LOS ANGELES--(BUSINESS WIRE)-- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of The Boeing Company (“Boeing” or “the Company”) (NYSE: BA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Following the October 2018 crash of a Boeing 737 Max 8 airplane operated by Lion Air, the Wall Street Journal published an article titled ''Boeing Withheld Information on 737 Model, According to Safety Experts and Others,” which alleged that the Company ''withheld information about potential hazards associated with a new flight-control feature suspected of playing a role in last month's fatal Lion Air jet crash.” Over the next 11 days, Boeing’s stock fell by 12.5%. A second 737 Max 8 crash involving an Ethiopian Airlines plane on March 10, 2019, results in further significant drops in the stock. On March 13, 2019, the FAA ordered all Boeing 737 Max 8 and Max 9 planes to be grounded in the United States, and the planes were grounded by authorities in many other countries as well.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

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The Schall Law Firm

Brian Schall, Esq.

Sherin Mahdavian, Esq.

310-301-3335

Cell: 424-303-1964

[email protected]

www.schallfirm.com

Source: The Schall Law Firm

HONG KONG--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Min Xin Insurance Company Limited (MXIC) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect MXIC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

Established in 1974, MXIC is a long-standing player in Hong Kong and Macau’s non-life insurance markets. MXIC is 100% owned by Min Xin Holdings Limited (MXHL), a holding company that engages primarily in banking investment, provision of micro credit business and insurance, property investment and strategic investment. MXHL is majority owned by its ultimate parent, Fujian Investment & Development Group Co., Ltd. (FIDG), a Chinese state-owned enterprise and investment platform of the Fujian provincial government.

MXIC has a diversified underwriting portfolio, which mainly includes property damage, motor, employees’ compensation, travel and accident. As of year-end 2023, 62% of its premium is generated from Macau, with the remainder from Hong Kong. The company remains a small player in both markets, according to gross premium written statistics disclosed by domestic regulators. Specifically in Macau, MXIC leverages its bancassurance channel which includes one of its affiliated banks to source profitable property damage business. Prospectively, MXIC plans to further strengthen its bancassurance channel in Macau, while in Hong Kong it also strives to establish intermediary and bancassurance partnerships to expand its local business there.

The company’s balance sheet strength assessment of strong is underpinned by its risk-adjusted capitalisation level, which was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR). The company has achieved substantial growth in its capital and surplus (C&S) over the past decade, mostly attributable to rounds of capital injection from MXHL, in addition to full retention of net profit. Other supporting factors include its healthy regulatory solvency position, good liquidity and appropriate reinsurance arrangement. Partially offsetting factors include investment concentration in one of its investment properties, and its limited C&S size at HKD 318.3 million (USD 40.8 million) as of year-end 2023, on an HKFRS 17 basis.

AM Best views MXIC’s operating performance as adequate. The company has reported significant top line growth while maintaining annual net profits since 2018. In 2023, under HKFRS 17, while the insurance service revenue decreased slightly, the company delivered a net profit of HKD 4.9 million with a return-on-equity ratio of 1.5%. The company’s profitable bottom line was primarily driven by steady investment return, supported by stable rental income from its investment properties and interest income from cash and bond investments. Conversely, MXIC’s underwriting profitability has been thin over the years, largely attributable to its high expenses relative to the small premium scale. While MXIC’s Macau operation delivered stable underwriting profit during the past five years, its Hong Kong operation was more volatile with an underwriting loss in 2023.

Positive rating actions could occur if MXIC receives continued explicit and implicit support from its parent, which contributes to a stronger market presence in the Hong Kong and Macau non-life markets. Positive rating actions also could occur if MXIC successfully implements its business plan after the removal of regulatory premium cap and delivers sustained improvement and stability in its operating performance while maintaining a robust level of risk-adjusted capitalisation. Negative rating actions could occur if MXIC experiences a material deterioration in its risk-adjusted capitalisation. Negative rating actions also could arise if there is material deterioration in the company's operating profitability, for instance, due to unfavourable underwriting loss experience or investment loss.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Aaron Li
Associate Financial Analyst

+852 2827 3426

[email protected]

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

[email protected]

Lucie Huang
Senior Financial Analyst

+852 2827 3414

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

[email protected]

Source: AM Best