Author: Michelle Dryden

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AM Best affirms credit ratings of Massachusetts Mutual Life Insurance Company and most of its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “aa-” (Superior) on the surplus notes of MassMutual and “aa+” (Superior) on notes issued under the funding agreement-backed securities programs of MassMutual Global Funding II. The outlook of these Credit Ratings (rating) is stable. (See below for a detailed listing of the Long-Term IRs and Short-Term Issue Credit Rating).

 

Additionally, AM Best has upgraded the FSR to A++ (Superior) from A+ (Superior) and the Long-Term ICR to “aa+” (Superior) from “aa-” (Superior) of MassMutual Ascend Life Insurance Company (MassMutual Ascend) and Annuity Investors Life Insurance Company (ALIC) (collectively referred to as MassMutual Ascend Life Group). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR is stable. Furthermore, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Manhattan National Life Insurance Company (Manhattan Life). The outlook of these ratings is stable. These companies are domiciled in Cincinnati, OH.

 

The ratings of MassMutual reflects its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management (ERM).

 

MassMutual’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed at the strongest level, which supports the company’s ability to support its insurance, investment and business risks. The company’s capital levels generally increased over the years due to organic earnings growth and strong investment income. MassMutual holds elevated investment allocations in below investment grade bonds and Schedule BA assets, but these are managed effectively through MassMutual’s Barings investment subsidiary, and are monitored with good asset liability management capabilities and robust stress testing. Financial flexibility is supported by the organization’s proven ability to access the capital markets. MassMutual ensures that sufficient liquidity is on hand to meet sudden, unanticipated needs, which is monitored and stress-tested on a regular basis. MassMutual’s leverage ratios remain well within AM Best’s guidelines.

 

MassMutual has leading market positions in life insurance, fixed and fixed-indexed annuities, pensions and institutional asset management. The company’s business profile has shifted in recent years with more focus put on whole life, fixed annuity, pension risk transfer and institutional asset management. AM Best assesses MassMutual’s ERM program’s capabilities as strong relative to its risk profile. Proposed initiatives are reviewed in terms of its impact on capital and surplus, as well as how economic capital modeling is utilized. AM Best expects Mass Mutual to continue investing in technology and digital innovation further across all distribution platforms, and enhance its ERM and innovation programs going forward.

 

The ratings of MassMutual Ascend reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and very strong ERM.

 

The rating upgrades reflect the progress of integrating MassMutual Ascend into the MassMutual enterprise, and AM Best expects the company to benefit from the processes, management and distribution channels that MassMutual can offer going forward.

 

MassMutual Ascend’s balance sheet strength is assessed as very strong. The company’s risk-adjusted capitalization, as measured by BCAR, is at the “very strong” level and supported by consistently strong earnings and a 2022 coinsurance arrangement with Martello Re Limited. The company’s invested assets are managed by an affiliate, Barings. While invested assets are of good credit quality, AM Best noted increased allocations to structured securities, private placements and NAIC class 2 bonds, similar to that of its parent company, MassMutual. Nearly all of MassMutual Ascend’s reserves are interest-sensitive.

 

MassMutual Ascend’s operating performance has been supported by favorable statutory earnings, although results may fluctuate due to the change in the fair value of derivatives held on its fixed-indexed annuities. Premium trends have been stable over the long term, although they increased in 2022.

 

AM Best assesses MassMutual Ascend’s business profile as positive, as the company is benefitting from MassMutual’s business profile and resources. MassMutual Ascend’s ERM is assessed as very strong as it has been integrated into MassMutual’s ERM program.

 

The ratings of Manhattan Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate ERM.

 

Manhattan Life’s book of business is in run-off mode, with most of its liabilities reinsured through highly rated reinsurers. The company’s risk-adjusted capitalization, as measured by BCAR, is assessed at the strongest level, and the parent company has demonstrated that they will support the life company with capital contributions when needed. Manhattan Life’s earnings trends have been volatile, as a small increase in life claims can have a relatively large impact on results. Partially mitigating factors include its modest portion of business relative to the enterprise and the support of its parent.

 

The following Long-Term IRs have been assigned with stable outlooks:

MassMutual Global Funding II — “aa+” (Superior) program rating

— “aa+” (Superior) to the $500 million, 5.05% senior secured medium term notes, due June 14, 2028

— “aa+” (Superior) to the $500 million, 3.75% senior secured medium term notes, due Jan. 19, 2030

— “aa+” (Superior) to the $750 million, 4.5% senior secured medium term notes, due April 10, 2026

— “aa+” (Superior) to the $300 million, 3.98% senior secured medium term notes, due July 10, 2026

— “aa+” (Superior) to the $750 million, 5.05% senior secured medium term notes, due Dec. 7, 2027

— “aa+” (Superior) to the CHF 215 million, 2.65% senior secured medium term notes, due May 3, 2028

— “aa+” (Superior) to the $600 million, 1.2% senior secured medium term notes, due July 16, 2026

— “aa+” (Superior) to the NOK 1 billion, 3.98% senior secured medium term notes, due Feb. 3, 2031

The following Short-Term IR has been affirmed:

Massachusetts Mutual Life Insurance Company—

— AMB-1+ (Strongest) on commercial paper program

The following Long-Term IRs have been affirmed with stable outlooks:

MassMutual Global Funding II — “aa+” (Superior) program rating

— “aa+” (Superior) on all outstanding notes issued under the program

Massachusetts Mutual Life Insurance Company—

— “aa-” (Superior) on $250 million 7.625% surplus notes, due 2023 (of which $188 million remains outstanding)

— “aa-” (Superior) on $100 million 7.5% surplus notes, due 2024 (of which $75 million remains outstanding)

— “aa-” (Superior) on $250 million 5.625% surplus notes, due 2033 (of which $193 million remains outstanding)

