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Business Technology

Velodyne Lidar named finalist for 2022 SXSW Innovation Awards

Velodyne’s Intelligent Infrastructure Solution Recognized for Innovation in Smart Cities, Transportation & Delivery Awards Category

 

SAN JOSE, Calif. — (BUSINESS WIRE) — #SXSW—Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced its Intelligent Infrastructure Solution was selected as a finalist for the 24th annual SXSW Innovation Awards taking place March 14 during the South by Southwest® (SXSW®) Conference and Festivals. Velodyne’s smart city solution provides traffic monitoring and analytics to improve road safety, efficiency and air quality, and help cities plan for smarter, safer transportation systems.


Velodyne’s Intelligent Infrastructure Solution is a finalist in the Smart Cities, Transportation & Delivery Awards category. The solution is implemented across three continents, with pilots rolled out in Texas, Florida, Nevada, California, New Jersey, Missouri and Canada. These deployments include Austin, Texas, where the city is using the Intelligent Infrastructure Solution to assess traffic conditions and identify proactive safety measures that can be taken to help save lives.

 

By improving traffic flow and reducing congestion, the Intelligent Infrastructure Solution improves energy efficiency and reduces greenhouse gas emissions for a more sustainable future. In 2021, the solution received a Smart 50 Award presented by Smart Cities Connect to honor the 50 most transformative smart cities projects in the world.

 

“The SXSW award recognition demonstrates the innovation our Intelligent Infrastructure Solution delivers in transforming infrastructure to make communities smarter and safer today,” said Sally Frykman, Chief Marketing Officer, Velodyne Lidar. “Our breakthrough full stack solution is designed to solve some of the most demanding and pervasive infrastructure problems – predicting, diagnosing and addressing road safety challenges.”

 

The SXSW Innovation Awards recognize and celebrate the most exciting tech developments in the connected world. The Smart Cities, Transportation & Delivery category honors innovations in eco-friendly or sustainable energy, transportation, delivery and IoT technology, making life in the connected world a smarter, cleaner, greener and more efficient Internet of Everything.

 

“SXSW is thrilled to honor this year’s most innovative projects and give each finalist the opportunity to showcase their inventions to all SXSW attendees through interactive demos at the Finalist Showcase,” said Hugh Forrest, Chief Programming Officer, SXSW.

 

Velodyne’s Intelligent Infrastructure Solution

Velodyne’s Intelligent Infrastructure Solution creates a real-time 3D map of roads and intersections, providing precise traffic monitoring and analytics that is not possible with other types of sensors like cameras or radar. The solution stands out in how it improves traffic and crowd flow efficiency, advances sustainability and protects vulnerable road users. It reliably collects data in any lighting or weather condition, supporting year-round operation, while also protecting people’s privacy. The solution advances safety through multimodal analytics that detect various road users including vehicles, pedestrians and cyclists. It can predict, diagnose and address road safety challenges, helping municipalities and other customers make informed decisions to take corrective action. For more information on the Intelligent Infrastructure Solution, contact Velodyne Sales: 669.275.2526, sales@velodyne.com.

 

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

 

Forward Looking Statements

This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “can,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Velodyne Investor Relations

InvestorRelations@velodyne.com

Media

Codeword

Liv Allen

velodyne@codewordagency.com

Categories
Business

AM Best affirms credit ratings of First Guard Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH].

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

 

The ratings consider First Guard’s strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by low underwriting and investment leverage, significant surplus growth in recent years, consistently profitable and stable long-term operating performance and conservative underwriting discipline. The ratings also reflect the company’s extensive expertise in the trucking physical damage market segment and a strong experienced management team that has committed to writing a geographically diverse book of business. Partially offsetting these positive rating factors is First Guard’s narrow product focus within the commercial automobile line of business. First Guard’s ERM process is focused on risk identification and mitigation strategies with input from senior management and the board of directors.

 

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

Maxwell Gilberg
Financial Analyst
+1 908 439 2200, ext. 5684
maxwell.gilberg@ambest.com

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

Michelle Baurkot
Director
+1 908 439 2200, ext. 5314
michelle.baurkot@ambest.com

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

Categories
Business Culture

New Year, same concerns: Despite increased optimism, skilled worker shortage will continue to impact infrastructure work in 2022

Civil contractors are optimistic about 2022; however, over half expect difficulty meeting schedule and budget demands due to skilled worker shortage

 

HAMILTON, N.J. — (BUSINESS WIRE) — The latest issue of the Civil Quarterly (TCQ) reveals that civil contractors are more optimistic about the construction economy in their sector in 2022. However, the study also shows that worker shortages will have a major impact on construction and civil contractors going forward.


