Author: Michelle Dryden

Categories
Business

AM Best affirms credit ratings of State Farm Mutual Automobile Insurance Company and most of its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” of State Farm Mutual Automobile Insurance Company (State Farm Mutual) and its affiliates, State Farm Fire and Casualty Company and State Farm County Mutual Insurance Company of Texas (Richardson, TX). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of HiRoad Assurance Company (HiRoad). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Dover Bay Specialty Insurance Company (Dover Bay). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of State Farm Florida Insurance Company (State Farm Florida) (Winter Haven, FL). The outlook of these Credit Ratings (ratings) is stable. AM Best has also affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of State Farm General Insurance Company. The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of State Farm Indemnity Company (State Farm Indemnity). The outlook of these ratings is positive. Concurrently, AM Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of “aa+” of State Farm Life Insurance Company and State Farm Life and Accident Assurance Company (together referred to as State Farm Life). The outlook of these ratings is stable.

At the same time, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICR to “a” from “a-” of State Farm Lloyds (Richardson, TX). The outlook of these ratings has been revised to stable from positive. All companies are headquartered in Bloomington, IL, except where specified.

The ratings of State Farm Mutual reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM).

Additionally, the ratings reflect State Farm Mutual’s strong net income generation despite challenging market conditions in recent years, and AM Best’s expectation that the company will continue to generate solid earnings and maintain excellent risk-adjusted capitalization, despite the currently high state of economic uncertainty in the United States. State Farm Mutual, its subsidiary and affiliated property/casualty and life insurance companies, comprise the largest personal lines insurance organization in the United States based on direct premiums written and the second largest in terms of policyholders’ surplus. The State Farm group remains the leading provider of private passenger automobile and homeowners’ insurance in the United States. The organization’s personal lines products are complemented by other lines of business such as commercial multi-peril, commercial auto liability, workers’ compensation and several other lines. The ratings of the subsidiaries and affiliates of State Farm Mutual benefit from shared services, common management, cross selling of products and services, common distribution and brand name recognition. These positive rating aspects are offset in part by the State Farm group’s underwriting variability, above-average exposure to equity market volatility and susceptibility to weather-related catastrophes.

The ratings of State Farm Lloyds reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The rating upgrades of State Farm Lloyds recognize its consistently excellent risk-adjusted capitalization and that the company’s underwriting and net leverage ratios have stabilized at levels that are significantly improved relative to levels reported several years ago.

The ratings of State Farm General reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift, as defined within Best’s Credit Rating Methodology (BCRM), from its parent, State Farm Mutual.

The negative outlook for State Farm General’s Long-Term ICR considers deteriorating operating performance and capital erosion observed in 2017 and 2018, when the company was significantly impacted by California wildfire losses. AM Best notes that the company reported much improved results and surplus generation in 2019 and through the first quarter of 2020. If these favorable trends are sustained over the next 12-24 months, the Long-Term ICR outlook could be revised to stable.

The ratings of State Farm Indemnity reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its marginal operating performance, neutral business profile and appropriate ERM. The positive outlook for State Farm Indemnity’s ratings recognizing favorable trends in underwriting results for the past few years. AM Best notes that State Farm has announced significant rate decreases for personal auto insurance in New Jersey, which comprises the entirety of Indemnity’s business. These ratings could be upgraded if the company sustains its improved underwriting performance while maintaining its strongest level of risk-adjusted capitalization. The outlooks could be revised to stable from positive if the company’s operating performance deteriorates from current levels.

The ratings of HiRoad reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM. The ratings also reflect lift, as defined within Best’s Credit Rating Methodology (BCRM), from its parent, State Farm Mutual.

The ratings of Dover Bay reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual.

The ratings of State Farm Florida reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual.

The ratings of State Farm Life reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual

Additionally, the ratings of State Farm Life benefit from strong brand-name recognition, sustained competitive advantages derived from an affiliated exclusive agency field force, and a diverse product portfolio of individual ordinary life and fixed annuity products. Further, State Farm Life finances its statutorily required excess reserves (Regulation XXX) related to term life insurance through capital rather than externally through either domestic captives or offshore reinsurers. The amount of these excess reserves is sizeable and viewed favorably by AM Best, as it qualitatively enhances the group’s strong risk-adjusted capitalization ratios. Partially offsetting rating factors are ongoing spread compression within its annuity block, losses within its supplementary contracts line of business and exposure to life business with significant minimum guarantee rates.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gregory Dickerson
Associate Director
+1 908 439 2200, ext. 5161
gregory.dickerson@ambest.com

Raymond Thomson, CPCU, ARe, ARM

Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

WBI Bull|Bear Trend Switch US 1000 SMA received a 5-star 10-year Morningstar Rating™

RED BANK, N.J.–(BUSINESS WIRE)–#ActiveInvesting—WBI Investments today announced that the WBI Bull|Bear Trend Switch US 1000 separately managed account has been recognized with a 5-star Morningstar Rating™ for the 10-year period ending June 30, 2020 out of 124 funds in the Tactical Allocation Category. According to Morningstar, the top 10% of products in each product category receive 5 stars.