— “aa-” (Superior) on $750 million 8.875% surplus notes, due 2039 (of which $129 million remains outstanding)

— “aa-” (Superior) on $400 million 5.375% surplus notes, due 2041 (of which $263 million remains outstanding)

— “aa-” (Superior) on $500 million 4.5% surplus notes, due 2065 (of which $254 million remains outstanding)

— “aa-” (Superior) on $475 million 4.9% surplus notes, due 2077

— “aa-” (Superior) on $838.5 million 3.729% surplus notes, due 2070

— “aa-” (Superior) on $700 million 3.375% surplus notes, due 2050

— “aa-” (Superior) on $500 million 5.672% surplus notes, due 2052

— “aa-” (Superior) on $675 million 3.2% surplus notes, due 2061

— “aa-” (Superior) on $800 million 5.077% surplus notes, due 2069

 

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 specializing 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Retrospective observational study assessing real-world clinical impact of switching or continuing Eliquis® or Rivaroxaban presented at the European Society of Cardiology (ESC) Congress 2023

Switching from Eliquis (apixaban) to rivaroxaban in Non-Valvular Atrial Fibrillation (NVAF) patients was associated with a higher risk of stroke/systemic embolism (S/SE) and major bleeding (MB) than those who continued Eliquis

 

PRINCETON, N.J. & NEW YORK — (BUSINESS WIRE) — $BMY #ATHENS — The Bristol Myers Squibb-Pfizer (BMS NYSE: BMY) – (Pfizer NYSE: PFE) Alliance on Friday, presented results from ATHENS, a retrospective real-world data study, at the European Society of Cardiology (ESC) Congress 2023 showing that switching from Eliquis® (apixaban) to rivaroxaban in Non-Valvular Atrial Fibrillation (NVAF) patients was associated with a higher risk of stroke/systemic embolism (S/SE) and major bleeding (MB) than those who continued Eliquis.

 

“Although some NVAF patients switch direct oral anticoagulants in real-world clinical practice, either for medical or non-medical reasons, there hasn’t been a lot of information gathered on the clinical outcomes of those switches,” said Steve Deitelzweig, MD, MMM, FACC, SFHM, FACP, RVT, System Chairman for Hospital Medicine, Ochsner Health System. “The study results provide insights about the real-world risk of stroke and major bleeding associated with switching from apixaban to rivaroxaban in patients with NVAF.”

 

This retrospective study identified NVAF patients who initiated Eliquis or rivaroxaban between 01 January 2013 and 31 December 2021 using Optum’s de-identified Clinformatics® Data Mart database. There were 167,868 Eliquis initiators and 65,888 rivaroxaban initiators who met study criteria. Using propensity score matching (PSM), 2,900 patients who switched from Eliquis to rivaroxaban were matched to 14,500 patients who continued Eliquis, and 2,873 patients who switched from rivaroxaban to Eliquis were matched to 14,365 patients who continued rivaroxaban.

 

“Data collected in real-world settings can enhance patient care. By gathering insights from everyday clinical practice, we can better understand how Eliquis is used and its impact on patients’ lives,” said Narinder Bhalla, MD, Senior Vice President, Worldwide Medical, Head of Cardiovascular and Established Brands at Bristol Myers Squibb. “This real-world data provides pragmatic information to help clinicians manage the care of their patients.”

 

In this study, switching from Eliquis to rivaroxaban was associated with a higher risk of S/SE (Hazard Ratio (HR):1.99, 95% Confidence Interval (CI): 1.38-2.88) and MB (HR: 1.80, 95% CI: 1.46-2.23) than those who continued Eliquis. Additionally, switching from rivaroxaban to Eliquis was associated with a similar risk of S/SE (HR:0.74, 95% CI: 0.45-1.22) and a lower risk of MB (HR:0.58, 95%CI: 0.44-0.76) compared to those who continued rivaroxaban. It is important to note that anticoagulants, including Eliquis, increase the risk of bleeding and can cause serious, potentially fatal bleeding. Please see important safety information below for Eliquis, including BOXED WARNINGS.

 

Real-world data have the potential to supplement randomized, controlled clinical trial data by providing additional information about how a medicine performs in routine medical practice. Real-world data analyses, however, have important limitations. Observational real-world studies can only evaluate association and not causality, and despite the use of methods to address differences due to measured variables, false associations may still be present. The source and type of data used may limit the generalizability of the results, and varied outcomes are possible.

 

In the ATHENS study, treatment assignments were based on pharmacy claims and actual drug exposure is unknown. Additionally, reasons for switching are not known and sample size for those who switched is much lower than those who continued treatment. Dosing criteria were not evaluated and impacts of drug dosing on outcomes were not assessed. Due to these limitations, real-world data analyses are not used as evidence to validate the efficacy and/or safety of a treatment.

 

About ATHENS

The ATHENS study was designed to assess the risk of stroke/systemic embolism (S/SE) and major bleeding (MB) among Non-Valvular Atrial Fibrillation (NVAF) patients who switched from Eliquis (apixaban) to rivaroxaban or switched from rivaroxaban to Eliquis instead of continuing initial treatment. This retrospective study identified NVAF patients who initiated treatment between 01 January 2013 and 31 December 2021 using a large U.S. administrative claims database. There were 167,868 Eliquis initiators and 65,888 rivaroxaban initiators included in the study.

 

Within both the Eliquis initiators and rivaroxaban initiators cohorts, patients were divided into two groups and compared: switchers to a different direct oral anticoagulant (DOAC) within 30 days before or 90 days after discontinuation of the initial DOAC, and continuers, or patients who continued receiving the initial DOAC. The switch date was the index date for those who switched while, for those who continued, a hypothetic index date was randomly assigned based on the distribution of the time from initial DOAC prescription to the switch date in the switchers group. Two final cohorts (switchers and continuers) within Eliquis initiators and rivaroxaban initiators were further propensity score matched (PSM) based on pre-index characteristics using a 1:5 ratio.

