Most climate trends are about "cutting carbon" to stop the world from warming — but this lesson is about the opposite: accepting that the world will get hotter for sure, and getting ready for it. Water shortages, extreme heat, floods, wildfires, storms — all of it is already happening, whether or not carbon policy succeeds. And it's creating a massive, unavoidable wave of investment demand. This lesson is the map that strings the 7 categories of adaptation together — with "water" at the center (each category has its own deep-dive chapter).
Thailand's Flood Crisis Spurs $5B+ Drainage Plan; Water M&A Heats Up
▲
Thailand's record floods trigger a 172-billion-baht Chao Phraya drainage mega-project Bangkok and 22 provinces were hit by 300mm+ rainfall, overwhelming drainage. The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal (~$5.3bn), replenishing order books for contractors CK, STECON and ITD from 2027. This is a concrete, long-term adaptation spend.
A new, large-scale government adaptation project directly lifts the flood-resilience sub-area and construction suppliers.
▲
Xylem's $1.46bn pump deal and SPX's $410m FIS Water buy consolidate water equipment Xylem agreed to buy Cornell and Roper pumps for $1.46bn, following its TriOS sensing acquisition. SPX completed the $410m purchase of FIS Water. These deals signal confidence in water infrastructure demand and reshape competition, favouring larger players with scale and technology.
M&A activity shows capital flowing into the theme and changes the competitive landscape for water equipment makers.
▲
Thailand's national catastrophe insurance scheme launches with 11 insurers The government's 15.5-billion-baht programme covers 30 million homes for floods, storms and earthquakes, with total coverage of 75 billion baht. Eleven insurers, including Dhipaya and Bangkok Insurance, are participating. This creates a new, recurring demand channel for risk analytics and insurance.
A new government-backed insurance pool expands the market for climate risk transfer and analytics.
◆
UK water infrastructure gets a policy boost, but Ofwat delays England's first new reservoir to 2034 The UK PM announced a new public body to accelerate water and power infrastructure, reversing the ban on public water ownership. However, Ofwat paused the Havant Thicket reservoir, delaying supply for 3.5 million customers and raising costs to nearly £1bn. Policy support is offset by regulatory and cost hurdles.
Shows both positive policy momentum and negative execution risk in a key developed market for water utilities.
Q3 2026
▲3▼1
Extreme weather lifts adaptation demand, but water equipment and policy stumble
▲
Extreme weather drives urgent adaptation demand Heat, wildfires, droughts, floods and a deadly Himalayan glacier flood, plus record El Niño, sharply increased demand for climate adaptation and water infrastructure.
This is the core force behind the quarter's demand surge.
▲
Major water deals and strong orders signal momentum Ferrovial, Xylem and Consolidated Water announced major water infrastructure deals; Xylem and Mueller reported strong orders; Thailand launched a $5.3bn flood canal and insurance scheme.
Shows concrete capital and order flow responding to demand.
▲
Executives prioritize adaptation spending 68% of executives said climate adaptation is a priority and 83% planned to increase spending, while PFAS remediation momentum added a new growth area.
Indicates broad corporate commitment and a new regulatory-driven market.
▼
Weak equipment demand and policy delays weigh on sector Pentair cut guidance and lost its CFO; Energy Recovery revenue fell 57%; RBC downgraded Mueller on slowing municipal spending; banks pulled back from disaster-prone lending; EU ETS costs and SEC disclosure repeal added uncertainty; Ofwat delayed England's first new reservoir to 2034.
These are the main counterweights that kept the sector from fully capitalizing on demand.
News & notes movingClimate Adaptation & Water
United States
Drought, Wildfire & Flood Resilience
Quanta Raises 2026 Free Cash Flow Outlook to $2-$2.5 Billion
Quanta Services raised its full-year 2026 free cash flow outlook to $2-$2.5 billion, alongside operating cash flow expectations of $2.9-$3.4 billion, after a strong first half. In the second quarter, Quanta generated operating cash flow of $1.10 billion and free cash flow of $886 million, bringing first-half free cash flow to $1.07 billion, sharply higher than $288 million in the comparable 2025 period. Management attributed the second-quarter strength partly to favorable working-capital dynamics, particularly from large-load and renewable projects, while days sales outstanding improved to 57 days. The outlook is underpinned by a record $53.4 billion backlog, expanding project activity and rising investment in electric grids, power generation, data centers and other mission-critical infrastructure. Quanta still expects roughly $900 million of net capital expenditures in 2026, and cash generation could fluctuate with project timing, working-capital requirements, acquisitions, weather, permitting, supply-chain issues, inflation and project execution. Quanta competes with MasTec and EMCOR Group across power, electrical and mission-critical infrastructure markets; MasTec reported negative $59 million of free cash flow in the second quarter, while EMCOR posted record remaining performance obligations of $17.14 billion.
Nutrien to Indefinitely Shut Trinidad Nitrogen Operations at Point Lisas
Nutrien Ltd. announced it will indefinitely shut down its Trinidad Nitrogen operations at the Point Lisas Facility following an extensive review of strategic alternatives and engagement with relevant stakeholders. The company said ongoing natural gas constraints and uncertainty made the closure the optimal path to enhance free cash flow and return on invested capital. Nutrien had previously implemented a controlled shutdown of the facility on October 23, 2025, in response to port access restrictions and a lack of reliable and economic natural gas supply that reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period. Dean Perkins, Senior Vice President, Upstream, Nitrogen and Proprietary Product Operations, said the company appreciates the contributions and dedication of its Trinidad team and is committed to managing the transition responsibly and safely. Nutrien said there will be no impact to its 2026 Nitrogen sales volume guidance because the company assumed no production from its Trinidad Nitrogen operations, and it remains well positioned to meet customer demand for nitrogen and grow volumes from its North American Nitrogen assets through reliability improvements and low-cost debottleneck projects.
NTR · Supply · Positive Nutrien is indefinitely shutting its Trinidad nitrogen facility due to natural gas constraints, cutting high-cost capacity and improving free cash flow without affecting 2026 sales guidance.
The Office of the Insurance Commission, or OIC, has issued guidelines for claiming compensation for damage in flood situations. Secretary-General Chuchat Pramulphon emphasized that the safety of life and property must come first, and that people should not risk entering flooded areas merely to take photos or collect evidence. For cars flooded by water, Type 1 auto insurance covers flood damage, while Type 2+ and Type 3+ policies require checking whether additional flood coverage is included. The OIC has set guidelines for assessing damage to combustion-engine vehicles according to five water levels: Level A, water reaching the car floor mats, with repair costs of approximately 8,000 to 10,000 baht; Level B, water reaching the seats, with repair costs of approximately 15,000 to 20,000 baht; Level C, water reaching the lower part of the console, with repair costs of approximately 25,000 to 30,000 baht; Level D, water reaching the upper part of the console, with repair costs of 30,000 baht or more; and Level E, the car fully submerged, which should be considered a total loss. For electric vehicles, or EVs, the damage to the battery must be considered together with damage to the vehicle itself and the specifications of each brand and model. For homes, residences, buildings, or damaged property, policyholders should check their policies to see whether they include natural disaster or flood coverage and what the coverage limit is, take photos or videos showing both wide shots and details, and prepare a list of damaged property before notifying the insurance company. The OIC has also set up a central hub of insurance claim channels for all companies in one place, which can be checked via the website www.oic.or.th and the LINE Official Account @OICCONNECT, and it has opened the 1186 hotline around the clock.
