Category: Business

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Business Technology

Provenir congratulates customer SeedFi on winning Tearsheet Challenger Awards 2021

Financial health startup takes the top honor in the “Serving the Underserved” category

PARSIPPANY, N.J. — (BUSINESS WIRE) — #banking—Provenir, a global leader in data analytics software and risk decisioning, today congratulated its customer SeedFi for winning the Tearsheet Challenger Awards 2021. Tearsheet’s Challengers Awards are the financial industry’s top awards program focused on digital banking.

SeedFi, along with its banking partner Cross River Bank, was selected as the winner in the “Serving the Underserved” category which recognizes and celebrates the companies and products that are enabling underserved consumers to build credit, save, and get immediate cash at responsible interest rates.

 

This is a critical juncture in the history of finance where the lives of more than 100 million people can improve faster than at any other time in history if they are given the tools needed to strengthen their financial position so they can overcome hardships. SeedFi was created to deliver these tools, helping consumers escape the endless cycles of debt, while securing a more promising financial future.

 

“According to a 2019 report by the Federal Reserve, 22% of American adults are either unbanked or underbanked, representing a challenge for those consumers to build credit,” said Kathy Stares, executive vice president, Americas, Provenir. “SeedFi is actively changing this dynamic through its innovative solutions that enable the underserved to borrow, save, and build credit. We congratulate SeedFi on the well-deserved honor of winning the prestigious Challenger Awards 2021.”

 

Provenir’s flagship product, Provenir Cloud Suite, is the industry’s first, true risk-decisioning ecosystem, powering SeedFi’s product offerings. The Provenir Cloud Suite provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service (PaaS) cloud solution that best fits their business needs.

 

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products form a risk decision engine for real-time approvals and make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 40 countries and processes more than 2 billion transactions annually.

Contacts

Erin Lutz

Lutz Public Relations and Marketing (for Provenir)

erin@lutzpr.com
949-293-1055

Categories
Business

Best’s Market Segment Report: Inflation and Loss Severity Counteract Tailwind from Pandemic Recovery for Nonstandard Auto Insurers

OLDWICK, N.J. — (BUSINESS WIRE) — A return to pre-pandemic norms in the U.S. nonstandard auto insurance segment, with greater loss-cost pressures along with elevated inflation and supply chain issues, may counteract recent positive market trends, according to a new AM Best report.

The Best’s Market Segment Report, titled, “Inflation and Loss Severity Counteract Tailwind form Pandemic Recovery for Nonstandard Auto Insurers” states that direct premiums written rose by 11% in the first quarter of 2021 and 13% in the second, compared with the same periods in 2020, representing the highest quarterly percentage gains since the start of 2018. AM Best, which has a stable market segment outlook on the private passenger nonstandard auto (PPNSA) segment, is estimating direct premium of $17.8 billion for 2021, which would represent a year-over-year 7.2% increase. The segment’s combined ratio for 2020 was 99.6%, a 1.4-percentage-point improvement from 2019, driven in large part by decreased loss frequency from reduced miles driven due to the COVID-19 pandemic.

 

However, the report notes that whether the premium momentum of first-half 2021 will last through the rest of the year remains uncertain. Although an economic recovery and reduced unemployment should continue to propel premium growth, worsening results through first-half of 2021 due to loss cost pressures indicate that recent positive trends have ceased.

 

Additionally, according to the report, higher fraudulent claims costs, which remain a major issue for carriers and is due mainly to the inherent complexities of insuring higher risk, has weakened underwriting profitability in the PPNSA composite. Nonstandard auto companies may need to step up their efforts to find the right mix of technology and infrastructure to help thwart fraud attempts. Companies lacking these capabilities may find themselves more vulnerable, and potentially, at a competitive disadvantage.

 

In addition, efficient technology platforms with extensive, highly credible data sets and multivariate rating analyses have helped some of the large national private passenger auto insurers expand their presence in the nonstandard market. The resulting competitive pressure on smaller writers in the PPNSA composite has prevented some from remaining in the market. With the nonstandard market seeing accelerated growth at the same time, merger and acquisition activity likely will increase.

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=314712.

