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CoreLogic reports June U.S. foreclosure rate lowest in over two decades

Serious delinquency rates decline for the 10th consecutive month as U.S. homeowners remain resilient in the face of the pandemic

 

IRVINE, Calif. — (BUSINESS WIRE) — CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for June 2021.


For the month of June, 4.4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.7-percentage point decrease in delinquency compared to June 2020, when it was 7.1%. Despite the positive trend, overall delinquencies remain above the February 2020, pre-pandemic rate of 3.6%.

 

To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In June 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

 

  • Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.8% in June 2020.
  • Adverse Delinquency (60 to 89 days past due): 0.3%, down from 1.8% in June 2020.
  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 3%, down from 3.4% in June 2020. While still high, this is the tenth consecutive month of declines, and the lowest serious delinquency rate since May 2020.
  • Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in June 2020. This is the lowest foreclosure rate recorded since CoreLogic began recording data (1999).
  • Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 1% in June 2020.

 

In June, the federal foreclosure moratorium was extended once more through July 31 to provide homeowners additional time to get financially back on track. The moratorium has helped move the foreclosure rate to a new generational low. However, a CoreLogic survey of mortgage holders found that nearly half (43%) of respondents said they do not understand government mortgage relief programs, which could be contributing to higher overall delinquency rates.

 

“The downward trend in delinquencies, especially serious cases, is very encouraging — and a testimony to the impact of the significant economic rebound over the past six months, as well as government stimuli, record-low mortgage rates and loan modification options,” said Frank Martell, president and CEO of CoreLogic. “Providing resources to homeowners experiencing distress to help educate them on available government and private-sector support will aide in shrinking delinquency and foreclosure rates even more over the remainder of this year.”

 

“While job and income growth has helped to push delinquency rates down, there are many families that remain in financial distress,” said Dr. Frank Nothaft, chief economist at CoreLogic. “More than one million borrowers had missed six or more payments as of June, triple the number of borrowers pre-pandemic. CoreLogic analysis found that as of June 2021, borrowers in forbearance and behind on mortgage payments had missed an average of 10 monthly payments.”

 

State and Metro Takeaways:

  • In June, all U.S. states logged a decrease in annual overall delinquency rates, with New Jersey (down 4.8 percentage points), New York (down 4.4 percentage points) and Florida (down 4.1 percentage points) leading with the largest declines.
  • All U.S. metros also posted an annual decrease in overall delinquency rates in June, with Miami (down 6.6 percentage points), Laredo, Texas (down 5.7 percentage points) and Kingston, New York (down 5.6 percentage points) posting the largest decreases.
  • Nevertheless, elevated overall delinquency rates remain in some metros, including Odessa (11.1%) and Laredo (10.7%), Texas; Vineland, New Jersey (10.6%); and Pine Bluff, Arkansas (10.4%).

 

The next CoreLogic Loan Performance Insights Report will be released on October 12, 2021, featuring data for July 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

 

Methodology

The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through June 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

 

About the CoreLogic Consumer Housing Sentiment Study

3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of ~3% at the total respondent level with a 95% confidence level.

 

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Amy Brennan at newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

 

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Amy Brennan

CoreLogic

newsmedia@corelogic.com

Categories
Business News Now!

Williams-Sonoma, Inc. launches the key rewards credit card program in partnership with Capital One

New Credit Card Program Offers New Ways to Earn Rewards Across Pottery Barn, Williams Sonoma, West Elm And More, Plus Best-In-Class Rewards On Grocery And Dining

 

SAN FRANCISCO — (BUSINESS WIRE) — Williams-Sonoma, Inc. (NYSE: WSM), the world’s largest digital-first, design-led and sustainable home retailer, officially announced today the launch of The Key Rewards Credit Card Program with Capital One that will reward cardmembers on purchases made at Williams Sonoma, Inc. brands and everywhere the card is accepted. The new cards are designed to enhance and improve upon Williams-Sonoma, Inc.’s best-in-class rewards program, The Key Rewards.