FTI warns factories to brace for new wave of rain and high tides from October 5-13
The Federation of Thai Industries, or FTI, has issued a warning urging industrial operators to closely prepare for water situations, after the Meteorological Department assessed that October 5-7 will bring volatile weather and October 8-11 will bring another round of rain, with the rain band moving down into the South. Extra vigilance is required in the western, central, Bangkok, eastern and southern regions. For the Chao Phraya and Pa Sak river basins, although northern water flows at Nakhon Sawan are trending downward, water is still joining from the Sakae Krang River, so the Chao Phraya Dam continues to release water at 2,500 cubic metres per second, while the Pa Sak Cholasit Dam has increased its release to 500 cubic metres per second, pushing water levels below the Rama VI Dam up by 1 to 1.2 metres. The Department of Disaster Prevention and Mitigation has also warned of high tides from October 5-10. In the East, water masses from Nakhon Nayok and Prachin Buri have begun to recede and are gradually flowing through Chachoengsao, while the Mae Klong river basin is starting to improve after discharges below the dam were cut to 1,023 cubic metres per second. In the South, heavy and continuous rain must be watched from October 10-13, especially in Chumphon, Nakhon Si Thammarat, Songkhla, Yala, Pattani and Narathiwat, which face the risk of flash floods reaching urban areas. The FTI therefore stressed that factories in these areas must urgently inspect drainage systems and water pumps and prepare emergency response plans for immediate use, and advised the industrial sector to set clear Trigger-Action crisis points covering employee safety, protection of machinery, safe shutdown of operations, management of chemicals, wastewater and industrial waste, as well as transport backups, in order to minimise the impact on business.
Warren and Hawley Open Senate Probe Into Insurers' Zero-Payout Claims
Sens. Elizabeth Warren and Josh Hawley have opened a probe into how leading home and auto insurers process claims, following a Wall Street Journal investigation into the rising chances of no payout. Warren, a member of the Senate Banking Committee, and Hawley wrote Friday to six of the biggest insurers, seeking data and explanations for the increasing risk faced by many Americans that a claim will result in no payment. The letters ask State Farm, Allstate, and others to disclose the breakdown of home and auto claims they have closed without payment, including how many were formally denied. The senators said the findings raise serious questions about whether consumers can trust their insurance companies to hold up their end of the bargain when disasters or emergencies occur, and questioned whether companies are using increasingly aggressive claims-handling practices, including tactics to delay payments, to drive up profits. U.S. property and casualty insurers reported $31.2 billion of underwriting profits for the first half of this year, nearly triple the $10.9 billion for the same period last year, according to a report last month from rating firm AM Best, which said higher premiums and lower payouts on claims helped drive the profits upturn. A State Farm spokesman said the insurer is reviewing the senators' letters, while a spokesman for Allstate didn't respond to requests for comment.
ALL · Regulation · Negative Allstate is one of the six insurers receiving the senators' probe letters over zero-payout claims and aggressive claims-handling practices.
State Farm · Regulation · Negative State Farm is named as a recipient of the Senate probe letters seeking data on claims closed without payment.
Phillip keeps Buy rating on WHAUP with 9.45 baht target on data centre water demand
Phillip Securities (Thailand) said in an analysis dated 2 October 2026 that it expects WHA Utilities and Power, or WHAUP, to post normalised third-quarter 2026 profit of about 499 million baht, flat from the same period a year earlier and down slightly by 0.5% from the previous quarter. The result is supported by higher revenue from the solar business as commercial operation dates continue to come on stream, a share of profit from the Gheco-one power plant returning to above-normal levels, and coal prices trending higher than a year earlier. These factors are partly offset by the water business, where volumes rose but recognition of capacity charges remained below the high base of the third quarter of 2025, while the SPP power plant business still faces pressure from higher natural gas costs, with no adjustment to the Ft tariff for industrial power sales during the period. For the water business outlook in the second half of 2026, capacity charges are expected to be lower than in the first half, but data centres will gradually begin operations from the fourth quarter of 2026 through 2027, which should drive a significant acceleration in water usage. The research team also expects normalised profit for the first nine months of 2026 to be about 1.202 billion baht, up 25.3% from the same period a year earlier, on the back of a still-strong power and utilities business. Phillip therefore maintains its Buy rating on WHAUP with a 2027 target price of 9.45 baht per share.
Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▲Demand
WHAUP.BK · Capital · Positive Phillip maintains Buy rating on WHAUP with a 9.45 baht target price, forecasting 9M26 normalised profit up 25.3% year-on-year.
WHAUP.BK · Demand · Positive Data centres gradually beginning operations from Q4 2026 through 2027 should drive a significant acceleration in WHAUP's water usage.
Siemens ranks energy efficiency first as a global corporate infrastructure goal
Siemens has released the Siemens Infrastructure Transition Monitor 2025, an in-depth edition focused on buildings, titled Inside Smarter Buildings, which surveyed the views of 1,400 executives from leading organizations across a wide range of industries worldwide. The findings show that energy efficiency in buildings has jumped from seventh place in 2023 to first place in 2025, amid persistent cost concerns that remain a major obstacle. The report states that more than half of organizations plan to increase investment in energy efficiency, 57%, smart building technology, 55%, and the shift to electrification, 54%. Meanwhile, as many as 60% of executives in the commercial real estate sector consider decarbonization too costly, higher than the overall average across all sectors of 49%, and only 33% of executives in the real estate sector say their organizations have sufficient access to funding for decarbonization, below the overall average of 47%. On retrofitting existing buildings, the current global rate remains below 1% per year, far from the more than 2% per year that the International Energy Agency's Net Zero by 2050 plan says is necessary. The Energy-as-a-Service model is becoming a solution that helps convert large capital budgets, or CapEx, into usage-based expenses, or OpEx. Digitalization also remains a key mechanism, with more than half of respondents believing digital tools have high potential to reduce costs, 56%, and cut greenhouse gas emissions, 53%, while 54% say their organizations are ready to adopt automation systems in buildings.
Climate Adaptation & Water › Resilient Buildings & Retrofit Technology
SIE.XETRA · Demand · Positive Siemens' own survey shows energy efficiency now the top building priority, with over half of organizations planning higher investment in energy efficiency, smart building tech, and electrification — demand tailwinds for Siemens' building/infrastructure offerings.