 

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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

David Blades
Associate Director, Industry
Research and Analytics
+1 908 439 2200, ext. 5422
david.blades@ambest.com

Kenneth Tappen
Senior Financial Analyst
+1 908 439 2200, ext. 5248
kenneth.tappen@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 Technology

Movado Group, Inc. announces date of conference call and webcast for third quarter 2022 results

PARAMUS, N.J. — (BUSINESS WIRE) — Movado Group, Inc. (NYSE: MOV) invites investors to listen to a broadcast of the Company’s conference call to discuss third quarter 2022 earnings results on Tuesday, November 23, 2021 at 9:00 a.m. Eastern Time. A press release detailing the Company’s third quarter 2022 results will be issued before the market opens and prior to the call. The conference call will be hosted by Efraim Grinberg, Chairman and Chief Executive Officer, and Sallie DeMarsilis, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

 

Investors and analysts interested in participating on the call are invited to dial (877) 407-0784 and reference conference ID number 13725226 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at www.movadogroup.com. The webcast will be archived online within one hour of the completion of the conference call and remain available for 90 days. Additionally, a telephonic re-play of the call will be available at 12:00 p.m. ET on November 23, 2021 until 11:59 p.m. ET on December 7, 2021 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13725226.

 

Movado Group, Inc. designs, sources, and globally distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE® and SCUDERIA FERRARI® watches worldwide, and operates Movado Company Stores in the United States and Canada.

Contacts

ICR, Inc.

Investors:

Rachel Schacter/Allison Malkin

203-682-8200

Categories
Business Technology

DE-CIX and H5 Data Centers announce their partnership in New York

The shifting NYC data center market points to H5 Data Centers’ 325 Hudson Street facility, featuring low-cost access to the largest neutral IX in the NY/NJ market

 

NEW YORK — (BUSINESS WIRE) — #325hudson—DE-CIX, the world’s leading Internet Exchange (IX) operator and home to the largest carrier and data center neutral interconnection ecosystem on the planet and H5 Data Centers, a national colocation provider that operates 325 Hudson, announce their partnership to enable companies expanding or relocating their data center and colocation services an opportunity to leverage premier colocation and connectivity services. Combined, H5 Data Centers’ 325 Hudson data center and DE-CIX New York’s market leading IX offer unsurpassed access to content, cloud, carrier, application, and service provider networks.

“Direct cloud connectivity and fortified Internet capabilities are top requirements for companies sourcing colocation and data center facilities in New York,” comments Josh Simms, owner and CEO of H5 Data Centers. “DE-CIX New York’s local platform at 325 Hudson offers peering, cloud connectivity, private user group connections and more. As businesses seek alternative options in the market, 325 Hudson provides unrivaled access to a local interconnection ecosystem surpassing 250 networks, with a global reach to over 2,400 networks. We welcome the opportunity to showcase our facility and accommodate businesses who need reliable, consistent, and accessible services.”

 

“While we have been present at 325 Hudson since we launched DE-CIX New York over 7.5 years ago, we very much welcome the opportunity to start a new relationship with H5 Data Centers. We look forward to working with H5 Data Centers, and the strength of their national footprint, to take 325 Hudson to the next level,” adds Ed d’Agostino, VP and General Manager of DE-CIX North America.

 

Hudson Square, the area of Manhattan surrounding 325 Hudson, continues to see an influx of major tech companies. Alphabet owns 111 Eighth Avenue and the Chelsea Market, two of the largest buildings in the Hudson Square vicinity, as well as 85 10th Avenue. Most recently, Google announced that it had purchased St. John’s Terminal for $2.1 billion, another large building in the Hudson Square area. In addition, the Hudson Square area is set to be the home of Disney’s new headquarters, a 1.2-million square foot building currently under construction.

 

DE-CIX New York is the fourth largest IX in North America and is the largest carrier and data center neutral IX in the New York/New Jersey market. The Open-IX certified platform can be reached from over 100 access points and features over 250 local network connections, with direct reach to DE-CIX Frankfurt. Overall, over 2,400 networks interconnect at the close to 30 IXs in Europe, the Middle East, and Southeast Asia. A single connection to DE-CIX’s industry-leading multi-service platform offers access to public and private peering, remote peering, and DirectCLOUD connectivity including Microsoft Azure Peering, AWS, Google, and more.