The report, produced by Dodge Construction Network in partnership with Infotech, Hexagon, Command Alkon and Digital Construction Works (DCW), is based on a quarterly survey of civil contractors and engineers conducted in November 2021. The findings show that nearly three-quarters (73%) of civil contractors are highly confident about finding work in 2022, and around half expect their businesses to experience revenue and profit margin increases in 2022.

 

However, the report also reveals an increasing concern about the skilled worker shortage In civil construction. Nearly three-quarters (72%) of contractors expect a high degree of difficulty when finding skilled workers, a dramatic increase over the 58% who reported that concern one year ago. Even more strikingly, 89% believe that the cost of workers will increase in the first half of 2022 — far more than those reporting that one year ago (66%). These labor issues will have major impacts on the sector:

 

  • 54% of civil contractors report that the difficulty in finding workers is impacting their ability to meet project schedule requirements
  • 53% report that the increased cost of those workers makes it difficult for them to meet budgets on their projects

 

As workloads increase in wake of the Infrastructure Investment and Jobs Act, these findings clearly demonstrate that some projects may take longer and be done at a premium price due to the growing concern about worker shortages.

 

The study also captured contractors’ insights into worker recruitment and retention:

  • Most contractors believe that good benefits and a reputation for high pay are the best ways to recruit workers, with a greater emphasis on high pay to help recruit workers under 30 years of age.
  • Respondents also believe the best way to increase the skilled labor force is to increase enrollment in technical high schools/vocational training.
  • The study shows there is no consistent way in which civil contractors recruit workers, but the top three means used are traditional advertisements, working with industry organizations and working with local trade unions. Of these, the most effective is working with local trade unions.

 

In addition to examining business conditions and worker recruitment, the study also looked at sustainability in this sector. The data shows that green construction is still an emerging practice for civil contractors, with only 25% reporting that they have used a green standard or rating system on their projects in the last five years. The most common green practices employed on civil projects currently include green stormwater and waste management and local material/product procurement, which are each used by more than one third of the contractors.

 

Currently, the findings suggest that civil engineers are more engaged with sustainability than civil contractors. Nearly one third of civil engineers (31%) have used a green standard or rating system for their projects in the last five years. Over 40% of civil engineers use their top three green practices — green stormwater management, lifecycle cost analysis and creating a construction environmental management plan — and many do so without these practices being mandated by the project owners. In addition, over half (55%) of civil engineers believe that demonstrating that they can build sustainably gives them a competitive advantage, far more than contractors (29%).

 

The Civil Quarterly provides a quarterly snapshot of the current business health of contractors operating in this dynamic environment and explores trends in the industry: the report is the result of a partnership with Founding partner Infotech®, Platinum partner Hexagon and Gold partners Command Alkon and Digital Construction Works. It is based on original research collected from civil contractors and engineers and is available for free download to help all those who have a stake in the U.S. civil construction industry. Future editions will continue to address a wide range of related topics providing a comprehensive view of this complex and ever-changing segment of the construction economy. Click here to download a copy: https://www.infotechinc.com/thecivilquarterly/.

 

About Dodge Construction Network: Dodge Construction Network leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. The company powers four longstanding and trusted industry solutions—Dodge Data & Analytics, The Blue Book Network, Sweets, and IMS—to connect the dots across the entire commercial construction ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, Dodge Construction Network ensures that construction professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, Dodge Construction Network is the catalyst for modern commercial construction. To learn more, visit construction.com.

 

About Infotech®: Info Tech, Inc., DBA Infotech (Infotech) is a leading SaaS solutions provider for the infrastructure construction industry. Informed by DOT relationships and decades of experience, Infotech develops software solutions that bridge the gaps between owners, consultants, contractors, and other project stakeholders. Whether it be tools for construction administration and inspection or secure online bidding, all of Infotech’s solutions are built to increase transparency, productivity and the availability of data. Infotech is the developer of Appia®, Bid Express®, and Doc Express®, as well as the official contractor for AASHTOWare Project™. For more information, visit infotechinc.com.

 

About Hexagon: Hexagon is a global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications. Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future.

 

Hexagon (Nasdaq Stockholm: HEXA B) has approximately 21,000 employees in 50 countries and net sales of approximately 3.8bn EUR. Learn more at hexagon.com and follow us @HexagonAB.