PM Orders All Agencies to Manage Water and Transport for IMF-World Bank Meetings in Bangkok
Prime Minister and Interior Minister Anutin Charnvirakul has instructed all agencies to manage water situations and transport systems to support the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group, to be held from October 12 to 18, 2026, in Bangkok, which will bring delegates from 191 countries and approximately 15,000 accompanying persons into Thailand. Government spokesman Ekapop Pienpiset said the Prime Minister chaired a meeting of the National Disaster Prevention and Mitigation Command to monitor flood situations and assistance to the public, issuing eight directives covering the drainage of reservoirs and waterways that are full or nearly full; the removal of waterway obstructions at bottlenecks, bridges, drainage pipes and underpasses; more precise targeting of risk areas; the mobilization of machinery from the public and private sectors; the immediate start of rehabilitation in zones where water has receded; preparation of rehabilitation plans and compensation for eligible households; discussions with the Bank for Agriculture and Agricultural Cooperatives on assistance for farmers whose crops were damaged; and consideration of reducing or waiving water and electricity charges for flood-affected households by waterworks and electricity agencies at both central and regional levels. He also instructed Airports of Thailand and the Ministry of Transport to fully manage inbound and outbound passenger travel and transport, and to expedite the return of services to normal as quickly as possible, in order to build confidence in Thailand's ability to host participants and attract foreign investment.
Climate Adaptation & Water › Water Utilities & Infrastructure Regulation
AOT.BK · Demand · Positive PM instructed Airports of Thailand to fully manage inbound/outbound passenger travel for the 2026 IMF-World Bank meetings, bringing 15,000+ delegates to Bangkok.
Bank for Agriculture and Agricultural Cooperatives (BAAC) · Regulation · Neutral Government to discuss with BAAC on assistance for farmers whose crops were damaged by floods; impact on the bank is unclear.
Alm. Brand Lifts 2026 Outlook on Low Claims, Run-off Gains
Alm. Brand raised its 2026 outlook on Monday after a favorable third quarter, helped by a low level of major and weather-related claims and gains from run-offs. The Danish insurer now expects a pre-tax profit before other income and expenses of 1.65 billion to 1.75 billion Danish crowns for the year. Full-year guidance for the insurance service result, excluding run-offs in the fourth quarter, was lifted by 250 million crowns to 1.5 billion-1.6 billion crowns, from a previous range of 1.2 billion-1.4 billion crowns. The combined ratio is now expected at 86.5-87.5, improved from the earlier 88-90 range, while the expense ratio guidance is unchanged at around 17%. Alm. Brand cut its investment result forecast to 150 million crowns from 250 million crowns, citing the rise in interest rates, and said other income and expenses, including amortization of intangible assets, are still expected to total an expense of roughly 500 million crowns. The company will publish its full third-quarter results on October 28.
Climate Adaptation & Water › Property/Casualty & Reinsurance Underwriting ▲Capital
Climate Adaptation & Water › Climate Risk Analytics & Insurance Capital
0DJI.LSE · Capital · Positive Alm. Brand raised its 2026 profit and insurance-service guidance on low major/weather claims and run-off gains, though it cut its investment-result forecast.
HomePro Partners with Tata Tiscon to Sell Low-Carbon Steel Bars at MegaHome Nationwide
Home Product Center Public Company Limited, or HMPRO, has announced a partnership with Tata Tiscon to bring EF steel bars, a low-carbon steel bar produced using electric arc furnace technology from 100% recycled scrap steel, to MegaHome stores nationwide. Part of the scrap steel comes from HomePro customers' electrical appliances through the Trade Old for a New World program. Mr. Theerapong Samphan, Assistant Managing Director of the Construction Procurement Group at HomePro, said that offering EF steel bars this time helps technicians, contractors, and consumers access low-carbon construction materials more easily at an affordable price. Mr. Chaichalerm Bunyanuwat, Senior Assistant Managing Director of Marketing and Sales at Tata Steel (Thailand) Public Company Limited, said the project shows that the circular economy can truly happen in everyday life, when scrap metal from products consumers no longer use returns to the production process through Tata Steel Thailand's EAF technology and is turned back into standard-quality steel bars sold again through MegaHome. Using one ton of steel bars produced with an EAF furnace reduces carbon dioxide emissions by the equivalent of planting more than 180 trees, and cuts carbon dioxide emissions by about three to four times compared with the BF-BOF steelmaking process. The products carry verifiable environmental information, including EPD, CFP, and the Green Label. Tata Tiscon's product range also includes SD50 high-strength steel bars, which help reduce the amount of reinforcement steel used by up to 20%, and CUT & BEND prefabricated cut-and-bent steel, which helps reduce steel waste at job sites by 10-15%. Tata Tiscon EF steel bars are available today at MegaHome stores nationwide.
REBAR · Demand · Positive Tata Tiscon steel bars, including rebar-type products, are being sold through MegaHome nationwide, expanding retail demand for steel bars.
National Water Resources Office warns of flash floods from 5-7 October, monitors Eastern reservoirs exceeding 80%
The National Water Resources Office has issued announcement No. 9/2569, warning of waterlogging, flash floods, forest runoff and riverbank overflow during 5-7 October 2569. At-risk areas cover the North, the Central region including Bangkok and its vicinity, the East, the West and several provinces in the South. The office instructed close monitoring of large, medium and small reservoirs holding more than 80% of their storage capacity, along with watching for sudden rises in water levels and bank overflow in low-lying areas along major rivers and their tributaries, such as the Ping River, the Sakae Krang River, the Khwae Noi River, the Pa Sak River, the Tha Chin River, the Nakhon Nayok River, the Prachin Buri River, the Chanthaburi River, the Trat River, the Khwae Yai River and the Kolok River. As for water conditions at the three main dams in the Eastern Economic Corridor area, Bang Phra Reservoir stands at 82%, or 95 million cubic metres; Nong Pla Lai Reservoir at 103%, or 168 million cubic metres; and Prasae Reservoir at 100%, or 294 million cubic metres. Meanwhile, in the Chao Phraya basin as of 6:00 a.m. today, station P.17 in Banphot Phisai district, Nakhon Sawan province, recorded a water level of 35.45 metres above mean sea level, 2.80 metres below the bank, with a downward trend. Station N.67 in Chum Saeng district recorded 26.05 metres above mean sea level, 2.16 metres below the bank, also trending down. Station C.2 in Mueang Nakhon Sawan district showed a flow rate of 2,038 cubic metres per second, with a water level of 22.84 metres above mean sea level, 2.86 metres below the bank, while the Chao Phraya Dam is discharging water at 2,500 cubic metres per second.
Government warns of afternoon rain bomb hitting Pattaya, urges vigilance from Chachoengsao and Pathum Thani down to the South
Ekkaphop Pheanphithak, spokesperson for the Prime Minister's Office, said at the joint flood situation information center that the Meteorological Department forecasts scattered rain across all regions between October 5 and 7, with more rain expected from October 10 to 13. He asked the public in Pattaya in Chonburi province to be on alert for rain bomb conditions during the afternoon of the same day, which could cause localized flooding, and urged vigilance in Chachoengsao and Pathum Thani provinces, which receive part of the runoff from the Nakhon Nayok side, through next week from Phetchaburi province down to the lower South. Parinya Chanthakup, director of the water quality management academic division at the Bangkok Drainage Office, said the Chao Phraya River level today is forecast to peak at 1.72 meters, about 1.28 meters below Bangkok's flood barriers, and that Bangkok is preparing for two periods of heavy rain, from October 5 to 6 and from October 10 to 11, 2026, by accelerating drainage in main canals and deploying mobile pumps at risk spots such as Sai Mai, Lat Krabang, Khlong Sam Wa and Saphan Sung districts. The Royal Irrigation Department confirmed that releasing water from the Chao Phraya Dam at a rate of 2,500 cubic meters per second will not cause water to overflow Bangkok's or the surrounding area's flood barriers into urban zones. The Department of Disaster Prevention and Mitigation said that if Bangkok and the provinces submit complete data, compensation payments to flood victims can be transferred within two to three days, or no later than this week. As of 7:00 a.m. on October 5, registrations through the Thang Rath application totaled 1,056,361 households, comprising 458,987 households in Bangkok, 149,194 in Samut Prakan, 130,010 in Pathum Thani, 42,531 in Chachoengsao and 36,016 in Rayong.
