Author: Michelle Dryden

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Business

Best’s Market Segment Report: Technology and talent drive managing general agent growth

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance–Fueled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a more prominent role with insurers when it comes to addressing more specialized coverage needs, according to an AM Best report.

Experience and specialty expertise have helped DUAEs widen the scope of responsibilities they handle for their insurer/partners. In the current global insurance market, some of the biggest growth areas include construction, energy, healthcare, environmental, professional, and cyber liability. Inflation, changes in climate-related risks, and exposure to cyber attacks have combined to necessitate specialized coverage to address inherent risks.

 

“The factors involved with these risks has fueled a demand-side need for more specialized coverage approaches and created a multitude of premium growth opportunities for the managing general agent (MGA) segment,” said Sridhar Manyem, director, AM Best. “MGAs play a vital role in matching these risks and insurers.”

 

According to the report, MGA premiums stood at a record $60 billion, or 19%, in 2021, up from $51 billion, up 6%, in 2020. However, the actual premium produced by MGAs is more than $60 billion since insurers report only MGAs that generate premiums greater than the 5% surplus; there may be a number of MGAs whose premiums have not been captured because of the 5% threshold.

 

By AM Best’s estimates, the premium generated through the MGA market has doubled over the past decade. Acquisitions and consolidations of insurance distributors have led to a decline in the number of brokers, while the number of MGAs has grown. Specialized brokers have shifted to MGA operations, providing insurers with a more cost-effective conduit to new markets.

 

Recognizing the growing importance of DUAEs, AM Best introduced the Best’s Performance Assessment earlier this year, which provides a framework for differentiating among DUAEs. For additional information, please go to https://www.ambest.com/assessment/methodology.html.

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=324087.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Sridhar Manyem
Director, Industry
Research and Analytics
+1 908 439 2200, ext. 5612
sridhar.manyem@ambest.com

Riley Parnham
Financial Analyst
+1 908 439 2200, ext. 5495
riley.parnham@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Healthcare Science

Bristol Myers Squibb receives European Commission approval for LAG-3-blocking antibody combination, Opdualag (nivolumab and relatlimab), for the treatment of unresectable or metastatic melanoma with tumor Cell PD-L1 expression < 1%

Opdualag is a first-in-class, fixed-dose dual immunotherapy combination treatment of the PD-1 inhibitor nivolumab and novel LAG-3-blocking antibody relatlimab

In RELATIVITY-047, Opdualag more than doubled median progression-free survival compared to nivolumab monotherapy

 

PRINCETON, N.J. — (BUSINESS WIRE) — $BMY #EMA—Bristol Myers Squibb (NYSE: BMY) today announced that the European Commission (EC) has approved the fixed-dose combination of Opdualag (nivolumab and relatlimab) for the first-line treatment of advanced (unresectable or metastatic) melanoma in adults and adolescents 12 years of age and older with tumor cell PD-L1 expression < 1%.

The EC’s decision is based upon an exploratory analysis of results from the Phase 2/3 RELATIVITY-047 trial in patients with tumor cell expression < 1%, which demonstrated that treatment with the fixed-dose combination of the PD-1 inhibitor nivolumab and novel LAG-3-blocking antibody relatlimab more than doubled the median progression-free survival (PFS) compared to nivolumab monotherapy – an established standard of care. No new safety events were identified with the combination when compared to nivolumab monotherapy.

 

“Opdualag is now the first approved LAG-3-blocking antibody combination for advanced melanoma in the European Union. The RELATIVITY-047 study demonstrated the important benefit of inhibiting both LAG-3 and PD-L1 with our novel immunotherapy combination,” said Samit Hirawat, M.D., executive vice president, chief medical officer, Global Drug Development, Bristol Myers Squibb. “This is a continuation of our work in bringing innovative medicines to adults and adolescents living with melanoma. Thank you to all of the patients, researchers and physicians who contributed to these advancements and made today’s approval possible.”

 

The EC decision allows for the use of Opdualag for the first-line treatment of adults and adolescents 12 years of age and older with advanced melanoma and tumor cell PD-L1 expression < 1% in all European Union member states*, as well as Iceland, Liechtenstein, and Norway.

 

RELATIVITY -047 Efficacy and Safety Results

The indication in the European Union is based upon an exploratory analysis of the RELATIVITY-047 data in patients with tumor cell PD-L1 expression < 1%:

  • Efficacy: Median PFS was 6.7 months in patients receiving Opdualag (95% Confidence Interval [CI]: 4.7 to 12.0); (Hazard Ratio [HR] 0.68 (0.53, 0.86)) compared to 3.0 months in patients receiving nivolumab monotherapy (95% CI: 2.8 to 4.5). Median overall survival in the Opdualag arm of the trial has not yet been reached (HR 0.78 (0.59, 1.04)).
  • Safety: The most common adverse reactions were fatigue (41%), musculoskeletal pain (32%), rash (29%), arthralgia (26%), diarrhea (26%), pruritus (26%), headache (20%), nausea (19%), cough (16%), decreased appetite (16%), hypothyroidism (16%), abdominal pain (14%), vitiligo (13%), pyrexia (12%), constipation (11%), urinary tract infection (11%), dyspnea (10%), and vomiting (10%). The most common serious adverse reactions were adrenal insufficiency (1.4%), anemia (1.4%), back pain (1.1%), colitis (1.1%), diarrhea (1.1%), myocarditis (1.1%), pneumonia (1.1%), and urinary tract infection (1.1%). The incidence of Grade 3-5 adverse reactions was 43% among patients treated with Opdualag compared to 35% among patients receiving nivolumab monotherapy.

