On Friday, Shares of XL Group plc (NYSE:XL), gained 1.18% to $40.18.
A.M. Best has placed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of T.H.E. Insurance Company (T.H.E.) (New Orleans, LA) under review with positive implications. This follows the declaration that the company, through its holding company, Allied International Holdings, Inc., has reached a definitive agreement to be attained by XL Group plc (XL). The acquisition will be made by its indirect wholly owned partner XL America Inc.
T.H.E. provides property and casualty insurance coverage for the amusement and entertainment industry; its focus has been on carnivals, concessionaires, amusement parks, water parks, fairs, festivals and fireworks events. The predictable outcome of the acquisition is for XL to provide T.H.E. further financial and operational support with its plans for growth in this specialty market.
The transaction is predictable to close no later than the first quarter of 2016, following the receipt of anti-trust and regulatory approvals and the satisfaction of customary closing conditions.
Negative rating action could occur if operating performance falls short of A.M. Best’s expectations, counting a failure to improve underwriting results or if there is noteworthy deterioration in risk-adjusted capitalization. Positive rating action could occur if the underwriting results continue to surpass expectations, profitability measures enhance, risk-adjusted capitalization continues to improve or if noteworthy financial and operational benefits are obtained through the planned acquisition.
XL GROUP Public Limited Company, an insurance and reinsurance company, provides property, casualty, and specialty products to industrial, commercial, and professional firms; and insurance companies and other enterprises worldwide.
Shares of TrueCar Inc (NASDAQ:TRUE), declined -3.91% to $5.41, during its last trading session.
TrueCar, declared its financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
- Record total revenue of $65.3 million and record transaction revenue of $60.4 million.
- Net loss of $(14.7) million, or $(0.18) per basic and diluted share, contrast to a net loss of $(15.0) million, or $(0.22) per basic and diluted share, in the second quarter of 2014.
- Adjusted EBITDA of $0.5 million, representing an Adjusted EBITDA margin of 0.7%, down from $1.8 million in the second quarter of 2014, representing an Adjusted EBITDA margin of 3.5%.
- Non-GAAP net loss of $(3.8) million, or $(0.05) per basic and diluted share, contrast to Non-GAAP net loss of $(1.4) million, or $(0.02) per basic and diluted share, in the second quarter of 2014.
TrueCar, Inc. operates as an Internet-based information, technology, and communication services company. The company operates its platform on the TrueCar Website and TrueCar mobile applications. It also customizes and operates its platform for its affinity group marketing partners, counting financial institutions, membership-based organizations, and employee buying programs for large enterprises.
At the end of Friday’s trade, Shares of Equinix Inc (NASDAQ:EQIX), gained 0.77% to $284.40.
Equinix, declared that it has been added to the MSCI US REIT Index (RMS/RMZ), as the largest data center REIT. This will take effect after the close of trading on Monday, August 31, 2015. Following the addition there will be a total of 144 REITs comprised of in the RMS/RMZ.
“Equinix joining the MSCI US REIT Index represents another noteworthy milestone for the company since becoming a REIT on January 1,” said Steve Smith, CEO and president, Equinix. “Equinix plays a pivotal role in supporting many of the trends pushing forward the digital economy by providing the underlying infrastructure that powers the Internet. This unique position has enabled us to deliver fifty quarters of successive growth and continued shareholder value.”
The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index (IMI) its parent index which captures large, mid and small caps securities. With 143 constituents, it represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS).
Equinix, Inc. is a publicly owned real estate investment trust. It provides data center services to protect and connect the information assets for the enterprises, financial services companies, and content and network providers primarily in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
Finally, Autodesk, Inc. (NASDAQ:ADSK), ended its last trade with 0.46% gain, and closed at $54.86.
Autodesk, declared that its new Stingray game engine will be accessible to game developers worldwide starting August 19, 2015. Later this summer, Autodesk will also offer Autodesk Maya LT Desktop Subscription customers access to Autodesk Stingray as part of their subscription.
Built on the powerful, data-driven architecture of the Bitsquid engine, which Autodesk attained in 2014, Stingray is a comprehensive new platform for making 3D games. The engine supports a host of industry-standard game development workflows and comprises powerful connectivity to Autodesk 3D animation software that simplifies game development across a wide range of platforms.
“Between Augmented Reality, Virtual Reality and the proliferation of mobile platforms, the games industry is undergoing a major transition, which poses new complexities for both AAA and indie game developers. Autodesk developed Stingray with these challenges in mind, and we’re excited to share its debut with the game developer community,” said Autodesk senior vice president, Media & Entertainment, Chris Bradshaw. “Stingray makes it easy and intuitive for artists with varying skill sets and programming expertise to create the next generation of 3D blockbuster games, entertainment, and even architecture.”
Autodesk, Inc. operates as a design software and services company worldwide. The companys Architecture, Engineering and Construction segment offers Autodesk Building Design Suites to manage various phases of design and construction; Autodesk Revit products that provide model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD Civil 3D products that offer a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software, which offers direct access to data needed for infrastructure planning, design, and administration.
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