Author: Michelle Dryden

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Business

TD Ameritrade Institutional names 2020 RIA NextGen Scholarship & Grant winners

Ten-Year, $5M Initiative Seeks to Help attract a New, More Diverse Generation of RIAs and Expand Ranks of University Financial Planning Degree Programs

JERSEY CITY, N.J.–(BUSINESS WIRE)–$AMTD #RIA—TD Ameritrade Institutional1, a champion of registered investment advisors (RIAs) seeking to help the industry attract a new, more diverse generation of talent, today named the recipients of its 2020 RIA NextGen Scholarship and Grants. Now in its eighth year, the program aims to expand the pipeline of future financial planners joining the RIA industry and support the long-term sustainability of the financial planning profession.

TD Ameritrade Institutional has awarded 12 talented and deserving students with scholarships of $5,000 each, as well as grants of $15,000 each to six universities. These awards are designed to help alleviate a looming shortage of advisors, as more than 100,000 RIAs prepare to retire2, and develop a more robust, more diverse pipeline of talent.

To foster diversity in financial planning, four scholarships were awarded to students from under-represented demographic groups, including women, Blacks, Latinx, Native American and Asians. The 2020 TD Ameritrade Institutional RIA NextGen Scholarship winners are:

Abigail Adams

Utah Valley University

Valerie Carpenter

Texas Tech University

Claire Covey

Liberty University

Brad Curtis

Utah Valley University

Claire Herrmann

Kansas State University

Natalie Laggy-Coyle

University of Alabama

Garrett Leet

Western Kentucky University

Nelson Robinson

Prairie View A&M University

Anabelle Sanko

Kansas State University

Olivia Stingo

Kansas State University

Logan Sullivan

University of Missouri

Ellen Whall

Utah Valley University

TD Ameritrade Institutional also named its 2020 RIA NextGen Grant winners, schools that have demonstrated a commitment to educate and train the future financial planners. For the first time, the number of grants was expanded to six schools, each receiving a $15,000 grant, increasing the number of schools with new or enhanced degree programs.

And as part of TD Ameritrade’s commitment to fostering diversity, a grant for the first time was earmarked to support the development of financial planning programs at a Historically Black College and University, Hispanic-Serving Institution or Minority-Serving Institution. The grant winners are:

Central Washington University

Ellensburg, Wash.

Charleston Southern University

Charleston, S.C.

Franklin University

Columbus, Ohio

Rutgers University

New Brunswick, N.J.

University of Illinois at Urbana-Champaign

Urbana, Ill.

William Paterson University

Paterson, N.J.

“We’re pleased to offer scholarships to students who embody the bright future of our profession. Our industry together must do more to attract new talent to financial planning, a promising career path that’s never been more essential,” said Kate Healy, Managing Director of Generation Next at TD Ameritrade Institutional. “It’s equally important that firms offer opportunity to deserving candidates from outside traditional talent networks. With Black and Latinx planners representing less than 4 percent of CFPs,3 we have much more to do around raising awareness and building programs that can attract, support and develop professionals of color.”

Since 2013, TD Ameritrade Institutional has awarded 94 scholarships totaling nearly $500,000, as well as $1.2 million in grants to 21 universities. The RIA NextGen Scholarships and Grants program is part of a 10-year, $5 million commitment by TD Ameritrade Institutional to help RIAs attract a new generation by raising awareness of the career opportunities within financial services and helping future advisors fund their studies.

And to help the next generation secure job opportunities in the industry, TD Ameritrade Institutional in June launched RIAConnect® NextGen, an online tool that connects advisors seeking next gen talent with undergraduates and recent graduates interested in joining an advisory firm. Young professionals can create, at no charge, a profile for themselves and learn more about firms that expressed an interest in making hires.

About TD Ameritrade Institutional

TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA / SIPC, a brokerage subsidiary of TD Ameritrade Holding Corp.

About TD Ameritrade Holding Corporation

TD Ameritrade provides investing services and education to more than 12 million client accounts totaling approximately $1.2 trillion in assets, and custodial services to more than 7,000 registered investment advisors. We are a leader in U.S. retail trading, executing an average of approximately 2 million trades per day for our clients, more than a quarter of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting-edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com.

Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org)

1 TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation.

2 Cerulli Associates, U.S. Advisor Metrics: The Next Generation of Planning, 2019

3 CFP Board Center for Financial Planning, Racial Diversity in Financial Planning, October 2018

Source: TD Ameritrade Holding Corporation

BI#1379211

Contacts

Media Contact
Joseph A. Giannone

Communications + Public Affairs

T: 201-369-8705

joseph.giannone@tdameritrade.com

Categories
Business

Columbia Care raises approximately $14 million of non-dilutive capital through second sale leaseback

The Transaction Includes the Company’s New Jersey Cultivation and Manufacturing Facility and Dispensary; Additional Sale Leaseback Financings Expected in 2H 2020

NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) announced the close of its sale leaseback transaction with Innovative Industrial Properties (NYSE:IIPR) (“IIP”) valued at approximately $14 million. The transaction includes the Company’s dispensary, cultivation and manufacturing facilities in Vineland, New Jersey, totaling approximately 54,000 square feet.

Upon closing, Columbia Care entered into a long-term, triple-net lease agreement with IIP and will continue to develop, operate, and manage the properties. The Company’s New Jersey dispensary commenced sales operations in June, while its cultivation facility recently completed its first harvest and is expected to sell finished, packaged products into both the wholesale and retail markets. Columbia Care expects to continue expanding its cultivation, manufacturing and packaging capabilities over the next 12 months, in addition to adding two more dispensaries and introducing home delivery throughout the state. New Jersey is a rapidly growing market that is expected to transition from medical-only to adult use in 1Q 2021. There are currently 78,000 registered patients and only 11 operating dispensaries in the state.

“Coupled with our other recent financing announcements, this incremental non-dilutive capital will bolster our already strong balance sheet and enable us to continue to execute against our growth and profitability initiatives across the United States,” said Nicholas Vita, CEO of Columbia Care. “With the adult use cannabis measure likely to be passed by New Jersey voters in November, we remain well-positioned to be one of the market leaders in the Garden State. Columbia Care is thrilled to partner with IIP as we capitalize on the positive tailwinds across our various markets and achieve adjusted EBITDA profitability later this year.”

IIP President and CEO Paul Smithers commented: “We are excited to partner with the team at Columbia Care as we believe the cannabis market in New Jersey is poised for strong growth in the coming years. We look forward to enabling Columbia Care to further its position as a leading operator in the state.”

About Columbia Care Inc.

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions1 and the EU. Columbia Care has completed more than 1.8 million sales transactions since inception and working in collaboration with renowned and innovative teaching hospitals and medical centers globally, continues to be a patient-centered health and wellness company setting the standard for compassion, professionalism, quality, care and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.

Caution Concerning Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. The Company has made assumptions with respect to its New Jersey operations including adult use legalization passage, home delivery, its ability to find suitable additional dispensary locations as well as its ability to negotiate additional lease arrangements satisfactory to the Company; complete all planned construction in a timely manner and attract qualified staff. Columbia Care has also made certain general industry assumptions in the preparation of such forward-looking statements including projections that may be impacted by macroeconomic factors and other factors not controllable by the Company. While Management believes its assumptions and forward-looking statements to be reasonable at the time of preparation, there can be no assurance that actual results will be consistent with such forward-looking statements. Investors are also advised to review other risk factors discussed under “Risk Factors” in Columbia Care’s Annual Information Form dated March 31, 2020, filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com and described from time to time in documents filed by the Company with Canadian securities regulatory authorities.

1 Includes Colorado, subject to successful completion of the acquisition of The Green Solution and W. Virginia industrial hemp cultivation license.

Contacts

Investor Contact:
Gary F. Santo, Jr.

Investor Relations

+1.212.271.0915

ir@col-care.com

Media Contact:
Gabriella Velez

5WPR

columbiacare@5wpr.com

Categories
Business

Innovative Industrial Properties acquires properties in New Jersey and enters into long-term leases with Columbia Care

SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on sale-leaseback transactions with subsidiaries of Columbia Care Inc. (Columbia Care) for two properties in New Jersey, an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.