 

The RELATIVITY-047 trial also met its primary endpoint of PFS in the all-comer population.

*Centralized Marketing Authorization does not include approval in Great Britain (England, Scotland, Wales).

 

About RELATIVITY-047

RELATIVITY-047 is a global, randomized, double-blind Phase 2/3 study evaluating the fixed-dose combination of nivolumab and relatlimab versus nivolumab alone in patients with previously untreated metastatic or unresectable melanoma. Patients were enrolled regardless of tumor cell PD-L1 expression. The trial excluded patients with active autoimmune disease, medical conditions requiring systemic treatment with moderate or high dose corticosteroids or immunosuppressive medications, uveal melanoma, and active or untreated brain or leptomeningeal metastases. The primary endpoint of the trial is progression-free survival (PFS) determined by Blinded Independent Central Review (BICR) using Response Evaluation Criteria in Solid Tumors (RECIST v1.1) in the all-comer population. The secondary endpoints are overall survival (OS) and objective response rate (ORR) in the all-comer population. A total of 714 patients were randomized 1:1 to receive a fixed-dose combination of nivolumab (480 mg) and relatlimab (160 mg) or nivolumab (480 mg) by intravenous infusion every four weeks until disease progression, unacceptable toxicity or withdrawal of consent.

 

About LAG-3

Lymphocyte-activation gene 3 (LAG-3) is a cell-surface molecule expressed on effector T cells and regulatory T cells (Tregs) and functions to control T-cell response, activation and growth. Preclinical studies indicate that inhibition of LAG-3 may restore effector function of exhausted T cells and potentially promote an anti-tumor response. Early research demonstrates that targeting LAG-3 in combination with other potentially complementary immune checkpoints may be a key strategy to more effectively potentiate anti-tumor immune activity.

 

Bristol Myers Squibb is evaluating relatlimab, its LAG-3-blocking antibody, in clinical trials in combination with other agents in a variety of tumor types.

 

About Melanoma

Melanoma is a form of skin cancer characterized by the uncontrolled growth of pigment-producing cells (melanocytes) located in the skin. Metastatic melanoma is the deadliest form of the disease and occurs when cancer spreads beyond the surface of the skin to other organs. The incidence of melanoma has been increasing steadily for the last 30 years. In the United States, 106,110 new diagnoses of melanoma and about 7,180 related deaths are estimated for 2021. Globally, the World Health Organization estimates that by 2035, melanoma incidence will reach 424,102, with 94,308 related deaths. Melanoma can be mostly treatable when caught in its very early stages; however, survival rates can decrease as the disease progresses.

 

Bristol Myers Squibb: Creating a Better Future for People with Cancer

Bristol Myers Squibb is inspired by a single vision — transforming patients’ lives through science. The goal of the company’s cancer research is to deliver medicines that offer each patient a better, healthier life and to make cure a possibility. Building on a legacy across a broad range of cancers that have changed survival expectations for many, Bristol Myers Squibb researchers are exploring new frontiers in personalized medicine, and through innovative digital platforms, are turning data into insights that sharpen their focus. Deep scientific expertise, cutting-edge capabilities and discovery platforms enable the company to look at cancer from every angle. Cancer can have a relentless grasp on many parts of a patient’s life, and Bristol Myers Squibb is committed to taking actions to address all aspects of care, from diagnosis to survivorship. Because as a leader in cancer care, Bristol Myers Squibb is working to empower all people with cancer to have a better future.

 

OPDUALAG U.S. INDICATION

Opdualag™ (nivolumab and relatlimab-rmbw) is indicated for the treatment of adult and pediatric patients 12 years of age or older with unresectable or metastatic melanoma.

 

OPDUALAG IMPORTANT SAFETY INFORMATION

Severe and Fatal Immune-Mediated Adverse Reactions

Immune-mediated adverse reactions (IMARs) listed herein may not include all possible severe and fatal immune-mediated adverse reactions.

 

IMARs which may be severe or fatal, can occur in any organ system or tissue. IMARs can occur at any time after starting treatment with a LAG-3 and PD-1/PD-L1 blocking antibodies. While IMARs usually manifest during treatment, they can also occur after discontinuation of Opdualag. Early identification and management of IMARs are essential to ensure safe use. Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying IMARs. Evaluate clinical chemistries including liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. In cases of suspected IMARs, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

 

Withhold or permanently discontinue Opdualag depending on severity (please see section 2 Dosage and Administration in the accompanying Full Prescribing Information). In general, if Opdualag requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose IMARs are not controlled with corticosteroid therapy. Toxicity management guidelines for adverse reactions that do not necessarily require systemic steroids (e.g., endocrinopathies and dermatologic reactions) are discussed below.

 

Immune-Mediated Pneumonitis

Opdualag can cause immune-mediated pneumonitis, which may be fatal. In patients treated with other PD-1/PD-L1 blocking antibodies, the incidence of pneumonitis is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.7% (13/355) of patients receiving Opdualag, including Grade 3 (0.6%), and Grade 2 (2.3%) adverse reactions. Pneumonitis led to permanent discontinuation of Opdualag in 0.8% and withholding of Opdualag in 1.4% of patients.

