Author: Michelle Dryden

Categories
Business Lifestyle

Bluewave announces a growth investment led by Columbia Capital

Growth investment will accelerate enhancements in client success approach and acquisitions

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — #ITconsulting—Bluewave Technology Group (“Bluewave”), an innovative, high-growth technology advisory and lifecycle management company, today announced an initial capital raise of $75 million led by Columbia Capital. Bluewave has accelerated its growth with five acquisitions completed over the past five months and is now one of the largest technology advisory businesses in the U.S., serving over 1,000 customers. Bluewave will leverage this strategic investment to support its rapid growth strategy, fostering organic and inorganic growth as it continues to ramp its team, invest in systems, and expand its service offering.

“We are proud to partner with Columbia Capital who understands the opportunity and growth potential for Bluewave. To date, we have completed several acquisitions to expand and bolster our service offering to our clients. With this investment, we’re continuing to move our business forward to provide a comprehensive set of solutions to meet clients’ needs,” said Seth Penland, CEO of Bluewave. “By adding the right people, technologies, and expertise, we’re creating a collective genius that provides our clients with peace-of-mind that they are in the best hands with Bluewave.”

 

Columbia Capital is a sector-focused investment firm with investments in enterprise IT, digital infrastructure, and mobility for over 30 years. This investment will accelerate Bluewave’s pursuit to create the industry leader in technology lifecycle management and accelerate its inorganic growth plans.

 

“As remote working environments, AI, and enterprise security requirements drive changes in IT and communications solutions, Bluewave has swiftly become a market leader in the technology advisory services market sector,” said Evan DeCorte, partner at Columbia Capital. “We couldn’t be more excited to back the Bluewave team as they continue to scale the business.”

 

Bluewave was purpose-built to help clients optimize their technology infrastructure, providing an efficient path to manage the entire lifecycle from purchasing through technology expense management (“TEM”) with four key services practices: Technology Evaluation, Strategic Sourcing, Expense Management, and Operations Support. Bluewave’s expertise encompasses legacy, existing, and emerging technology platforms.

 

“Most technology brokerages and agencies are only capable of delivering a limited number of the services clients need to truly operate and grow their businesses,” said Wayne Dietrich, COO of Bluewave. “We bring together experts from across technology and vertical disciplines and forge partnerships with proven cloud, network, security, and collaboration service providers to provide the best solutions for the entire technology lifecycle.”

 

ABOUT BLUEWAVE TECHNOLOGY GROUP

Bluewave Technology Group (Bluewave) is a premier technology advisory and lifecycle management company with a comprehensive approach to optimizing clients’ ability to grow revenue, reduce costs, and improve efficiency. Bluewave streamlines the technology buying and management process for businesses of all sizes across the United States with four key services: Technology Evaluation, Strategic Sourcing, Expense Management, and Operations Support. Specializing in modernizing the IT and telecom infrastructure, Bluewave partners with proven cloud, network, security, and collaboration service providers to develop the best solution while maximizing the clients’ technology investment. Learn more at www.bluewave.net

ABOUT COLUMBIA CAPITAL

Founded in 1989, Columbia has raised over $5 billion in fund commitments and invested in over 170 companies in the digital infrastructure and IT services sectors. For more information, go to https://www.colcap.com/

Contacts

Ashley Schulte

press@bluewave.net

Categories
Business Lifestyle

Insurance billing and payments moves from back office function to growth accelerator – New thought leadership from Deloitte and Majesco

MORRISTOWN, N.J. — (BUSINESS WIRE) — Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new joint thought leadership report from Deloitte and Majesco which highlights overarching trends within billing and payments and how it is impacting decisions, opportunities, and growth. The report leverages recent market research and executive roundtable discussions from insurance industry executives in late 2021 to answer some tough questions for those trying to navigate a billing and payment environment that is increasingly under pressure to adapt.

