Category: Business

NEW BRUNSWICK, N.J. —  (BUSINESS WIRE) — Brunswick Bancorp (“Brunswick” or “the Company”) (OTC: “BRBW”), the holding company for Brunswick Bank and Trust (“the Bank”), today reported its financial results for the full year and fourth quarter ended December 31, 2021.

 

Financial Highlights:

• Total assets increased 17.80% to $372.2 million from December 31, 2020;
• Loan portfolio increased 16.24% to $276.5 million from December 31, 2020;
• Deposits increased 19.53% to $277.6 million from December 31, 2020;
• Net income increased 24.51% to $3.367 million compared to the prior year period.
• Net income per share increased to $1.19 per diluted share compared to $0.96 per diluted share in the prior year period.
• Core earnings increased 206.35% compared to the prior year period.

 

“Brunswick Bancorp delivered strong results for 2021 from the execution of our strategic growth plan to increase top- and bottom-line performance,” said Nicholas A. Frungillo, Jr., President and Chief Executive Officer of the Company and the Bank. “Our continued focus on growth, cost reduction, marketing and business development have helped the Company realize substantial year-over-year growth in total assets, loans, deposits and net income.”

 

Mr. Frungillo continued, “Thanks to consistent execution of our strategic initiatives, we have more than tripled Brunswick’s return on average assets over the last four years and we believe that Brunswick is well positioned for continued success. While we are proud of the progress we have made, the Board and management team remain focused on improving our top- and bottom-line performance and enhancing shareholder value.”

 

Financial Summary for the Twelve Months ending December 31, 2021

At December 31, 2021, the Company had total assets of $372.2 million, an increase of $56.2 million or 17.80% over the December 31, 2020 total of $316.0 million. The growth was mainly driven by management’s previously implemented marketing and business development initiatives. Cash and due from banks was $35.1 million at December 31, 2021, an increase of $15.0 million or 74.47% over the prior year-end due to quarter end fluctuations and a $3.2 million loan paying off. The loan portfolio grew to $276.5 million at December 31, 2021, an increase of $38.6 million or 16.24% since December 31, 2020. Growth was primarily in loans secured by commercial real estate. The growth in the loan portfolio reflected loan originations of $83.1 million during the twelve months ended December 31, 2021, partially offset by $17.7 million in PPP loan forgiveness and $26.8 million in early payoffs. Securities increased to $42.1 million, up $1.8 million, or 4.36%, from the $40.4 million balance at December 31, 2020, as the Bank used excess liquidity to purchase securities to increase its yield over the fed funds rate.

 

Deposits grew to $277.6 million at December 31, 2021, an increase of $45.4 million, or 19.53%, from December 31, 2020 as a result of management’s increased marketing efforts. The average rate paid on the deposit portfolio declined to 0.58% for the twelve months ended December 31, 2021 from 1.30% for the comparable prior year period. FHLB borrowing increased by $15.0 million to $41.7 million at December 31, 2021 as the Bank locked in longer term borrowings at lower rates than retail deposits and to match fund certain loans. The Bank also was able to enter the Federal Reserve Bank’s PPPLF program, which allows the Bank to fund its PPP loans at a cost of 35 basis points with maturities matching the maturity of the PPP loans securing the borrowing.

 

Stockholders’ equity increased by $2.3 million to $44.6 million due to earnings retention net of the change in other comprehensive income/losses and a one-time special dividend paid in February 2021. The Bank meets all criteria to be considered “Well Capitalized.”

 

The Bank’s Net Interest Margin was 3.62% for the twelve months ended December 31, 2021 compared to 3.50% for the twelve months ended December 31, 2020. The Bank’s cost of deposits decreased to 0.58% for the twelve months ended December 31, 2021 from 1.30% for the comparative period in 2020 due to lower rates that prevailed during 2021. The Bank’s yield on interest earning assets decreased to 4.09% for the twelve months ended December 31, 2021 from 4.44% for the same period last year due to the lower rate environment.