The Key Rewards Credit Card Program

With The Key Rewards Credit Card Program, cardmembers can earn rewards on purchases across Williams-Sonoma, Inc. brands including Williams Sonoma, Williams Sonoma Home, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, Mark & Graham and West Elm – both online and in-store – for a simplified cross-brand shopping experience. The Visa card also rewards members with best-in-class rewards on grocery and dining.

 

The Key Rewards Credit Card Program offers unlimited:

  • 10% rewards on purchases at Williams Sonoma, Pottery Barn, West Elm and Mark & Graham for the first 30 days, and 5% thereafter
  • OR 12-month promotional financing on purchases of $750 or more

 

With the co-brand Visa card, cardmembers will also earn:

  • 4% rewards at grocery stores and restaurants; and
  • 1% rewards everywhere else the card is accepted

 

“Our partnership with Capital One and the introduction of The Key Rewards Credit Card Program will provide enhanced opportunities to reward existing and new customers for shopping online and in our stores across all of our brands,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc.

 

Even More Rewards for Cardmembers

In addition to earning valuable rewards towards purchases at the Williams-Sonoma, Inc. family of brands, cardmembers will also enjoy:

  • Free standard shipping at Williams Sonoma
  • $25 birthday reward
  • $0 annual fee
  • Early access to promotions
  • Sneak peeks of new collections
  • Cross-brand design services with Design Crew, including free consultation with design experts

 

Available in four designs, The Key Rewards Credit Card Program, is comprised of:

  • Visa Signature Cards: Williams Sonoma Key Rewards Visa, Pottery Barn Key Rewards Visa, West Elm Key Rewards Visa, Key Rewards Visa
  • Private-label Credit Card: Williams Sonoma Key Rewards Card, Pottery Barn Key Rewards Card, West Elm Key Rewards Card, Key Rewards Card

 

Cardmembers can also take advantage of digital tools from Capital One that look out for customers and their money, including: real-time purchase notifications, security alerts, 0% fraud liability if the card is lost or stolen, and the ability to lock and unlock their card directly through the Capital One mobile app.

 

“Our mutual commitment to providing an enhanced customer experience is engrained throughout the new credit card program,” said Buck Stinson, SVP, Card Partnerships at Capital One. “The cross-brand approach, paired with rewarding cardmembers for exploring their complementary interests in the form of valuable benefits and enhanced rewards, was a top priority.”

 

Commitment to Sustainability

Both partners are bringing their commitment to sustainability to The Key Rewards Credit Card program by offering Capital One’s first co-brand recycled plastic credit card. The cards – which are made from 85.5% recycled materials – help to reduce the amount of plastic that will eventually make its way into landfills, and underscores both companies’ commitment to protecting the planet from mindful manufacturing to energy efficiency.

 

For more information about The Key Rewards Credit Card, please visit: www.thekeyrewards.com

 

Eligible Williams Sonoma, Pottery Barn, and West Elm cardholders from prior credit card programs have automatically migrated to the new program.

 

About Williams-Sonoma, Inc.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our loyalty and credit card program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to lead the industry with our ESG efforts. Our company is Good By Design — we’ve deeply engrained sustainability into our business. From our factories to your home, we’re united in a shared purpose to care for our people and our planet.

 

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $310.3 billion in deposits and $425.2 billion in total assets as of March 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

 

Visit the Capital One newsroom for more Capital One news.

WSM-PR

Contacts

Kendall Coleman

Williams-Sonoma, Inc.

kacoleman@wsgc.com

Jessica Frost

Capital One

Jessica.Frost@capitalone.com

Categories
Business Regulations & Security

LDI shareholder alert: Bronstein, Gewirtz & Grossman, LLC notifies loanDepot, Inc. investors of class action and encourages shareholders to contact the firm

NEW YORK — (BUSINESS WIRE) — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against loanDepot, Inc. (“loanDepot” or the “Company”) (NYSE: LDI) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired loanDepot securities pursuant and/or traceable to loanDepot’s February 16, 2021, initial public offering (the “IPO” or the “Offering”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ldi.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.