 

About Command Alkon: As the provider of the leading Supplier Collaboration Platform for Heavy Work, Command Alkon solutions deliver supply chain digital collaboration across the heavy construction community. CONNEX, a technology platform built for the industry, enables business partners to automate and integrate business process, capture real-time visibility into heavy material orders and deliveries, and share knowledge to promote certainty of outcomes. Command Alkon is headquartered in Birmingham, Alabama and has offices in locations around the globe. For more information, visit commandalkon.com.

 

About Digital Construction Works: Digital Construction Works (DCW) is a leading industry application and technology integration services and solution company. We help owner-operators and constructors accelerate the adoption and use of digital workflows, incorporate digital twins of assets, implement best practices, and, if needed, include the right combination of fit-for-purpose third-party technology to improve construction planning, design-build, operations, and project outcomes. We take current disparate third-party applications and integrate them so they all work together, and they can be managed in a single, secure, integrated platform with project insights. Learn more: www.digitalconstructionworks.com

Contacts

Cailey Henderson
dodge@104west.com

Categories
Business Lifestyle

Jet Edge to establish Teterboro Airport base with signature aviation

Agreement will provide a dedicated base for AdvantEdge aircraft owners in New York City and provide enhanced pre-flight experience for Jet Edge program members.

LOS ANGELES — (BUSINESS WIRE) — Signature Aviation, the world’s largest network of Fixed Base Operations (FBOs), and Jet Edge International, a leader in full-service global private aviation, have signed an agreement to occupy Signature’s East facility at Teterboro Airport (TEB) in New Jersey. The New York City area base will grant Jet Edge charter program members, aircraft owners, and its fleet access to dedicated hangar and maintenance space at one of the world’s busiest private aviation airports.

 

A re-envisioned FBO interior is part of a long-term agreement for a 44,000 sq. ft. portion of Signature Teterboro East’s Hangar 202, as well as associated office and workshop space. The introduction of the New York area base will enhance Jet Edge’s offerings in one of the most significant business aviation markets worldwide, guaranteeing consistency and privacy for passengers embarking via one of its private aircraft, in addition to providing benefits for Jet Edge AdvantEdge plane owners.

 

“We are delighted to welcome Jet Edge to its new home at Signature Teterboro East,” expressed Virasb Vahidi, Chief Revenue Officer of Signature Aviation. “Signature is focused on offering exceptional experiences and essential support services to business and private aviation customers. Our large-scale infrastructure footprint is a key enabler of travel and our expertise in private aviation handling and real estate is a catalyst for driving mutual value with our partners. We look forward to working with Jet Edge in one of our key geographic markets.”

 

Bill Papariella, CEO of Jet Edge, adds “The New York metropolitan area has been the largest market trailing 3 years for Jet Edge and compliments our already established Signature facility in Los Angeles. New York will be a strategic focus for Jet Edge in 2022 and beyond. We couldn’t be more excited to partner with Signature to provide our clients coast to coast access to a dedicated facilities at Teterboro and Van Nuys.”

 

Jet Edge anticipates occupying its new leasehold in Q4 2022. For more information, please visit www.signatureaviation.com

 

About Signature Aviation

Signature Aviation is one of the world’s preeminent global aviation companies offering exceptional experiences and essential support services to business and private aviation customers. The company’s large-scale infrastructure footprint enables travel and is a critical global economic driver. Signature operates an industry-leading network of private aviation terminals, with over 200 locations covering key destinations in 27 countries across five continents. The United States is the company’s largest market with operations at 38 of the top 50 busiest airports. The company also offers over 11 million square feet of multi-use office and hangar real estate, providing unique network-wide benefits and advantages to customers who base their aircraft at a Signature location. For more information, please visit www.signatureaviation.com

 

About Jet Edge

Jet Edge is a leader in full-service global private aviation. As an integrated super-midsize and large cabin management operator and maintenance provider, Jet Edge services aircraft owners and charter flyers with a world-class operational platform. Jet Edge extends individual clients and corporations 365-day-a-year access to one of the most well-appointed aircraft fleets in the world. Backed by unparalleled award-winning safety programs and overseen by a leadership team with wide-ranging experience in commercial and private aviation operations and management, Jet Edge delivers excellence in aircraft management, charter management, on-demand charter, aircraft sales, and maintenance. More information can be found at www.flyjetedge.com.