 

DE-CIX North America also operates multi-service interconnection platforms in Chicago, Dallas, and Richmond, with Phoenix set to go live in Q1 2022. DE-CIX’s North American IXs are interconnected, enabling the ability to peer with networks connected to any of DE-CIX IXs in the market. The company’s DE-CIX as a Service solution empowers data center operators to deploy their own IX, particularly attractive for edge markets. By leveraging DE-CIX’s local and global ecosystem, operators can take greater control of their network and improve performance, while lowering costs. To learn more visit: https://www.h5datacenters.com and https://www.de-cix.net.

 

About H5 Data Centers

H5 Data Centers is one of the leading privately-owned data center operators in the United States with over 2 million square feet of data center space under management. The company designs and engineers flexible and scalable data center solutions to address the core infrastructure and edge requirements of its customers. H5 Data Centers operates data centers in 14 U.S. markets. For more information, visit www.h5datacenters.com.

 

About DE-CIX

DE-CIX (German Commercial Internet Exchange) is the world’s leading operator of Internet Exchanges. In total, in its 29 locations in Europe, North America, the Middle East, and Asia, DE-CIX interconnects over 2400 network operators (carriers), Internet service providers (ISPs), content providers, and enterprise networks from more than 100 countries, offering peering, cloud, and interconnection services. The combined connected customer capacity of all DE-CIX locations worldwide exceeds 85 Terabits, making it the largest neutral interconnection ecosystem in the world. DE-CIX in Frankfurt, Germany, with a data throughput of more than 10 Terabits per second (Tbps) and over 1000 connected networks, is the largest Internet Exchange in the world. Further information at www.de-cix.net.

Contacts

Media Contact for DE-CIX North America
Ilissa Miller

VP Market Development

DE-CIX North America

Tel: +1.914.315.6424

Email: ilissa.miller@de-cix.net

Media Contact for H5 Data Centers
Jenna Baker

Director of PR and Marketing

H5 Data Centers

Tel: +1.303.714.7805

Email: jenna.baker@h5datacenters.com

Categories
Business Sports & Gaming

Prophet Exchange announces Victor Cruz as strategic partner and advisor

Ex-New York Giants Wide Receiver, Super Bowl XLVI Winner (2011 season) and 2013 Pro Bowl Selection Joins Prophet Exchange as Strategic Partner and Advisor; Cruz Will Feature in Prophet Exchange Marketing Programs and Act as Brand Spokesperson through Pre-Registration and Upcoming Full Launch of Prophet Exchange’s Unique Peer-To-Peer Sports Betting Exchange

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #DeanSisun—Prophet Exchange, the first pure peer-to-peer U.S. sports betting exchange, has announced that Victor Cruz has joined Prophet Exchange as a Strategic Partner and Advisor. Cruz won Super Bowl XLVI with the New York Giants as a wide receiver, and went on to be picked for the 2013 Pro Bowl. Born in Prophet Exchange’s home state of New Jersey, Cruz attended the University of Massachusetts before being signed by the New York Giants in 2010.


“I’ve been approached by many different sports betting companies, but Prophet Exchange is the first team I’ve ever wanted to join because of how much emphasis they put on delivering value to their customers,” commented Victor Cruz. “Dean, Jake [Benzaquen, Prophet Exchange COO and co-founder] and everyone at Prophet Exchange are building something unique, non-predatory and customer focused which is ultimately why I believe it will be a true game-changer in a market where transformation is long overdue. I’m looking forward to helping Prophet Exchange build trust and grow with my local NJ sports fans, giving them a chance to engage with their favorite teams and players in a truly unique way.”

 

“Victor is a player who every football fan knows. He’s a Super Bowl winner, a legend of the game, and he’s New Jersey born and bred, so we couldn’t be happier to bring him onto the Prophet Exchange team, especially at such an exciting time in the development and rollout of our exchange,” commented Prophet Exchange CEO and co-founder Dean Sisun. “From our first conversation with Victor, it was clear he understood and bought into what we are doing, launching a unique exchange product that will transform sports betting. He is a natural fit for our team, and we’re all looking forward to working with him as we continue to add founding customers to our pre-registration program, ahead of the full launch of Prophet Exchange.”