 

Immune-Mediated Colitis

Opdualag can cause immune-mediated colitis, defined as requiring use of corticosteroids and no clear alternate etiology. A common symptom included in the definition of colitis was diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies.

 

Immune-mediated diarrhea or colitis occurred in 7% (24/355) of patients receiving Opdualag, including Grade 3 (1.1%) and Grade 2 (4.5%) adverse reactions. Colitis led to permanent discontinuation of Opdualag in 2% and withholding of Opdualag in 2.8% of patients.

 

Immune-Mediated Hepatitis

Opdualag can cause immune-mediated hepatitis, defined as requiring the use of corticosteroids and no clear alternate etiology.

Immune-mediated hepatitis occurred in 6% (20/355) of patients receiving Opdualag, including Grade 4 (0.6%), Grade 3 (3.4%), and Grade 2 (1.4%) adverse reactions. Hepatitis led to permanent discontinuation of Opdualag in 1.7% and withholding of Opdualag in 2.3% of patients.

 

Immune-Mediated Endocrinopathies

Opdualag can cause primary or secondary adrenal insufficiency, hypophysitis, thyroid disorders, and Type 1 diabetes mellitus, which can be present with diabetic ketoacidosis. Withhold or permanently discontinue Opdualag depending on severity (please see section 2 Dosage and Administration in the accompanying Full Prescribing Information).

 

For Grade 2 or higher adrenal insufficiency, initiate symptomatic treatment, including hormone replacement as clinically indicated. In patients receiving Opdualag, adrenal insufficiency occurred in 4.2% (15/355) of patients receiving Opdualag, including Grade 3 (1.4%) and Grade 2 (2.5%) adverse reactions. Adrenal insufficiency led to permanent discontinuation of Opdualag in 1.1% and withholding of Opdualag in 0.8% of patients.

 

Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism; initiate hormone replacement as clinically indicated. Hypophysitis occurred in 2.5% (9/355) of patients receiving Opdualag, including Grade 3 (0.3%) and Grade 2 (1.4%) adverse reactions. Hypophysitis led to permanent discontinuation of Opdualag in 0.3% and withholding of Opdualag in 0.6% of patients.

 

Thyroiditis can present with or without endocrinopathy. Hypothyroidism can follow hyperthyroidism; initiate hormone replacement or medical management as clinically indicated. Thyroiditis occurred in 2.8% (10/355) of patients receiving Opdualag, including Grade 2 (1.1%) adverse reactions. Thyroiditis did not lead to permanent discontinuation of Opdualag. Thyroiditis led to withholding of Opdualag in 0.3% of patients. Hyperthyroidism occurred in 6% (22/355) of patients receiving Opdualag, including Grade 2 (1.4%) adverse reactions. Hyperthyroidism did not lead to permanent discontinuation of Opdualag. Hyperthyroidism led to withholding of Opdualag in 0.3% of patients. Hypothyroidism occurred in 17% (59/355) of patients receiving Opdualag, including Grade 2 (11%) adverse reactions. Hypothyroidism led to the permanent discontinuation of Opdualag in 0.3% and withholding of Opdualag in 2.5% of patients.

 

Monitor patients for hyperglycemia or other signs and symptoms of diabetes; initiate treatment with insulin as clinically indicated. Diabetes occurred in 0.3% (1/355) of patients receiving Opdualag, a Grade 3 (0.3%) adverse reaction, and no cases of diabetic ketoacidosis. Diabetes did not lead to the permanent discontinuation or withholding of Opdualag in any patient.

 

Immune-Mediated Nephritis with Renal Dysfunction

Opdualag can cause immune-mediated nephritis, which is defined as requiring use of steroids and no clear etiology. In patients receiving Opdualag, immune-mediated nephritis and renal dysfunction occurred in 2% (7/355) of patients, including Grade 3 (1.1%) and Grade 2 (0.8%) adverse reactions. Immune-mediated nephritis and renal dysfunction led to permanent discontinuation of Opdualag in 0.8% and withholding of Opdualag in 0.6% of patients.

 

Withhold or permanently discontinue Opdualag depending on severity (please see section 2 Dosage and Administration in the accompanying Full Prescribing Information).

 

Immune-Mediated Dermatologic Adverse Reactions

Opdualag can cause immune-mediated rash or dermatitis, defined as requiring use of steroids and no clear alternate etiology. Exfoliative dermatitis, including Stevens-Johnson syndrome, toxic epidermal necrolysis, and Drug Rash with eosinophilia and systemic symptoms has occurred with PD-1/L-1 blocking antibodies. Topical emollients and/or topical corticosteroids may be adequate to treat mild to moderate non-exfoliative rashes.

 

Withhold or permanently discontinue Opdualag depending on severity (please see section 2 Dosage and Administration in the accompanying Full Prescribing Information).

 

Immune-mediated rash occurred in 9% (33/355) of patients, including Grade 3 (0.6%) and Grade 2 (3.4%) adverse reactions. Immune-mediated rash did not lead to permanent discontinuation of Opdualag. Immune-mediated rash led to withholding of Opdualag in 1.4% of patients.

