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AM Best Affirms Credit Ratings of Luen Fung Hang Insurance Company Limited

AM Best Affirms Credit Ratings of Luen Fung Hang Insurance Company Limited

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Luen Fung Hang Insurance Company Limited (LFH) (Macau). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect LFH’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

LFH’s balance sheet strength continues to be supported by a robust level of risk-adjusted capitalisation. Supported by positive operating results and profit retention, the company’s capital and surplus continued to grow organically in 2019 to MOP 567 million (USD 71 million). LFH’s investment strategy remains stable and conservative with a majority of its investments held in bonds and cash. Going forward, the company plans to invest more in bonds while maintaining a similar level of exposure inequity investments.

LFH has demonstrated a track record of consistently strong operating performance over the past five years, which continues to be supported by positive underwriting and investment results. The company’s net combined ratio slightly improved in 2019, mainly driven by an improvement in the net commission ratio, while its management expense ratio and net loss ratio remained stable. LFH’s investment portfolio continues to generate stable streams of interest and dividend income and supports the company’s overall operating results.

LFH ranked second in the Macau non-life insurance market, with a market share of more than 20% in terms of gross premium written 2019. The company continues to leverage the distribution channel support from its bank shareholders and maintains a competitive edge in acquiring good quality business through the bancassurance channel. LFH’s underwriting portfolio remains moderately diversified with its major lines of business being in residential fire, medical and other accident. The company’s business is concentrated in Macau and

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Hudson’s Bay Taps Moschino Creative Director Jeremy Scott To Design Limited Edition Collaboration

Hudson’s Bay Taps Moschino Creative Director Jeremy Scott To Design Limited Edition Collaboration

Link to High-Res Collection Images

TORONTO, Oct. 6, 2020 /CNW/ — One of the world’s most recognizable luxury brands, Moschino, led by Creative Director Jeremy Scott, introduces a limited-edition collaboration with Hudson’s Bay in celebration of the company’s 350th anniversary. Inspired by the iconic Hudson’s Bay signature stripes, distinctive Moschino Couture pieces from the label’s core collection are reimagined through the lens of the classic HBC red, green, yellow and indigo. Anchored by the premium wool Moto Jacket, the eleven-piece collection features street-style staples like loungewear, a keyring, belt, t-shirt, dress, waist bag and Moschino’s Moto Jacket Shoulder Bag enveloped in HBC Stripes. The luxury collaboration will arrive at select Hudson’s Bay stores and thebay.com on October 6.

“The Room at Hudson’s Bay has always been a destination for customers to find the most coveted designs from around the world,” says Tyler Franch, VP, Fashion Director, Hudson’s Bay. “This collaboration is the perfect marriage of Jeremy Scott’s avant-garde and forward design aesthetic, with our famous Point Blanket fabrications that are rooted in Hudson’s Bay Company’s 350-year history.”

“I am thrilled to celebrate Hudson’s Bay Company’s 350th anniversary with this collaboration merging together their iconic striped planet with my Moschino world!,” says Jeremy Scott, Creative Director, Moschino Couture.

The collection is made in Italy and designed exclusively for Hudson’s Bay and thebay.com retailing from $185$1695 CAD.

Collection Pieces:

350th Anniversary Wool Moto Jacket (Men’s/Women’s) – $1495
Wool cloth moto jacket with Stripes pattern. Gold-toned hardware with zip closure at front, a zipped pocket diagonally placed across left breast with three-quarter zip closure at wrists. Adjustable logo belt closure at waist. Unique Hudson’s Bay Company + Moschino Couture collaboration logo embroidered on reverse.

Calf Leather Waist Bag – $945
Soft calfskin macro belt bag

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