The purchase prices for the properties were approximately $12.4 million in total (excluding transaction costs). Concurrent with the closings of the purchases, IIP entered into a long-term, triple-net lease agreement for each property with a subsidiary of Columbia Care, which intends to continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete additional tenant improvements for the industrial property, for which IIP has agreed to provide reimbursement of up to $1.6 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the two properties will be approximately $14.0 million.

Columbia Care (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult-use cannabis products and related services with licenses in 18 jurisdictions in the United States and the European Union. Columbia Care has completed more than 1.8 million sales transactions since inception and working in collaboration with renowned and innovative teaching hospitals and medical centers globally, continues to be a patient-centered health and wellness company setting the standard for compassion, professionalism, quality, care and innovation in the cannabis industry.

As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.

“Columbia Care is one of the preeminent cannabis operators in the United States, and we are thrilled to introduce them as a new tenant partner,” said Paul Smithers, President and Chief Executive Officer of Innovative Industrial Properties, Inc. “As one of the largest cannabis operators, Columbia Care is dedicated to providing the highest quality products and services to patients and customers, and we look forward to supporting them as a long-term real estate capital partner in New Jersey, including providing the additional real estate capital for further enhancements to their cultivation and processing facility.”

Added Nicholas Vita, CEO of Columbia Care: “Partnering with IIP provides Columbia Care with access to nondilutive capital that offers flexibility and provides us with the ability to continue to build and expand our cultivation, manufacturing, and retail capabilities in the markets that matter most.”

Last month, Columbia Care announced the opening of the dispensary location, as one of only three operators licensed to dispense medical cannabis in the southern region of New Jersey, and produced its first harvest this month at its cultivation and processing facility. Similar to other states, New Jersey authorities classified medical cannabis dispensaries as “essential,” allowing them to remain open during the coronavirus pandemic, while implementing additional safety and social distancing protocols to protect the health of patient customers and employees. Last month, the New Jersey Department of Health also enacted a waiver that allows licensed operators to provide home delivery of medical cannabis products to patients.

As of July 20, 2020, IIP owned 61 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Nevada, North Dakota, Ohio, Pennsylvania and Virginia, totaling approximately 4.5 million rentable square feet (including approximately 1.5 million rentable square feet under development/redevelopment), which were 99.2% leased (based on square footage) with a weighted-average remaining lease term of approximately 16.1 years. As of July 20, 2020, IIP had invested approximately $820.4 million in the aggregate (excluding transaction costs) and had committed an additional approximately $213.3 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at IIP’s properties. These statistics do not include up to approximately $7.0 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Illinois properties, or approximately $17.1 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Massachusetts properties, as the tenants at those properties may not elect to have IIP disburse those funds to them and pay IIP the corresponding base rent on those funds. These statistics also treat IIP’s Los Angeles, California property as not leased, due to the tenant being in receivership and its ongoing default in its obligation to pay rent at that location.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

Innovative Industrial Properties Forward-Looking Statements

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the leases of the properties, Columbia Care and the New Jersey regulated cannabis market, are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Catherine Hastings

Chief Financial Officer, Chief Accounting Officer and Treasurer

Innovative Industrial Properties, Inc.

(858) 997-3332

Categories
Business

NICE Actimize enhances SURVEIL-X Holistic Trade Surveillance solution with self-service analytics for custom risk detection

SURVEIL-X Studio enables FSOs to rapidly create, test and deploy custom analytic risk detection models to close regulatory and operational risk gaps

HOBOKEN, N.J.–(BUSINESS WIRE)–In the world of financial services, regulations and business risks are constantly evolving. Surveillance models that get the job done today could be out-of-date tomorrow, potentially exposing firms to fines and reputational damage. To address this challenge, NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, has introduced an enhancement to its SURVEIL-X Holistic Trade Surveillance solution that provides self-service analytics, called SURVEIL-X Studio. This all-in-one approach enables Financial Services Organizations (FSOs) to rapidly create, test and deploy custom analytic risk detection models.

Instead of wasting time coding, and sourcing and scrubbing data, business analysts who use SURVEIL-X Studio can focus their expertise on creating risk models to close coverage gaps and solve complex compliance challenges. Non-technical business analysts can effortlessly create models using SURVEIL-X Studio’s drag-and-drop interface, choosing from an expansive library of customizable templates or easily building their own rules from scratch.