New York Approves Casella Waste Systems Hakes Landfill Expansion
New York's Department of Environmental Conservation approved a permit allowing Casella Waste Systems to expand the Hakes Construction and Demolition landfill in Campbell by about 43.3 acres, adding an estimated 5.8 million cubic yards of disposal capacity. The approval also covers 21.7 acres of soil borrow area and upgraded leachate and gas systems, materially increasing Casella's permitted footprint for construction and demolition waste. The expansion sits alongside Casella's 6 August 2026 guidance update, in which management raised 2026 revenue expectations to US$2.090 billion to US$2.110 billion while cutting net income guidance to US$0 to US$6 million on higher acquisition activity and fuel cost recovery dynamics. Casella's narrative projects $2.5 billion revenue and $92.3 million earnings by 2029, requiring 9.2% yearly revenue growth and about a $86.6 million earnings increase from $5.7 million today, with forecasts yielding a $111.00 fair value, a 34% upside to its current price.
CWST · Regulation · Positive New York DEC approved a permit expanding Casella's Hakes landfill by ~43.3 acres and 5.8 million cubic yards of disposal capacity.
CWST · Capital · Neutral Casella's 6 August 2026 guidance raised revenue but cut net income guidance to $0-$6 million on higher acquisition activity and fuel cost recovery.
BWG Confirms Saraburi Landfill Safe from Flooding, TRIS Ratings Affirms BBB
Better World Green Public Company Limited, or BWG, has confirmed that its waste landfill in Saraburi province carries no risk of flooding, as it sits on ground well above road level and sea level. Ms. Nattaphan Luengwiriya, a director and deputy managing director for business development and corporate communications, told Than Hoon that the company expects fourth-quarter 2026 operating results to be close to the same period a year earlier, and that full-year 2026 performance should be roughly flat versus the prior year, with EBITDA this year likely holding steady amid persistent pressure from oil costs. BWG reported total revenue of 2.76 billion baht for 2025 and EBITDA of 1.495 billion baht. Meanwhile, the new Power Development Plan, whose public consultation concluded on September 15, 2026, opens the door for the company to expand further into the power plant business. Most recently, on September 29, 2026, TRIS Rating affirmed BWG's corporate credit rating at BBB with a stable outlook, and expects waste management volumes to grow about 2% per year during 2026-2028, SRF sales to rise about 5% per year over the same period, and EBITDA from the waste management business to recover from 360-380 million baht in 2026 to 640-670 million baht by 2028.
Emera Lifts Quarterly Dividend to CA$0.74 Per Share
Emera has raised its quarterly dividend to CA$0.74 per share, implying an annual payout of CA$2.96, a 1% increase from the previous CA$2.93 level. The move comes after a softer stretch for the share price, with a 90 day return down 7.98% and a 30 day return down 1.88%, though the 1 year total shareholder return of 6.77% and 3 year total shareholder return of 68.08% reflect longer-term momentum. The most followed valuation narrative pegs Emera's fair value at roughly CA$74.45 per share, above the recent CA$68.42 close, framing the higher dividend as an 8% undervalued case. That view rests on heavy investment in grid modernization, renewables including a $2+ billion solar expansion in Florida, and infrastructure resilience, but faces risks from refinancing needs and exposure to cyber incidents and extreme weather. On valuation, Emera trades at 21.8x earnings, above Canadian peers at 20.9x and the wider North American utilities group at 19.8x, while the fair ratio sits higher at 29x.
TQR ready to take on national catastrophe insurance scheme covering 30 million households
TQR Public Company Limited, or TQR, disclosed that it is still gathering detailed information on the national catastrophe insurance programme, after the government began providing coverage from 1 October 2026 to 30 September 2027. It views the government's support and establishment of a risk-distribution mechanism as an important development for the country, and one that may help raise its capacity to absorb catastrophe risk closer to international standards. Under the programme, the government purchases insurance on behalf of the public, covering 30 million households nationwide, with protection against floods, windstorms and earthquakes. A total of 11 insurance companies are participating, five of which are listed on the Thai stock exchange: TIPH, BKIH, MTI, TVH, THRE and TQR. Meanwhile, ASL Securities views the programme as positive for the insurance sector in terms of premium growth and expanding insurance penetration, and recommends gradually accumulating TIPH, KTB and BBL. TIPH is the standout stock, benefiting directly through Thip Insurance, which has the opportunity to take on new premiums and build them into recurring premium income if the government renews the programme next year. KTB and BBL, meanwhile, gain indirect positive sentiment.
TQR.BK · Demand · Positive TQR is participating in the government's national catastrophe insurance programme covering 30 million households, which may raise its capacity to absorb catastrophe risk.
TIPH.BK · Demand · Positive TIPH is the standout, benefiting directly through Thip Insurance's opportunity to take on new premiums and build recurring premium income under the programme.
Ekniti Visits Khlong Rangsit Water Gate, Orders Preparations for New Rain Wave, Set to Convene Three-Party Water Management Talks
Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, visited the water gate and semi-permanent pumping station at the mouth of Khlong Rangsit in Ban Mai subdistrict, Mueang district, Pathum Thani province, to monitor the water situation and the drainage of water from Khlong Rangsit Prayunsak into the Chao Phraya River. He was assigned by Anutin Charnvirakul, Prime Minister and Minister of Interior, to prepare for a new wave of rainfall. Ekniti stated that the main problem stems from the volume of water flowing in from Nakhon Nayok province, while the northern water situation remains stable and has not yet caused severe impact. The government has already procured additional water pumps for the area after Pathum Thani province previously requested small pumps or high-speed pumps, and he instructed the provincial governor to make the care of the public the top priority. Regarding the case of Ongkharak district and Khlong 12, where there is a proposal to divert some water to the Rangsit side, Ekniti said water must be managed in an integrated, system-wide manner, since the Rangsit area itself receives water from Ongkharak and Nakhon Nayok, while Bangkok also continues to face flooding problems. He therefore plans to convene a joint meeting of the three parties within one to two days to set a unified water management approach from upstream to downstream, including accelerating drainage in downstream areas such as Samut Prakan province. He also instructed coordination with the electricity authority to prepare backup generators, since power outages in the past have prevented pumps from operating at full efficiency.