 

Immune-Mediated Myocarditis

Opdualag can cause immune-mediated myocarditis, which is defined as requiring use of steroids and no clear alternate etiology. The diagnosis of immune-mediated myocarditis requires a high index of suspicion. Patients with cardiac or cardio-pulmonary symptoms should be assessed for potential myocarditis. If myocarditis is suspected, withhold dose, promptly initiate high dose steroids (prednisone or methylprednisolone 1 to 2 mg/kg/day) and promptly arrange cardiology consultation with diagnostic workup. If clinically confirmed, permanently discontinue Opdualag for Grade 2-4 myocarditis.

 

Myocarditis occurred in 1.7% (6/355) of patients receiving Opdualag, including Grade 3 (0.6%), and Grade 2 (1.1%) adverse reactions. Myocarditis led to permanent discontinuation of Opdualag in 1.7% of patients.

 

Other Immune-Mediated Adverse Reactions

The following clinically significant IMARs occurred at an incidence of <1% (unless otherwise noted) in patients who received Opdualag or were reported with the use of other PD-1/PD-L1 blocking antibodies. Severe or fatal cases have been reported for some of these adverse reactions: Cardiac/Vascular: pericarditis, vasculitis; Nervous System: meningitis, encephalitis, myelitis and demyelination, myasthenic syndrome/myasthenia gravis (including exacerbation), Guillain-Barré syndrome, nerve paresis, autoimmune neuropathy; Ocular: uveitis, iritis, and other ocular inflammatory toxicities can occur. Some cases can be associated with retinal detachment. Various grades of visual impairment, including blindness, can occur. If uveitis occurs in combination with other IMARs, consider a Vogt-Koyanagi-Harada–like syndrome, as this may require treatment with systemic steroids to reduce the risk of permanent vision loss; Gastrointestinal: pancreatitis including increases in serum amylase and lipase levels, gastritis, duodenitis; Musculoskeletal and Connective Tissue: myositis/polymyositis, rhabdomyolysis (and associated sequelae including renal failure), arthritis, polymyalgia rheumatica; Endocrine: hypoparathyroidism; Other (Hematologic/Immune): hemolytic anemia, aplastic anemia, hemophagocytic lymphohistiocytosis, systemic inflammatory response syndrome, histiocytic necrotizing lymphadenitis (Kikuchi lymphadenitis), sarcoidosis, immune thrombocytopenic purpura, solid organ transplant rejection.

 

Infusion-Related Reactions

Opdualag can cause severe infusion-related reactions. Discontinue Opdualag in patients with severe or life-threatening infusion-related reactions. Interrupt or slow the rate of infusion in patients with mild to moderate infusion-related reactions. In patients who received Opdualag as a 60-minute intravenous infusion, infusion-related reactions occurred in 7% (23/355) of patients.

 

Complications of Allogeneic Hematopoietic Stem Cell Transplantation (HSCT)

Fatal and other serious complications can occur in patients who receive allogeneic hematopoietic stem cell transplantation (HSCT) before or after being treated with a PD-1/PD-L1 receptor blocking antibody. Transplant-related complications include hyperacute graft-versus-host disease (GVHD), acute GVHD, chronic GVHD, hepatic veno-occlusive disease after reduced intensity conditioning, and steroid-requiring febrile syndrome (without an identified infectious cause). These complications may occur despite intervening therapy between PD-1/PD-L1 blockade and allogeneic HSCT.

 

Follow patients closely for evidence of transplant-related complications and intervene promptly. Consider the benefit versus risks of treatment with a PD-1/PD-L1 receptor blocking antibody prior to or after an allogeneic HSCT.

 

Embryo-Fetal Toxicity

Based on its mechanism of action and data from animal studies, Opdualag can cause fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with Opdualag for at least 5 months after the last dose of Opdualag.

 

Lactation

There are no data on the presence of Opdualag in human milk, the effects on the breastfed child, or the effect on milk production. Because nivolumab and relatlimab may be excreted in human milk and because of the potential for serious adverse reactions in a breastfed child, advise patients not to breastfeed during treatment with Opdualag and for at least 5 months after the last dose.

 

Serious Adverse Reactions

In Relativity-047, fatal adverse reaction occurred in 3 (0.8%) patients who were treated with Opdualag; these included hemophagocytic lymphohistiocytosis, acute edema of the lung, and pneumonitis. Serious adverse reactions occurred in 36% of patients treated with Opdualag. The most frequent serious adverse reactions reported in ≥1% of patients treated with Opdualag were adrenal insufficiency (1.4%), anemia (1.4%), colitis (1.4%), pneumonia (1.4%), acute myocardial infarction (1.1%), back pain (1.1%), diarrhea (1.1%), myocarditis (1.1%), and pneumonitis (1.1%).

 

Common Adverse Reactions and Laboratory Abnormalities

The most common adverse reactions reported in ≥20% of the patients treated with Opdualag were musculoskeletal pain (45%), fatigue (39%), rash (28%), pruritus (25%), and diarrhea (24%).

 

The most common laboratory abnormalities that occurred in ≥20% of patients treated with Opdualag were decreased hemoglobin (37%), decreased lymphocytes (32%), increased AST (30%), increased ALT (26%), and decreased sodium (24%).

 

Please see U.S. Full Prescribing Information for OPDUALAG.

 

OPDIVO U.S. INDICATIONS

OPDIVO® (nivolumab), as a single agent, is indicated for the treatment of adult patients with unresectable or metastatic melanoma.

OPDIVO® (nivolumab), in combination with YERVOY® (ipilimumab), is indicated for the treatment of adult patients with unresectable or metastatic melanoma.