The rapid digital transformation across industries is pulling insurance into the fast lane with billing and payments at the forefront. Mary Meeker’s data indicates that over 60% of transactions are digital in nature, ranging from mobile payments, messenger apps and contactless payments through online commerce sites and buy buttons. In recent Majesco customer research, Gen Z and Millennials are leading the way in use of digital payment apps with strong growth in use Apple Pay, Samsung Pay, company apps, digital wallets like Zelle and Venmo, and Bitcoin. This means that insurers must have a wider range of payment options available for customers to avoid putting customer experiences at risk.

 

With today’s heightened customer demands as well as exciting new products and services and non-insurance offerings, new billing and payment methods are vital. New channel opportunities and new digital ways of interacting with customers are transforming the role of billing. Billing and payment options are key customer engagement tools. Their flexibility and usability are foundational aspects of the new digital experience.

 

“In an era where everything is connected and customer demands are at an all-time high, understanding changing customer expectations and requirements is critical,” says Denise Garth, Chief Strategy Officer at Majesco. “An engaging experience needs to be personalized, relevant and holistic, but to accomplish this, insurers must invest in robust digital and functional capabilities with advanced data and analytics. By leveraging the latest technologies, insurers can offer new payment methods, billing and plans and access to real-time billing, so they can meet rapidly shifting customer expectations, stay ahead of the competition and capture new markets while growing existing markets.”

 

Once considered to be financial, back-office functions, billing and payments are now at the center of the digital and customer relationship as well as innovative, new products and services. Billing has become a key component in any growth and innovation strategy. A redesigned billing experience can anchor an insurer’s future success and survival. Unfortunately, most billing systems are not prepared to meet higher challenges of service expectations and ultimately customer success. But to remain competitive and take advantage of growing market opportunities, insurers cannot hesitate. They must rethink the billing and payments foundation before the gap becomes insurmountable.

 

“Defy permanence while designing your billing operating models, technology capabilities, and related commercial agreements,” says Ajay Radhakrishnan, Managing Director, Deloitte. “Place greater value on flexibility, agility, and speed to market, thus creating the room for the adoption of digital capabilities/engagement models that continue to proliferate in the marketplace.”

 

Learn more by downloading the Insurance Billing and Payments: From Back Office Calculators to Channel Growth Accelerators report by emailing info@majesco.com.

 

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

 

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

Laura.Tillotson@majesco.com

Categories
Business Lifestyle

Strategic Capital completes Jersey City’s highest priced condo sale at 75 Park Lane

Penthouse sold for $5.7 million

 

NEW YORK — (BUSINESS WIRE) — #jerseycityrealestate–Strategic Capital, the real estate investment and development platform of China Construction America, is pleased to announce the closing of a 4-bedroom, 4.5-bathroom penthouse with an 800 sq. ft. terrace at 75 Park Lane for $5.7 million, which sets a record for the highest priced condo sale on New Jersey’s Gold Coast.


75 Park Lane, the luxurious high-rise condominium in Jersey City’s idyllic Newport neighborhood, offers the rare opportunity to live in a Manhattan-caliber high-rise tower with panoramic city and river views and resort-like five-star amenities. 75 Park Lane is part of the larger Park and Shore development, which comprises two exquisite residential buildings with a total of 429 condominiums.

 

Designed by the critically-acclaimed architecture and interior design firm Woods Bagot, the ultra-luxurious 37-story 75 Park Lane offers 358 residences that range in size from studios to three-bedroom homes, as well as spectacular penthouses. Every residence boasts masterfully conceived layouts and modern yet timeless interiors including wide-plank oak floors and oversized windows. The elegantly designed open-plan chef’s kitchens feature Madreperola Quartzite waterfall islands and countertops, state-of-the-art Bosch appliances and custom-crafted walnut millwork trimmed in satin nickel.

 

75 Park Lane enjoys a collection of best-in-class amenities designed to provide the ultimate recreational, social and fitness experiences. The luxurious shared spaces include an indoor heated swimming pool, wine-tasting lounge with private dining room, putting green, children’s play area, co-working lounge, game room, multi-purpose entertainment room, gracious porte cochère entrance and Sky Lounge complete with a chef’s table, terrace and stunning views of the New York City skyline.