PM Anutin Orders 14 Southern Provinces to Declare Disaster Zones Immediately Without Waiting for Floods
Anutin Charnvirakul, Prime Minister and Interior Minister, chaired a meeting of the National Disaster Prevention and Mitigation Command to monitor flood situations nationwide. He instructed provincial governors in areas prone to or forecast to face disasters to exercise their authority as provincial disaster prevention and mitigation directors and consider declaring disaster zones without waiting for the disaster to occur, and to consider spending budgets based on actual needs in line with regulatory criteria. Anutin also emphasized four directives for accelerating flood management, particularly speeding up damage assessments and approving compensation of 9,000 baht for people affected since September 25-26, 2026, as well as restoring areas where water has receded, public utilities, and preparing Big Cleaning plans. He also ordered governors of 14 southern provinces to prepare for heavy rainfall according to weather forecasts by reviewing area-specific response plans, preparing rescue teams, water pumps, boats, shelters, and evacuation plans for vulnerable groups. He assigned Acting Sub-Lt. Trakul Thotham, Inspector-General of the Interior Ministry, to drill shelter management guidelines with all 14 southern provincial governors, using the shelter at Prince of Songkla University's Hat Yai campus as a standard shelter. He also ordered Ekniti Nitithanprapas, Deputy Prime Minister and Finance Minister, along with Jaraseth Thaiseth, Deputy Interior Minister, to quickly drill damage assessment guidelines for claiming insurance compensation under the national insurance policy together with relevant agencies.
QBE Insurance Appoints Jonathan Groves as Australia Pacific CEO
QBE Insurance Group has appointed long-serving executive Jonathan Groves as CEO of its Australia Pacific division, effective 1 November 2026, subject to regulatory approvals. The leadership change lands on top of a finely balanced valuation story: analysts see fair value at about A$24.47, only slightly above the A$23.81 last close, leaving the stock roughly 3% undervalued. QBE has delivered a 20.19% year-to-date share price return and a 4.11% decline over 90 days, while its 5-year total shareholder return stands at 136.36%. The company's strong capital position, recent AA credit upgrades and disciplined risk management underpin stable dividend payouts and optionality for strategic acquisitions or investment in new growth segments. The story could still shift quickly if premium rate pressure worsens or large loss volatility unsettles underwriting results again.
The Bangkok Metropolitan Administration has completed repairs to its online registration system for flood victims seeking assistance, and about 35,800 people have now registered. Lalida Periswiwatana, deputy spokesperson for the Prime Minister's Office, said Bangkok is accelerating drainage in the eastern areas, particularly Min Buri, Nong Chok, Prawet, Saphan Sung, Sai Mai and Lat Krabang, and is mobilising water pumps and water-pushing boats to help. Wissanu Charoen, director of the drainage system engineering division at the Bangkok Metropolitan Administration's Drainage Office, said the urgent operation is focused on reclaiming the Rom Klao community housing area in Lat Krabang district, where the water level has been reduced by about 30 to 60 centimetres, though roads in the area are still flooded by about 20 to 30 centimetres. Yesterday the Bangkok Metropolitan Administration added more flood barriers and installed additional water pumps, and expects to lower the water level by about 25 centimetres per day, with roughly two more days needed to return the area to normal. In the Sai Mai–Ao Ngoen area, the situation is expected to ease within about two days. People who have already registered and wish to correct their information can log in to the system to update it, or contact their district office during official working days and hours.
Pattrapong visits Nakhon Sawan and Kamphaeng Phet to speed up flood relief and repair broken bridges
Pattrapong Pattrapasit, Deputy Minister of Transport, together with Anutin Charnvirakul, Prime Minister and Minister of Interior, visited the temporary shelter at Wat Ban Kaeng in Ban Kaeng subdistrict, Mueang Nakhon Sawan district, Nakhon Sawan province, to offer encouragement and hand out relief bags to flood victims. The delegation then traveled on to Sak Ngam subdistrict in Khlong Lan district, Kamphaeng Phet province, to inspect the Nong Prue-Tha Kabak bridge, whose structure was severely damaged by flash floods, cutting off the road connecting to the bridge. Pattrapong said that several days of continuous heavy rain had affected a total of 8 road and bridge sites, with 3 heavily damaged locations: the Ban Khlong Phrai road, the community bridge across Khlong Wang Chao, and the Ban Nong Prue-Tha Kabak bridge, which no vehicles can cross. The Ministry of Transport has drawn up a two-phase response plan. In the urgent phase, it will coordinate with the Department of Disaster Prevention and Mitigation and related agencies to procure temporary steel bridges or Bailey bridges and install them in the affected areas as quickly as possible, especially at the Nong Prue-Tha Kabak site, which spans about 96 meters. The situation will be reassessed after the monsoon period ends between October 5 and 9, and the embankment is expected to be reinforced to support the installation of a Bailey bridge. In the long term, the Ministry of Transport will allocate a budget to build new bridges to replace the damaged ones as quickly as possible.
Bnomics warns floods will drag down GDP, urges Thailand to shift to 'living with water'
Bnomics by Bangkok Bank released an analysis warning that flooding is not merely a problem of heavy rainfall, but reflects that cities cannot handle the water, with damage spreading to GDP and supply chains. It points out that Thailand must shift its mindset from 'draining water' to 'living with water.' The analysis cites a World Bank assessment that the great flood of 2011 caused damage and losses of approximately 1.43 trillion baht, or 12.6% of GDP. The report Thailand Economic Monitor: Coping with Floods and Droughts estimates that if in 2030 Thailand faces flooding at a level with roughly a one-in-50-year probability, similar to the 2011 event, production losses could exceed 10% of GDP, and could be even higher if supply chains cannot adapt well enough. Singapore once had about 32 square kilometres of flood-prone area in the 1970s, but after decades of continuous investment in upgrading its systems, that has now fallen to less than 0.25 square kilometres, a reduction of more than 99%. For Thailand, in the 2017–2026 fiscal years, the integrated water resource management plan was allocated a total budget of more than 600 billion baht, with the 2025 fiscal year at approximately 62,621 million baht and 2026 at approximately 63,421 million baht. This budget covers water for consumption and use, water for agriculture, drought response, water source rehabilitation, and flood prevention. The World Bank therefore proposes that Thailand use Cost-Benefit Analysis systematically to prioritise flood and drought response measures, alongside investment in infrastructure, early warning systems, and Nature-based Solutions.
BBL.BK · · Neutral Bangkok Bank's research arm Bnomics authored the flood analysis, but the article reports no direct financial impact on the bank itself.
Kemper Forms Enterprise Distribution & Marketing Unit, Names Chris Flint Chief Distribution & Marketing Officer
Kemper Corporation has formed an enterprise Distribution & Marketing organization, appointing former Kemper Life President Chris Flint as Chief Distribution & Marketing Officer and naming new leaders for its P&C Claims and Life businesses. The move consolidates sales and marketing across the company while placing experienced operators over claims and life insurance, an effort to tighten execution and better align growth initiatives across business lines. Among the recent developments, the appointment of Todd Williams as Chief Claims Officer stands out alongside the marketing reorganization, given that claims performance sits at the heart of Kemper's key risk around loss ratios and reserve stability. Kemper's narrative projects $4.3 billion in revenue and $527.0 million in earnings by 2029, yielding a $36.33 fair value and a 42% upside to its current price, while some of the most cautious analysts were assuming revenue around US$4.8 billion and earnings near US$415 million by 2029. The reorganization does not by itself remove the biggest near-term pressure point, which is underwriting volatility in specialty auto and the risk of further loss-driven earnings swings.