“With so much uncertainty in markets earlier this year, many investors were looking for a financial bunker to hide in. But as markets begin to rise, investor FOMO or ‘fear of missing out’ has everyone craving that return,” said Matt Schreiber, Co-CEO of WBI Investments. “We believe it’s time for a switch into WBI’s Trend Switch US 1000 product that was positioned conservatively in US short-term treasuries leading up to the ‘coronacrash’ allowing the strategy to protect capital. In early June our signals switched to put risk back on and the strategy has moved to large-cap equities in an effort to capture the rebounding return.”

Since 1992, the Bull|Bear Trend Switch 1000 separately managed account, designed to alternate or switch between a risk on (equities) or risk off (short-term treasuries) positions, has helped investors navigate the roller coaster of market gains and losses. The model signals that dictate the holdings are based on macroeconomic factors, corporate fundamentals, technical indicators and price momentum. The goal of the strategy is to avoid periods of high risk in equities but participate in market rallies when risk is low.

The Bull|Bear Trend Switch 1000 SMA detected outsized risk in the markets since August 27, 2018 and took a defensive position in Treasuries. During the first quarter of 2020, the strategy was down 0.4% versus the Russell 1000 Index return of -20.2%. The strategy remained in a defensive position until June 8, 2020 when WBI’s proprietary trend signals indicated the strategy should assume a risk on position and move to equities. Since its inception in 1992, the Bull|Bear Trend Switch 1000 SMA has produced an annualized return of 5.75%, net of fee, versus 9.79% of the Russell 1000 Index. Over the same period Trend Switch 1000 had a beta of 0.56 and a down capture ratio of 58.38%.

“While the strategy has not outperformed the Russell 1000 Index since inception, it was able to take half the risk and generated more than half the return,” added Schreiber. “We believe it was a nice alternative to being overallocated with too much risk, or under-allocated in highly conservative investments. The strategy has allowed investors to move fluidly from risk on to risk off, generate attractive returns, and experience less volatility over time.”

The WBI Bull|Bear Trend Switch US 1000 SMA received a 4-star Morningstar Rating™ overall for the period ending June 30, 2020 out of 310 funds.

About WBI

WBI Investments is a privately-owned investment management firm located in Red Bank, New Jersey. For over three decades, WBI’s goal has been to help investors achieve their retirement goals by aiming to reduce risk to capital and produce attractive returns so they can stay comfortably invested.

IMPORTANT INFORMATION

Past performance does not guarantee future results. This is not an offer to buy or sell any security. No security or strategy, including those referred to directly or indirectly, is suitable for all accounts or profitable all of the time and there is always the possibility of loss. You should not assume that any discussion or information provided here serves as a substitute for personalized investment advice from WBI or any other investment professional. If you have questions regarding the applicability of specific issues discussed to your individual situation, please consult with WBI or your chosen professional advisor. This information is compiled from sources believed to be reliable, accuracy cannot be guaranteed. WBI’s advisory operations, services, and fees are in the Form ADV, available upon request.

Market conditions may call for the strategy to remain in any of the possible exposure allocations for an extended period of time. At times, market conditions and the particular Portfolio Strategy, may call for an allocation of 100% to cash or cash equivalents. If the portfolio strategy invests all or a substantial portion of its assets in cash or cash equivalents for extended periods of time, including when it is investing for temporary defensive purposes, it could reduce the strategy’s potential return as the limited returns of cash or cash equivalents may lag other investment instruments in a strong market.

Net of Fee Performance is net of the maximum WBI investment management fee and includes reinvestment of dividends and other earnings. WBI uses a model fee approach which consists of netting down 100 bps from gross returns on a monthly basis.

Other strategies may have different results.

Russell 1000 TR Index: measures the performance of 1,000 largest U.S. companies where dividends are reinvested automatically. Down Capture Ratio: used to evaluate how well a manager performed relative to an index during periods when the index is down.

© 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life sub-accounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. WBI Bull|Bear Trend Switch US 1000 was rated against the following numbers of Tactical Allocation funds over the following time periods: 310 funds in the last three years, 248 funds in the last five years, and 124 funds in the last 10 years. Past performance is no guarantee of future results.