 

Net interest income was $11.774 million for the twelve months ended December 31, 2021, an increase of $2.744 million, or 30.40%, from $9.029 million for the comparable period of 2020. Loan income grew to $12.779 million for the twelve months ending December 31, 2021, an increase of $1.816 million, or 16.56%, from $10.963 million for the same period a year ago due to higher outstanding balances. Interest expense was $1.517 million for the twelve months ended December 31, 2021, a decrease of $857 thousand, or 36.12%, when compared to $2.374 million for the same period a year ago due to lower market rates more than offsetting the increase in deposits.

 

Total other income was $1.723 million for the twelve months ended December 31, 2021, a decrease of $1.668 million or 49.20%, over the same period a year ago. The Company realized $453 thousand on the sale of SBA loans in 2021. Going forward, the Bank plans on continuing to sell off the guaranteed portion of SBA loans that it originates into the secondary market. During the prior period, the Company realized $2.201 million on the sale of its George Street branch and $159 thousand in gains on securities as the Company repositioned its investment portfolio. In 2020, the securities sold were replaced by similar securities with essentially the same effective duration and a nominally higher yield. Service fees on deposit accounts were flat for the twelve months ended December 31, 2021, when compared to the same period a year ago due to reduced activity during the COVID-19 pandemic.

 

Total non-interest expenses were $8.476 million for the twelve months ended December 31, 2021, an increase of $330 thousand, or 4.05% over the same period a year ago. Salaries increased by $184 thousand for the twelve months ended December 31, 2021 compared to the same period last year. Occupancy expenses declined to $596 thousand, a reduction of $187 thousand from the same period a year ago, as the Bank sold its George Street branch in the fourth quarter of 2020 and purchased its North Brunswick branch in May 2021. Other expenses grew by $343 thousand to $2.965 million for the twelve months ended December 31, 2021 when compared to $2.622 million for the same period a year ago, due to professional fees related to the 2021 proxy contest.

 

The provision for loan losses was $310 thousand for the twelve months ended December 31, 2021 as compared to $525 thousand for the same period a year ago. Management is actively monitoring the Bank’s loan portfolio in light of the continued economic uncertainty related to the COVID-19 pandemic and may increase provisions for loan losses in the future. In accordance with state and federal guidance, and to assist borrowers impacted by the COVID-19 pandemic, the Bank granted payment deferrals to affected borrowers. We provided payment deferrals on 85 loans with $53.5 million in outstanding principal. Of these loans, only two loans, with $2.6 million in principal, remain on principal deferral and are making interest only payments.

 

Net income was $3.367 million, or $1.19 per diluted share, for the twelve months ended December 31, 2021 compared to $2.705 million, or $0.96 per diluted share, for the same period a year ago, an increase of $663 thousand or 24.51%. Income before income taxes and provision for loan losses was $5.021 million, an increase of $747 thousand, or 17.47%, over the same period a year ago. Core earnings (adjusted as set forth in the chart below) increased by $2.195 million or 206.35% over the same period a year ago. The Company’s return on average assets (ROAA) for the year ended December 31, 2021 was 0.95%, compared to 0.96% for the year ended December 31, 2020. On a core basis, the Company’s ROAA for the year ended December 31, 2021 was 0.92%, compared to 0.38% for the year ended December 31, 2020.

 

Brunswick Bancorp
Core Earnings Comparison
Year Ended December 31
	2021		2020
Income before income tax	4,711		3,749
Security gains	–		(159	)
OREO valuation	–		61
Gain on sale other assets	–		(2,221	)
Cash Surrender Value Life Ins.	–		15
Non-accrual income – Recovered	(75	)	–
George Street Adjustment	(78	)	–
Total	4,558		1,445
Tax effect	1,300		381
Operating income	3,258		1,064
YOY Increase			2,195
YOY %			206.35	%

 

Financial Summary for the Three Months ended December 31, 2021

Net interest income was $3.292 million for the three months ended December 31, 2021, an increase of $747 thousand, or 29.38%, from $2.544 million for the same period a year ago. Loan income was $3.497 million for the three months ending December 31, 2021, an increase of $638 thousand, or 22.34%, from $2.858 million for the same period a year ago due to higher outstanding balances. Interest expense was $351 thousand for the three months ended December 31, 2021, a decrease of $105 thousand, or 23.01% when compared to $456 thousand for the same period a year ago, primarily due to lower market interest rates more than offsetting the increase in deposits.