Climate Adaptation & Water › Property/Casualty & Reinsurance Underwriting Talent
KMPR · Capital · Neutral Kemper forms an enterprise Distribution & Marketing unit and names new claims/life leaders, an execution reorganization that doesn't remove specialty-auto underwriting volatility.
Bangkok rushes to drain water in outer areas, opens 2 channels for relief payments via Tang Rat and website
Jesada Chantraprapha, Deputy Permanent Secretary of the Bangkok Metropolitan Administration, said at the joint flood situation press center at Government House that the BMA is accelerating drainage to minimize the impact on residents in outer areas as much as possible. The current situation of northern runoff and seawater intrusion has not yet had a significant impact, but rainfall that may increase further still needs to be monitored. For water management in each area, the BMA has coordinated with the Lak Hok community to consider opening additional sluice gates on Khlong Prem Prachakon to draw water from Khlong Rangsit Prayunsak and the northern areas. In the Khlong Song area of Pathum Thani Province, the BMA is rushing to open sluice gates on Khlong Lat Phrao, Khlong Mo Taek, and Khlong Phraya Suren to ease the hardship of residents in Lam Luk Ka District, in Lat Sawai Subdistrict and Khukhot Subdistrict. On Khlong Saen Saep, water is being drained rapidly outside the Min Buri sluice gate, while on Khlong Prawet Burirom, water is being drained rapidly at the Lat Krabang gate to reduce the impact in the area of King Mongkut's Institute of Technology Ladkrabang and surrounding areas. Additional pumps are also being installed to assist the Keha Thani, Keha Rom Klao, and Nawathani communities. Meanwhile, Bangkok residents affected by the floods can now register to claim relief payments through two main channels: the Tang Rat application and the Bangkok system website at claim.bangkok.go.th
Bangkok cancels Bueng Khu Bon and Bueng Bang Chan monkey-cheek projects, citing poor value for 11 billion baht
The Bangkok Metropolitan Administration has confirmed the cancellation of the Bueng Khu Bon and Bueng Bang Chan monkey-cheek flood-retention projects, saying they are not worth the roughly 11 billion baht budget. Jesada Chantraprapha, deputy permanent secretary of the Bangkok Metropolitan Administration, said the two ponds can hold only 700,000 cubic metres of water, compared with about 5 million cubic metres managed by Bueng Nong Bon, or roughly ten times more, and that Bueng Nong Bon is also connected to the tunnel system and main canals. He also insisted that no private party received any undue benefit. Chawalit Chantararat, a water management expert and chief executive of TEAM GROUP, said Bueng Khu Bon has a design capacity of about 870,000 cubic metres but can actually manage only around 500,000 cubic metres, and that when the current land price and the cost of building all the associated systems are combined, the cost framework for the Khu Bon project comes to about 11 billion baht. The Bangkok Metropolitan Administration is therefore laying out a plan to develop the eastern drainage system as an integrated whole, running through Khlong Phraya Suren, Khlong Sam Wa, Khlong Saen Saep and Khlong Prawet Burirom, linking to Bueng Nong Bon, the drainage tunnel and a large pumping station, while taking in more water from Min Buri, Bang Kapi, Lat Krabang and Rom Klao.
OIC Orders Insurers to Set Realistic Reserves, Splits Repair Status into 3 Stages to Handle Post-Flood Claims Surge
The Office of Insurance Commission, or OIC, has ordered insurance companies to assess their catastrophe reserves as close to reality as possible and to set aside full reserves, in order to prevent liquidity strain and to reflect the overall damage picture across the system. This follows the second joint meeting with the insurance sector, held on 2 October 2026, to prepare for the wave of claims expected to flood in simultaneously once the floods recede. At the first meeting on 28 December 2026, damage data was still scattered and incomplete. Under the data and liquidity response guidelines, insurance companies are required to clearly separate repair status into three stages: awaiting entry to repair, under repair, and repair completed, in order to prevent artificial status problems. On staffing and resource management, the OIC recommends allocating loss surveyors and damage assessors appropriately, and grouping damage levels for internal combustion engine vehicles into five levels, A through E, according to the level of water reaching the vehicle. At level A, water reaches the vehicle's floor carpet, with repair costs estimated at approximately 8,000 to 10,000 baht. At level B, water reaches the seats, with repair costs estimated at approximately 15,000 to 20,000 baht. At level C, water reaches the lower part of the console, with repair costs estimated at approximately 25,000 to 30,000 baht. At level D, water reaches the upper part of the console, with repair costs of 30,000 baht or more. At level E, the car is fully submerged and should be considered a total loss, with claims paid according to the sum insured. For electric vehicles, a combined assessment structure is set, requiring a joint assessment process covering damage to the vehicle structure and the battery pack, as well as reference to specific technical specifications from each manufacturer. A framework is also set for paying compensation within seven days in cases where damage is clearly proven, and the documentation process is unlocked for total loss cases still under installment obligations to financial institutions. On building strategic partnerships, the OIC will act as a central hub coordinating with banks and financial institutions in cases of total loss vehicles still under finance obligations, as well as providing networks of forklifts and tow trucks and opening access to cordoned-off areas. Chuchat Pramulphon, Secretary-General of the OIC, stressed key principles for policyholders: safety first, notify the company first, and collect as much evidence as possible. Absolutely do not start a flooded car. Photograph or video the water marks and the vehicle once it is safe, then notify the insurance company immediately. Meanwhile, the public can use the central claims channel for all insurance companies via the website www.oic.or.th and the LINE Official Account @OICCONNECT, as well as the OIC hotline 1186 around the clock until 5 October 2026.
Government launches national disaster insurance system covering 30 million households, starting 1 October 2026
Deputy Interior Minister Jaraseth Thaiseth revealed that the government has purchased national disaster insurance coverage for approximately 30 million households nationwide, covering three types of hazards: floods, windstorms, and earthquakes. The policy takes effect for disasters occurring from 1 October 2026 onward and provides coverage through 1 October 2027. In the case of floods, once an area meets the conditions and an emergency disaster assistance zone is declared, affected parties are entitled to an initial claim payment of 10,000 baht per incident per household, plus additional compensation based on actual damage of up to 90,000 baht, for a maximum total of 100,000 baht per incident per household. For windstorms and earthquakes, the initial payment is 5,000 baht, with additional compensation of up to 95,000 baht, for a maximum total of 100,000 baht per incident per household. In the case of death from a covered hazard, benefits of 2 million baht per person are paid. The new system also covers situations where floodwaters surround a residence to the point that normal life cannot be sustained for more than seven consecutive days, with the right to receive compensation of 10,000 baht per incident per household, including flats or buildings affected in such a manner. For renters with a clear rental contract, the rights to initial assistance payments and rights related to damage to the home itself will be considered separately between the occupant and the property owner in accordance with the policy conditions. Citizens must register to confirm their information and bank account for receiving payments. A key feature of the new system is the reduction of procedures and waiting times after a disaster, with initial claim payments set to be processed within 15 days after passing verification under the conditions, so that people have money for essential expenses during recovery. As for home repairs from flooding, insurance companies are in the process of developing assessment guidelines that reduce the complexity of item-by-item surveys, with the idea of using water levels and damage to help determine claim amounts. Flood events occurring before 1 October 2026 will still use the assistance and relief mechanisms under existing laws and criteria and will not automatically enter the coverage of the new policy.