SURVEIL-X Studio also features built-in integrations to data services (including trading data and market data), and common business functions and calculations (including currency conversions and market trends).

Chris Wooten, Executive Vice President, NICE, stated, “Today, many firms are attempting to plug surveillance gaps with in-house solutions or by mixing and matching out-of-the-box products from different technology providers. These temporary measures don’t provide complete coverage and may force analysts to work in silos which can be risky, costly and time consuming. With SURVEIL-X Studio, NICE Actimize has leveraged decades of experience to create an all-in-one, self-service analytics solution tailored to the needs of financial services organizations. Firms get complete surveillance coverage without the added costs, hassles and limitations of in-house or multi-vendor solutions.”

Using SURVEIL-X Studio, testing and implementing risk models is fast, easy and seamless; business analysts can deploy rules into tests and promote them to production with a single click with fully auditable, built-in change control processes guiding them every step of the way. Additionally, once rules are deployed into production, all alerts are delivered to analysts on the same ActOne case management platform, for a consistent, seamless user experience. ActOne’s rich visual alerting capabilities provide comprehensive graphical representations of all detected risks, along with detailed timelines of events and explanations of alerts, leveraging a broad range of risk factors, including communications, trades and more.

SURVEIL-X Studio is part of NICE Actimize’s SURVEIL-X, the industry’s first AI-powered, cloud-native, true holistic surveillance solution. SURVEIL-X detects all forms of risky behavior to ensure compliance with key global regulations, including MiFID II, Dodd-Frank, MAR, Regulation Best Interest and others. SURVEIL-X offers unparalleled risk coverage for buy- and sell-side firms, insurance companies, crypto exchanges, regulators and more by enabling accurate detection and rapid, thorough investigation of market abuse, inappropriate sales practices, conduct risk and other undetectable compliance risks to insulate firms from fines and reputational damage.

Learn more:

  • For further information on SURVEIL-X and SURVEIL-X Studio please click here.
  • To learn how to leverage self-service analytics to improve your firm’s risk coverage capabilities, please click here to view our recorded webinar. Registration required.

About NICE Actimize​

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE ​

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Cindy Morgan-Olson, 551-256-5202, cindy.morgan-olson@niceactimize.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Categories
Business

Eldorado Resorts secures approval from New Jersey Casino Control Commission in connection with its pending acquisition of Caesars Entertainment

RENO, Nev.–(BUSINESS WIRE)–Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the “Company”) announced that at a meeting today, the Company received approval from the New Jersey Casino Control Commission in connection with its pending acquisition of Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”), subject to applicable conditions. Eldorado and Caesars have received all required regulatory approvals necessary to close the merger.

About Eldorado Resorts, Inc.

Eldorado is a leading casino entertainment company that owns and operates twenty-one properties in eleven states, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, and Ohio. In aggregate, Eldorado’s properties feature approximately 22,400 slot machines, VLTs and e-tables and approximately 640 table games, and over 11,200 hotel rooms. For more information, please visit www.eldoradoresorts.com.

About Caesars Entertainment

Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of Eldorado and are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, statements regarding the timing and completion of the merger with Caesars Entertainment Corporation. These forward-looking statements may be identified by the use of words such as “expect,” “anticipate,” “believe,” “estimate,” “potential,” “should,” “will” or similar words intended to identify information that is not historical in nature. The inclusion of such statements should not be regarded as a representation that the forward-looking events discussed in this document will occur or be achieved. There is no assurance that the merger with Caesars Entertainment Corporation will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Information on risks and uncertainties is available in Eldorado’s recent filings with the SEC, including its reports on Form 10-K, Form 10-Q and Form 8-K. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.

The forward-looking statements in this document speak only as of date of this document. These factors are difficult to anticipate and are generally beyond the control of Eldorado. Eldorado undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law.

Contacts

Brian Agnew

Eldorado Resorts Inc.