 

Total other income was $751 thousand for the three months ended December 31, 2021, a decrease of $1.762 million or 70.11% when compared to $2.514 million for the same period a year ago. During the fourth quarter of 2020, the Company realized $2.201 million in gains on the sale of its George Street branch. The Company realized $453 thousand in gains on the sale of SBA loans during 2021, while there were no such gains in 2020. Service fees on deposit accounts increased by $25 thousand or 15.72% for the three months ended December 31, 2021, when compared to service fees of $161 thousand for the same period a year ago.

 

Total non-interest expenses were $2.274 million for the three months ended December 31, 2021, an increase of $59 thousand, or 2.66% when compared to $2.215 million for the same period a year ago. Salaries increased by $83 thousand to $1.239 million for the three months ended December 31, 2021 compared to $1.156 million for the same period a year ago. Occupancy expenses decreased to $125 thousand, a reduction of $34 thousand from $160 thousand for the same period a year ago as the Bank sold its George Street branch in the fourth quarter of 2020 and purchased its North Brunswick branch in May 2021. Other expenses grew by $15 thousand to $866 thousand for the three months ended December 31, 2021 when compared to $851 thousand for the same period last year primarily due to an increase of $59 thousand related to OREO expenses.

 

There were no provisions for loan losses for the three months ended December 31, 2021 compared to $205 thousand in the comparable period a year ago. Management is actively monitoring the Bank’s loan portfolio in light of the continued economic uncertainty related to the COVID-19 pandemic and may increase provisions for loan losses in the future.

 

Net income was $1.238 million, or $0.44 per diluted share, for the three months ended December 31, 2021 compared to $1.859 million, or $0.66 per diluted share, for the same period a year ago, a decrease of $621 thousand or 33.42%, reflecting the sale of the George Street branch in 2020. Income before income taxes and provision for loan losses was $1.769 million, a decrease of $1.074 million, or 37.77%, over the same period a year ago. Core earnings increased by $944 thousand or 321.15% over the same period a year ago.

 

Brunswick Bancorp
Core Earnings Comparison
Quarter Ended December 31
	Q 4 2021	Q 4 2020
Income before income tax	1,769	2,638
Gain on sale other assets	–	(2,221	)
Total	1,769	417
Tax effect	531	123
Operating income	1,238	294
QOQ Increase		944
QOQ %		321.15	%

 

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and the impact of the Covid-19 pandemic on the Company, the Bank and its customers. The Company does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

About Brunswick Bancorp

Brunswick Bancorp is the holding company for Brunswick Bank & Trust, a New Jersey chartered commercial bank which serves central New Jersey through its New Brunswick main office and four additional branch offices.

 