 

About Eliquis® (apixaban)

Eliquis® is an oral selective Factor Xa inhibitor. By inhibiting Factor Xa, a key blood clotting protein, Eliquis decreases thrombin generation and blood clot formation. Eliquis is approved for multiple indications in the U.S. based on efficacy and safety data from multiple Phase 3 clinical trials. The approval of Eliquis for stroke risk reduction in patients with NVAF is based on data from the Phase 3 ARISTOTLE and AVERROES studies of Eliquis in patients with NVAF. The approval of Eliquis for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE), and for the reduction in the risk of recurrent DVT and PE following initial therapy, is based on data from the global AMPLIFY and AMPLIFY-EXT studies. U.S. FDA-Approved Indications for Eliquis: Eliquis is a prescription medicine indicated in the U.S. to reduce the risk of stroke and systemic embolism in patients with NVAF; for the prophylaxis of deep vein thrombosis (DVT), which may lead to pulmonary embolism (PE), in patients who have undergone hip or knee replacement surgery; for the treatment of DVT and PE; and to reduce the risk of recurrent DVT and PE, following initial therapy.

 

Eliquis Important Safety Information

Indications

Eliquis is indicated to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation.

Eliquis is indicated for the prophylaxis of deep vein thrombosis (DVT), which may lead to pulmonary embolism (PE), in patients who have undergone hip or knee replacement surgery.

Eliquis is indicated for the treatment of DVT and PE, and to reduce the risk of recurrent DVT and PE following initial therapy.

 

Important Safety Information

WARNING: (A) PREMATURE DISCONTINUATION OF ELIQUIS INCREASES THE RISK OF THROMBOTIC EVENTS, (B) SPINAL/EPIDURAL HEMATOMA

(A) Premature discontinuation of any oral anticoagulant, including Eliquis, increases the risk of thrombotic events. If anticoagulation with Eliquis is discontinued for a reason other than pathological bleeding or completion of a course of therapy, consider coverage with another anticoagulant.

 

(B) Epidural or spinal hematomas may occur in patients treated with Eliquis who are receiving neuraxial anesthesia or undergoing spinal puncture. These hematomas may result in long-term or permanent paralysis. Consider these risks when scheduling patients for spinal procedures. Factors that can increase the risk of developing epidural or spinal hematomas in these patients include:

  • use of indwelling epidural catheters
  • concomitant use of other drugs that affect hemostasis, such as nonsteroidal anti-inflammatory drugs (NSAIDs), platelet inhibitors, other anticoagulants
  • a history of traumatic or repeated epidural or spinal punctures
  • a history of spinal deformity or spinal surgery
  • optimal timing between the administration of Eliquis and neuraxial procedures is not known

 

Monitor patients frequently for signs and symptoms of neurological impairment. If neurological compromise is noted, urgent treatment is necessary.

 

Consider the benefits and risks before neuraxial intervention in patients anticoagulated or to be anticoagulated.

 

CONTRAINDICATIONS

  • Active pathological bleeding
  • Severe hypersensitivity reaction to Eliquis (e.g., anaphylactic reactions)

 

WARNINGS AND PRECAUTION

  • Increased Risk of Thrombotic Events after Premature Discontinuation: Premature discontinuation of any oral anticoagulant, including Eliquis, in the absence of adequate alternative anticoagulation increases the risk of thrombotic events. An increased rate of stroke was observed during the transition from Eliquis to warfarin in clinical trials in atrial fibrillation patients. If Eliquis is discontinued for a reason other than pathological bleeding or completion of a course of therapy, consider coverage with another anticoagulant.
  • Bleeding Risk: Eliquis increases the risk of bleeding and can cause serious, potentially fatal, bleeding.
    • Concomitant use of drugs affecting hemostasis increases the risk of bleeding, including aspirin and other antiplatelet agents, other anticoagulants, heparin, thrombolytic agents, SSRIs, SNRIs, and NSAIDs.
    • Advise patients of signs and symptoms of blood loss and to report them immediately or go to an emergency room. Discontinue Eliquis in patients with active pathological hemorrhage.
    • The anticoagulant effect of apixaban can be expected to persist for at least 24 hours after the last dose (i.e., about two half-lives). An agent to reverse the anti-factor Xa activity of apixaban is available. Please visit www.andexxa.com for more information on availability of a reversal agent.
  • Spinal/Epidural Anesthesia or Puncture: Patients treated with Eliquis undergoing spinal/epidural anesthesia or puncture may develop an epidural or spinal hematoma which can result in long-term or permanent paralysis.

 

The risk of these events may be increased by the postoperative use of indwelling epidural catheters or the concomitant use of medicinal products affecting hemostasis. Indwelling epidural or intrathecal catheters should not be removed earlier than 24 hours after the last administration of Eliquis. The next dose of Eliquis should not be administered earlier than 5 hours after the removal of the catheter. The risk may also be increased by traumatic or repeated epidural or spinal puncture. If traumatic puncture occurs, delay the administration of Eliquis for 48 hours.

 

Monitor patients frequently and if neurological compromise is noted, urgent diagnosis and treatment is necessary. Physicians should consider the potential benefit versus the risk of neuraxial intervention in Eliquis patients.

  • Prosthetic Heart Valves: The safety and efficacy of Eliquis have not been studied in patients with prosthetic heart valves and is not recommended in these patients.
  • Acute PE in Hemodynamically Unstable Patients or Patients who Require Thrombolysis or Pulmonary Embolectomy: Initiation of Eliquis is not recommended as an alternative to unfractionated heparin for the initial treatment of patients with PE who present with hemodynamic instability or who may receive thrombolysis or pulmonary embolectomy.
  • Increased Risk of Thrombosis in Patients with Triple Positive Antiphospholipid Syndrome (APS): Direct-acting oral anticoagulants (DOACs), including Eliquis, are not recommended for use in patients with triple-positive APS. For patients with APS (especially those who are triple positive [positive for lupus anticoagulant, anticardiolipin, and anti–beta 2-glycoprotein I antibodies]), treatment with DOACs has been associated with increased rates of recurrent thrombotic events compared with vitamin K antagonist therapy.