775/328-0112

investorrelations@eldoradoresorts.com

Joseph N. Jaffoni, Richard Land, James Leahy

JCIR

212-835-8500

eri@jcir.com

Categories
Local News

NRG Energy, Inc. announces quarterly dividend

PRINCETON, N.J.–(BUSINESS WIRE)–NRG Energy, Inc. (NYSE:NRG) today announced that its Board of Directors declared a quarterly dividend on the Company’s common stock of $0.30 per share, or $1.20 per share on an annualized basis. The dividend is payable on August 17, 2020 to stockholders of record as of August 3, 2020.

About NRG Energy

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.

Safe Harbor

This communication contains forward-looking statements that may state NRG’s or its management’s intentions, beliefs, expectations or predictions for the future. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets generally.

Contacts

Investors:
Kevin L. Cole, CFA

609.524.4526

investor.relations@nrg.com

Media:
Candice Adams

609.524.5428

candice.adams@nrg.com

Categories
Business

AM Best affirms credit ratings of Wilton Re Ltd and 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 the life/health subsidiaries of Wilton Re Ltd (Nova Scotia, Canada), collectively known as Wilton Re. AM Best also has affirmed the Long-Term ICRs of “a-” of Wilton Re Ltd and Wilton Re Finance LLC (Wilton Re Finance) (Delaware), as well as the Long-Term Issue Credit Rating of “a-” on the $300 million 5.875% senior unsecured notes, due 2033, of Wilton Re Finance. The notes are unconditionally guaranteed by the parent companies, Wilton Re U.S. Holdings, Inc. and Wilton Re Ltd. The outlook of the Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings).

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

The ratings also reflect Wilton Re’s very strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), continued strong operating earnings and disciplined growth strategy, as well as the ongoing commitment by the company’s highly rated ultimate parent, Canada Pension Plan Investment Board (CPPIB), to provide capital to Wilton Re in support of future growth.

Wilton Re’s continued primary strategy of closed block acquisitions has enhanced the total embedded value of the organization’s business, as well as its future capital generation capabilities. Wilton also benefits acquiring business from a diverse array of writers.

Partially offsetting these positive rating attributes is the impact of the continued low interest rate environment, which has modestly affected earnings on fixed income investments. Other offsetting rating factors include potential acquisition execution risks and increased competition associated with acquiring blocks of business.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” have been affirmed with stable outlooks for the following life/health subsidiaries of Wilton Re Ltd:

  • Wilton Reinsurance Bermuda Limited
  • Wilton Reassurance Company
  • Texas Life Insurance Company
  • Wilton Reassurance Life Company of New York
  • Wilcac Life Insurance Company
  • Wilco Life Insurance Company
  • ivari

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

Louis Silvers

Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

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

Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

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

Categories
Business

AM Best downgrades credit ratings of Globe Life Inc. and its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” of the key life/health subsidiaries of Globe Life Inc. (formerly Torchmark Corporation) (Globe Life) (headquartered in McKinney, TX) [NYSE:GL]. Concurrently, AM Best has downgraded the Long-Term ICR to “bbb+” from “a-” of Globe Life. AM Best also has downgraded the associated Long-Term Issue Credit Ratings (Long-Term IRs) on the debt and indicative Long-Term IRs on the securities of Globe Life Inc. The outlook of these Credit Ratings (ratings) has been revised to stable from negative (See below for a detailed listing of these companies and ratings).

The ratings of the life/health insurance subsidiaries of Globe Life reflect their balance sheet strength, which AM Best categorizes as strong, as well as their very strong operating performance, favorable business profile and appropriate enterprise risk management.

The rating downgrades reflect Globe Life’s relatively low level of risk-adjusted capitalization, as measured by Best Capital Adequacy Ratio (BCAR), for its previous balance sheet strength assessment. AM Best notes that Globe Life’s risk-adjusted capitalization has trended down in recent years and is substantially below that of similarly rated peers. In addition, statutory capital and surplus has remained relatively flat in recent years, as organic earnings were largely offset by dividends paid to its parent, which have primarily been used for share repurchases and stockholder dividends. While the overall credit quality of invested assets is good, its allocation to NAIC-2 bonds has increased in recent years. As a result, any downward credit migration caused by the pandemic will likely negatively impact Globe Life’s risk-adjusted capital position.