 

Prophet Exchange launched pre-registration in October, 2021 for ProphetExchange.com, the New Jersey-based exchange where customers can set prices for other users to bet on, or place bets on the prices already available. Supporting the pre-registration launch is Prophet Exchange’s first crowd-funded consumer campaign, “Exchange The Love”, a one-of-a-kind proposition which will reward early adopters of Prophet Exchange’s unique sports betting exchange by providing a deposit match bonus that will increase by $25 for each 500 new registrations.

 

To sign up for Prophet Exchange’s pre-registration program, customers can go now to ProphetExchange.com. For more information on how Prophet Exchange’s unique sports betting exchange works, please go to Prophet’s Twitter or YouTube page.

 

About Prophet Exchange

Prophet Exchange is a peer-to-peer sports betting exchange where users can set prices for others to bet on, or place bets on the prices already available. This gives users the best odds on straight sports bets every single time, widely separating them from traditional sportsbooks. The company is co-founded by CEO Dean Sisun and COO Jake Benzaquen, and will initially be launching in New Jersey, followed by Indiana in 2022. Follow Prophet Exchange on Twitter and YouTube.

Contacts

MEDIA CONTACTS
Tom Webb – E: tom@redknotcomms.com | T: (+1) 512 952 9369

Mauricio Villarreal – E: mauricio@redknotcomms.com | T: (+1) 919 808 8848

Categories
Business

AM Best revises outlooks to stable for Health Care Service Corporation and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Health Care Service Corporation, a Mutual Legal Reserve Company (d/b/a Blue Cross Blue Shield of Illinois/Texas/New Mexico/Oklahoma/Montana) (HCSC) (headquartered in Chicago, IL) and its subsidiaries. See below for a detailed list of the subsidiaries.

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

 

The revised outlooks to stable reflect a tempering of earnings following a period of strong earnings with underwriting income exceeding $2 billion two of the past three years and net income exceeding $2 billion each of the past three years. AM Best notes that earnings the past few years were impacted by several one-time events, which include the receipt of the risk-corridors payment from the federal government and widespread deferral of care due to the COVID-19 pandemic in 2020, as well as the refund recovery of accumulated Alternative Minimum Tax credits that resulted from the Tax Cuts and Job Act of 2017. Excluding the one-time events, earnings are expected to moderate further in the near term due to the impact of COVID-19-related claims, an increase in utilization to more normal levels and less COVID-19-related deferral of care, as well as initiatives HCSC is undertaking to invest in its business. However, AM Best notes that underwriting and net income are expected to remain profitable.

 

The rating affirmations of HCSC and its subsidiaries reflect the strongest balance sheet strength assessment, which is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), in support of its business and investment risks. In addition, absolute and risk-adjusted capital experienced growth through 2021 driven by net gains. Furthermore, HCSC has strong financial flexibility with a $1 billion line of credit with a consortium of banks and access to $1.75 billion of borrowing capacity through the Federal Home Loan Bank (FHLB) of Chicago. The organization has low financial leverage, below 10%, and strong interest coverage.

 

The group has a well-established market presence in its respective markets and leading overall market shares in each of the five states in which it operates. Furthermore, HCSC has reported consistent enrollment gains the past few years, driven by the group and government sector of business. Moreover, the organization continues to benefit from the growth of Blue-branded and non-branded ancillary products offered through Dearborn National Life Insurance Company, which provides the organization with Group Life, Dental, Disability, Critical Illness and Vision products. HCSC also markets other Blue-branded ancillary products, such as pharmacy, advanced payment review and health advocacy solutions.

 

The outlooks have been revised to stable from positive, with the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) affirmed for Health Care Service Corporation, a Mutual Legal Reserve Company and its following subsidiaries:

 

  • Dearborn National Life Insurance Company
  • Dearborn National Life Insurance Company of New York
  • GHS Health Maintenance Organization, Inc.
  • GHS Insurance Company
  • HCSC Insurance Services 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jennifer Asamoah
Senior Financial Analyst
+1 908 439 2200, ext. 5203
jennifer.asamoah@ambest.com

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

Sally Rosen
Senior Director
+1 908 439 2200, ext. 5280
sally.rosen@ambest.com

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

Categories
Business

AM Best revises outlooks to positive for HDI Haftpflichtverband der Deutschen Industrie V.a.G. and its rated subsidiaries

AMSTERDAM — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.) (Germany) and its insurance subsidiaries. AM Best also has revised the outlooks to positive from stable and affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) of a debt instrument issued by Talanx Finanz (Luxembourg) S.A., and guaranteed by Talanx AG (Germany), the intermediate operating holding company for all HDI V.a.G. group companies, which combined form the Talanx Group. (See below for a detailed list of companies and the debt instrument.)