 

ADVERSE REACTIONS

  • The most common and most serious adverse reactions reported with Eliquis were related to bleeding.

 

TEMPORARY INTERRUPTION FOR SURGERY AND OTHER INTERVENTIONS

  • Eliquis should be discontinued at least 48 hours prior to elective surgery or invasive procedures with a moderate or high risk of unacceptable or clinically significant bleeding. Eliquis should be discontinued at least 24 hours prior to elective surgery or invasive procedures with a low risk of bleeding or where the bleeding would be noncritical in location and easily controlled. Bridging anticoagulation during the 24 to 48 hours after stopping Eliquis and prior to the intervention is not generally required. Eliquis should be restarted after the surgical or other procedures as soon as adequate hemostasis has been established.

 

DRUG INTERACTIONS

  • Combined P-gp and Strong CYP3A4 Inhibitors: Inhibitors of P-glycoprotein (P-gp) and cytochrome P450 3A4 (CYP3A4) increase exposure to apixaban and increase the risk of bleeding. For patients receiving Eliquis doses of 5 mg or 10 mg twice daily, reduce the dose of Eliquis by 50% when Eliquis is coadministered with drugs that are combined P-gp and strong CYP3A4 inhibitors (e.g., ketoconazole, itraconazole, or ritonavir). In patients already taking 2.5 mg twice daily, avoid coadministration of Eliquis with combined P-gp and strong CYP3A4 inhibitors.

 

Clarithromycin

Although clarithromycin is a combined P-gp and strong CYP3A4 inhibitor, pharmacokinetic data suggest that no dose adjustment is necessary with concomitant administration with Eliquis.

  • Combined P-gp and Strong CYP3A4 Inducers: Avoid concomitant use of Eliquis with combined P-gp and strong CYP3A4 inducers (e.g., rifampin, carbamazepine, phenytoin, St. John’s wort) because such drugs will decrease exposure to apixaban.
  • Anticoagulants and Antiplatelet Agents: Coadministration of antiplatelet agents, fibrinolytics, heparin, aspirin, and chronic NSAID use increases the risk of bleeding. APPRAISE-2, a placebo-controlled clinical trial of apixaban in high-risk post-acute coronary syndrome patients treated with aspirin or the combination of aspirin and clopidogrel, was terminated early due to a higher rate of bleeding with apixaban compared to placebo.

 

PREGNANCY

  • The limited available data on Eliquis use in pregnant women are insufficient to inform drug-associated risks of major birth defects, miscarriage, or adverse developmental outcomes. Treatment may increase the risk of bleeding during pregnancy and delivery, and in the fetus and neonate.
    • Labor or delivery: Eliquis use during labor or delivery in women who are receiving neuraxial anesthesia may result in epidural or spinal hematomas.
    • Consider use of a shorter acting anticoagulant as delivery approaches.

 

LACTATION

  • Breastfeeding is not recommended during treatment with Eliquis.

 

FEMALES AND MALES OF REPRODUCTIVE POTENTIAL

  • Females of reproductive potential requiring anticoagulation should discuss pregnancy planning with their physician. The risk of clinically significant uterine bleeding, potentially requiring gynecological surgical interventions, identified with oral anticoagulants including Eliquis should be assessed in these patients and those with abnormal uterine bleeding.

 

Please see U.S. FULL PRESCRIBING INFORMATION, including Boxed WARNINGS, available at www.bms.com.

 

About the Bristol Myers Squibb-Pfizer Collaboration

The Bristol Myers Squibb-Pfizer Alliance (the Alliance) is committed to driving education and awareness about atrial fibrillation and deep vein thrombosis (DVT) and/or pulmonary embolism (PE). With long- standing cardiovascular leadership, global scale and expertise in this field, the Alliance strives to implement global, research-driven approaches to illuminate and address the unmet needs around strokes related to non-valvular atrial fibrillation, which are often fatal or debilitating. Through collaborations with non-profit organizations, the Alliance aims to provide patients, healthcare professionals and decision makers with the information they need to understand and take appropriate action on risk factors associated with stroke and other cardiovascular conditions.

 

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook and Instagram.

 

About Pfizer Inc.: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines.

Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

 

Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

 

Pfizer Disclosure Notice

The information contained in this release is as of August 25, 2023. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

 

This release contains forward-looking information about Eliquis (apixaban), including its potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical or other data and further analyses of existing clinical or other data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of Eliquis; uncertainties regarding commercial success; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

 

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results,” as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

 

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AM Best revises outlooks to positive for members of Skyward Specialty Insurance Group

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Great Midwest Insurance Company (GMIC), Houston Specialty Insurance Company, Oklahoma Specialty Insurance Company and Imperium Insurance Company (IIC). All companies are members of Skyward Specialty Insurance Group (Skyward), whose ultimate parent is Skyward Specialty Insurance Group, Inc., [NASDAQ: SKWD], and are headquartered in Houston, TX.

The Credit Ratings (ratings) reflect Skyward’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

 

The positive outlooks are driven by the group’s operating performance, which is reflective of a sustained trend of improving underwriting results since 2020 following a change in executive leadership, as well as consistent investment income. Following a period of underwriting volatility, management instituted several correcting initiatives to refine its underwriting focus and risk selections as a specialty lines writer, and improved underwriting profitability has been noted since that time in its targeted niches. Going forward, AM Best will continue to monitor trends in underwriting performance and overall operating results.