The ratings of Globe Life reflect its very strong operating performance over the past several years as all core lines of business have reported strong earnings annually and premium trends have been favorable. In addition, return ratios are superior to its peers and the life insurance industry averages. In addition, Globe Life maintains adequate liquidity supported by liquid assets, strong cash flows and good financial flexibility with access to capital markets, as well as short-term credit facilities if needed. The company has moderate financial leverage and strong interest coverage ratios, which are well within the guidelines for its current ratings. Globe Life also benefits from its diversified distribution platform and its niche businesses that provide life and supplemental health insurance products to the middle class and retired individuals.

The FSR has been downgraded to A (Excellent) from A+ (Superior) and the Long-Term ICRs downgraded to “a+” of “aa-” with the outlooks revised to stable from negative for the following life/health subsidiaries of Globe Life Incorporated:

  • Globe Life And Accident Insurance Company
  • American Income Life Insurance Company
  • National Income Life Insurance Company
  • Liberty National Life Insurance Company
  • Family Heritage Life Insurance Company of America
  • United American Insurance Company
  • Globe Life Insurance Company of New York

The following Short-Term IR has been affirmed:

Globe Life, Inc. —

— AMB-1 on commercial paper

The following Long-Term IRs have been downgraded and the outlook has been revised to stable from negative:

Globe Life, Inc. —

— to “bbb+” from “a-” on $300 million 3.80% senior unsecured notes, due 2022

— to “bbb+” from “a-” on $200 million 7.875% senior unsecured notes, due 2023

— to “bbb+” from “a-” on $550 million 4.55% senior unsecured notes, due 2028

— to “bbb-” from “bbb” on $300 million 6.125% junior subordinated debentures, due 2056

The following indicative Long-Term IRs available under the shelf registration have been downgraded and the outlook has been revised to stable from negative:

Globe Life, Inc. —

— to “bbb+” from “a-” on senior unsecured debt

— to “bbb” from “bbb+” on subordinated debt

— to “bbb-” from “bbb” on preferred stock

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

Frank Walko, CPA, FLMI
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com

Michael Adams, CLU, FLMI
Associate Director
+1 908 439 2200, ext. 5133
michael.adams@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

AM Best: India non-life market facing challenges (AM BestTV)

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AMBestTV, Myles Gould, director, analytics, and Yuan Tian, senior financial analyst, both of AM Best, said that competition, poor pricing discipline and investments challenge the India non-life market. Click on http://www.ambest.com/v.asp?v=india620 to view the entire program.

AM Best has a market segment outlook of negative on India’s non-life market. Gould addressed the key factors that are driving the negative outlook.

“Key factors underpinning the negative outlook include the competitive market conditions in core lines of business along with poor pricing discipline,” said Gould. “Furthermore, there is an unhealthy reliance on unrealized and realized gains from investment holdings, particularly emanating from typically high-risk investment strategies. In addition, a more recent dynamic is that of the global COVID-19 pandemic, which is expected to result in a level of volatility in top-line and bottom-line results of Indian non-life insurance.”

Tian highlighted the reasons for the imbalance in the non-life market operating results.

“The market has been quite a loss-making on the writing side,” said Tian. “So the insurance companies in this market have been relying on investment returns to generate overall positive operating earnings. The companies have been quite aggressive investing in high-risk asset classes such as equity, low-quality fixed income and real estate assets. Those asset classes have been generating quite good returns over the last years. However, during the pandemic, the stock market has fallen by over 20% in the first quarter. This has impacted the capital position and earnings of non-life insurers.”

To access the related market segment report, titled, “Market Segment Outlook: India Non-Life,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=297272.

Recent episodes of AMBestTV include:

  • AM Best: Insurers Boost Private Equity Holdings 10% in 2019: Jason Hopper, associate director, industry research and analytics of AM Best, said that insurers have increased their private equity holdings by 10% year over year to $81 billion in 2019: http://www.ambest.com/v.asp?v=privateequity620.
  • AM Best: Florida Personal Property Writers Challenged Even Without a Hurricane: Michelle Baurkot, director, and Chris Draghi, senior financial analyst, both of AM Best, said that Florida writers struggled to turn a 2019 underwriting profit even with the absence of a major hurricane: http://www.ambest.com/v.asp?v=ambfloridareport720.
  • Insurtech Movement Joins Forces for Week of Presentations: The formation of the Northeast Insurtech Alliance, which is made up of innovation-focused executives from five organizations throughout the northeastern United States: http://www.ambest.com/v.asp?v=northeastinsurtechalliance720.
  • AM Best: Workers’ Comp Writers Brace for COVID-19 Hit: Decreased premiums and unexpected claims could negatively impact workers’ compensation writers, said Sridhar Manyem, director, and Dan Mangano, financial analyst, both of AM Best: http://www.ambest.com/v.asp?v=workerscomp620.