The Complaint alleges that the Registration Statement was negligently prepared and omitted to disclose material adverse facts. Specifically, Defendants failed to disclose to investors that: (1) the Company’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (2) the Company’s gain-on-sale margins had already declined substantially at the time of the IPO; (3) as a result, the Company’s revenue and growth would be negatively impacted; and (4) consequently, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ldi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in loanDepot you have until November 8, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Nathanson

212-697-6484 | info@bgandg.com

Categories
Business

PGIM Investments launches new growth equity funds seeking industry leaders of tomorrow

NEWARK, N.J. — (BUSINESS WIRE) — PGIM Investments is expanding its global growth equity suite with the launch of two new funds, the PGIM Jennison NextGeneration Global Opportunities Fund and the PGIM Jennison International Small-Mid Cap Opportunities Fund. The funds are managed by an experienced team of investment professionals from Jennison Associates, led by head of Global Equity Mark Baribeau, CFA, and equity portfolio manager John Donnelly, CFA.


Early Access to Next Generation of Growth Companies

The investment team’s unconstrained global approach allows investors to gain early access to the next generation of growth companies through highly concentrated portfolios of small and mid-sized companies that are at an early stage in their growth trajectory.

 

The PGIM Jennison NextGeneration Global Opportunities Fund will have the flexibility to invest in small- and mid-cap companies worldwide, while the PGIM Jennison International Small-Mid Cap Opportunities Fund will generally invest in small- and mid-cap companies outside the United States.

 

“Within the small- and mid-cap space, we are looking for undiscovered, innovative investment opportunities across high-growth areas such as technology, e-commerce, and healthcare,” said Donnelly. “Our investment strategy allows us to invest early in a company’s lifecycle, tapping into opportunities not realized or fully appreciated by the broader investment community with the potential to deliver long-term risk-adjusted returns.”

 

A Leader in Growth Investing

Jennison Associates is a leading active equity manager with a track record spanning more than 50 years. The firm’s investment approach is based on rigorous fundamental bottom-up research, which has resulted in strong historical performance across its suite of growth equity funds.

 

The new funds complement the firm’s $8.7 billion PGIM Jennison Global Opportunities Fund and $5.2 billion PGIM Jennison International Opportunities Fund, both ranked in the top quartile of performance over the 1-, 3- and 5-year time periods within their respective Morningstar categories.1

 

Stuart Parker, president and CEO of PGIM Investments, added, “We are pleased to expand our suite of top-performing global growth equity funds for investors who are looking for exposure to small- and mid-cap companies with high growth potential, from one of the top equity managers in the country.”

 

PGIM Investments is part of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

 

ABOUT PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

 

ABOUT JENNISON ASSOCIATES LLC

Founded in 1969, Jennison Associates offers a range of equity and fixed income investment strategies. Its equity expertise spans styles, geographies, and market capitalizations. Its fixed income capability includes investment-grade active and structured strategies of various durations. Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. As of June 30, 2021, Jennison managed $241 billion in client assets. For more information, please visit jennison.com.

 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world2 with approximately $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

 

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

 

1 Source: Morningstar as of June 30, 2021. Morningstar category rankings are based on total return, do not include the effect of sales charges, and are calculated against all funds in each fund’s respective Morningstar category as of June 30, 2021. Morningstar measures risk-adjusted returns. PGIM Jennison Global Opportunities Fund rankings in the Morningstar World Large-Stock Growth Category: Top 20% for 1-year (69 out of 352 funds); Top 8% for 3-year (20 out of 307 funds); Top 4% for 5-year (9 out of 263 funds). PGIM Jennison International Opportunities Fund rankings in the Morningstar Foreign Large Growth Category: Top 5% for 1-year (15 out of 445 funds); Top 2% for 3-year (5 out of 384 funds); Top 1% for 5-year (5 out of 323 funds).

 

2 Prudential Financial, Inc. (PFI) is the 10th-largest investment manager (out of 477) in terms of global AUM based on the Pensions & Investments Top Money Managers list published on May 31, 2021. This ranking represents assets managed by PFI as of Dec. 31, 2020.

 

© 2021 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Past performance does not guarantee future results. Current performance may be lower or higher than the past performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

 

Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investing in mutual funds involves risks. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost and it is possible to lose money.