 

About Strategic Capital

Established in 1985, China Construction America (CCA) is a subsidiary of China State Construction Engineering Corp. Ltd. (CSCEC), one of the world’s largest investment and construction groups listed on Shanghai Stock Exchange. CSCEC was ranked 13th among Fortune Global 500 companies and has been No. 1 on ENR’s Global Contractors list for six years in a row.

 

CCA is headquartered in Jersey City, NJ, and operates mainly in the US East Coast and Gulf Coast states, the Caribbean and Latin American countries. CCA owns four business divisions covering building construction, infrastructure, and real estate development. It acquired one of New York City’s most prominent builder Plaza Construction from the Fisher family in 2014. As an accomplished contractor and real estate developer, CCA stays laser-focused on achieving operational and managerial excellence since its inception.

 

Strategic Capital is the real estate investment and development platform of CCA. It develops, owns and operates mixed types of properties in New York, New Jersey and Texas. Targeting growing markets with high barriers to entry and limited supply, its current portfolio features best-in-class commercial and residential assets across the risk spectrum from opportunistic to core.

 

Additional details: https://parkandshore.com/park-lane

Contacts

Darren Bettencourt, Media Liaison, darren@bettencourtcreative.com, 310-270-6483

Categories
Healthcare Science

Eagle Pharmaceuticals on track to support submission of new drug application in second quarter 2022 for Landiolol, a beta-1 adrenergic blocker

— Anticipate Landiolol to become market leader in this drug class —

 

WOODCLIFF LAKE, N.J. — (BUSINESS WIRE) — Eagle Pharmaceuticals, Inc. (Nasdaq: EGRX) (“Eagle” or the “Company”) today announced that AOP Orphan Pharmaceuticals GmbH, Member of the AOP Health Group, (“AOP Health”), with whom it entered into a licensing agreement in August 2021, has engaged with the U.S. Food and Drug Administration (“FDA”) to obtain alignment on the content and format of the pre-clinical and clinical data required to support a new drug application (“NDA”) seeking approval of Landiolol, a novel therapeutic, for the short-term reduction of ventricular rate in patients with supraventricular tachycardia, including atrial fibrillation and atrial flutter.

In August 2021, Eagle entered into a licensing agreement with AOP Health, a privately owned Austrian company devoted to the treatment of rare and special diseases, for the commercial rights to Landiolol in the United States.

 

“We are pleased to be advancing Landiolol along the regulatory pathway. Landiolol is an important hospital emergency use product, with the potential to become a market leader in this drug class, and would complement our critical care portfolio. Landiolol has never been marketed in the United States, has robust patent protection, and we anticipate five years of new chemical entity exclusivity upon approval. Based on the FDA’s responses to AOP Health’s communications, we remain on track to support the NDA next quarter,” stated Scott Tarriff, President and Chief Executive Officer of Eagle.

 

Landiolol is a short-acting, ultra-high selective beta-1 adrenoceptor blocker developed by AOP Health that has a selective effect on heart rate over cardiac contractility. Landiolol is available in two forms (20 mg/2ml concentrate, 300 mg powder) and is designed for use in emergency, cardiac critical care, operating room, and intensive care settings. It is registered in several European countries for the treatment of non-compensatory sinus tachycardia and tachycardic supraventricular arrhythmias. The drug uses a proprietary dosing algorithm to facilitate the administration.

 

Landiolol is already commercially available in Japan (Onoact®) and several European markets as RAPIBLOC®.

 

About Eagle Pharmaceuticals, Inc.

Eagle is a fully integrated pharmaceutical company with research and development, clinical, manufacturing and commercial expertise. Eagle is committed to developing innovative medicines that result in meaningful improvements in patients’ lives. Eagle’s commercialized products include RYANODEX®, BENDEKA®, BELRAPZO®, and its oncology and CNS/metabolic critical care pipeline includes product candidates with the potential to address underserved therapeutic areas across multiple disease states. Additional information is available on Eagle’s website at www.eagleus.com.