OPDIVO® (nivolumab) is indicated for the adjuvant treatment of adult patients with melanoma with involvement of lymph nodes or metastatic disease who have undergone complete resection.

OPDIVO® (nivolumab), in combination with platinum-doublet chemotherapy, is indicated as neoadjuvant treatment of adult patients with resectable (tumors ≥4 cm or node positive) non-small cell lung cancer (NSCLC).

OPDIVO® (nivolumab), in combination with YERVOY® (ipilimumab), is indicated for the first-line treatment of adult patients with metastatic non-small cell lung cancer (NSCLC) whose tumors express PD-L1 (≥1%) as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations.

OPDIVO® (nivolumab), in combination with YERVOY® (ipilimumab) and 2 cycles of platinum-doublet chemotherapy, is indicated for the first-line treatment of adult patients with metastatic or recurrent non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

OPDIVO® (nivolumab) is indicated for the treatment of adult patients with metastatic non-small cell lung cancer (NSCLC) with progression on or after platinum-based chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving OPDIVO.

OPDIVO® (nivolumab), in combination with YERVOY® (ipilimumab), is indicated for the first-line treatment of adult patients with unresectable malignant pleural mesothelioma (MPM).

OPDIVO® (nivolumab), in combination with YERVOY® (ipilimumab), is indicated for the first-line treatment of adult patients with intermediate or poor risk advanced renal cell carcinoma (RCC).

OPDIVO® (nivolumab), in combination with cabozantinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

OPDIVO® (nivolumab) is indicated for the treatment of adult patients with advanced renal cell carcinoma (RCC) who have received prior anti-angiogenic therapy.

OPDIVO® (nivolumab) is indicated for the treatment of adult patients with classical Hodgkin lymphoma (cHL) that has relapsed or progressed after autologous hematopoietic stem cell transplantation (HSCT) and brentuximab vedotin or after 3 or more lines of systemic therapy that includes autologous HSCT.

Contacts

Bristol Myers Squibb
Media Inquiries:
media@bms.com

Investors:
investor.relations@bms.com

Read full story here

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Cenntro announces key changes to the Board of Directors

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced the appointment of Dr. Yi Zeng to the Board of Directors, and the resignation of Justin Davis Rice from the Board of Directors of the Company.

Dr. Yi Zeng has served in several leadership positions and brings over 30 years of industry, research and education experience to Cenntro. He previously served as a Non-Executive Director of Range Resources Pty. Ltd (listed both in London and Australia stock exchanges), Managing Director of Lomon (Australia) Pty Ltd, Asia Pacific Regional Marketing Manager of Titaniu, and Principal Scientist at BHP Exploration & Mining Technology, Melbourne, Australia. Dr. Zeng received a PhD in Applied Geophysics at Victoria University of Wellington, New Zealand which was the capstone of a prestigious academic study in geophysics, a Postgraduate diploma at Geothermal Institute of Auckland University, New Zealand, and a MSc in Applied Geophysical Exploration from Chengdu College of Geology, China.

 

“Mr. Davis Rice played an instrumental role on our Board of Directors whilst serving as Chairman and Board member of Naked Brand Group, and we appreciate his continued service with Cenntro after last year’s successful stock purchase transaction,” said Peter Wang, CEO of Cenntro Electric Group. “His service will be greatly missed and I am deeply grateful for his significant contributions.”

 

“We are now privileged to welcome Dr. Zeng to the Board of Directors, an accomplished leader with deep management and technical expertise having held various technical and research positions with global companies. We believe his broad experience will be instrumental as we continue to focus on expanding our range of electric commercial vehicles enterprise and footprint in key North American, European, and Asian markets.”

 

Dr. Yi Zeng has been appointed to serve a term until the Company’s 2023 Annual Meeting.

 

About Cenntro Electric Group Ltd.

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of light and medium-duty electric commercial vehicles (“ECVs”). Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in over 25 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the SEC, including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.

Contacts

Investor Relations Contact:


Chris Tyson

MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:


PR@cenntroauto.com
IR@cenntroauto.com

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Business

AM Best assigns Credit Ratings to Life Alliance Reassurance Corporation; affirms credit ratings of the members of AAA Life Group

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Life Alliance Reassurance Corporation (LARC) (Honolulu, HI). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs o7f “a” (Excellent) for AAA Life Insurance Company (AAA Life) (Livonia, MI), AAA Life Insurance Company of New York (Harrison, NY) and the companies affiliated with AAA Life. All entities, including LARC, collectively are referred to as the AAA Life Group. The outlook of these ratings is stable. See below for a detailed listing of affiliated reinsurers.

The ratings reflect AAA Life Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider rating enhancement from Auto Club Enterprises Insurance Group (auto club), based in Southern California.

 

LARC is considered part of the AAA Life Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations and financial support provided through a quota share reinsurance treaty and capital contribution.

 

AAA Life Group’s ratings reflect the strong brand name recognition of American Automobile Association, Inc., as well as access to its large membership base, diversified distribution and risk-adjusted capitalization that is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s investment portfolio is of good credit quality, with holdings predominantly in bonds and minimal holdings in stocks, mortgages and BA assets.

 

AAA Life’s direct written premiums continue to trend upward, mostly as a result of its direct mail with diversified product offerings. Over recent years, the group generated pre-tax statutory operating losses driven by continued pressure from new business strain, adverse mortality and low interest rates. However, as evidenced by the improved performance so far in 2022, AM Best expects statutory earnings to trend positively over the near to medium term.