Contacts

For Jet Edge

Dan Weikel

dweikel@ibpmedia.com
Jet Edge Imagery

Matthew Carroll

Signature Aviation

+1 240 388 6208

matthew.carroll@signatureflight.com

Categories
Business

ShipMonk acquires Ruby Has Fulfillment to support DTC brands and e-commerce retailers’ record growth, becomes largest global 3PL services provider for SMBs

Combined company bolsters enterprise capabilities for e-commerce retailers of all sizes and expands network domestically and internationally

 

FORT LAUDERDALE, Fla. & BAY SHORE, N.Y. — (BUSINESS WIRE) — ShipMonk, a leading provider of e-commerce fulfillment and technology solutions, today announced its acquisition of Ruby Has Fulfillment, a leading third-party logistics (3PL) technology company. The acquisition furthers ShipMonk’s efforts to expand operations throughout the United States and internationally to Canada and the U.K. and deepens enterprise-class fulfillment capabilities to serve growing direct-to-consumer (DTC) brands.


“Our growth has been driven by our ability to deliver excellent customer experiences for our clients with our e-commerce and software capabilities. Ruby Has Fulfillment is an ideal addition to the ShipMonk platform, blending substantial investments in service and technology to complement and enhance our core offering for B2B and larger clients,” said Jan Bednar, ShipMonk’s founder and CEO. “As e-commerce businesses boom across every vertical, we are scaling our services to keep pace and deliver the level of quality and reliability our clients rely on and expect for their customers. That’s true whether a business is bootstrapped and just getting started, or an existing enterprise-scale business with high volume and customized operational needs.”

 

With the Ruby Has acquisition, ShipMonk adds:

  • Eight fulfillment centers spanning New York, Nevada, New Jersey, Kentucky, California, Canada and the U.K. With ShipMonk’s existing locations in Florida, California, Pennsylvania and Mexico, ShipMonk currently operates 11 distribution centers
  • Over 1.3 million square feet of warehouse space, bringing ShipMonk’s global footprint to more than 2.4 million square feet.
  • More than 700 new employees. ShipMonk’s workforce has more than doubled since January 2021, including 3,000+ employees, providing stability in an otherwise challenging supply chain and warehouse environment with ongoing labor shortages.
  • Complete North American reach from Canada to the U.S. and Mexico, with best-in-class, affordable 2-day shipping service for all domestic zones.
  • Goods Manufacturing Process (GMP) compliance-ready, with sites registered as FDA food facilities, medical device facility classes 1 and 2, and wholesale food licensed operations.
  • Expanded customer support that includes dedicated client success managers, on-site teams, and proven process for responsiveness and quality service, including a new ticketing system, quarterly reviews, advisory councils, as well as B2B and larger client support.
  • Dedicated fulfillment solutions allowing for more advanced brand guidelines and value added services like engraving, embroidery, etching, and returns refurbishment.
  • Fulfillment automation and robotics systems that have successfully proven cost and velocity efficiency.

 

“Our shared future is one of considerable promise. With the addition of Ruby Has, the ShipMonk organization is the undisputed leader in the market, delivering the most value to merchants,” said Rafael Zakinov, founder and CEO of Ruby Has, who will assume the role of Chief Product Officer at ShipMonk. “Our combined workforces and compelling and competitive offerings position our company and our customers for success in a business environment that is rapidly scaling to demand. We have the team, technology, service and reach to grow with our clients.”

 

Today, ShipMonk serves a growing roster of more than 2,000 B2C businesses, including BrüMate, Liquid IV, FEAT, and Glamnetic. Ruby Has’ robust client base, including Brooklinen, The Ridge, and Overtime, expands Shipmonk’s client roster in service of both larger enterprises as well as established B2B brands. Ruby Has Sure Sort™ technology joins ShipMonk’s warehouse technology suite. The combined 3PL fulfillment offering pairs expanded Electronic Data Interchange (EDI) retail capabilities with dedicated fulfillment center setups to provide the custom flexibility that enterprise-class operations often require.

 

These new capabilities complement an already substantial service offering to clients, regardless of the size or needs of their business. ShipMonk’s platform allows merchants at any growth stage to scale more quickly by delegating the challenges of managing end-to-end order fulfillment, inventory management, and post-purchase customer cycles (order tracking, returns and refurbs). For larger customers, Ruby Has brings dedicated space, processes, and technology for individual brands to the ShipMonk platform. This modernized fulfillment allows orders to be picked and packed separately by a consistent team delivering high quality processing and efficiency.