 

Skyward’s management has also instituted numerous capital initiatives in recent years, which included a loss portfolio transfer intended to minimize the impact of discontinued lines. The group has also benefited from numerous parental capital contributions to support its operations. Financial leverage and interest coverage ratios remain within AM Best’s expectations with additional capacity to access the capital markets if needed.

 

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 specializing 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Business Culture Economics Environment Foodies/Tastylicious Lifestyle Programs & Events

Sprouts announces 24 school garden builds in 24 hours in 24 communities

Foundation invests over half a million dollars directly into local schools for nutrition education, academic learning

 

PHOENIX — (BUSINESS WIRE) — #24gardensin24hours—The Sprouts Healthy Communities Foundation announced today that it is awarding 24 schools across the U.S. with a new or refreshed learning garden as part of the “24 Gardens in 24 Hours in 24 Communities” contest, that was launched in April to celebrate Earth Month. From a pool of over 3,000 nominations by Sprouts customers, a three-month process involving interviews and thorough vetting generated in the selection of the final 24 schools.

On Saturday, Sept. 23 an estimated 500 Sprouts team members across the country will join together to install these learning spaces, building 24 school gardens in 24 hours. Companywide volunteer service days have become an annual tradition for Sprouts, whose team members have donated more than 10,000 service hours over the last five years, working to bring these programs to life for kids.

 

“Sprouts is committed to providing children with hands-on educational experiences that shape how they think about food. We believe that our Foundation’s efforts to make these connections will play a pivotal role for children to develop an understanding of the importance of healthy eating,” said Nick Konat, president and chief operating officer of Sprouts.

 

“We are also very excited for our team members to give back to their local communities on September 23rd as we build these learning gardens in 24 hours.”

 

In addition to funding the physical garden spaces, the Foundation’s donation will also support training for educators at each school site to learn how to effectively incorporate the garden into teaching practices across all grade levels. By teaming-up with KidsGardening, a national nonprofit focused on this work, each of the 24 schools will become part of a learning community, where teachers responsible for the garden space will receive ongoing technical assistance and mentoring for the full school year.

 

“This program is exciting because we are able to invite our customers to help us connect with new schools through the nomination process,” said Lyndsey Waugh, executive director of the Sprouts Healthy Communities Foundation. “These schools represent 24 incredible communities, comprised of teachers and students, that will now have access to an outdoor garden, where classroom lessons can be brought to life through hands-on learning, and where students can experience the magic of watching seeds sprout, and fresh fruits and vegetables grow. We are glad we can play a role in making this possible.”

 

“Sprouts is a true partner who listens and understand what it takes to operate a successful garden program – and investing in teacher training and compensation for educators operating their garden spaces is the key ingredient to building effective and sustainable school garden programs,” said Em Shipman, executive director of KidsGardening.

 

Since its inception in 2015, the Foundation has granted $18M to more than 400 nonprofit partners focused on advancing children’s nutrition education and school-based gardening programs. This year alone, more than 3 million students across the U.S. will benefit from programs supported by Sprouts.

 

A list of the contest winning finalists can be found at sprouts.com/schoolgardenwinners

 

Winning schools are in 23 states across the U.S. in Sprouts Farmers Market communities including: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Kansas, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington.

 

Garden Giveaway Winners Receive:

  • $15,000 – $20,000 garden construction grant awarded directly to the selected school to build a new learning garden or refresh an existing garden space on campus.
  • $5,000 program grant to support nutrition education lessons in the garden.
  • The Sprouts Healthy Communities Foundation will partner with each winning school to coordinate a volunteer workday for the garden build or garden refresh on Saturday, September 23, 2023.
  • Ongoing professional development and 1:1 support to sustain their learning garden program.

 

To learn more, visit https://about.sprouts.com/sprouts-foundation/.

 

About Sprouts Healthy Communities Foundation

The Sprouts Healthy Communities Foundation is helping kids grow healthy through nutrition education and hands-on gardening programs that bring learning to life. In partnership with nonprofit organizations, from school gardens to youth cooking programs, we’re teaching children how to grow and prepare fresh, nutritious foods, empowering them with the tools to develop lifelong healthy eating habits. Since 2015, the Sprouts Healthy Communities Foundation has donated more than $18 million to advance nutrition education and access to fresh fruits and vegetables, and this year alone, over three million children will be impacted by nutrition education and garden-based learning programs, funded by Sprouts.

 

About Sprouts Farmers Market, Inc.

Sprouts is the place where goodness grows. True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 31,000 team members and operates approximately 380 stores in 23 states nationwide. This year Sprouts celebrates its 20th anniversary. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com.

Contacts

480-263-0441, media@sprouts.com

Categories
Business Healthcare Lifestyle Special/Sponsored Content

Johnson & Johnson to participate in the Morgan Stanley 21st Annual Global Healthcare Conference

NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) will participate in the Morgan Stanley 21st Annual Global Healthcare Conference at the Sheraton New York Hotel in New York on Wednesday, Sept. 13. , where Joaquin Duato, Chairman of the Board and Chief Executive Officer and John Reed, Executive Vice President Pharmaceuticals R&D, will represent the Company in a session scheduled at 10:10 a.m. ET.

 

This conference call will be available to investors and other interested parties by visiting the Johnson & Johnson website at www.investor.jnj.com.

 

A webcast and podcast replay will be available approximately 48 hours after the live webcast.

 

Contacts

Investor Contact:
investor-relations@its.jnj.com

Media Contact:
media-relations@its.jnj.com

Categories
Business Lifestyle Regulations & Security

DLA, LLC announces hiring of Paul Higgins

Partner, Head of Insurance Practice & Chicago Office Leader

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — DLA Welcomes Paul Higgins as Partner, Head of Insurance Practice & Chicago Office Leader: Elevating Internal Audit’s Expertise and Industry Reach DLA is thrilled to announce the appointment of Paul Higgins as Partner, Head of Insurance Practice & Chicago Office Leader.