Additionally, AM Best has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of HDI Global Seguros, S.A. (Mexico City, Mexico). The outlook of this Credit Rating (rating) is stable.

 

The ratings reflect HDI V.a.G.’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management (ERM).

 

The revision of the outlooks to positive reflects AM Best’s expectation that HDI V.a.G.’s prudent risk culture and strong and stable operating performance, supported by improved profitability of its primary business segment, will further enhance the resilience of its balance sheet.

 

AM Best expects HDI V.a.G.’s consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to be maintained at the strongest level, underpinned by strong earnings generation and a prudent capital management approach. Financial leverage and coverage ratios are supportive of the balance sheet strength assessment, and financial flexibility is considered excellent due to the group’s good access to capital markets. The group’s balance sheet strength further benefits from excellent liquidity. A minor offsetting factor is a modest reliance on soft capital components to support its capital position, which include the value of in-force life business and credit for hybrid debt.

 

HDI V.a.G. has a track record of relatively strong and stable operating performance, demonstrated by a solid five-year (2016-2020) weighted average return on equity of 8.5%, as calculated by AM Best. HDI V.a.G.’s resilient investment income continues to provide a significant source of income. Talanx Group, which writes nearly the entirety of HDI V.a.G.’s gross written premium, demonstrated solid performance in the first half of 2021, reporting a net combined ratio of 96% (year-end 2020: 101%), compared with a weaker performance in 2020 due to adverse COVID-19 pandemic effects. Furthermore, earnings diversification is expected to continue to improve over the medium term, supported by underlying underwriting improvements in the Industrial Lines and Retail Germany segments.

 

The group benefits from a strong franchise and leading position in its core markets. HDI V.a.G.’s gross written premium has grown by an average annual rate of 5.6% over the past five years (2016-2020), reaching EUR 40.2 billion in 2020, excluding savings elements of premiums from unit-linked life insurance. This growth is supported by good diversification of primary and reinsurance operations and enhanced by its very strong competitive position in the global reinsurance market and German industrial segment.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed, with the outlook revised to positive from stable, for the following subsidiaries of HDI Haftpflichtverband der Deutschen Industrie V.a.G.:

 

  • Talanx AG
  • HDI Global Seguros, S.A.
  • HDI Global SE
  • HDI Global Specialty SE
  • HDI Global Network AG
  • HDI Global Insurance Company
  • HDI Lebensversicherung AG
  • HDI Specialty Insurance Company
  • HDI Reinsurance (Ireland) SE

 

The following Long-Term IR has been affirmed with the outlook revised to positive from stable:

 

Talanx Finanz (Luxembourg) S.A. —

— “a” on EUR 500 million 8.367% subordinated fixed to floating rate notes, due 2042.

 

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 specialising 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Konstantin Langowski
Senior Financial Analyst
+31 20 308 5431
konstantin.langowski@ambest.com

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

Dr. Angela Yeo
Senior Director, Analytics
+31 20 308 5421
angelo.yeo@ambest.com

Jim Peavy

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

Inger Rodriguez
Associate Financial Analyst
+52 55 1102 2720, ext. 108
inger.rodriguez@ambest.com

Categories
Business Lifestyle Regulations & Security

Wynn Resorts and Austerlitz Acquisition Corporation I mutually agree to terminate Wynn Interactive business combination agreement

LAS VEGAS — (BUSINESS WIRE) — Wynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts”) and Austerlitz Acquisition Corporation I (NYSE: AUS.U) (“Austerlitz I”) today announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger, which contemplated the combination of Austerlitz I and Wynn Interactive Ltd. (“Wynn Interactive”), a subsidiary of Wynn Resorts. The termination is effective immediately.