 

Over the past 18 months, ShipMonk has raised $355 million in funding to accelerate its strategic growth and expansion to serve existing and new customers internationally. In October, the company established ShipMonk Mexico through its acquisition of El Mar Mexico. Together with the acquisition of Ruby Has, ShipMonk now has North American operations from Mississauga, Ontario, Canada, to Tecate, Mexico. These locations north and south of U.S. borders enable ShipMonk to better leverage U.S. Customs and Border Patrol’s (CBP) Section 321, which legally bypasses taxing on the majority of U.S. shipments, eliminating tariffs and import duties.

 

The Ruby Has acquisition closed in November 2021. ShipMonk plans to continue its international expansion, including opening a European warehouse in 2022.

 

Solomon Partners served as financial advisor to Ruby Has for this deal.

 

ABOUT SHIPMONK

From its inception in 2014, ShipMonk has operated with a singular guiding principle: to help small and medium-sized e-commerce businesses scale by offering technology-driven fulfillment solutions that enable business founders to devote more time to the things that matter most in their businesses. Put simply, ShipMonk helps e-commerce companies stress less and grow more. Headquartered in Fort Lauderdale, FL, ShipMonk has more than 2,500 employees across facilities in Fort Lauderdale, FL, Pittston, PA, Los Angeles, CA, Bay Shore, NY, Las Vegas, NV, Dayton, NJ, Louisville, KY, Mississauga, Ontario, Canada, Tecate, Mexico, the United Kingdom and Prague, Czech Republic. More information is available at www.shipmonk.com.

 

ABOUT RUBY HAS FULFILLMENT

Ruby Has Fulfillment is one of the fastest-growing e-commerce fulfillment and logistics providers for direct-to-consumer brands and retailers. With a strategically located international footprint of distribution centers in the United States, Canada, and the U.K., Ruby Has Fulfillment is a company in hyper-growth. The logistics leader has been ranked by Crain’s Fast 50 since 2018 and Inc. 5000 for six consecutive years. It leads the 3PL industry with cutting-edge technology, seamless integration, and an uncompromising commitment to quality that empowers e-commerce brands to scale with efficiency and speed. For more information visit www.RubyHas.com.

Contacts

Dan Gdowski

VP of Marketing

dan@shipmonk.com

Categories
Business

AM Best withdraws credit ratings of certain members of Farmers Insurance Group

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has withdrawn the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of 21st Century Indemnity Insurance Company (Harrisburg, PA), 21st Century Pacific Insurance Company (Denver, CO) and 21st Century Auto Insurance Company of New Jersey (West Trenton, NJ), which were previous members of Farmers Insurance Group.

AM Best has withdrawn these Credit Ratings (ratings) as the companies are not currently risk-bearing entities, nor are they currently part of any reinsurance or pooling agreement that would warrant rating support from another entity. AM Best currently does not conduct ratings on non-risk-bearing entities. If these entities were to become risk-bearing entities again, they would be eligible to participate in AM Best’s interactive rating process.

 

These companies were acquired by Everspan Insurance Company, which is a member of the Everspan Group and currently holds an FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent), on Jan. 1, 2022, as clean dormant shells.

 

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

Edin Imsirovic

Associate Director

+1 908 439 2200, ext. 5740

edin.imsirovic@ambest.com

Robert Raber

Director

+1 908 439 2200, ext. 5696
robert.raber@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 Science

Stevenson Search Partners launches rebrand, reinforcing its evolution and legacy in global life science executive search

Fast-growing life science sector requires a trusted, agile and collaborative partner to support innovation and revolutionary medical developments

 

FORT LEE, N.J. — (BUSINESS WIRE) — Stevenson Search Partners (formerly The Stevenson Group), a global life science executive search firm, announced today the launch of a company-wide rebranding, including a new name, logo, visual identity and website, to reflect its evolution into a modern and dynamic next generation search partner for life science companies. The refreshed branding reinforces the company’s mission to find and deliver executive talent who inspire, innovate and make a real impact across the biotech, pharmaceutical, medical/healthcare technology and CRO/CDMO sectors.

The new name reflects who the company has been for more than 40 years (Stevenson), what it does (Search), and its important driving philosophy (Partner). The visual identity represents the energy, connections and authenticity of the company, and, the revamped website presents its expertise, diversity as well as client stories. Together, they point Stevenson forward into an exciting, dynamic industry which it has spent decades serving and strengthening.