Fees for separate accounts can vary widely and are negotiated between the asset manager, the separate account program sponsor or advisor, and the investor. Morningstar has chosen to present gross-of-fees performance (before fees have been taken out) to compare separate accounts. Net-of-fees calculations often deduct the highest theoretical fees that an investor may pay.

You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of WBI Investments, Inc.

© 2020 WBI

Contacts

Media:
Ann Schreiber

Chief Marketing Officer

WBI Investments, LLC

800-772-5810

Categories
Business

Majesco taps NetSuite to modernize operations as it powers the future of insurance

Leading cloud software company for insurance companies increases scalability and operational efficiencies with NetSuite

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has implemented Oracle NetSuite to help transform its core business operations and better serve its customers and internal departments. With NetSuite, Majesco will be able to streamline its day-to-day operations, improve decision making and enhance its overall employee experience.

“We’re thrilled about the modern capabilities NetSuite will provide to our entire organization. Having one unified cloud-based platform will improve business operations across our sales, finance, procurement, product delivery, and support organizations,” noted Adam Elster, CEO of Majesco. “We selected NetSuite as it enables us to standardize operations, enhance business insights and serve our customers more efficiently.”

Majesco is partnering with the insurance industry to create a future that is agile, nimble and, fast. Its cloud-based solutions modernize and transform P&C and L&A and Group insurance businesses to better meet the demands of their next generation customers. To support its continued growth, Majesco plans to use NetSuite to increase transparency and efficiency across its core business operations. Majesco plans to leverage the order management, project management, resource management, project accounting, timesheet management, procurement, billing management, and reporting capabilities within NetSuite.

In addition, NetSuite will provide Majesco with the visibility, control and agility required to support its growth and help its customers capture new market opportunities. For example, NetSuite will enable Majesco to unify information across its business, increase automation, and enhance efficiency and accountability. As a result, Majesco is perfectly positioned to continue leading the charge for a new era of insurance.

“Like many of our customers, Majesco is leading the way forward in its industry, being the first to provide cloud-based products to change the way it conducts business and better serve a market,” said Sam Levy, SVP of Sales, Oracle NetSuite. “By implementing NetSuite, Majesco will be able to react quickly to new business opportunities, while continuing to offer leading services to its customers.”

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Healthcare

MJH Life Sciences™ continues moving all live events to virtual through first quarter of 2021

Industry giant will continue to leverage its proprietary online virtual platform and technology through at least March 2021

CRANBURY, N.J.–(BUSINESS WIRE)–#CME–MJH Life Sciences™ confirmed today that all conferences, satellite symposia, award programs and educational programming produced by the privately owned health care media company will take place in virtual format through March 2021.

From the start of the COVID-19 pandemic, MJH Life Sciences™ has adapted existing events and developed new programs to provide timely, critical health care information and education wherever clinicians are.

“Because of our state-of-the-art in-house studio and technology platforms, we were able to pivot successfully to virtual programming right from the start of the COVID-19 lockdown,” said Mike Hennessy Jr., president, and CEO of MJH Life Sciences™. “Events and education are key pillars of how we deliver on our mission to help health care professionals improve quality of life. So, we have taken great care to ensure we are delivering the greatest value, content, and accessibility, all while remaining comfortable and safe. The further upside of our decision is that even more people will be able to experience our events and continuing education without having to decide whether travel is safe enough for them – plus it will help us deliver value to and continue to build our growing global presence.”

Since March, MJH has hosted more than 600 virtual events in various formats, with a combined attendance of over 200,000 health care professionals. Most recently, MJH produced the widely attended and highly rated “COVID-19: A Race for a Vaccine” webinar to help provide clarity and insight about current clinical trials and to address questions regarding distribution of potential COVID-19 vaccines.

The experience gained and lessons learned from producing hundreds of virtual events over the past 4+ months have resulted in knowledge and understanding that will help MJH continue to optimize and perfects its future events. Upcoming large-scale virtual events include Fetch dvm360® Conference, Pharmacy Benefit Management Institute’s 26th Annual National Conference, Physicians’ Education Resource® (PER®), Chemotherapy Foundation Symposium (CFS®), Miami Breast Cancer Conference®, and PTCE’s legacy Directions in Oncology Pharmacy™ and Directions in Pharmacy® spring conference series.

About MJH Life Sciences™

MJH Life Sciences™ is the largest privately held, independent, full-service medical media company in North America dedicated to delivering trusted health care news across multiple channels, providing health care professionals with the information and resources they need to optimize patient outcomes. MJH Life Sciences™ combines the reach and influence of its powerful portfolio of digital and print product lines, live events, educational programs and market research with the customization capabilities of a boutique firm. Clients include world-leading pharmaceutical, medical device, diagnostic and biotech companies. For more information, visit https://www.mjhlifesciences.com/.

