financial institutions and fintechs, including Sonovate, Liberis, Ent Credit Union, Shopify, and Clear Street. Alloy has pre-built integrations to one of the broadest networks of data products in the industry, with over 200 fraud, compliance, and identity data sources including Onfido, ComplyAdvantage, GBG and others covering 195 markets worldwide. On top of this, Alloy leverages its data orchestration capabilities to synthesise all of the data points and automate decision-making for clients, allowing clients to better solve for fraud, credit, and compliance risk, and grow with confidence.

This partnership sees Alloy’s data network seamlessly integrated with 10x’s core banking platform, enabling financial institutions to make lending and account opening decisions with increased agility and precision from the core, delivering faster, better business decisions in a market that demands real-time capabilities. The modular decisioning solution allows financial institutions, for the first time, to originate, personalize, and manage loans directly within the 10x Banking platform.

Keith Kettell, Chief Revenue Officer at Alloy said: “Our partnership with 10x Banking is a testament to our commitment to helping financial institutions in the UK and beyond fight fraud. Our partnership will provide financial institutions all over the world with flexible tools to efficiently manage identity risk, specifically aiding them in enhancing their account opening and in-life risk management processes.”

Matt Mills, Chief Revenue Officer at 10x Banking, said, “Our collaboration with Alloy represents a significant step forward in the modernization of risk decisioning. Alloy’s cloud-native approach to identity risk management complements 10x Banking’s cloud-native core banking platform, creating a modern, versatile credit decisioning tool for banks and fintechs seeking to transform their loan origination processes. This partnership, with 10x’s unique meta core approach, enables us to continue our mission to revolutionize banking for the benefit of financial institutions, their customers, and society.”

About 10x Banking: https://www.10xbanking.com

10x Banking is a cloud-native core banking platform designed for financial institutions. Founded by former banking executives and built by technologists, the 10x platform offers unparalleled security, scalability, and speed. The company’s unique ‘meta core’ approach provides financial institutions with the fastest, most cost-effective path to cloud-native transformation. 10x Banking is B-Corp certified and has a global presence in London, Sydney, and Singapore, supported by world-class investors including BlackRock and J.P. Morgan.

For interviews and images, please contact Cat Lenheim, ThoughtLDR, [email protected]

About Alloy

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Alloy helps solve the identity risk problem for companies that offer financial products. Over 600 banks, credit unions, and fintechs turn to Alloy’s end-to-end identity risk management platform to take control of fraud, credit, and compliance risks, and grow with confidence. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. Learn more at alloy.com.

Media Contact: Kylee Sibilia, [email protected]

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