 

“We are thrilled to begin 2022 with a renewed brand, energy and commitment to providing leading edge talent to our partners across the globe,” said Adam Bloom, President and Chief Executive Officer, Stevenson Search Partners. “By enabling life science companies to harness the best talent and the brightest minds, we’re hoping to strengthen the entire segment, igniting more innovation and advancements across the globe. That’s good not only for our clients, but for patients and our healthcare environment overall.”

 

The recent significant growth in the global life science industry – fueled in part by the COVID-19 pandemic as well as revolutionary medical and biotech developments – has created heightened demand for innovation and new talent. In 2021, funding to the healthcare, biopharma, and health-tech sectors set new records, nearly doubling 2020 totals, and providing a large pool of capital to support investments and advancements over the next several years1.

 

The industry has also risen to meet the critical COVID-19 challenges, including the development of new MRNA technology and efficacious, life-saving vaccines and therapeutics in an unprecedented and expedited timeframe. Stevenson’s updated branding embodies its passion and commitment to supporting the remarkable life science professionals who are dedicated to advancing medicines, improving lives and making a difference.

 

The company’s entrepreneurial and diversity-driven culture, with its expansive industry expertise and broad international reach, continue to set it apart as a long-term strategic partner and champion. In 2020, Stevenson expanded its operations with the opening of an office in the United Kingdom, which also serves the European Union and other regions, as part of its strategic growth in the global life science and healthcare area.

 

“This is an important time for the life science industry, and our UK office presence now better positions us to serve our clients with enhanced access, efficiencies and understanding of local markets,” said Renu Vijh, Ph.D., Partner, Stevenson Search Partners. “It is further proof of our momentum and differentiation in the marketplace as we continue to widen our global network and expertise.”

 

About Stevenson Search Partners

With more 40 years of experience, Stevenson Search Partners (formerly The Stevenson Group) is a trusted executive search advisor servicing the global biotechnology, pharmaceutical, medical technology, health technology and CRO/CDMO sectors, with offices in the US and the UK. Dedicated to finding executive talent who will drive innovation across the life science industry, Stevenson’s expertise includes C-Suite, Research, Clinical, Development, Commercial Manufacturing and Corporate functions, and working with companies ranging from start-ups and academic spinouts to large pharma clients. Stevenson provides a unique collaborative, long-term approach to its clients with a global network and strategic talent mapping and pipelining and competitive analysis services. Stevenson Search Partners is committed to actively supporting, strengthening, and promoting diversity — to its clients, in its own organization, and across the life science ecosystem. For more information, visit stevensonsearch.com.

 

References:

  1. 2022 SVB Financial Group Report

Contacts

Media Contact:

Robin Traum
Lipson Communications
845.558.7422
Robin@lipsoncommunications.com

Categories
Business Environment

American Water named one of the top ten World’s Most Sustainable Corporations

Corporate Knights includes American Water on Global 100 list for sustainability leadership and transparency

 

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility company, announced today that it has been named on Corporate Knights’ 18th annual Global 100 list of the World’s Most Sustainable Corporations for the third year in a row. American Water is the top-ranked water utility company on the list and is ranked sixth on the over-all list.

“At American Water, we support and embrace environmental, social and governance (ESG) goals because we believe it is the right thing to do,” said Susan Hardwick, EVP, CFO and interim CEO of American Water. “We are committed to reducing our impact on the environment and supporting the sustainability of a key renewable and essential resource. This commitment is shared by our employees, and we are honored to be included on the Global 100 list as recognition of our efforts.”

 

According to Corporate Knights, there is a continued correlation between higher investor returns and strong performance on key ESG metrics. It also sheds light on the evolution of ESG priorities and outcomes, and on the extent of the gap between leading sustainability performers such as American Water and their global corporate peers. The ranking is based on a rigorous assessment of 6,914 companies with more than $1 billion in revenues.

 

Learn more about American Water’s commitment to sustainability and environmental leadership here.

 

About American Water

With a history dating back to 1886, American Water (NYSE:AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Investor Relations:
Aaron Musgrave

Senior Director, Investor Relations

(856) 955-4445

aaron.musgrave@amwater.com

Media:
Joseph Szafran

External Affairs Manager

(856) 955-4304

joseph.szafran@amwater.com

Categories
Business

Hayward adding Derek Spearman in new vice president of U.S. manufacturing position

Spearman will serve in a newly created position and brings to Hayward a strong operations background that includes domestic and international operations leadership, Lean Manufacturing deployment expertise, and strategic capacity and operational footprint design

 

BERKELEY HEIGHTS, N.J. — (BUSINESS WIRE) — Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward”), global designer, manufacturer and marketer of a broad portfolio of pool equipment and technology, announces that Derek Spearman is joining the company as the Vice President of US Manufacturing. In this newly created role, Spearman will be responsible for all plant and planning operations for the company’s US-based plants.