Craig Billings, CEO of Wynn Interactive, stated, “With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future. As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us.”

 

About Wynn Resorts

Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas (wynnlasvegas.com), Encore Boston Harbor (encorebostonharbor.com), Wynn Macau (wynnmacau.com), and Wynn Palace, Cotai (wynnpalace.com).

 

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 194,000 square feet of casino space, 22 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 560,000 rentable square feet of meeting and convention space, approximately 160,000 square feet of retail space as well as two showrooms, two nightclubs, a beach club and recreation and leisure facilities. Wynn Las Vegas also operates the recently redesigned Wynn Golf Club and 18-hole, 129-acre championship golf course, and a 430,000-square-foot meeting and convention space expansion powered by 100 percent renewable energy.

 

Encore Boston Harbor is a luxury resort destination featuring a 210,000 square foot casino, 671 hotel rooms, an ultra-premium spa, specialty retail, 16 dining and lounge venues, and approximately 71,000 square feet of state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has created a six-acre public park and Harborwalk along the shoreline. It is the largest private, single-phase development in the history of the Commonwealth of Massachusetts.

 

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People’s Republic of China with two luxury hotel towers with a total of 1,010 spacious rooms and suites, approximately 252,000 square feet of casino space, 12 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

 

Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, approximately 424,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 106,000 square feet of designer retail, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a lush spa, salon and recreation and leisure facilities.

 

About Wynn Interactive

Wynn Interactive is the online gaming division of Wynn Resorts, Ltd. (Nasdaq: WYNN) offering a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet. Wynn Interactive products, which operate under the WynnBET, WynnSLOTS, and BetBull brands, are designed to digitally deliver the legendary service and guest experience Wynn Resorts is known for, backed by the Company’s trusted legacy as the world’s premier international casino operator.

 

WynnBET is anchored by its eponymous mobile sports and casino betting app providing one-of-a-kind experiences, unique social betting mechanics, and a high-quality user interface. Currently available in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee and Virginia, WynnBET is poised for rapid expansion with several pending license applications in process. WynnBET is an Approved Sportsbook Operator of the NFL, an Authorized Gaming Operator of NASCAR, MLB and NBA, and proud marketing partner of several NFL, NBA and MLB teams. For more information, visit www.wynninteractive.com or www.WynnBET.com.

 

About Austerlitz Acquisition Corporation I

Austerlitz Acquisition Corporation I is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit https://investor.austerlitz1.com/.

 

SOURCES:

Wynn Resorts, Limited and Austerlitz Acquisition Corporation I

Contacts

For inquiries regarding Wynn Resorts and Wynn Interactive:
Investors
Vincent Zahn, Senior Vice President and Treasurer

702-770-7555

investorrelations@wynnresorts.com

Media
Michael Weaver, Chief Communications Officer

702-770-7777

michael.weaver@wynnlasvegas.com

For inquiries regarding Austerlitz Acquisition Corporation I:
Jamie Lillis

Solebury Trout

203-428-3223

jlillis@soleburytrout.com

Categories
Business

AM Best revises outlooks to negative for Ategrity Specialty Holdings LLC and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Ategrity Specialty Insurance Company (ASIC) and its affiliate, Sequentis Reinsurance Company Limited (Sequentis Re). Concurrently, AM Best has revised the outlook to negative from stable and affirmed the Long-Term ICR of “bbb-” (Good) of their holding company, Ategrity Specialty Holdings LLC (Ategrity). Ategrity and ASIC are domiciled in Wilmington, DE, USA, while Sequentis Re is domiciled in Hamilton, Bermuda.

The Credit Ratings (ratings) reflect Ategrity’s 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).

 

The revision of the outlooks to negative reflects AM Best’s concern over recent underwriting volatility, which has resulted in pressure on the company’s operating performance and ERM fundamentals. While the company has made recent changes in senior management and is in the midst of executing a strategy with less inherent volatility, these changes still need to prove beneficial to the group’s underwriting performance in the intermediate term.

 

Ategrity exhibits a very strong level of balance sheet strength considering the execution risk inherent in the group’s operations. The group’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is considered strongest. Ategrity, which is in its third year of operation, has grown more than originally projected. Although capital levels have kept pace with the increased premium, the group has been subject to outsized catastrophe losses linked to their property exposure.