Contacts

MJH Life Sciences™ Media Contact
Alexandra Ventura, 609-716-7777, ext. 121

aventura@mjhlifesciences.com

Categories
Business

AM Best removes from under review with developing implications and upgrades credit ratings of Merit Life Insurance Co.

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A- (Excellent) from B+ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb-” of Merit Life Insurance Co. (Merit) (Austin, TX). The outlook assigned to these ratings is stable.

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

The company’s balance sheet strength assessment is anchored by its Best’s Capital Adequacy Ratio, which is considered to be at the strongest level. Merit’s flagship Contingent Deferred Annuity (CDA) product guarantees individuals a stream of income (i.e., 5% of the greater of the account value on the issue or exercise date) for life if the value of the purchaser’s account is reduced to zero during their lifetime. Each annuitant’s assets are to be managed by their fiduciary investment manager and will have predetermined investment parameters created by the investment management firm and agreed to by Merit. The company’s general account investment portfolio is expected to be well-diversified with a favorable level of liquidity. Brickell Insurance Holdings LLC (Brickell) acquired Merit on Dec. 31, 2019. 777 Partners, one of Brickell’s primary investors, is committed to supporting Merit’s risk-adjusted capitalization and will be making additional capital contributions as necessary to support growth.

The company’s operating performance assessment is based solely on projections provided by company management and include assumptions around expense efficiency and the generation of specific levels of fee income. AM Best notes that prospective earnings will be derived primarily from fees earned on protected assets and will be subject to equity market fluctuations. The company continues to file for state approvals on the CDA product, but has not yet commenced sales. Due to its limited product offerings and distribution channels its business profile is considered to be limited at this time.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Kate Steffanelli

Senior Financial Analyst

+1 908 439 2200, ext. 5063

kate.steffanelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael Adams
Associate Director
+1 908 439 2200, ext. 5133

michael.adams@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Healthcare

Swittons introduces smart IoT devices for pharmaceutical lab digital transformation initiatives

PISCATAWAY TOWNSHIP, N.J.–(BUSINESS WIRE)–#IoT—Swittons, a P360 company, today announced a new line of Internet of Things (IoT) enabled smart devices built specifically for pharmaceutical labs. The fully customizable devices align with strategic Lab of the Future (LoTF) initiatives and help automate various laboratory workflows between people and existing digital lab equipment, systems and solutions. Built on an agile technology platform, Swittons devices are easy to deploy within pharmaceutical laboratories of all types.


“There are profound changes taking place in the area of life science research and development,” stated Swittons CEO and Founder Anupam Nandwana. “Driven by technological advances and the development of precision medicines, these modernization initiatives are designed to propel laboratory efficiencies into the future, allowing scientists to spend more time on science. This has changed the very concept of what the lab is, and Swittons is a key part of that evolution.”

The Swittons software platform is designed to provide life sciences companies with a modern, flexible user interface that not only integrates with other systems, but other IoT devices as well. This flexibility gives labs the power to create their own LoTF, configured in the way that works best for their specific use case. This means Swittons devices can be uniquely programmed, even within an individual laboratory, so end users aren’t forced into workflows that don’t fit their job function. In addition, the devices take up very little desk space, so they are conveniently available and work seamlessly within individual work styles.

Swittons devices are designed to be compatible with existing IT systems and integrate with lab support platforms and services such as LIMS, eDOC and ticketing systems. Swittons also features a powerful backend portal and reporting system, where administrators can view user CLICKS in one convenient location. The devices are even able to trigger phone and video calls via a built-in integration with Microsoft Teams.

Each Swittons device can be custom branded, and programmed for a wide range of laboratory scenarios. In pharmaceutical lab settings, Swittons fills the gap between the scientist and the lab by automating functions such as:

  • Trigger equipment maintenance
  • Open equipment service ticket
  • Indicate equipment availability
  • Trigger a video call
  • Notify of temperature control deviation
  • Notify of spill/cleaning needed
  • Equipment occupancy notification
  • Open Tickets in service software such as ServiceNow, Salesforce Service Cloud, Microsoft Dynamics
  • Reorder reagents
  • Re-stock disposable supplies
  • Report OOS or Aberrant result
  • Summon a lab runner
  • Open SOP software
  • Alert in an emergency

Swittons is built on Microsoft Azure, and each device comes out of the box ready and automatically connects through a Wi-Fi or GSM cellular connection. More information about Swittons for LoTF initiatives is available HERE.