“I am honored to join the Hayward team, and I look forward to continuing to build upon its solid foundation,” Spearman said. “Hayward is uniquely positioned to capitalize on the rapidly changing manufacturing environment thanks to its great business model and talented management team. This is a tremendous opportunity, and I am looking forward to making an impact.”

 

Spearman is joining Hayward’s Global Operations Staff, which is led by Senior Vice President and Chief Supply Chain Officer Donald Smith.

 

“Derek Spearman is joining Hayward in a new and vitally-important role where he will add additional experience, capacity and quality to what is already a world-class Operations team. Hayward will benefit greatly from Derek’s expertise in domestic and international operations leadership, Lean Manufacturing deployment, and strategic capacity and operational footprint design. I am excited for him to get started,” Smith said.

 

Spearman is joining Hayward after spending four years at Timken Company where he was the Vice President of Lovejoy Incorporated. At Timken, Spearman directed operations at five domestic and international plants staffed by more than 400 people, and he managed budgets exceeding $100 million.

 

Spearman has also previously held roles as a Director of Operations, Plant Manager, Six Sigma Blackbelt Lean Leader, Quality Director, and Area Manager with organizations such as GKN Driveline, Matcor-Matsu Group, Ford Motor Company, Eli Lilly, and Whirlpool Corporation.

 

Spearman earned an MBA from Webster University and a Bachelor of Science from Purdue University.

 

About Hayward Holdings, Inc.

Hayward Holdings, Inc. (NYSE:HAYW) is a leading global designer and manufacturer of pool equipment and technology all key to the SmartPad™ conversion strategy designed to provide a superior outdoor living experience. Hayward offers a full line of innovative, energy-efficient and sustainable residential and commercial pool equipment, including a complete line of advanced pumps, filters, heaters, automatic pool cleaners, LED lighting, internet of things (IoT) enabled controls, alternate sanitizers and water features.

 

This release contains forward-looking statements and information relating to the Company that are based on the beliefs of management as well as assumptions made by, and information currently available to management. When used in this release, words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to us are intended to identify forward-looking statements. These statements reflect management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. Hayward has based these forward-looking statements largely on management’s current expectations and projections about future events and financial trends that management believes may affect Hayward’s business, financial condition and results of operations. Important factors that could affect Hayward’s future results and could cause those results or other outcomes to differ materially from those indicated in the forward-looking statements include the following: our ability to execute on our growth strategies and expansion opportunities; our ability to maintain favorable relationships with suppliers and manage disruptions to our global supply chain and the availability of raw materials; our relationships with and the performance of distributors, builders, buying groups, retailers and servicers who sell our products to pool owners; competition from national and global companies, as well as lower cost manufacturers; impacts on our business from the sensitivity of our business to seasonality and unfavorable economic and business conditions; our ability to identify emerging technological and other trends in our target end markets; our ability to develop, manufacture and effectively and profitably market and sell our new planned and future products; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; our ability to attract and retain senior management and other qualified personnel; regulatory changes and developments affecting our current and future products; volatility in currency exchange rates; our ability to service our existing indebtedness and obtain additional capital to finance operations and our growth opportunities; impacts on our business from political, regulatory, economic, trade, and other risks associated with operating foreign businesses; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others; the impact of material cost and other inflation; the impact of changes in laws, regulations and administrative policy, including those that limit US tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; impacts on our business from the COVID-19 pandemic; and other risks and uncertainties set forth under “Risk Factors” in the prospectus for Hayward’s initial public offering and in Hayward’s subsequent SEC filings.

Contacts

Investor Relations:
Hayward Investor Relations

908.288.9706

investor.relations@hayward.com

Media Relations:
Tanya McNabb

tmcnabb@hayward.com

Categories
Business Environment

New Jersey American Water files for rate adjustment

Over $985 Million in System Upgrades for Water Quality and Reliability Drives Request

 

CAMDEN, N.J. — (BUSINESS WIRE) — New Jersey American Water has filed a petition with the New Jersey Board of Public Utilities (BPU) for new rates based on the significant investment the company has made or will make into its water and wastewater infrastructure since its last rate case.

“Since our last rate case, we have invested or will invest more than $985 million in infrastructure upgrades, including nearly 140 miles, or over 736,000 feet, of water main, to continue to deliver high-quality water, reliable service and fire protection for the more than 2.8 million people in 18 counties we serve,” said Mark McDonough, president of New Jersey American Water.