 

Prospective operating profitability is dependent on management’s ability to execute a revised business plan with a greater focus on lines of business with reduced catastrophe exposure and less inherent volatility. The group’s investment performance has been accretive to results.

 

Ategrity, through its U.S. operating subsidiary, ASIC, began writing excess and surplus lines of business in the fourth quarter of 2018. The group’s business profile is considered limited given its start-up status and shifting business plans, although management has strong existing industry relationships. The company is making enhancements to its ERM program, which are expected to lead to greater stability in its underwriting results.

 

Negative rating action could occur if Ategrity fails to improve its underwriting track record over the next cycle and falls short of projected performance. Continued significant underwriting volatility could also result in negative rating pressure on the assessment of the group’s ability to manage its risk exposures.

 

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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Clare Finnegan
Senior Financial Analyst
+1 908 439 2200, ext. 5165
clare.finnegan@ambest.com

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

Steven M. Chirico, CPA
Director
+1 908 439 2200, ext. 5087
steven.chirico@ambest.com

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

Categories
Business Healthcare

Enigmai Ltd, a wholly-owned subsidiary of Golden Star Enterprises Ltd., signs a Letter Of Intent to pilot its workforce management system in Canadian hospitals

CLAYMONT, DEL. — Golden Star Enterprises Ltd., (OTCPink: GSPT) today announced that its wholly-owned subsidiary, Enigmai Ltd., has signed a Letter Of Intent (LOI) with National Organized Workers Union to pilot its Enigmai Business Suite (EBS) workforce management system (WFM) in hospitals.

 

National Organized Workers Union manages the union for some of the largest hospitals in Canada and is based in Toronto, Ontario, overseeing approximately 3,000 workers spread across four hospitals.

 

Golden Star Enterprises CEO, Eliav Kling, commented, “We are very happy to see Enigmai’s growth into the North American market. This is a significant milestone for the Enigmai team as it is the first engagement outside Israel. We know that our software can provide great value to multiple operating sectors globally, and we are excited to help hospitals to better schedule their employees, provide better service to their clients, and save money while doing so.”

 

The LOI between Enigmai and National Organized Workers Union states that once Enigmai’s product upgrade, currently under development, is ready (anticipated for the first quarter of 2022), the National Organized Workers Union will commence a product pilot in which it will evaluate the product for two months. If at the end of the pilot program, they find the product to be beneficial, the union will recommend implementing the product in all the hospitals they serve permanently.

 

Mr. Tim Cadeau, the Treasurer of the National Organized Workers Union said “On first glance at Enigmai’s WFM solution, I understood that it could be the solution to most of the conflicts between the union and the hospitals. I believe that the return on investment will be high for all parties involved once hospitals adopt the solution Enigmai is offering.”

 

Mr. Louis Shefsky, President of Golden Star Enterprises Ltd. concluded: “We have a unique opportunity to resolve a conflict between two organizations, the hospitals and the unions, with our product, offering benefits to all parties involved. That is a true win-win situation, and I am proud to be able to mitigate this conflict with our solution. I am confident that we will be able to help other business verticals with Enigmai’s product.”

 

About Enigmai

Enigmai was founded in Israel in 2009.  As an Israeli tech company, Enigmai developed a unique and advanced solution to address the challenges large contact centers face with workforce management. Our solution supports the entire workflow cycle, from managing shifts and employee breaks to forecasting every day’s HR needs. Our system offers numerous advantages like integration with other organization systems in use, real-time information update, easy access reports, and a web-based solution. Leading financial and insurance companies in Israel currently use our system, supporting the operation of hundreds of employees daily.

 

Email: info@enigmai.com

www.enigmai.com

 

About Golden Star Enterprises Ltd.

Golden Star Enterprises Ltd. (GSPT) is a publicly-traded holding and acquisition company interested in taking technology start-ups and growing them to the next level. We actively search for exceptional investment opportunities in the technology vertical. We leverage management’s extensive experience in the marketplace and tech industry connections to create opportunities for companies in our portfolio.

 

Email: info@goldenstarenterprisesltd.com

www.goldenstarenterprisesltd.com