Swittons is powered by the technology and expertise developed by P360. Delivering a 360-view through the pharma physician, laboratory and patient ecosystem, P360 designs and deploys capabilities that ensure the highest efficiencies and returns on sales operations, data management, clinical trials, patient centricity and IoT innovation. To learn more about P360, visit P360.com.

About Swittons

Based in Piscataway Township, New Jersey, and powered by P360, Swittons is an end-to-end enterprise IoT solution for commercial acceleration. From dashboard to device to data, Swittons powers seamless engagement. Swittons for physicians and pharma is changing everything about how businesses communicate. To learn more, visit Swittons.com.

Contacts

Brian Fitzgerald

Brian.Fitzgerald@P360.com
808-754-0437

Categories
Healthcare

Bristol Myers Squibb and the Bristol Myers Squibb Foundation commit $300 million to accelerate and expand health equity and diversity and inclusion efforts

Five–year commitment builds on long-standing investment in health equity

PRINCETON, N.J.–(BUSINESS WIRE)–$BMY #BMS—Bristol Myers Squibb (NYSE: BMY) and the Bristol Myers Squibb Foundation announced today a combined investment of $300 million as part of a series of commitments. For Bristol Myers Squibb and the Bristol Myers Squibb Foundation, the commitments are designed to address health disparities, increase clinical trial diversity and for Bristol Myers Squibb, to increase the company’s spend with diverse suppliers and continue to increase Black/African American and Hispanic/Latino representation at all levels of the company. These commitments build on each entity’s experience addressing health disparities and, for Bristol Myers Squibb, its investments in increasing the diversity of its workforce.

The combined $300 million investment to health equity focuses on raising disease awareness and education, increasing health care access, and improving health outcomes for medically underserved populations. The BMS Foundation’s commitment to clinical trial diversity focuses on building clinical trial infrastructure in diverse communities and high disease burden areas in the U.S. and increasing the diversity of investigators through a fellowship program over five years.

“Our company has a long history of addressing health disparities as part of our overall mission to serve patients with serious disease,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol Myers Squibb. “Now more than ever, we recognize the urgent need to do more to address serious gaps in care among the underserved in communities around the world. This commitment reflects our belief that investments toward achieving health equity, and increasing diversity and inclusion are opportunities to advance our vision of transforming patients’ lives through science.”

This investment follows Bristol Myers Squibb’s previous announcement to expand its existing patient support program to help eligible unemployed patients in the U.S. who have lost their health insurance due to the COVID-19 pandemic. In recent months, though, COVID-19 has exposed the severity of social and health disparities in the U.S. that increase the risk for infection and poorer health outcomes for Black/African American and Hispanic/Latino communities.

Bristol Myers Squibb and the Bristol Myers Squibb Foundation recognize the need to take concrete steps to better serve and collaborate with an increasingly diverse U.S. population and underserved communities around the world.

The commitments include:

  • Increasing clinical trial diversity: Bristol Myers Squibb will extend the reach of clinical trials into underserved patient communities in urban and rural U.S. geographies. The Bristol Myers Squibb Foundation will train and develop 250 new racially and ethnically diverse clinical investigators who will have mentorship and training opportunities, and ultimately to enroll underserved patients into clinical trials.

“Clinical trial diversity needs acceleration. We see tremendous opportunity for longer-term, sustainable impact by supporting ethnically diverse physician scientists to engage in clinical research while also establishing clinical research sites in diverse communities,” said Samit Hirawat, M.D., chief medical officer, Bristol Myers Squibb. “Over the next five years, we will extend the reach of our trials into underserved patient communities and the Bristol Myers Squibb Foundation will train and develop 250 new racially and ethnically diverse clinical investigators that can enroll a diverse patient population in trials conducted across the industry.”

  • Strengthening health equity work across the business: Bristol Myers Squibb will accelerate its efforts to reach at-risk patients with disease awareness and education programs and information about its patient support programs, including programs for people who cannot afford their medicines. Bristol Myers Squibb will also continue to advocate for policies that promote health equity.
  • Increasing the company’s spend with diverse suppliers: Bristol Myers Squibb will spend $1 billion globally by 2025 with Black/African American and other diverse-owned businesses to help create jobs and generate positive economic impact in diverse communities.
  • Increasing the diversity of the company’s workforce: Bristol Myers Squibb will expand the diversity of its workforce and leadership to ensure it reflects the evolving demographics of the patients the company serves. The company achieved gender parity across its workforce in 2015. By 2022, Bristol Myers Squibb aims to achieve gender parity at the executive level globally; double executive representation of Black/African American employees in the U.S.; and double executive representation of Hispanic/Latino employees in the U.S.