 

About AOP Health

The brand AOP Health incorporates several companies: The international Healthcare Group is the European pioneer for integrated therapies for rare diseases and in critical care. Over the past 25 years, the company has become an established provider of integrated therapy solutions from its headquarters in Vienna, its subsidiaries and representative offices throughout Europe and the Middle East, as well as through partners worldwide. This development has been made possible by a continually high level of investment in research and development on the one hand and a highly consistent and pragmatic orientation towards the needs of all our stakeholders on the other – especially the patients and their families as well as also the doctors and care professionals treating them. More information at www.aop-health.com

 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities law. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “may,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “near future,” “belief,” “guidance,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the timing of and AOP Orphan’s ability to obtain any regulatory approval of Landiolol; the anticipated benefits of Landiolol and its potential acceptance by clinicians; the timing, progress and results of additional trials of Landiolol and the ability of such trial results to support regulatory filings and approvals; anticipated actions by the FDA; the Company’s ability to support the commercial launch of Landiolol in the United States, if approved; the expected duration of new chemical entity exclusivity; the potential market opportunity for Landiolol; and the ability of the Company’s product candidates, including Landiolol, to deliver value to stockholders. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to: the impacts of the ongoing COVID-19 pandemic, including interruptions or other adverse effects on clinical trials and delays in regulatory review or further disruption or delay of any pending or future litigation; delay in or failure to obtain regulatory approval of the Company’s product candidates and successful compliance with FDA, European Medicines Agency and other governmental regulations applicable to product approvals; whether the Company can successfully market and commercialize its product candidates; the success of the Company’s relationships with its partners; the outcome of litigation involving any of its products or that may have an impact on any of its products; general economic conditions, including the potential adverse effects of public health issues, including the COVID-19 pandemic, on economic activity; the strength and enforceability of the Company’s intellectual property rights or the rights of third parties; the risks inherent in drug development and in conducting clinical trials; and those risks and uncertainties identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2021, as updated by the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 filed with the SEC on May 10, 2021, August 9, 2021 and November 9, 2021, respectively, and its other subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Investor Relations for Eagle Pharmaceuticals, Inc.:
Lisa M. Wilson

In-Site Communications, Inc.

T: 212-452-2793

E: lwilson@insitecony.com

Categories
Business Technology

FREE ASCO Power Technologies webinar on Advanced Power Control System Applications

  • The free, one-hour, online event will address key topics about power control systems and paralleling switchgear.
  • Participants will learn about switchgear controls, designs, operation, and applications.
  • Attendees can earn 1.0 PDH Credit.

 

FLORHAM PARK, N.J. — (BUSINESS WIRE) — As part of its Learning Series Webinar, ASCO Power Technologies will host a webinar on February 16 exploring power control system applications for critical power systems. Sixty minutes in length, ASCO Learning Series: Power Control System: Basic to Advance Applications is a live webinar that will be FREE to power industry professionals, engineers, facility managers, and technicians.

By participating in the event, attendees will learn about the following Power Control System topics:

  • Basic Paralleling Switchgear Controls & Components
  • Paralleling Switchgear Modes of Operation
  • Paralleling Switchgear Applications
  • Basic Low Voltage Commercial Applications
  • Healthcare Applications
  • Medium Voltage Applications

 

About the Speaker

Peter Rossomando – Director of Applications Engineering, ASCO Power Technologies.

Peter Rossomando has more than 37 years of experience in delivering critical power solutions for some of the most sophisticated and severe applications in the industry. His extensive knowledge of power systems, paralleling gear, load transfer switches, and inter-device control and communication technologies enables ASCO customers and staff solve their greatest backup challenges.

 

Registration Information

The event will be held at 11:00 AM Eastern Daylight Time on February 16, 2022. All interested professionals are encouraged to register now for this free event by visiting www.ascopower.com.

