On Monday, Shares of American Express Company (NYSE:AXP), lost -3.09% to $74.72.
A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a+” of AMEX Assurance Company (AMEX Assurance) (Chicago, IL). AMEX Assurance is a wholly owned partner of American Express Company (American Express) [NYSE: AXP]. The outlook for both ratings is stable.
The ratings reflect AMEX Assurance’s strong capital position and five-year trend of operating income generated by providing insurance products to American Express card members. Offsetting these positive rating factors is AMEX Assurance’s limited business scope, as the majority of its products are confined primarily to American Express card members and lack in growth in policyholders’ surplus as demonstrated over the past five years. This is the result of all of AMEX Assurance’s preceding years’ net income being returned to American Express through stockholder dividends.
AMEX Assurance’s strong capital position is reflective of its conservative investment risk profile, generally favorable reserve development, and favorable operating results driven by solid profit margins. The favorable operating results reflect the company’s low cost, direct marketing strategy and its emphasis on travel-related and other ancillary insurance coverages offered primarily to American Express card members.
As AMEX Assurance’s stable outlook indicates, A.M. Best anticipates the ratings and outlook to be maintained over the near term. However, there may be future negative rating actions if there is a decline in premium writings caused by a billing system issue, raised competition in the payments industry or a global economic downturn or terrorist event that results in a sustained reversal in operating profitability. Additionally, a potential negative rating action and/or outlook change may occur if American Express enhances its dividend requirement, which results in a material decline in risk-adjusted capitalization as represented by Best’s Capital Adequacy Ratio (BCAR).
American Express Company, together with its auxiliaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. The company operates through four segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services.
Shares of FireEye Inc (NASDAQ:FEYE), declined -1.53% to $36.02, during its last trading session.
FireEye, revealed the details of an advanced campaign, which appears to target information about ongoing border disputes and other diplomatic matters.
The advanced persistent threat (APT) group behind the operation, which FireEye believes is most likely based in China, sent targeted spear phishing emails containing Microsoft Word attachments to its intended victims. These documents pertained to regional issues and contained a script called WATERMAIN, which creates backdoors on infected machines. The campaign’s attacks were also detected in April 2015, about one month ahead of Indian Prime Minister Narendra Modi’s first state visit to China.
FireEye has observed WATERMAIN activity since 2011. Over the past four years, this threat group has used WATERMAIN to target over 100 victims, about 70 percent of which were in India. The group launching WATERMAIN attacks has also targeted Tibetan activists and others in Southeast Asia, with a focus on governmental, diplomatic, scientific, and educational organizations.
FireEye, Inc., together with its auxiliaries, provides cybersecurity solutions for detecting, preventing, and resolving cyber-attacks. The company offers vector-specific appliance solutions that provide threat protection from network to endpoint for inbound and outbound network traffic that may contain sensitive information. Its threat prevention solutions comprise appliances covering the Web, email, endpoint, file, and mobile threat vectors.
Finally, Diamond Resorts International Inc (NYSE:DRII), ended its last trade with -5.96% loss, and closed at $24.45.
Diamond Resorts International, declared that B. Scott Minerd, Chairman of Investments and Global Chief Investment Officer at Guggenheim, has stepped down from the Board of Directors, effective July 28, 2015. Mr. Minerd had served on the Board of the Company and its predecessor since 2010. Stephen J. Cloobeck, Chairman of Diamond Resorts International said, “On behalf of the Company’s administration and the entire Board, I would like to thank Scott for his dedication and noteworthy contributions to the Company.”
In August 2014, the Company lost its status as a “controlled company” under the rules of the New York Stock Exchange, and the Company had a one-year grace period in which to comply with the NYSE requirement of having a majority independent board. With Mr. Minerd’s departure, the majority of Diamond’s Board of Directors will now be comprised of independent directors in compliance with the rules of the NYSE. The Company was already in compliance with all of the other corporate governance requirements applicable under NYSE rules to companies that do not qualify as “controlled companies.”
Guggenheim will continue to have a presence on Diamond’s Board of Directors through Zachary D. Warren who has served on the Board of the Company and is predecessor since 2010.
Diamond Resorts International, Inc. operates in the hospitality and vacation ownership industry in the United States, Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia, New Zealand, and Africa.
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