“As a patient focused company, it is vital that our workforce reflect the people, cultures and communities we serve,” added Ann Powell, chief human resources officer, Bristol Myers Squibb. “We recognize that meeting the needs of patients means we must continue to grow a powerfully diverse, and broadly inclusive, workforce.”

  • Expanding our employee giving program: Bristol Myers Squibb Foundation will provide a 2-to-1 match for U.S. employee donations to organizations that fight health disparities and discrimination.

The commitments by the Bristol Myers Squibb Foundation build on the more than 100 active grantee projects funded by the Foundation globally to improve access to care and support, and health outcomes that have reached nearly 1.5 million people worldwide. For more information on these commitments and the work Bristol Myers Squibb is doing to transform patients’ lives through science, visit BMS.com.

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 the Bristol Myers Squibb Foundation

The Bristol Myers Squibb Foundation promotes health equity and seeks to improve the health outcomes of populations disproportionately affected by serious diseases by strengthening healthcare worker capacity, integrating medical care and community-based supportive services, and mobilizing communities in the fight against disease. The Foundation engages partners to develop, test, sustain and spread innovative clinic-community partnerships to help patients access care and support for cancer in the U.S., China, Africa, and Brazil and for cardiovascular diseases, multiple sclerosis, and rheumatoid arthritis in the United States. For more information about the Bristol Myers Squibb Foundation, visit us at BMS.com/Foundation.

Contacts

BRISTOL MYERS SQUIBB
Media:
609-252-3345

MEDIA@BMS.COM

Categories
Business

Prudential Financial declares quarterly dividend on Common Stock

NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today the declaration of a quarterly dividend of $1.10 per share of Common Stock, payable on September 17, 2020, to shareholders of record at the close of business on August 25, 2020.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

Contacts

MEDIA CONTACT:
Bill Launder

973-802-8760

bill.launder@prudential.com

Categories
Local News

Zycus’ AI-powered Bots transforming accounts payable operations across industries

Diverse enterprises achieving up to 98% accuracy in invoice data extraction, drastically reducing invoice processing cycle-times, and freeing up FTEs to focus on strategic activities

PRINCETON, N.J.–(BUSINESS WIRE)–#ai–Zycus, a global leader in AI-driven Source-to-Pay software solutions, announced today that its AI-powered, self-learning Merlin Bots have achieved the promised accounts payable efficiency at diverse customer companies, including an automotive giant, a health insurer, a manufacturing company, and a non-profit educational firm. Though belonging to different industry verticals, all these organizations had the same challenge with their accounts payable operations – repetitive and iterative manual processes that reduced efficiency and increased costs.

The health insurer foresaw rapid business growth and wanted to build capacity for a higher volume of supplier invoices. They wanted to truly automate invoice data extraction to reduce human dependency, costs, and full-time-equivalents engaged in the low-value and mechanical tasks of invoice processing. After Zycus’ implementation, the health insurer experienced an accuracy of 98% for line-level invoice data extraction, a 75% reduction in invoice processing cycle-time, and a 50% reduction in the number of manual clicks required to extract and process each invoice.

The automotive giant with $20Bn in revenue participated in a time motion study with Zycus to assess its processes and found invoice processing as low-hanging fruit to reduce costs. That’s when they decided to implement Zycus’ Merlin AP SmartDesk Bots and Invoice Reader Bots. The team has achieved an average of 90% accuracy in the extraction of various invoice fields (such as invoice number, purchase order number, invoice date, supplier name, item description, item quantity, item unit price, and item-total). In the new AP order, the company also has increased visibility into its spending. The use cases were similar at the two other companies – a manufacturing organization and a non-profit educational firm.

Richard Waugh, Vice President- Corporate development shares, “The reason why Merlin AI bots work across the board is they are truly versatile and agnostic to industry, technology, language or invoice templates. We built them in-house, on the back of our 20 years of experience in artificial intelligence. We are able to drive greater than 90% accuracy in all scenarios, and I think it is unmatched in the industry.”

Zycus’ self-learning, AI bots make use of Natural Language Processing (NLP) and Intelligent Invoice Capture. They can plug into any technological, ERP, or accounts payable environment seamlessly.

Bikash Mohanty, Director Product Management concludes, “AP staff should be able to focus on areas of strategic value – managing suppliers, cash, and risk – instead of spending much of their time keying or re-keying invoice data because of a lack of tools or outdated OCR technology that suffers from low accuracy in extracting invoice data. There is a better way – AI can help AP shift from tactical to strategic.”

About Zycus Inc.