 

With an esteemed career spanning over twenty-seven years, Paul brings a wealth of leadership and expertise to enhance DLA’s internal audit offerings, including a specialized focus in insurance, as well as general financial services internal audit work. His arrival not only strengthens DLA’s capabilities within the insurance sector but also enriches the firm’s capacity to serve clients across the broader financial services industry.

 

Paul Higgins is a distinguished professional renowned for his remarkable achievements in leadership and risk management across the insurance sector, as well as in general financial services. His collaborative style, unwavering ethical standards, and transformative insights have solidified his reputation as a leader who drives change and consistently exceeds expectations. With a proven track record of nurturing local and multinational insurance clients, Paul’s role will be pivotal in not only leading the Insurance Practice but also in shaping the future of DLA’s Internal Audit group.

 

In his new leadership role as Partner, Head of Insurance Practice & Chicago Office Leader, Paul will spearhead DLA’s strategic initiatives within insurance while simultaneously expanding the scope of the Internal Audit group’s offerings across a broader range of financial services. His profound grasp of corporate governance, risk management, and regulatory compliance complexities uniquely position him to guide clients through the evolving landscape of both insurance and general financial services industries, backed by DLA’s comprehensive audit expertise.

 

Paul’s distinguished career includes roles as Principal and Senior Manager at Ernst & Young (EY), where he was responsible for the development and growth of financial services accounts in banking, insurance, and wealth and asset management. He managed multiple engagements, co-sourced and outsourced internal audit functions, and served as the engagement Lead for Sarbanes-Oxley (SOX) and Model Audit Rule program support. Paul’s accomplishments also extend to his role at Chubb Insurance, where he led a team of global professionals supporting ACE Limited’s SOX management team, and his tenure at PWC where he conducted external audits for diverse financial organizations.

 

DLA’s excitement about Paul’s appointment is palpable. Founder & CEO David Landau notes, “We are embarking on an exciting new chapter with Paul Higgins leading our Insurance Practice and the opening of a Chicago office. His proven leadership effectiveness and wealth of experience make him an invaluable asset to our clients and our firm. Paul’s arrival underscores DLA’s commitment to expansion, innovation, and excellence, particularly within our Internal Audit capabilities.”

 

Paul’s expertise couldn’t come at a more opportune time as DLA extends its reach into the Chicago area. The firm’s expansion into this vibrant city underscores DLA’s commitment to providing exceptional internal audit and advisory services while tapping into new avenues of growth and industry expertise. The addition of the Insurance Practice reflects DLA’s dedication to staying ahead of industry trends and addressing the evolving needs of clients in both specialized insurance and general financial services internal audit work, all while enhancing the Internal Audit group’s service offerings.

 

DLA’s partnership with Paul Higgins marks the beginning of an exciting journey that bridges DLA’s growth aspirations with Paul’s extensive experience in insurance and financial services. With a new leadership role within the Internal Audit group, Paul will undoubtedly catalyze innovation, elevate service standards, and foster collaborative excellence, thereby enriching DLA’s value proposition for clients.

 

About DLA, LLC

Founded in 2001, DLA provides internal audit and accounting advisory services to hundreds of clients. DLA’s leadership team averages 30+ years of experience and is led by Big Four veterans with deep industry expertise. DLA specializes in internal audit, accounting advisory, forensic accounting, valuation and litigation support, tax, risk management, and IT advisory services. The company is headquartered in Fairfield, New Jersey.

 

For further information about DLA, LLC, please visit us at www.dlallc.com.

Contacts

Danielle Dietrich 973.575.1565

Categories
Business Culture International & World Lifestyle Sports & Gaming Technology

WSOP Online returns for players all over the world

WSOP gold bracelets to be won at GGPoker, WSOP.COM & GGPoker.CA

Join Daniel Negreanu in playing for your share of poker history

 

 

DUBLIN & LAS VEGAS — (BUSINESS WIRE) — The World Series of Poker® (WSOP®) – the richest, most prestigious, and longest-running poker series – and GGPoker, the World’s Biggest Poker Room, today announced further details for WSOP Online 2023.

 

Since its launch in 2020, WSOP Online has become the world’s most prestigious online poker tournament series, with each new bracelet winner joining the honor roll of champions that includes the most successful and famous players ever to sit at a poker table.

International players can pursue official WSOP gold bracelets exclusively at GGPoker, Ontario residents can do likewise at GGPoker.CA, while United States residents physically present in Nevada, New Jersey, Michigan, and Pennsylvania have their own slate of tournaments on WSOP.COM. Both GGPoker and WSOP.COM will each offer a total of 33 coveted WSOP gold bracelets during WSOP Online 2023, while GGPoker.CA has a total of eight more WSOP bracelets up for grabs.

 

The tournament series is hosted at GGPoker and GGPoker.CA from Aug. 20, 2023, to Oct. 2, 2023, and WSOP.COM from Sept. 10 to Oct. 17. The WSOP Online 2023 schedule caters to players of all levels, with a wide range of buy-ins and satellites running daily.

 

“With record-smashing events and something for everyone, WSOP Online is quickly realizing its vision to be the premier annual online poker series,” said Senior Vice President and Executive Director of the World Series of Poker, Ty Stewart. “We’re the ‘World’ Series of Poker and backed by GGPoker, WSOP Online is where we can deliver a chance for glory to players across the world who might not otherwise travel to live events. Bling is the thing, and we’ll be looking forward to welcoming new members to poker’s most exclusive club.”