 

AAA Life underwrites all new insurance business and reinsures it on a coinsurance basis to designated members of AAA Life Group, as contracted by shareholder and management agreements. AAA Life manages the full administration, investment and insurance operations of all affiliated reinsurers. As a result, AM Best considers that all members of AAA Life Group operate as a group. However, due to the nature of the existing ownership structure and business arrangement, AAA Life does not have a majority ownership, nor does it retain board control of the reinsurance members of the AAA Life Group.

 

AAA Life Group receives rating enhancement, due to its strategic importance to the auto club owners as evidenced by historical capital contributions, enabling AAA Life Group to fund its new business growth. Partially offsetting these positive rating factors are the impact of new business strain, which includes the Regulation XXX and principle-based statutory reserve impacts on earnings, and an elevated number of below-investment-grade holdings compared with the industry average.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with a stable outlook for the following affiliated reinsurers of AAA Life Insurance Company:

  • Auto Club Life Insurance Company
  • Automobile Club of Southern California Life Insurance Company
  • Pacific Beacon Life Reassurance Inc.
  • AAA Life Re, Ltd.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael Venezia

Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

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

Robert Raber
Director
+1 908 439 2200, ext. 5696

robert.raber@ambest.com

Jeff Mango
Managing Director, Strategy & Communications
+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Categories
Art & Life Business Lifestyle

Appleseed’s debuts in homes across the country with the first television campaign in the brand’s over 75 year history

Campaign Announcement Coincides with Introduction of Martha Stewart Outerwear Collection and the introduction of Appleseed’s first multi-tender loyalty program — Appleseed’s Rewards Club

 

MIDDLETON, Mass. — (BUSINESS WIRE) — Appleseed’s, the age and size inclusive apparel retailer debuts its first national television campaign for the first time in the brand’s over 75-year history. With a renewed focus on driving brand awareness, Appleseed’s is celebrating their classic, timeless clothing anchored in enduring American style with their commercial debut, first ever celebrity collection, and announcement of a new loyalty program.


For over 75 years, Appleseed’s has provided exclusive style, great fit, and amazing value to millions of customers. The brand’s campaign – ‘Inspired By You.’ – salutes the brand’s heritage by featuring distinct New England-inspired fashion, designed for everyday and every occasion.

 

“This is our opportunity to share this amazing American brand with millions which has been rooted in our New England heritage and real-life versatility,” stated Bobby Ferrario, General Manager and Chief Marketing Officer of Orchard Brands. “At the heart of the Appleseed’s brand is a community that celebrates its customers and their love of effortless fashion and outstanding quality at an accessible price point– and we’re excited for new customers to discover us.”

 

In addition, this fall Appleseed’s is introducing a curated selection of Martha Stewart Outerwear, the first celebrity collection offered by Appleseed’s. “We’re expanding upon the iconic outerwear assortment customers have come to rely on us for, with our collection of Martha Stewart Outerwear. Martha perfectly represents the spirit of the Appleseed’s brand, and we couldn’t be happier to be a partner in carrying her assortment.”

 

Finally, Appleseed’s is excited to launch Appleseed’s Rewards Club, the brand’s new multi-tender loyalty program. “We’ve been listening to our customers to understand what they love most about Appleseed’s and how we can provide new ways for them to engage with the brand. We know our customers depend on us to deliver ease and comfort – in product and experience – and see our new Rewards Club as an opportunity to deepen that emotional connection by rewarding them for shopping with us,” said Ferrario.

 

Appleseed’s Fall Campaign debuted on September 6th across national, local, and digital channels. The ad was developed and produced in coordination with internal creative and Appleseed’s agency of record, Marketing Architects.

 

About Orchard Brands

Orchard Brands is an omni-channel multi-brand portfolio of apparel retailers providing curated lifestyle and fit solutions at a great value through its catalog and eCommerce channels. The portfolio includes four well-established brands, including Blair – established in 1910 in Warren, Pennsylvania (www.blair.com), Haband – established in 1925 in Paterson, New Jersey (www.haband.com), Appleseed’s – established in 1946 in Beverly, Massachusetts (www.appleseeds.com), and Draper’s & Damon’s – established in 1927 in Pasadena, California (www.drapers.com).

Contacts

Liza Backes; lbackes@paulwilmot.com
Grayson Houge; ghouge@paulwilmot.com

Categories
Business

Best’s Commentary: Reinsurers’ losses paid to Florida Specialists increased more than fourfold in three-year period despite no significant storms

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance–The losses paid by U.S.-domiciled reinsurers to Florida personal property specialist insurers has soared in the past three years, increasing more than fourfold and topping $1 billion in 2021 despite the absence of significant hurricane activity, according to a new AM Best commentary.

The Best’s Commentary, “Reinsurer Losses Related to Florida Specialists Continue to Climb Despite No Significant Storms,” states that insurers AM Best has identified as Florida specialists continue to cede a growing amount of premium to reinsurers, reaching over $7 billion in 2021. These specialist insurers are defined as regional insurers domiciled in Florida with predominant exposures to personal property insurance in the state. Roughly 60% the premium ceded by this population is reinsured by U.S.-domiciled companies, with more than half the remaining ceded to Bermuda. Premium assumed by U.S. (re)insurers has grown roughly 66% the last three years, and the loss ratio has still spiked despite moderate hurricane seasons, further suggesting that current prices are not adequate to cover the claims inflation and fraud in the market. Consequently, reinsurers have been pulling back from the Florida property market or significantly raising prices.