Zycus is a leading global provider of AI powered Source-to-Pay suite for procurement, finance, and AP organizations. Our comprehensive product portfolio includes eProcurement, eInvoicing, Spend Analysis, eSourcing, Contract Management, Supplier Management, Financial Savings Management, Project Management, Request Management, Supplier Network, Insight Studio, and Merlin A.I. Suite with intelligent BOTs. Our spirit of innovation and passion to help organizations create greater business impact is reflected among the hundreds of solution deployments that we have undertaken over the years.

Contacts

Ankit Aggarwal – Product Marketing Lead – Zycus Inc

+91 98333 11510

Categories
Healthcare

TYME announces outcome of interim futility review for HopES Sarcoma Phase II study

  • Principal Investigator of the HopES Sarcoma Study Recommended Continuation of the Trial

BEDMINSTER, N.J.–(BUSINESS WIRE)–$TYME—Tyme Technologies, Inc. (NASDAQ: TYME), an emerging biotechnology company developing cancer metabolism-based therapies (CMBTs™), announced today a positive outcome of an interim futility review for the HopES Sarcoma Phase II clinical trial that is evaluating TYME’s lead cancer metabolism-based candidate, SM-88, as a potential oral treatment for patients with Ewing’s Sarcoma and other high-risk sarcomas.

“It is evident that the salvage cohort will pass the futility test and meet the criteria for expansion,” said Sant Chawla, M.D., founder of the Sarcoma Oncology Center, Santa Monica, CA and principal investigator for the HopES Sarcoma trial.

The interim futility review was completed in late July and, based on the analysis of the data and recommendations of Dr. Sant Chawla, the study will proceed with the current trial design as planned. The next major milestone in the HopES Sarcoma trial is expected in calendar year 2021. Sarcomas represents a great unmet medical need and significant opportunity for all stakeholders. There are more than 12,000 patients diagnosed each year without meaningful treatment options.

“We are pleased to have reached this important point in the HopES Sarcoma trial and now await the final results of the trial to determine the potential of oral SM-88 in high-risk sarcomas in an effort to improve the lives of these patients with, what we believe could be, a better safer approach,” said Giuseppe Del Priore, M.D., M.P.H., Chief Medical Officer at TYME. “To date, SM-88 has demonstrated encouraging tumor responses in 15 different cancers across four separate studies with minimal serious grade 3 or higher adverse events.”

The HopES Sarcoma trial is a prospective open-label Phase II trial evaluating the efficacy and safety of SM-88, with the conditioning agents methoxsalen, phenytoin and sirolimus, in two cohorts of patients. Up to 24 evaluable patients (12 per cohort) will be enrolled. The first cohort will evaluate oral SM-88 as maintenance monotherapy following standard primary or palliative treatments for Ewing’s sarcoma patients with a high risk of relapse or disease progression. The second cohort will determine the clinical benefits of SM-88 as salvage monotherapy for patients with clinically advanced sarcomas. Patient dosing began in January 2020. The Joseph Ahmed Foundation is providing funding and patient support for this investigator-initiated Phase II (HopES) trial of SM-88 in patients with previously treated metastatic sarcoma, sponsored by the Sarcoma Oncology Research Center. The primary objectives are to measure efficacy events, including overall response, stable disease and progression free survival. Secondary objectives include duration of response, overall survival, clinical benefit rate using response evaluation criteria in solid tumors (RECIST 1.1), and incidence of treatment-emergent adverse events. Learn more at TYMETRIALS.com.

About Sarcomas and Ewing’s Sarcoma

Sarcomas are rare cancers in adults but are more common in children. There are approximately 12,0001 new sarcoma cases annually in the U.S. alone. There are many “subtypes” of sarcoma, as it can arise in many tissue structures throughout the body (nerves, muscles, joints, bone, fat, blood vessels – collectively referred to as the body’s “connective tissues”). Sarcomas are most frequently found in the limbs, as this is where the majority of the body’s connective tissues are found but can also present within the sites of more “common” cancers (e.g., breast sarcoma, stomach sarcoma, lung sarcoma, ovarian sarcoma, etc.). Sarcoma cancers often grow hidden deep in the body and are often diagnosed when the tumor size limits effective treatment options.

Ewing’s sarcoma is a primary bone cancer within a group of cancers known collectively as the Ewing’s sarcoma family of tumors. Ewing’s sarcoma is a type of tumor that forms in the bone or soft tissue. It is a rare type of cancer that is often overlooked and receives minimal recognition and research funding. Although Ewing’s sarcoma is typically a pediatric cancer, (it accounts for 30% of bone cancers in children), it can also be found in adults. The most commonly affected areas include the pelvis, thigh, lower leg, upper arm, and chest wall.