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at www.ambest.tv.

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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Categories
Healthcare

European Medicines Agency validates Bristol Myers Squibb’s application for CAR T Cell Therapy Lisocabtagene Maraleucel (liso-cel)

MAA is for the treatment of adults with relapsed or refractory diffuse large B-cell lymphoma, primary mediastinal B-cell lymphoma and follicular lymphoma grade 3B

Application based on positive results from TRANSCEND NHL 001 study and additional TRANSCEND WORLD 001 study

PRINCETON, N.J.–(BUSINESS WIRE)–$BMY #BMS—Bristol Myers Squibb (NYSE: BMY) today announced that the European Medicines Agency (EMA) has validated its Marketing Authorization Application (MAA) for lisocabtagene maraleucel (liso-cel), an investigational CD19-directed chimeric antigen receptor (CAR) T cell therapy, for the treatment of adults with relapsed or refractory (R/R) diffuse large B-cell lymphoma (DLBCL), primary mediastinal B-cell lymphoma (PMBCL) and follicular lymphoma grade 3B (FL3B) after at least two prior therapies. Validation of the application confirms the submission is complete and begins the EMA’s centralized review process.

Results from TRANSCEND NHL 001, the largest trial in third-line or greater R/R large B-cell lymphoma (LBCL), and additional data from the TRANSCEND WORLD study were the basis of the liso-cel application. The studies evaluated patients with R/R LBCL and included patients with a broad range of histologies and high-risk disease as well as those who received liso-cel in the outpatient setting.

“With more than 30% of patients diagnosed with diffuse large B-cell lymphoma ultimately relapsing after initial therapy and an expected overall survival of about six months for patients who have had two or more prior therapies, there is a need for new treatments,” said Stanley Frankel, M.D., senior vice president, Cellular Therapy Development, Bristol Myers Squibb.1,2 “The EMA’s validation of our application is a critical step toward bringing liso-cel to patients in Europe.”

The EMA previously granted liso-cel access to the PRIME scheme for the treatment of R/R DLBCL and, more recently, Accelerated Assessment status, reducing the maximum timeframe to 150 days for the EMA’s Committee for Medicinal Products for Human Use (CHMP) to review the application.

Liso-cel is an investigational therapy that is not approved for use in any country.

About TRANSCEND NHL 001

TRANSCEND NHL 001 is an open-label, multicenter, pivotal Phase 1 study to determine the safety, antitumor activity and pharmacokinetics of liso-cel in patients with R/R B-cell NHL, including DLBCL, HGL, PMBCL and Grade 3B FL. Mantle cell lymphoma is investigated in a separate cohort. The primary outcome measures included treatment-related adverse events, dose-limiting toxicities and objective response rate. Key secondary outcome measures included complete response rate, duration of response and progression-free survival. The TRANSCEND program is a broad clinical program evaluating liso-cel in multiple indications and treatment lines.

About TRANSCEND WORLD

TRANSCEND WORLD is a single-arm, multi-cohort, multicenter, Phase 2 study to determine the efficacy and safety of liso-cel in patients with aggressive B-cell non-Hodgkin lymphoma (NHL). The primary outcome measure was overall response rate (ORR). Secondary outcome measures included safety, complete response rate, event-free survival, progression-free survival, overall survival, duration of response, pharmacokinetics and health-related quality of life. The study was conducted in Europe and Japan.