 

Poker players worldwide are invited to join Daniel Negreanu at GGPoker during the upcoming WSOP Online tournament series, as he seeks to add to his haul of six WSOP bracelets. Negreanu intends to take aim at gold in a variety of bracelet events, including #7 $10 Mystery Millions $10M GTD, #10 $1,050 Beat The Pros Bounty NLH and #12 $500 Mini Main Event NLH $2.5M GTD. He will live stream much of his play, allowing viewers to follow his progress and cheer him on, and also plans to sell some of his action via the GGPoker app.

 

“I cannot wait to get into WSOP Online 2023 and play for WSOP gold alongside thousands of other players,” said Daniel Negreanu, GGPoker Global Ambassador. “I’ll be streaming a lot during the series and you’ll also be able to buy some of my action via GGPoker’s legendary integrated staking feature, so why not buckle in and ride along with me this WSOP Online?”

 

Players can also join Negreanu at GGPoker’s Rush & Cash tables for a very special promotion, Rush & Cash Double DNegs. During the days this special event will run, the daily Rush & Cash Leaderboard will be doubled to $60K and all cash drops at Rush & Cash tables at which Negreanu or any other GGTeam ambassador is playing will also be doubled, with cash drops of up to 1,200 big blinds waiting to be won. Further details on Rush & Cash Double DNegs will be unveiled in the near future.

 

WSOP Online 2023’s domestic schedule begins with the $400 Series “Kick-off” No Limit Hold’em event and is highlighted by returning player favorites, including the Colossus, “Lucky Sevens,” “Crazy Eights,” and the $1,000 Online Championship. New events for this year’s series include “PLOssus” and a $1,500 Bounty No-Limit Hold’em 6-Max.

 

The domestic series offers fifteen events of $1,000 or higher, including a $3,200 High Roller Championship and a $5,300 Super High Roller 6-max Freezeout. Players must be physically located within state borders to participate. Special resort rates will be available in Nevada and New Jersey at Caesars Entertainment destinations for players traveling into each state to play. For complete information and schedule, please visit: WSOP.COM or ggpoker.com/tournaments/wsop-online-2023/.

 

 

About the World Series of Poker

Part of Caesars Entertainment’s Caesars Digital operations, the World Series of Poker® is the largest, richest and most prestigious gaming event in the world, having awarded more than $4 billion in prize money and the prestigious gold bracelet, globally recognized as the sport’s top prize. Featuring a comprehensive slate of tournaments in every major poker variation, the WSOP is poker’s longest-running tournament in the world, dating back to 1970. In 2023, the event attracted 214,641 entrants from more than 114 different countries to the Paris Las Vegas and Horseshoe Las Vegas and awarded more than $403 million in prize money. In addition, the WSOP has formed groundbreaking alliances in broadcasting, digital media and corporate sponsorships, while successfully expanding the brand internationally with the advent of WSOP Europe in 2007 and the WSOP Asia-Pacific in 2013 and the WSOP International Circuit Series in 2015. All WSOP events are subject to the then-current and applicable WSOP tournament rules. For more information, please visit www.wsop.com.

 

 

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment Company in the U.S. and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the Company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call or text 1-800-GAMBLER. For more information, please visit www.caesars.com/corporate.

 

 

About GGPoker: GGPoker is the World’s Biggest Poker Room, with a global player base. It offers a range of innovative games and features such as the patented Rush & Cash poker, All-In or Fold, Flip & Go, Spin & Gold, Battle Royale, GGCare & GGCheers, integrated staking platform, SnapCam video messaging, PokerCraft, and Smart HUD, all designed to enhance gaming experiences and make poker more fun than ever.

 

In 2020, GGPoker hosted the world record-breaking WSOP Online main event. In 2021, GGPoker won PokerListing’s ‘Best Poker Software Overall’ award. In 2022, GGPoker became the world’s largest online poker room and was awarded the Online Poker Operator of the Year Award at the SiGMA Americas Gaming Awards. In 2023, GGPoker sent more than 750 players to the live WSOP 2023 Main Event and will support WSOP Paradise at the Atlantis Paradise Island in the Bahamas.

 

Find out more about GGPoker at GGPoker.com and on Facebook and Twitter.

Contacts

Media Contacts:

Brad Harwood

bharwood@caesars.com

Paul Burke

press@ggpoker.com

Categories
Business Lifestyle Technology

Factbird enters the US to offer manufacturing intelligence solutions to local industry

Factbird provides U.S. manufacturers with a 22–25% increase in OEE (Overall Equipment Effectiveness) on average in the first year by making it easy to gather and analyze data from production lines.

 

MORRISTOWN, N.J. — (BUSINESS WIRE) —#ManufacturingIntelligence–Factbird established its first U.S. office in mid-2022 with the vision of helping thousands of American facilities digitally transform. By making facilities more profitable through data, Factbird has helped customers save millions of dollars by reducing waste, identifying bottlenecks, and avoiding unnecessary IT projects. Among its current customers are top global pharmaceutical, food and beverage, and industrial solution companies, including Novo Nordisk, Grundfos, Danfoss, Royal Unibrew, and Bosch.

 

Data-driven operational excellence boosts productivity and global competitiveness

Factbird’s Manufacturing Intelligence Solutions combine plug-and-play hardware and cloud software. Regardless of the company’s size or the age of the machines in use, Factbird is quick to install and brings an immediate ROI. Data from manufacturing processes provides a goldmine of valuable information on how to operate more efficiently and profitably.

 

After implementing Factbird, management can check the factory overview daily, plant managers can track the order fulfillment, and the head of engineering can see which problems need the most attention. The data in the Factbird cloud can be as high level or as granular as users need.

 

Michael Borman, US Head of Sales and Country Manager at Factbird, says, “Labor shortages, global competition, and inflation are major challenges for facilities in the US. Process improvement is more important than ever, and Factbird makes this simple by presenting real-time data from any process in a way that immediately benefits everyone, helping operations produce more with less waste.”