About SM-88

SM-88 is an oral investigational modified proprietary tyrosine derivative that is believed to interrupt the metabolic processes of cancer cells by breaking down the cells’ key defenses and leading to cell death through oxidative stress and exposure to the body’s natural immune system. Clinical trial data have shown that SM-88 has demonstrated encouraging tumor responses across 15 different cancers, including pancreatic, lung, breast, prostate and sarcoma cancers with minimal serious grade 3 or higher adverse events. SM-88 is an investigational therapy that is not approved for any indication in any disease. Learn more.

About the Joseph Ahmed Foundation

The Joseph Ahmed Foundation (JAF) is a 501(c)(3) non-profit organization that was founded in 2016 by the family of Joseph Ahmed, who lost his courageous battle with Ewing’s Sarcoma eight months after his diagnosis on September 1, 2014, at the age of 16. Through their tragic loss and grief, Joseph’s loved ones established the Joseph Ahmed Foundation which is dedicated to raising public awareness for the importance of early detection of the disease, and the urgent need of funding for research and development of innovative treatment and therapies to treat Ewing’s Sarcoma and other forms of pediatric cancer. JAF’s mission is to provide resources for research programs and support services through fundraising, philanthropic donations, corporate sponsorship and grants. JAF is comprised of passionate board members and volunteers who all share the same vision, finding a cure. The foundation can be reached at 212-867-8667. The global website is www.thejosephahmedfoundation.org

About Tyme Technologies

Tyme Technologies, Inc., is an emerging biotechnology company developing cancer therapeutics that are intended to be broadly effective across tumor types and have low toxicity profiles. Unlike targeted therapies that attempt to regulate specific mutations within cancer, the Company’s therapeutic approach is designed to take advantage of a cancer cell’s innate metabolic weaknesses to compromise its defenses, leading to cell death through oxidative stress and exposure to the body’s natural immune system. For more information, visit www.tymeinc.com. Follow us on social media: @tyme_Inc, LinkedIn, Instagram, Facebook and YouTube.

Forward-Looking Statements/Disclosure Notice

In addition to historical information, this press release contains forward-looking statements under the Private Securities Litigation Reform Act that involve substantial risks and uncertainties. Such forward-looking statements within this press release include, without limitation, statements regarding our drug candidates, including SM-88, and their clinical potential and non-toxic safety profiles, our drug development plans and strategies, ongoing and planned preclinical and clinical trials, preliminary data results and the therapeutic design and mechanisms of our drug candidates; and readers can identify forward-looking statements by sentences or passages involving the use of terms such as “believes,” “expects,” “hopes,” “may,” “will,” “plan,” “intends,” “estimates,” “could,” “should,” “would,” “continue,” “seeks,” or “anticipates,” and similar words including their use in the negative or by discussions of future matters such as effect of the novel coronavirus (COVID-19) pandemic and the associated economic downturn and impacts on the Company’s ongoing preclinical and clinical trials and ability to analyze data from those trials, the cost of development and potential commercialization of our lead drug candidate and of other new products, expected releases of interim or final data from our clinical trials, possible collaborations, the timing, scope and objectives of our ongoing and planned clinical trials and other statements that are not historical. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of TYME’s control. These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any historical results and future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the severity, duration, and economic impact of the COVID-19 pandemic; that the information is of a preliminary nature and may be subject to change; uncertainties inherent in the cost and outcomes of research and development, including the cost and availability of acceptable-quality clinical supply and the ability to achieve adequate clinical study design and start and completion dates; the possibility of unfavorable study results, including unfavorable new clinical data and additional analyses of existing data; risks associated with early, initial data, including the risk that the final data from any clinical trial may differ from prior or preliminary study data; final results of additional clinical trials that may be different from the preliminary data analysis and may not support further clinical development; that past reported data are not necessarily predictive of future patient or clinical data outcomes; whether and when any applications or other submissions for SM-88 may be filed with regulatory authorities; whether and when regulatory authorities may approve any applications or submissions; decisions by regulatory authorities regarding labeling and other matters that could affect commercial availability of SM-88; the ability of TYME and its collaborators to develop and realize collaborative synergies; competitive developments; and the factors described in the section captioned “Risk Factors” of TYME’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on May 22, 2020, as well as subsequent reports we file from time to time with the U.S. Securities and Exchange Commission available at www.sec.gov.

The information contained in this press release is as of its release date and TYME assumes no obligation to update forward-looking statements contained in this release as a result of future events or developments.

1 https://www.cancer.org/cancer/soft-tissue-sarcoma/about/key-statistics.html

Contacts

For Investor Relations & Media Inquiries:

Investor Relations

1-212- 461-2315

investorrelations@tymeinc.com
media@tymeinc.com