 

Some of the company’s critical infrastructure projects across its service areas included in the rate request are as follows:

 

  • Filter rehabilitation project and related improvements to improve water quality at the Raritan-Millstone Water Treatment Facility, serving more than 1 million people in the company’s Central operating region including Mercer, Middlesex, Somerset, Hunterdon and Union counties.
  • System improvements to six of the company’s seven surface water treatment plants – Oak Glen, Swimming River, Delaware River, Canal Road, Canoe Brook and Raritan-Millstone Water Treatment Plants – serving most of the company’s customers.
  • Replacement of aging, critical, large-diameter transmission mains in the company’s Central and Coastal regions, and several large-scale pipeline replacement projects throughout the state to improve system reliability.
  • Improved groundwater treatment for PFAS to maintain compliance with DEP regulations, and for 1,4-dioxane at the Delaware River Regional Water Treatment Plant to meet proposed regulations.
  • Implementation of additional leak detection technology in the company’s Central and North operating regions.
  • Replacement or upgrades to improve water quality at dozens of wells, pumping stations and other critical facilities serving customers in service areas throughout the state.
  • Sewer system upgrades to protect the environment throughout the company’s statewide service areas including sewer mains, lift stations and other infrastructure in Ocean City, Lakewood, Long Hill and Haddonfield.

 

In addition to these major projects, New Jersey American Water’s investment into replacing or rehabilitating nearly 140 miles, or over 736,000 feet, of aging water mains is also included in this rate request. The company renews aging water mains on a 90- to 100-year cycle, which achieves the level of investment recommended by New Jersey’s Water Quality Accountability Act. As reflected in the company’s certification submission in December 2021, New Jersey American Water is fully compliant with each requirement of the law, including Safe Drinking Water Act regulations, licensing of water supply and wastewater operators, water supply allocation permits, hydrant and valve maintenance, cyber security, violation mitigation plans, and infrastructure improvement/capital investment plans. The company is also poised to be in compliance with new amendments to the law that were added for 2022.

 

New Jersey American Water’s investments into its treatment facilities to comply with new regulations for PFAS and upcoming regulations for other compounds are also included in this rate request. While many drinking water utilities are challenged by PFAS contamination, New Jersey American Water successfully piloted cutting-edge treatment strategies to effectively remove PFAS from several groundwater stations and is also upgrading treatment capabilities at its surface water treatment plants for other emerging compounds. New Jersey American Water’s water treatment technology, combined with its proactive infrastructure investment program and the expertise of more than 800 professionals across the state work together to support the continued provision of high quality and reliable water service to customers.

 

McDonough added that New Jersey American Water’s rates are based on the actual cost of providing water and wastewater service. “To help mitigate rate increases for customers, we work very hard to control our costs, leverage our economies of scale and operate as efficiently as possible,” he said. “Even with the proposed increase, the cost of high-quality, reliable water service would continue to be about a penny per gallon and remain among the lowest household utility bills.”

 

If the company’s proposed rates are approved as requested, the monthly water bill for the average residential customer using 5,520 gallons per month, would increase $6.78 per month, or $0.23 cents per day. The average monthly residential sewer bill would increase between $0.26 and $16.69, depending on the service area.

 

The company’s rate request undergoes extensive public scrutiny by the BPU, the New Jersey Division of Rate Counsel, and the Office of Administrative Law. This vetting will include numerous interrogatories, public hearings and evidentiary hearings. This process, based on prior requests, can take a minimum of nine months. To increase transparency of the process, the company’s petition and its associated exhibits are being posted to the Company’s website, newjerseyamwater.com, under Customer Service & Billing, Your Water and Wastewater Rates.

 

New Jersey American Water is seeking a total annual revenue increase of approximately $94.7 million. The increased rates proposed in the rate petition are a request only. The New Jersey Board of Public Utilities will make the final decision regarding the actual increase. Once a final decision has been made, customers will receive information on the new rates in the mail and on the company’s website. New Jersey American Water also continues to provide income-eligible customers with payment assistance programs, including its H2O Help to Others program, which provides service charge discounts of up to 100 percent. For more information, visit newjerseyamwater.com, under Customer Service & Billing, Bill Paying Assistance.

 

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing.

 

AWK-IR

Contacts

Media:
Denise Venuti Free

Director of Communications and External Affairs

856-955-4874

Denise.Free@amwater.com