 

About ASCO Power Technologies

ASCO Power Technologies has provided power reliability solutions for more than 125 years. The firm designs, manufactures, services, and supports automatic transfer switches, power control equipment, load banks, and critical power management appliances. ASCO products serve mission-critical functions in data centers, healthcare facilities, telecommunication networks, commercial buildings, and industrial operations. To learn more about any of ASCO’s premium products and services, call (800) 800 ASCO (2726), email CustomerCare@Ascopower.com, or visit www.ascopower.com. To receive updates on the latest news and updates, follow ASCO’s Facebook and LinkedIn.

Contacts

Laurence Grodsky

+ 1 973 307 7352

Larry.Grodsky@ascopower.com

Categories
Business

Best’s Market Segment Report: More self-insured plans drive stop-loss segment growth

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance–With more U.S. employers shifting to self-funded health plans to contain employee benefit costs, the stop-loss insurance segment has experienced growth exceeding 10% in each of the past four years, reaching $25.2 billion in 2020, according to an AM Best report.

The Best’s Market Segment Report notes that self-funded insurance has become more attractive since the implementation of the Affordable Care Act, which has resulted in a major shift in the commercial health employer group insurance market – the largest market for health insurers. Other key takeaways in the report, titled, “More Self-Insured Plans Drive Stop-Loss Segment Growth,” include the following:

 

  • The medical loss ratio (MLR) decrease of 100 basis points to 81.7% in 2020 was less steep than the decrease in the fully insured market.
  • More small groups have been purchasing stop-loss insurance through level-funded products.
  • The top 10 stop-loss writers generate nearly three quarters of premium.
  • The amount of claims covered by stop-loss carriers also has been rising with the rising number of costly medical treatments.

 

“Stop-loss writers have more rate flexibility than the direct commercial segment; however, stop-loss claims have risen over the past 10 years,” said Doniella Pliss, director, AM Best. “In some cases, rate increases have reached the low double digits to match the claims trend, but overall, stop-loss rates have generally risen more quickly compared with group commercial health products.”

 

Technological advances play a significant role in the stop-loss insurance segment, as employer groups are looking for more administrative customization and flexibility, while providers prefer greater connectivity and faster claims settlement. In addition, employer groups want stop-loss carriers to actively manage high-cost claims and be able to optimize and direct the medical treatments.

 

“Large stop-loss insurers with more robust technological investments have an advantage, but as the group size of stop-loss customers has decreased over the past decade, some smaller stop-loss carriers have successfully retained customers based on more personalized service,” said Wayne Kaminski, senior financial analyst, AM Best.

 

Interest in self-funding continues to rise, even throughout the pandemic. AM Best believes that stop-loss carriers’ strength in managing high-dollar medical claims efficiently and offering more customized financial solutions to employer groups will drive the competition in the stop-loss market in the near to medium term.

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=317040.

 

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

Wayne Kaminski
Senior Financial Analyst
+1 908 439 2200, ext. 5061
wayne.kaminski@ambest.com

Christopher Sharkey

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

Doniella Pliss
Director
+1 908 439 2200, ext. 5104
doniella.pliss@ambest.com

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

Categories
Business

AM Best removes from under review with developing implications and affirms credit ratings for members of Lancer Insurance Group and affiliate

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Lancer Insurance Company (Chicago, IL) and Lancer Insurance Company of New Jersey (Ewing, NJ), referred to as the Lancer Insurance Group. Concurrently, AM Best has removed from under review with developing implications and affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Lancer Indemnity Company (Lancer Indemnity) (Long Beach, NY). The outlook assigned to these Credit Ratings (ratings) is stable.

These rating actions follow the closing of the merger between Lancer Insurance Group and Core Specialty Insurance Holdings, Inc. (Core Specialty), which was executed via a stock and cash transaction announced on April 16, 2021. Going forward, Lancer Insurance Group will operate as a division of Core Specialty, while retaining its legacy brand, distribution partners and long-standing management team. Additionally, Lancer’s co-founder and CEO, David Delaney, has taken an ownership interest in Core Specialty and was appointed to the board, effective Dec. 31, 2021.

 

AM Best has removed the group affiliation on the ratings of Lancer Indemnity, reflecting its divestiture from Lancer Insurance Group, as the company— a former member of the group prior to the merger—was not part of the merger agreement.