About Large B-cell Lymphoma

Diffuse large B-cell lymphoma (DLBCL) is a rapidly growing, aggressive disease and the most common form of non-Hodgkin lymphoma (NHL), accounting for one out of every three cases diagnosed.3 More than two-thirds of patients will not respond to or will relapse following second-line treatment.3 For patients who relapse or do not respond to initial therapies, conventional treatment options that provide durable remission are limited and median life expectancy is about six months, leaving a critical need for new therapies.2,4

About Lisocabtagene Maraleucel (liso-cel)

Liso-cel is an investigational chimeric antigen receptor (CAR) T cell therapy designed to target CD19, which is a surface glycoprotein expressed during normal B-cell development and maintained following malignant transformation of B cells. Liso-cel aims to target CD19-expressing cells through a CAR construct that includes an anti-CD19 single-chain variable fragment (scFv) targeting domain for antigen specificity, a transmembrane domain, a 4-1BB costimulatory domain hypothesized to increase T cell proliferation and persistence, and a CD3-zeta T cell activation domain. The defined composition of CAR-positive viable T cells (consisting of CD8 and CD4 components) in liso-cel may reduce CAR T product variability; however, the clinical significance of defined composition is unknown.

Bristol Myers Squibb: Advancing Cancer Research

At Bristol Myers Squibb, patients are at the center of everything we do. The goal of our cancer research is to increase patients’ quality of life, long-term survival and make cure a possibility. We harness our deep scientific experience, cutting-edge technologies and discovery platforms to discover, develop and deliver novel treatments for patients.

Building upon our transformative work and legacy in hematology and Immuno-Oncology that has changed survival expectations for many cancers, our researchers are advancing a deep and diverse pipeline across multiple modalities. In the field of immune cell therapy, this includes registrational CAR T cell agents for numerous diseases, and a growing early-stage pipeline that expands cell and gene therapy targets, and technologies. We are developing cancer treatments directed at key biological pathways using our protein homeostasis platform, a research capability that has been the basis of our approved therapies for multiple myeloma and several promising compounds in early- to mid-stage development. Our scientists are targeting different immune system pathways to address interactions between tumors, the microenvironment and the immune system to further expand upon the progress we have made and help more patients respond to treatment. Combining these approaches is key to delivering potential new options for the treatment of cancer and addressing the growing issue of resistance to immunotherapy. We source innovation internally, and in collaboration with academia, government, advocacy groups and biotechnology companies, to help make the promise of transformational medicines a reality for patients.

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.

Celgene and Juno Therapeutics are wholly owned subsidiaries of Bristol-Myers Squibb Company. In certain countries outside the U.S., due to local laws, Celgene and Juno Therapeutics are referred to as, Celgene, a Bristol Myers Squibb company and Juno Therapeutics, a Bristol Myers Squibb company.

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 historical performance and 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. These risks, assumptions, uncertainties and other factors include, among others, that the outcome of pricing and reimbursement negotiations in individual countries in Europe may delay or limit the commercial potential of lisocabtagene maraleucel (liso-cel) for the indication described in this release, that such product candidate may not receive regulatory approval from the U.S. Food and Drug Administration for the indication described in this release in the currently anticipated timeline or at all, and whether such product candidate for such indication described in this release will be commercially successful. 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, 2019, 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.

References

  1. Tilly H, Gomes da Silva M, Vitolo U, et al. Diffuse large B-cell lymphoma (DLBCL): ESMO Clinical Practice Guidelines for diagnosis, treatment and follow-up. Ann Oncol. 2015;26 Suppl 5:v116-v125.
  2. Crump M, Neelapu SS, Farooq U et al. Outcomes in refractory diffuse large B-cell lymphoma: results from the international SCHOLAR-1 study. Blood. 2017; 130(16): 1800-1808.
  3. American Cancer Society. Types of B cell Lymphoma. Available at: https://www.cancer.org/cancer/non-hodgkin-lymphoma/about/b-cell-lymphoma.html. Accessed July 2020.
  4. Raut LS, Chakrabarti PP. Management of relapsed-refractory diffuse large B cell lymphoma. South Asian J Can. 2014; 3(1): 66-70.

 

Contacts

Bristol Myers Squibb

Media Inquiries:
609-252-3345

media@bms.com

Rose Weldon

rose.weldon@bms.com

Investors:
Tim Power

609-252-7509

timothy.power@bms.com