BRUNSWICK BANCORP REPORTS DECEMBER 31, 2021 RESULTS
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
DECEMBER 31, 2021 and 2020 (UNAUDITED)						December 31,				December 31,
							2021				2020
ASSETS
	Cash and due from banks					$	35,096,857			$	20,116,224
	Securities held to maturity, at amortized cost						2,366,957				3,524,079
	Securities available for sale, at fair market value						39,757,972				36,839,298
	Restricted bank stock, at cost						2,180,400				1,402,900
	Loans receivable, net						276,522,265				237,886,288
	Premises and equipment, net						4,856,705				4,350,047
	Accrued interest receivable						905,547				875,142
	Other real estate						4,894,031				4,894,031
	Other assets						5,612,004				6,078,244
		TOTAL ASSETS				$	372,192,738			$	315,966,252
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Deposits
	Non-interest bearing					$	74,814,362			$	58,462,505
	Interest bearing						202,788,610				173,772,135
		Total deposits					277,602,972				232,234,640
	Borrowed funds						47,171,855				37,427,067
	Accrued interest payable						401,859				589,403
	Advances from borrowers for taxes and insurance						1,341,682				1,063,488
	Other liabilities						1,081,641				2,360,991
		TOTAL LIABILITIES					327,600,009				273,675,588
STOCKHOLDERS’ EQUITY
	Preferred stock-no stated value
	10,000,000 shares authorized and no shares
	issued and outstanding at December 31, 2021.
	Common stock – no par value
	10,000,000 shares authorized;
	3,042,803 and 3,036,603 shares issued at December 31, 2021 and 2020
	Additional paid-in capital						7,983,422				7,797,214
	Other Comprehensive (loss) income						(452,578	)			94,337
	Retained earnings						38,677,345				36,014,573
	Treasury stock at cost, 224,557 shares,
	at December 31, 2021 and 2020						(1,615,460	)			(1,615,460	)
		TOTAL STOCKHOLDERS’ EQUITY					44,592,729				42,290,664
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY						$	372,192,738			$	315,966,252
	Book Value per share					$	15.82			$	15.04
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2021 and 2020 (UNAUDITED)						December 31,
							2021				2020
INTEREST INCOME
	Interest and fees on loans					$	12,778,650			$	10,962,733
	Interest on investments						424,020				349,603
	Interest on balances with banks						88,109				91,466
		TOTAL INTEREST INCOME					13,290,778				11,403,802
INTEREST EXPENSE
	Interest on deposits						1,147,005				2,162,864
	Interest on borrowed funds						369,801				211,473
		Total interest expense					1,516,806				2,374,337
	NET INTEREST INCOME						11,773,972				9,029,465
Provision for loan losses							310,000				525,000
	NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES						11,463,972				8,504,465
OTHER INCOME
	Service fees						672,207				672,544
	Gain on sale of loans						453,331				–
	Gain on sale of OREO						–				(60,635	)
	Gain on sale securities AFS						–				159,183
	Gain on sale of assets						–				2,200,713
	Other income						596,978				418,831
		TOTAL OTHER INCOME					1,722,516				3,390,635
OTHER EXPENSES
	Salaries and employee benefits						4,737,952				4,553,696
	Occupancy expenses						595,924				783,061
	Equipment expenses						176,814				186,852
	Other expenses						2,965,119				2,622,477
		TOTAL OTHER EXPENSES					8,475,810				8,146,086
INCOME BEFORE INCOME TAX EXPENSE							4,710,679				3,749,014
Income tax expense							1,343,396				1,044,495
		NET INCOME				$	3,367,283			$	2,704,519
	Earnings per share					$	1.19			$	0.96
	Earnings per share (Diluted)					$	1.19			$	0.96
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
QUARTER ENDED DECEMBER 31, 2021 and 2020 (UNAUDITED)						December 31,
							2021				2020
INTEREST INCOME
	Interest and fees on loans					$	3,496,485			$	2,857,995
	Interest on investments						122,950				127,373
	Interest on balances with banks						22,958				14,404
		TOTAL INTEREST INCOME					3,642,393				2,999,771
INTEREST EXPENSE
	Interest on deposits						258,337				385,186
	Interest on borrowed funds						92,417				70,392
		Total interest expense					350,754				455,578
	NET INTEREST INCOME						3,291,639				2,544,193
Provision for loan losses							–				205,000
	NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES						3,291,639				2,339,193
OTHER INCOME
	Service fees						186,105				160,820
	Gain on sale of loans						453,331				–
	Gain on sale of assets						–				2,200,713
	Other income						111,733				151,992
		TOTAL OTHER INCOME					751,169				2,513,525
OTHER EXPENSES
	Salaries and employee benefits						1,238,612				1,155,988
	Occupancy expenses						125,461				159,787
	Equipment expenses						43,249				47,666
	Other expenses						866,419				851,478
		TOTAL OTHER EXPENSES					2,273,741				2,214,919
INCOME BEFORE INCOME TAX EXPENSE							1,769,066				2,637,800
Income tax expense							531,483				778,933
		NET INCOME				$	1,237,583			$	1,858,867
	Earnings per share					$	0.44			$	0.66
	Earnings per share (Diluted)					$	0.44			$	0.66

Contacts

Investors
Brunswick Bancorp

Nicholas A. Frungillo, Jr. – President / CEO

David Gazerwitz – VP / Treasurer

732-247-5800

Media
Paul Caminiti / Nicholas Leasure

Reevemark 212-433-4600

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Arizona Automobile Insurance Company (AAIC) (Phoenix, AZ).