 

While the ratings of Lancer Insurance Group take into consideration the additional financial flexibility afforded to the group by being part of a larger organization, they also reflect the group’s post-acquisition balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

Based on the nature of the acquisition, operating results for the group are expected to be on par with historical levels, with no changes to the group’s strategic business plans nor any material integration issues expected in the near term. While it is anticipated that the combination of the two groups could have an accretive impact on their business profiles, further assimilation into the new organization will need to take place before any consideration can be given.

 

The ratings of Lancer Indemnity reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also consider its divestiture from the group, the disadvantages of reduced financial flexibility offset by a substantial capital infusion at year-end 2021, which bolstered overall risk-adjusted capitalization and supports the very strong balance sheet strength. Lancer Indemnity’s operating performance is expected to be in line with historical profitability levels. Going forward, AM Best expects the business profile to remain at limited and the company will continue to primarily focus on commercial multiperil coverage for small- to medium-sized retail entities in New York, New Jersey, Connecticut and Pennsylvania. AM Best considers Lancer Indemnity’s enterprise risk management to be appropriate, as the company will continue utilize the same systems, people and resources via a service agreement with Lancer Management Company.

 

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 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

Edward J. Zonenberg

Senior Financial Analyst
+1 908 439 2200, ext. 5135
edward.zonenberg@ambest.com

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

Daniel J. Ryan
Senior Director
+1 908 439 2200, ext. 5325
daniel.ryan@ambest.com

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

Categories
Business

AM Best affirms credit ratings of Sun Life Financial Inc. and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Sun Life Assurance Company of Canada (Sun Life) (Ontario, Canada) and Sun Life and Health Insurance Company (U.S.) (Lansing, MI) – the core insurance subsidiaries of Sun Life Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF] (collectively referred to as Sun Life Group). Concurrently, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the existing Long-Term Issue Credit Ratings (Long-Term IR) of SLF.

Additionally, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Independence Life and Annuity Company (Independence) (Wilmington, DE), a strategic subsidiary of SLF. Lastly, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Professional Insurance Company (Dallas, TX), an SLF run-off subsidiary. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long-Term IRs).

 

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

 

Sun Life Group maintains a solid balance sheet position and well-diversified business profile with superior distribution capabilities and significantly reduced exposure to the low interest rate environment due to its focus on growing its asset management and group benefits businesses, as well as its non-life products in Asia. The group maintains a very strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy (BCAR), and strong liquidity throughout the organization with strong cash flows, moderate financial leverage, a liquid investment portfolio, and a significant amount of cash and short-term investments at the holding company as an additional buffer. The balance sheet also continues to be bolstered by favorable earnings in its core segments while continuing to grow overall revenue despite the negative impacts from the COVID-19 pandemic.

 

While Sun Life Group has focused on reducing volatility within the liability structure of its product offerings, its earnings remain moderately exposed to equity market volatility and changes in interest rates, as well as fluctuations in foreign currencies. The companies’ wealth management segment continues to bolster the group’s assets under management during this time. Nonetheless, the group’s earnings remain susceptible to an increased level of volatility within the financial markets. Sun Life Group also conducts an extensive array of sensitivity and stress testing beyond what is required by regulators including impacts on earnings, regulatory capital and liquidity, which provides protection to the group’s global risk profile.

 

The ratings of Independence reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, very limited business profile and very strong ERM. The company’s strategic importance to Sun Life Group has increased recently as it began writing stop-loss insurance in 2020 as part of Sun Life’s Fullscope RMS business. AM Best believes that Independence will benefit from its parent company’s significant experience in the stop-loss insurance market and synergies from its turnkey administrative platform.

 

The ratings of Professional Insurance Company reflect its balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, very limited business profile and very strong ERM.

