LONDON, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Newpoint Reinsurance Company Limited (“NPRE”) acknowledges the retraction of an article and formal apology issued yesterday by The Insurer, a publication managed by Reuters News & Media Limited. The now-retracted article, originally published on September 9, 2024, has been withdrawn following a comprehensive review.
The Insurer has issued the following apology, which has been published on its website and emailed to its subscribers:
Newpoint Re: An Apology
The Insurer has withdrawn a 9 September 2024 article about Newpoint Reinsurance Company (NPRE) following a post-publication review, which found that in certain respects it did not meet our editorial standards.
Much of the content of the article was not put to NPRE for comment prior to publication, and some of the contents were not fact-checked by us to our usual standards.
In particular, it was incorrect to report that it was unclear what was behind AM Best's August decision to place NPRE ‘under review with developing implications'. AM Best had explained in its public commentary that this was because NPRE's parent was in the process of strengthening its capital structure via the planned issue of common shares and that it assessed NPRE's balance sheet as “very strong”.
We regret this lapse and apologise to NPRE in relation to the above.
The formal apology is prominently featured on The Insurer's homepage and has been distributed to its subscriber base. For public viewing, the apology will remain accessible on their website at www.theinsurer.com/newpoint-re-an-apology until February 20, 2025.
In response to the retraction, Andrew Bye ACII, SIRM, Executive Director of Newpoint Reinsurance Company Limited, commented, "We commend The Insurer's commitment to fair journalism and their readers. Their immediate and transparent action reflects well on their integrity as a news source. NPRE maintains transparency and accountability as core principles in all our operations."
NPRE continues to be dedicated to providing exceptional service and transparency in all its practices, reinforcing its position as a trusted risk partner in the international insurance and reinsurance industry. The company values the principles of honesty and integrity, both within internal operations and in its interactions with media and public entities.
About Newpoint Reinsurance Company Limited
Newpoint Reinsurance Company Limited (NPRE), a subsidiary of NFG SA, is a fully licensed and regulated international insurance and reinsurance firm based in Nevis, operating under License Number C46027. Governed by the Nevis Financial Services Regulation and Supervision Department, NPRE is committed to excellence in compliance, governance, and operational innovation. Leveraging the jurisdiction's strong adherence to English Law, and rigorous KYC AML protocols, NPRE offers a stable environment conducive to supporting the delivery of professional international insurance and reinsurance practices. Our approach integrates advanced risk underwriting and actuarial functions, ensuring precise alignment with capital adequacy requirements and promoting sustainable business growth, complimented by the desire to adopt and comply with the best practices of our international counterparts. For more information, please visit www.npre.kn.
NPRE Company Contact
info@npre.kn
NFG Media Contact
Jessica Starman
media@elev8newmedia.com