 

A more digitalized, sustainable industry with productivity increases from day one

Factbird’s goal is to help manufacturers produce more using fewer resources, contributing to higher profitability and sustainability. Factbird is a proven solution where customers see a 22–25% increase in OEE (Overall Equipment Effectiveness) on average in their first year.

 

Additionally, Factbird costs as little as 10% to implement compared to similar solutions on the market, bringing massive returns to factories using Factbird’s powerful Manufacturing Intelligence Solutions.

 

A strong presence in the US for better accessibility and local advice

Factbird’s US arm, Factbird Inc., is based in Morristown, New Jersey, and is committed to supporting American manufacturing companies by boosting digitization as quickly and seamlessly as possible.

 

Salman Rehan, Senior Enterprise Account Manager at Factbird, says, “It’s an exciting time as we expand our client base from an already solid foundation. I’ve been in the industrial automation space for several years supporting manufacturers in digitalization, process improvement, and LEAN methodologies—essentially implementing Industry 4.0 initiatives. Our clients enjoy real-time visibility into performance, understanding reasons for variances in production, and attaining concrete improvements to their bottom line.”

 

Factbird is attending the 2023 Process Expo in Chicago

Michael Borman & the US team will be attending the Process Expo in Chicago, a global food equipment and technology show, from October 23–25. There, the US Factbird team will be ready to advise manufacturers on methods to improve their data capture processes, reduce waste, improve OEE, and increase profitability.

 

About Factbird

Factbird is a pioneering provider of Manufacturing Intelligence Solutions aimed at driving operational excellence. Our focus on data and factual insights empowers businesses to optimize operations, reduce downtime, and boost productivity. Leveraging cutting-edge technologies, Factbird delivers real-time insights and actionable intelligence. For more information, visit factbird.com.

Contacts

US Media Contact:

Michael Borman, US Head of Sales/Country Manager, Factbird

mibo@factbird.com

Categories
Business Economics Lifestyle

Celsius disclosure statement approved by court

Plan Focused on Distributing a Meaningful Liquid Cryptocurrency to Customers as well as Equity in NewCo

Celsius Creditors Encouraged to Vote in Favor of Chapter 11 Plan by September 22, 2023

 

HOBOKEN, N.J. — (BUSINESS WIRE) — Celsius Network LLC “(Celsius” or the “Company)” announced Thursday that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York “(the Court).”

 

As previously announced, the Company completed a successful Court-approved auction process in May 2023 that resulted in the selection of Fahrenheit, LLC “(Fahrenheit)” as the winning bidder. Celsius’ proposed Chapter 11 Plan (the “Plan)” contemplates a transaction with Fahrenheit, which will provide the capital, management team, and technology required to successfully establish and operate the new company “(NewCo).” NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by the statutory committee of unsecured creditors that was appointed in Celsius’ Chapter 11 cases (the “Creditors Committee).”

 

“We remain laser focused on creating the best outcome for customers and creditors and returning value as soon as possible,” said Chris Ferraro, Chief Restructuring Officer & Interim Chief Operating Officer, Celsius.

 

“The approval of the Disclosure Statement marks another major milestone in our process to transition Celsius’ assets to NewCo and provide a path to complete the proposal from Fahrenheit,” added David Barse and Alan Carr, members of the Special Committee of the Board. “We remain committed to working with the Official Committee of Unsecured Creditors, regulators, Fahrenheit, and creditors throughout this process to achieve a strong result for all stakeholders.”

 

The Plan outlines a proposed path to a value-maximizing conclusion that returns as much value to the Company’s creditors as possible. Celsius’ eligible creditors will receive a Solicitation Package in the mail from the Company’s claims, noticing, and solicitation agent, Stretto. The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information. In order for a vote to be counted, it must be received by Stretto on or before September 22, 2023, at 4 p.m. prevailing Eastern Time. Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan. Votes will be solicited until September 22, 2023, and the Company encourages all eligible creditors to vote in favor of the Plan by the voting deadline.

 

A Court hearing to consider approval of the proposed Plan is currently scheduled to begin on October 2, 2023. Following confirmation of the Plan, Celsius expects to distribute Liquid Cryptocurrency to account holders on the Plan’s effective date (or as soon as reasonably practicable thereafter), and create NewCo., which will manage Celsius’ illiquid assets, including Celsius’ institutional loan portfolio, mining business, and alternative investments for the benefit of account holders as contemplated in the Plan. Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees).

 

“We are excited about the progress that has been made and remain steadfast in our commitment to create a stronger organization coming out of this process,” said Steve Kokinos of Fahrenheit Holdings. “We are continuing to work with all stakeholders to ensure a successful transition and a bright future for NewCo. Our vision includes optimizing existing infrastructure, exploring new growth opportunities, diversifying revenue streams, and delivering meaningful benefits to Celsius’ customers and creditors. We look forward to engaging more deeply with the Celsius community in the weeks ahead regarding the Plan.”

 

Additionally, the Company previously confirmed that it has secured a backup bid with the Blockchain Recovery Investment Consortium “(BRIC),” which, if required for any reason, would provide for the orderly wind down of Celsius’ remaining assets.

 

Additional details regarding the outcome of the vote will be forthcoming when the results are available.

 

Additional Information about the Restructuring Process

The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.

 

Advisors

Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius.

 

White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Creditors Committee.

 

Brown Rudnick LLP is serving as legal counsel to Fahrenheit, LLC.

Willkie Farr & Gallagher LLP is serving as legal counsel to the BRIC.

Contacts

Media Inquiries
C Street Advisory Group

celsius@thecstreet.com

Categories
Business Economics Healthcare Lifestyle Regulations & Security

Best’s Review’s popular stories focus on insurance asset management, telemedicine, non-property cat bonds and more

OLDWICK, N.J. — (BUSINESS WIRE) — In the last 90 days, Best’s Review readers have been most interested in the following stories:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing 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 © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contact:

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com