Yoschanan backs household-level flood warnings with Digital Twin
Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation Yoschanan Wongsawat said in the programme "Kui Kap CRM Anutin" that a joint command system has been prepared over roughly two months with the Department of Disaster Prevention and Mitigation, provincial governors, the Royal Irrigation Department, the Hydro-Informatics Institute, the Meteorological Department, GISTDA and universities, along with a 24-hour war room to monitor the situation. Where assessments differ, the worst-case scenario will be used as the basis for preparations. After lessons learned in Nan province, where rain on high ground can flow into communities faster than river gauges can detect it, telemetry and rainfall sensors are being installed urgently on high ground, while residents and community leaders are being trained on evacuation plans and shelters are kept ready at universities and government agencies at all times. The next goal is to refine warnings from the sub-district level down to the community and household level, using a Digital Twin to simulate terrain, watercourses and points that should be dredged, and to mark the locations of bedridden patients in the thaiwater.net system. On education, the idea of Precision Education has been proposed, with AI helping tailor content and learning methods to each person's aptitudes and teachers shifting to the role of facilitator. The TCAS system is meanwhile reducing the weight of interviews to about 30% in some places and developing portfolio use under a single standard. The Credit Bank system will allow work experience and skills to be converted into qualifications or credits that can be accumulated towards university admission. He is also preparing to travel to the STS Forum in Kyoto, Japan, to present the Nature Positive concept alongside the Net Zero goal.
Badger Meter Launches OneNetwork Platform at WEFTEC
Badger Meter launched OneNetwork, a real-time monitoring and analytics platform designed to unify fragmented water and wastewater system data, at the WEFTEC conference in New Orleans. The company's share price has fallen 27.6% year to date, with a 1 year total shareholder return down 28.6%, though the 5 year total shareholder return of 26.6% still points to longer term gains. The most followed narrative places Badger Meter's fair value at $169, above the last close of $127.77, framing OneNetwork as part of a wider digital push alongside the BlueEdge platform and expansion beyond the meter. That narrative cites intensifying water scarcity, mounting regulatory pressure, and mandates for real-time monitoring as drivers of shorter replacement cycles and pricing power. Supply chain and tariff pressures, along with any slowdown in core utility water projects, could weaken that upbeat case.
Employers Holdings Q2 Revenue Falls 10.6% but Beats Estimates
Employers Holdings reported second-quarter revenues of $220.2 million, down 10.6% year on year but exceeding analysts' expectations by 8.4%, in what the company called a strong quarter that also beat EPS estimates. Chief Executive Officer Katherine Antonello said diluted earnings per share grew 29% year-over-year and adjusted earnings per share grew 46%, even as net income was essentially flat, reflecting the accretive impact of the company's recapitalization strategy and share repurchases. The stock is down 2.2% since reporting and currently trades at $48.67. Across the 31 property and casualty insurance stocks tracked, group revenues beat consensus estimates by 2.3% while next quarter's revenue guidance came in 0.9% above, yet share prices have fallen an average of 9.6% since the latest earnings results. Among peers, Essent Group reported revenues of $362.7 million, up 13.6% year on year and 9.7% above expectations, while Radian Group posted revenues of $580.7 million, up 95.7% year on year and in line with expectations but with a significant EPS miss.
Jefferies Downgrades Edison International to Underperform on Eaton Fire Liability Risk
Jefferies downgraded Edison International to Underperform from Hold with a $42 price target, down from $53, citing Eaton Fire liabilities that are not priced in. The utility's shares fell 0.9% in Friday's trading. Analysts led by Paul Zimbardo said the fundamental catalyst path ahead skews more cautious, with only a remote probability of a meaningful 2026 California legislative session outcome and Eaton Fire liabilities coming into sharper focus over the coming months. The Los Angeles County District Attorney said on September 23 that the criminal investigation into Southern California Edison for the Eaton Fire is very active, and Zimbardo wrote that criminal charges, if pursued, could lead investors to price in higher Eaton liabilities. He sees Edison's 6.5% dividend yield as safe but said investors are closely watching, and he expects the utility's valuation premium to close peer PG&E to narrow as Eaton Fire liability exposure crystallizes as the core driver of investor sentiment in the coming months.
EIX · Capital · Negative Jefferies downgraded Edison International to Underperform with a lowered $42 price target, citing unpriced Eaton Fire liabilities.
EIX · Regulation · Negative Active criminal investigation into Southern California Edison over the Eaton Fire could lead to charges and higher liability estimates.
Trane Technologies Eyes Another Earnings Beat With Positive ESP
Trane Technologies is positioned to potentially extend its earnings-beat streak when it reports next, with a positive Zacks Earnings ESP of +0.43% and a Zacks Rank #3 (Hold). The manufacturer has beaten estimates in each of its last two reports, with an average surprise of 2.44%. In the most recent quarter, Trane Technologies posted earnings of $4.31 per share against the Zacks Consensus Estimate of $4.27 per share, a surprise of 0.94%. The prior quarter delivered a surprise of 3.95%, as earnings came in at $2.63 per share versus an expected $2.53 per share. Zacks research shows that stocks combining a positive Earnings ESP with a Zacks Rank #3 or better produce a positive surprise nearly 70% of the time.
GFL Environmental Jumps 4% as Two Private Equity Consortia Submit Takeover Bids
GFL Environmental rose 4% on a report that two private equity groups have made offers for the company. GFL's special committee is evaluating the takeover offers with its adviser, according to traders who cited a CTFN report circulating on Friday that cited a source familiar with the matter. One group consists of private equity firms KKR, Blackstone, and Energy Capital Partners, while the other group includes Brookfield Asset Management and IFM Investors. The bids likely need to be at the top end of the $50 to $55 a share range that CTFN previously reported to get across the finish line, and GFL has also received interest from strategic buyers for certain markets or regions. GFL CEO Patrick Dovigi told Bloomberg TV last month that he is open to taking the company private at a higher valuation than it currently trades at, saying no decision has been made, and GFL is set to report Q3 results on Oct. 28.
Climate Adaptation & Water › Waste Management & Circular Economy Capital
GFL · Capital · Positive Two private equity consortia submitted takeover bids for GFL, with the special committee evaluating the offers.
BAM · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for Brookfield are given.
BX · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Blackstone.
KKR · Capital · Neutral Named as part of a private equity consortium bidding for GFL, but no specific terms or outcome for KKR.
Energy Capital Partners · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Energy Capital Partners.
IFM Investors · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for IFM Investors.