 

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

Sun Life Financial Inc.—

–“a-” (Excellent) on CAD 400 million 2.75% subordinated debentures, due 2027

–“a-” (Excellent) on CAD 1,000 billion 3.05% subordinated debentures, due 2028

–“a-” (Excellent) on CAD 750 million 2.38% subordinated debentures, due 2029

–“a-” (Excellent) on CAD 1,000 billion 2.58% subordinated debentures, due 2032

–“a-” (Excellent) on CAD 750 million 2.06% subordinated debentures, due 2035

–“a-” (Excellent) on CAD 400 million 5.40% subordinated debentures, due 2042

–“bbb+” (Good) on CAD 250 million 4.45% Class A non-cumulative preferred shares, Series 3

–“bbb+” (Good) on CAD 300 million 4.45% Class A non-cumulative preferred shares, Series 4

–“bbb+” (Good) on CAD 250 million 4.50% Class A non-cumulative preferred shares, Series 5

–“bbb+” (Good) on CAD 155 million 1.825% Class A non-cumulative preferred shares, Series 8R

–“bbb+” (Good) on CAD 125 million floating rate Class A non-cumulative preferred shares, Series 9QR

–“bbb+” (Good) on CAD 173 million 2.842% Class A non-cumulative preferred shares, Series 10R (CAD 171 million outstanding at 2.967%)

–“bbb+” (Good) on CAD 27 million floating rate Class A non-cumulative preferred shares, Series 11QR (CAD 29 million outstanding)

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

Sun Life Assurance Company of Canada—

–“a+” (Excellent) on CAD 150 million 6.30% subordinated debentures, Series 2, due 2028 (originally issued by Clarica Life Insurance Company)

Sun Life Capital Trust—

— “a” (Excellent) on CAD 200 million 7.09% non-cumulative Sun Life ExchangEable Capital Securities, call date 2032

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

Sun Life Financial Inc.—

— “a” (Excellent) on senior unsecured debt

— “a-” (Excellent) on subordinated debt

— “bbb+” (Good) on preferred shares

 

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 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

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5171
anthony.mcswieney@ambest.com

Michael Adams
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, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Culture

Plum Life and London Underwriters jointly announce new distribution agreement

New Agreement will give over 8,000 wholesale Property and Casualty agents access to the Plum Life Insurance Selling Platform

 

BERKELEY HEIGHTS, N.J. — (BUSINESS WIRE) — #helloplum–Plum Life Inc. and London Underwriters jointly announced today a new distribution agreement that will give London Underwriters’ 8000 agents access to Plum Life’s 100% digital selling platform. Plum Life’s friction-free experience simplifies the selling process for agents and still provides highly competitive coverage for clients.

“We’re very excited about the opportunity to work with Plum Life,” says Jessica Gutheil, CMO of London Underwriters. “We see demand for life insurance products increasing,” says Gutheil. “And with Plum Life now available to our agents, we can easily offer affordable life coverage to our clients. The simplicity and ease of the Plum solution is a perfect fit for our agents and our clients love the completely digital experience.”

 

With highly competitive pricing, automated case management and the ability to get quick decisions, Plum Life was built for agents who do not want to spend time on administration. The simplicity of the platform is also attractive to agents who have traditionally stayed away from life insurance.

 

“We’ve always believed our solution is ideal for agents outside the core life insurance space. Our simplified approach makes it easy and empowers new agents to sell life insurance,” says Manish Bhatt, CEO & Co-Founder of Plum Life. “Working with London Underwriters expands our reach and ensures more clients have access to life insurance and are getting the coverage they need,” says Bhatt.

 

Additionally, the Plum Life portal gives insurance agents access to a suite of digital marketing tools to help agents find new clients. Agents can also interact with clients within the portal, send reminders and track the progress of a case.

 

About Plum Life

Plum Life is on a mission to create the ideal life insurance experience where the confidence of working with an advisor and the ease and convenience of buying online meet in one place. At its core, Plum Life is a Life Insurance technology company. The company offers an agent-only digital experience designed to simplify the entire process of selling life insurance from quoting to application to issue. Designed especially for the life insurance industry, Plum Life’s integrated platform combines the capabilities of a modern technology company and the personal attention and service of an advisor. Founded in 2020, and based in Berkley Heights, New Jersey, the company leverages its proprietary technology platform fueled by Machine Learning, Behavioral Science, AI and Swiss Re’s Magnum. Learn more at www.helloplum.com.