 

“These events have led to a temporary reinsurance arrangement through Citizens Property Insurance Corporation being established,” said Jason Hopper, associate director, industry research and analytics. “Given the surge in Citizens’ growth on a direct basis, and now with its role as a backstop reinsurer, Citizens’ reinsurers may also see additional risk.” Eight reinsurers account for over 86% of premium ceded by Citizens, with the Florida Hurricane Catastrophe Fund accounting for nearly 44%.

 

Florida personal property companies report significantly elevated ratios related to their dependence on reinsurance, highlighting their sensitivity to reinsurance pricing. Pricing will continue to impact business plans and companies’ ability to use reinsurance structures with adequate limits to protect against severe storms.

 

AM Best expects reinsurers to remain selective in the risks they reinsure, placing further burdens on the Florida homeowners market, which has seen four property insurers, along with a Louisiana-based insurer that wrote policies in Florida, declared insolvent since late February.

 

To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=323919.

 

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 © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jason Hopper
Associate Director,
Research and Analytics
+1 908 439 2200, ext. 5016
jason.hopper@ambest.com

Chris Draghi
Associate Director
+1 908 439 2200, ext. 5043
chris.draghi@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business

AM Best revises outlooks to stable for Guardian Insurance Company, Inc.

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Guardian Insurance Company, Inc. (Guardian) (St. Thomas, U.S. Virgin Islands).

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

 

The revision in the outlooks to stable represent an improvement in Guardian’s enterprise risk management, specifically surrounding its governance structure. Management has taken actions in recent years to strengthen this function, with the hiring of a compliance officer and increased involvement from the board of directors, which oversees the corporate governance and internal controls involved in company operations and officers. The company’s balance sheet strength assessment is supported by its strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, the balance sheet strength is complemented by improved reserving practices, which have resulted in favorable reserve development in recent years, and its high quality reinsurance program and conservative investment strategy. Guardian’s parent, Lockhart Companies, Inc., has demonstrated support in the form of capital contributions. Guardian’s marginal operating performance reflects volatility in underwriting results in the earlier part of the most recent five-year history. However, results have shown improvement over the past two years due to actions taken to improve rate adequacy.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Janet Hernandez
Senior Financial Analyst
+1 908 439 2200, ext. 5767
janet.hernandez@ambest.com

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

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Environment International & World

Fourth Annual GARP Climate Risk Survey reveals steady progress amid increased regulatory scrutiny

Climate risk staffing and use of metrics, targets, and limits at top firms also increased

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — A new global survey from the Global Association of Risk Professionals (GARP) found that climate risk is increasingly becoming part of business-as-usual risk management at top global firms.

Conducted by the GARP Risk Institute (GRI), the “Fourth Annual Global Survey of Climate Risk Management at Financial Firms” received participation from 62 leading financial institutions around the world, including banks, asset managers, and insurers with USD 43 trillion of assets their balance sheets, and total assets under management around USD 46 trillion.

 

According to the 2022 results, supervisory activity on climate risk continues to intensify. Nearly 90% of firms reported that their regulators have published formal expectations for climate risk management, while nearly 80% said that regulators are now requiring them to report their climate-related risks.

 

In addition, 67% of firms reported significant increases in staff working on climate risk over the past two years, and more firms than ever are setting their climate risk appetite; 90 percent of surveyed firms now use metrics, around 75% use targets, and just over 50% use limits.

 

“As demonstrated in our fourth annual Survey, many firms are making progress in climate risk management,” said GRI President Jo Paisley. “It is particularly encouraging that we have seen an increase in the use of metrics, targets, and limits this year — an area that has proven to be stubbornly difficult.”

 

Other key takeaways included a strong increase in the number of firms looking beyond climate to other forms of environmental risks, such as air pollution and biodiversity loss, and innovations in climate product offerings. Such climate-driven products include ESG funds (offered by over 80% of asset managers) and green bonds and sustainability-linked loans (offered by over 70% of banks).

 

Despite the obvious progress, some immediate challenges persist. Firms cited the availability of data (82%), availability of reliable models (72%), and regulatory uncertainty (45%) as their greatest short-term concerns. In addition, most surveyed firms still believe that physical and transition risks are only partially incorporated in market prices.

 

“We’ve seen improvements across many aspects of climate risk management, with perhaps more evidence of firms focusing on the commercial opportunities of climate change,” said Paisley. “Though there’s clearly still work to do, the progress on climate risk management for the firms involved in the Survey has been steady and reassuring.”

 

To access the full 2022 survey report, visit GARP’s Climate Risk Resource Center.

 

About the Global Association of Risk Professionals

The Global Association of Risk Professionals is a non-partisan, not-for-profit membership organization focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators.

 

Founded in 1996, governed by a Board of Trustees, GARP is headquartered in Jersey City, N.J., with offices in London, Beijing, and Hong Kong. Find more information on garp.org or follow GARP on LinkedIn, Facebook, and Twitter.