AM Best Downgrades SanlamAllianz Re Ratings, Revises Review Status to Developing
AM Best has downgraded the Financial Strength Rating of SanlamAllianz Re Ltd to B++ (Good) from A- (Excellent) and its Long-Term Issuer Credit Rating to "bbb+" (Good) from "a-" (Excellent), while maintaining the ratings under review and revising the implications status to developing from negative. The downgrades reflect a revision in AM Best's assessment of SAZ Re's enterprise risk management to marginal from appropriate, citing significant shortcomings in corporate governance and controls that culminated in a USD 71 million write-off of receivables, equivalent to more than 100% of 2025 opening capital and surplus. SAZ Re subsequently reported a net loss of USD 20.4 million in 2025 and suffered additional losses in the first half of 2026, a combined impact that exceeded two rounds of remedial capital injections from shareholders in 2025 and 2026 of USD 47 million and USD 27 million, respectively. The ratings were first placed under review with negative implications on 29 August 2025, and AM Best expects them to remain under review with developing implications until it receives SAZ Re's recapitalisation plan and year-end 2026 financial statements and assesses the company's credit rating fundamentals.
Climate Adaptation & Water › Property/Casualty & Reinsurance Underwriting Capital
SanlamAllianz Re Ltd · Capital · Negative AM Best downgraded SAZ Re's ratings after a USD 71 million receivables write-off, governance shortcomings, and a 2025 net loss exceeding shareholder capital injections.
AM Best Affirms A- Ratings of Enact Re Ltd., Outlook Stable
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Enact Re Ltd. (ERL) (Bermuda), with a stable outlook on both ratings. ERL is a Class 3A Bermuda reinsurer and a direct subsidiary of Enact Mortgage Insurance Corporation (EMIC) (North Carolina), the flagship private mortgage insurer within the Enact Holdings, Inc. (EHI) (Delaware) organization, and it provides quota share reinsurance to EMIC. The ratings reflect ERL's balance sheet strength, which AM Best assesses as very strong, along with its adequate operating performance, limited business profile and appropriate enterprise risk management, and they also reflect rating enhancement from its close relationship with EMIC. ERL's very strong balance sheet assessment is supported by risk-adjusted capitalization at the very strong level on both a stressed and unstressed basis as measured by Best's Capital Adequacy Ratio, and while that ratio may fluctuate as the company expands its credit insurance business, it is projected to stay at the very strong or strong levels for the near term. AM Best assesses ERL's operating performance as adequate, with net income growing each year since it began assuming risk in 2023, and its business profile as limited because of concentration in lines such as U.S. single-family mortgage reinsurance risk, whose performance is correlated with the broader macroeconomy.
Veralto Water Quality Margin Rises to 26.5% as Sales Climb 10.1%
Veralto Corporation's Water Quality segment lifted its adjusted operating margin to 26.5% from 25.9%, with adjusted operating profit up 12.6% year over year to $241 million. Water Quality sales rose 10.1% year over year to $908 million, including core growth of 5.7%, a 2.9% pricing contribution, 3.2% from acquisitions and a 1.2% currency benefit. Operating profit grew faster than sales, a relationship the company says could lift the segment's contribution to its overall financial profile if sustained. Veralto faces water technology peers Xylem and Watts Water Technologies as infrastructure spending and tighter water-efficiency requirements expand the market. The key factor to watch is whether Water Quality can hold its margin trajectory while preserving healthy organic demand.
Aqua Pennsylvania Buys Ulster Municipal Water Systems for $0.5 Million
Essential Utilities subsidiary Aqua Pennsylvania has acquired the water system assets of the Ulster Municipal Authority in Bradford County for $0.5 million, adding 180 customers to its existing water customer base. Aqua Pennsylvania plans to invest $2 million over the next five years to upgrade the acquired assets, modernizing facilities and replacing aging lines to provide safe, high-quality water for Ulster residents. Essential Utilities has added more than 138,000 customers or equivalent dwelling units and about $570 million of rate base through acquisitions since 2015, and its proposed merger with American Water Works remains targeted for the first quarter of 2027. Signed purchase agreements represent more than 200,000 customers and about $282 million in purchase price, while the active municipal acquisition pipeline is about 400,000 customers. Separately, California Water Service Group has agreed to acquire Nexus Water Group's Nevada and Oregon water and wastewater systems for $218 million, and Select Water Solutions has agreed to acquire Pilot Water Solutions for $700 million plus up to $15 million in contingent consideration.
WTRG · Capital · Positive Subsidiary Aqua Pennsylvania acquired Ulster Municipal Authority water assets for $0.5 million, adding 180 customers and $2 million planned upgrades.
CWT · Capital · Positive Agreed to acquire Nexus Water Group's Nevada and Oregon water and wastewater systems for $218 million.
Nexus Water Group · Capital · Positive Agreed to sell its Nevada and Oregon water and wastewater systems to California Water Service Group for $218 million.
WTTR · Capital · Positive Agreed to acquire Pilot Water Solutions for $700 million plus up to $15 million in contingent consideration.
AWK · Capital · Neutral Mentioned only as Essential Utilities' proposed merger partner, targeted for Q1 2027; no new development.
AXIS Capital Posts 15% Q2 Premium Growth, Returns $122 Million to Shareholders
AXIS Capital Holdings Limited reported second-quarter 2026 gross premiums written of $2.2 billion, up 15% year over year, while net premiums written rose 6%. Within that total, the core business contributed about 2% growth, expanded classes added 5%, and AXIS Capacity Solutions contributed 8%. Short-tail lines accounted for 57% of group premiums in the quarter, including 59% of Insurance premiums. The company's fixed-maturity book yield increased to 4.8% as of June 30, 2026, from 4.6% a year earlier, and AXIS returned $122 million to common shareholders through $89 million of repurchases and $33 million of dividends. The company flagged rising competition, catastrophe losses, weather severity, geopolitical instability and foreign-exchange volatility as key risks.
Better Group Partners with Seacon Square to Turn Mall Waste into Electricity, Cutting 2.4 Million Kilograms of Carbon
Better Group has joined forces with Seacon Square Srinakarin shopping centre on the "Seacon Zero Waste: From Waste to Energy, Building a Cleaner Future" project to convert waste from the mall into clean electrical energy. Better Group is responsible for handling non-recyclable end-of-line waste, feeding it into a process that turns it into refuse-derived fuel, or RDF, to supply a renewable energy power plant instead of going to landfill. Supawat Worawinit, an executive of Better Group, said the company is ready to apply its expertise to close the gaps in end-of-line waste management, and praised Seacon Square's vision in drawing cooperation from its shops and all sectors. The project reduces greenhouse gas emissions by more than 2.4 million kilograms of carbon dioxide equivalent, with qualifying activities certified under the Low Emission Support Scheme of the Thailand Greenhouse Gas Management Organization, a public organization. Certificates of honour will also be presented to more than 130 model shops.
Ibaraki Governor Says No to Nuclear Waste Survey, Rules Out Hosting Final Disposal Site
Ibaraki Governor Kazuhiko Oigawa said at a regular press conference on the 2nd that he will not consent to moving to the second-stage preliminary survey in the process of selecting a final disposal site for high-level radioactive waste from nuclear power plants, so-called nuclear waste. He also ruled out accepting a final disposal site. On the final disposal issue, Hitachiomiya Mayor Sadayuki Suzuki in Ibaraki Prefecture stated on September 30 that the city would accept the first-stage literature survey. Proceeding to the preliminary survey requires the governor's consent as a precondition.