 

About London Underwriters

London Underwriters is an insurance wholesale broker that specializes in writing property and casualty insurance. As the nation’s largest Insurtech distributor, London Underwriters offers their appointed agents several Insurtech programs where agents can quote and bind online plus hundreds of traditional brokerage markets they can submit business to. If you are interested in becoming an appointed agency of London Underwriters, visit www.londonuw.com for more information.

 

Access helloplum.com/presskit for information.

Contacts

Media:

Rahim Rajpar

CMO & Co-Founder

Plum Life

617 939 1312

rahim@helloplum.com

Media:

Jessica Gutheil

CMO

London Underwriters

(786) 870-4092

jg@londonuw.com

Categories
Business

Equity Group Investments partners with East Coast Warehouse

CHICAGO — (BUSINESS WIRE) — Equity Group Investments (EGI), Sam Zell’s private investment firm, today announced an investment in East Coast Warehouse (ECW), a leading provider of temperature-controlled logistics to the food and beverage industry. EGI is partnering with ECW’s senior management team, who will continue leading the business and retain an ownership stake in the company. The partnership provides additional capital for add-on acquisitions and strategic support for the organization as it expands into new geographies. EGI President Mark Sotir, Managing Director Evan Harwood, and Vice President Tyler Goldstein join ECW’s board of directors alongside CEO Jamie Overley.

“With more than 65 years in operation, ECW is well-established in the temperature-controlled logistics space and has excelled under Jamie’s leadership,” said Sotir. “EGI has a proven track record of successfully scaling up companies in the transportation and real estate sectors. This alignment offers an exciting opportunity to partner with ECW through its next growth phase within an industry that continues to expand and experience tremendous advancements.”

 

“We are proud to partner with EGI as we build upon our expansions into Baltimore and Savannah and look toward other regions across the country for our next phase of growth,” said Overley. “This partnership will allow us to continue to execute our vision of providing an end-to-end national temperature-controlled third-party logistics solution with regional expertise and commitment to providing our customers with seamless capabilities and unmatched service.”

 

Headquartered in Elizabeth, New Jersey, ECW operates 72 million cubic feet of temperature-controlled and ambient warehouse space at the Ports of New York/New Jersey, Philadelphia, Baltimore and Savannah. In addition to its port-based warehousing services, ECW provides container drayage, local and regional trucking, national freight brokerage and customs exam services, offering shippers a fully integrated supply chain solution.

 

“We continue to see significant opportunity in differentiated logistics businesses like ECW,” commented Harwood. “ECW’s port-based strategy and its suite of end-to-end supply chain services make the company a leader in its markets and support its long-standing relationships with some of the largest shippers in the food and beverage industry.”

 

Terms of the transaction were not disclosed.

About Equity Group Investments

Equity Group Investments (EGI), founded by Sam Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI’s flexible capital and open investment mandate enable the firm to pursue opportunistic transactions across industries and geographies, throughout the capital structure, at any point in the economic cycle. EGI’s current portfolio includes investments in transportation and logistics, energy, waste and infrastructure, manufacturing, healthcare, agribusiness and real estate. For more information, visit www.egizell.com.

 

About East Coast Warehouse & Distribution

For more than 65 years, East Coast Warehouse & Distribution has served as a preeminent third-party logistics (3PL) provider, offering integrated temperature-controlled logistics services to food and beverage importers. Its state-of-the-art facilities totaling 72 million cubic feet, strategically located on the Ports of New York/New Jersey, Philadelphia, Baltimore, and Savannah, expedited customs exam services, transportation capabilities and value-added services, offer clients a 3PL end-to-end solution that is sophisticated and seamless. For more information, please visit www.eastcoastwarehouse.com.

Contacts

Lesley Cheers, Senior Director, Communications, EGI

Tel: 312.466.3467

Email: lcheers@egii.com

Meredith Rovine, Vine Public Relations

Tel: 610.212.4950

Email: meredith@vinepublicrelations.com