These Credit Ratings (ratings) were placed under review following a signed definitive agreement under which Trexis Insurance Corporation (Trexis) will acquire AAIC from its parent company, Western National Mutual Insurance Company. Trexis is a member of Alfa Insurance Group, which has an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent).

 

AAIC is currently a participant in an intercompany pooling agreement with its parent company and affiliates. The negative implications status reflects the rating differential between the current and prospective ownership. While the exact timing of the sale is dependent on regulatory approval, management believes the most likely closing date will be March 1, 2022. The ratings will remain under review until the close of the transaction and AM Best completes its analysis of AAIC’s role in the new group.

 

The existing FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior), each with a stable outlook, for the following members of Western National Insurance Pool remain unchanged:

 

• Western National Mutual Insurance Company
• Western National Assurance Company
• Pioneer Specialty Insurance Company
• Umialik Insurance Company
• American Freedom Insurance Company
• Nevada General Insurance 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

Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205
adib.nassery@ambest.com

Brian O’Larte
Director
+1 908 439 2200, ext. 5138
brian.o’larte@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

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Pedcor Assurance Company (PAC) (Colchester, VT). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect PAC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

PAC’s balance sheet strength reflects its risk-adjusted capitalization that is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), along with its conservative underwriting and loss reserve leverage measures. Additionally, the company’s balance sheet strength benefits from its conservative investment portfolio and strong liquidity measures, which are enhanced by positive operating cash flow year after year. These positive factors are tempered by the large percentage of the company’s assets in the intercompany loan backs receivables. However, to somewhat mitigate this concern, the company’s parent, Pedcor Financial Bancorp guarantees repayment of these receivables.

 

PAC’s adequate operating performance assessment reflects the company’s historically favorable operating results, as all its insured properties are managed and/or owned by affiliates of PAC whose interests are aligned closely. However, there are some concerns regarding PAC’s recent entry into credit default insurance, which is a product that insurers against losses on portions of certain commercial loans issued by its affiliated banks. While the notional values on these loans are large relative to PAC’s surplus, defaults are considered remote and the loans are highly collateralized. Based on PAC’s projections over the next five years, the company’s adequate assessment seems appropriate.

 

As a single-parent captive, the company mission is to provide (re)insurance coverage on properties managed and/or owned by Pedcor Financial Bancorp along with supporting its banking affiliates with its new credit default insurance product. PAC also provides flexibility to its affiliates through a more cost-effective and stable alternative to commercial (re)insurance, particularly in hard market cycles. The company’s geographical reach spans across 19 states, which provides for some favorable geographical diversification. However, the company offers limited lines of coverage, which contributes to PAC’s limited business profile.

 

The company benefits from an appropriate ERM program that is well-integrated with that of a vertically integrated real estate development, banking and property management enterprise, which should lend itself to better risk identification and risk mitigation.

 

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

 

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

Brian O’Larte

Director

+1 908 439 2200, ext. 5138
brian.o’larte@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

OLDWICK, N.J. — (BUSINESS WIRE) — Best’s Review has released the following preview content of next month’s issue:

• Hartford Insurance Group is fighting a Minnesota woman’s request to the U.S. Supreme Court to hear her appeal over coverage of medical marijuana treatments, as reported in the article “U.S. Supreme Court Asked to Rule Whether Workers’ Comp Covers Medical Marijuana.”
• AM Best analysts discuss how a recovering economy and a business rebound are helping maintain stable outlooks despite COVID-19, inflation pressures and low interest rates in “AM Best: U.S. Market Outlook Stable Despite COVID-19, Inflation, Catastrophe Pressures.”
• “Insurance Restructuring Options Take a Giant Leap Forward” explores Allstate Insurance Co.’s unprecedented division plans and the steps they took to ensure its success.
• “Staid Annuities Get Star Treatment in Movie About the Importance of Guaranteed Retirement Income” reports on a new documentary that explores the shortcomings of the current retirement system and the alternative provided by annuities.

 

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

 

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

 

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

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review^®
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com