Contacts

press@garp.com

Categories
Business Lifestyle Science

Aetrex launches proprietary 3D data portal with the mission to take the guesswork out of footwear R&D

Aetrex’s global 3D foot scan data now available on Foot.com for participating footwear brands to help create better fitting shoes

 

TEANECK, N.J. — (BUSINESS WIRE) — Aetrex, Inc. (“Aetrex”), the global leader in foot scanning technology, orthotics and comfort and wellness footwear, Tuesday announces the launch of their Foot.com Data Portal, a dedicated platform to help shoe manufacturers around the world create better fitting footwear. Users can view and extract global 3D foot data broken down by gender, foot size, country and more. The launch of the portal marks a major step forward in the advancement of footwear development technology by taking the guesswork out of the equation.


“The availability of complete, accurate 3D measurements of the foot to help develop better fitting shoes and lasts has not been possible until now,” said Larry Schwartz, CEO at Aetrex. “Our mission with Foot.com is to provide our brand partners with the data they need to create anatomically correct, highly informed lasts for shoes that not only fit more comfortably but also enhance performance.”

 

The portal aggregates foot scans from Aetrex’s two newest 3D foot scanners, Albert 2 Pro and Albert 3DFit. These novel scanners are engineered with a pure computer vision model, a proprietary process designed to collect comprehensive foot data and create the most accurate 3D reconstruction of the foot. From these 3D models of feet, Aetrex can pull accurate measurements from any part of the foot, from any or all scans in the database.

 

“Foot.com allows subscribers to click a map view to access data from regions around the world, broken down by average shoe size, by gender and by country. For example, a footwear developer who wants to develop an anatomically correct last for a women’s shoe size 8 can download the average 3D measurements of the foot in different regions, or pinpoint one country to make a well informed last,” said Kumar Rajan, SVP of Engineering at Aetrex.

 

While Aetrex has the ability to measure any part of the 3D foot, the company is launching with 16 key measurements vital to footwear design. Some of these include foot length, width, ball girth, arch height, and long heel girth, among other key inputs. Additionally, users can export aggregate data or download raw data of the unique, anonymous foot measurements from the database.

 

“The launch of Foot.com marks an exciting time in our industry. Providing brands with access to complete, accurate foot data at the onset of footwear development hasn’t been possible on a large scale until now. We’ve seen the benefits of utilizing 3D foot data firsthand with our own footwear collections, and we are excited to share this insight with participating brands,” said Gregory Starr, VP of Product Development, Aetrex.

 

To access Aetrex’s Foot.com Data Portal, early subscribers can enroll for only $1,000 per month. To learn more about the portal and Aetrex’s technology-first approach, visit aetrex.com.

 

About Aetrex

Aetrex, Inc. is widely recognized as the global leader in foot scanning technology, orthotics, and comfort and wellness footwear. Aetrex has developed state-of-the-art 3D foot scanning devices, including iStep, Albert and its newest models, Albert 2 Pro and Albert 3DFit, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 10,000 scanners worldwide that have performed more than 40 million unique customer foot scans, currently averaging more than 2.5 million scans a year.

 

The company is renowned for its over-the-counter orthotics – the worlds #1 premium foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, visit www.aetrex.com.

Contacts

Media
Rajira Hernandez

Matter Communications

978-225-8082

aetrex@matternow.com

Categories
Business Local News

Cenlar appoints Gary Gaskin vice president of Transfer Services

EWING, N.J. — (BUSINESS WIRE) — Cenlar FSB, the nation’s leading mortgage loan subservicer and federally chartered wholesale bank, announced today that Gary Gaskin has joined the company as Vice President of Transfer Services.

Gary, a 25-year veteran in the mortgage industry, with 22 years of them in servicing, will be responsible for all areas of loan boarding, acquisitions and transfers, as well as identifying opportunities to automate processes and improve operational efficiencies.

 

“Gary is a valuable team member. He is an accomplished mortgage servicing executive with extensive experience providing the leadership needed to drive key organizational goals and objectives, and a proven track record of successfully delivering dynamic results,” said Senior Vice President of Transfer Operations May Ann Sullivan.

 

Before joining Cenlar, Gary was Senior Vice President of Loan Servicing at Atlantic Bay Mortgage Group. He was also Director of Loan Servicing at Republic Bank & Trust and Vice President of Loan Administration at Specialized Loan Servicing. He has held various positions at SunTrust Mortgage where he was most recently First Vice President of Loan Administration. Additionally, he was Vice President of Loan Administration at Roundpoint Mortgage Servicing where he increased throughput by implementing lean techniques to successfully improve automation. Gary also served as a senior consultant on servicing acquisitions and transfers at PriceWaterHouse Coopers.

 

“I am excited to be part of the Cenlar team and to build consistency in loan transfers by looking at ways we can use automation that will make the process more efficient,” said Gary.

 

About Cenlar FSB

Cenlar FSB is a federally chartered, employee-owned wholesale bank, servicing loans in 50 states and its U.S. territories. As the nation’s leading subservicer, Cenlar boasts a loyal and growing client base including banks, credit unions and mortgage bankers. Our nearly 4,000 employees, strategically located throughout the United States, are dedicated to customer satisfaction and teamwork that drives client solutions that are unparalleled in quality, flexibility and innovation. Headquartered in Ewing, NJ, Cenlar is industry rated and audited regularly by independent third parties.

 

For more information, visit www.cenlar.com.

Find us on LinkedIn here: https://www.linkedin.com/company/cenlar-fsb/

Contacts

Adrienne R. Kowalski
Corporate Communications Director

arkowalski@cenlar.com