 

The Funds may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; foreign securities may also be less liquid than US stocks and bonds; emerging market securities, which are subject to greater volatility and price declines; and equity and equity-related securities, where the value of a particular security could go down resulting in a loss of money, including small and mid-cap securities, which may be subject to more erratic market movements than large-cap stocks. The Funds are subject to market risks, including economic risks, as well as market disruption and geopolitical risks (the value of investments may decrease, and international conflicts and geopolitical developments may adversely affect the U.S. and foreign financial markets, including increased volatility); liquidity risk exists when particular investments are hard to sell; geographic concentration, which can result in more pronounced risks based upon economic conditions that impact one or more countries or regions more or less than other countries or regions; and currency risk in that the value of a particular currency will change in relation to other currencies . The Funds’ growth style may subject the Funds to above-average fluctuations as a result of seeking higher than average capital growth. As new and relatively small funds, the Funds’ performance may not represent how the Funds are expected to or may perform in the long-term. Large shareholders could subject the Funds to large scale redemption risk. Actively managed funds are subject to the risk that the investment techniques and decisions of the subadviser may not produce the desired results. The Funds are non-diversified which means that the funds may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Your actual cost of investing in the Funds may be higher than the expenses shown in the expense table for a variety of reasons. There is no guarantee the Funds’ objective will be achieved. The risks associated with the Fund are more fully explained in the Fund’s prospectus and summary prospectus.

 

Mutual funds are distributed by Prudential Investment Management Services LLC. Jennison Associates is a registered investment advisor. Both are Prudential Financial companies. © 2021 Prudential Financial, Inc. and its related entities. Jennison, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

1052020-00001-00

CONNECT WITH US:

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Contacts

MEDIA CONTACT
Kylie Scott

+1 973 902 2503

kylie.scott@pgim.com

Categories
Business Technology

Dodge Data & Analytics launches suite of microsites for construction professionals

Targeted Industry Newsfeeds and Weekly Newsletters Fueled by Company’s ACCELERATE Marketing Solutions Services

 

HAMILTON, N.J. — (BUSINESS WIRE)–Dodge Data & Analytics and The Blue Book today announced plans to publish a suite of four microsites, each with a unique editorial focus designed to serve different sectors of the construction industry.

COLUMN, the first of the four microsites that launched today, is a new content outlet that celebrates the art and science of smarter building. COLUMN is an editorial destination covering the issues that matter most to building industry professionals, including technology, design, sustainability, business and finance, health, safety and wellness.

 

The microsites will serve as a centralized editorial space for the construction industry’s most important and timely resources such as research reports, webinars, whitepapers, podcasts, executive Q&As, analysis on current events, legislation and more. Additional microsites will be announced in the coming weeks.

 

“COLUMN’s content is built on the world-class data, analytics and industry insights of Dodge Data & Analytics and The Blue Book,” said Dave Colford, Chief Revenue Officer. “With these microsites, we hope to serve a diverse audience of architects, contractors, developers, engineers, and other professionals who are united in the desire for a more efficient, economical, healthy, sustainable and just way of building.”

 

COLUMN’s first sponsor, Big Ass Fans, is an American company that manufactures fans and comfort solutions for industrial, agricultural, commercial, and residential use.

 

The second sponsor, Nucor Corporation, is a manufacturer of steel and steel products, with operating facilities in the United States, Canada and Mexico. Their Construction Solutions team is a nationwide team that is a proactive resource, leveraging Nucor’s unique position in the supply chain and vast experience to assist teams at every stage of the design and construction process. Reach out today for assistance on your project challenges.

 

COLUMN’s third initial sponsor, Andersen Windows, is an international window and door manufacturing enterprise based in Bayport, MN.

 

And the fourth sponsor, Hexagon PPM, serves the entire building ecosystem – spanning the entire building lifecycle – empowering customers to design, plan, build and operate buildings more profitably, and sustainably than at any time in history. With 50+ years of experience in delivering innovative software, Hexagon solutions transform disorganized and disparate data into intelligent, actionable information. This enables smarter design, construction, and operation of projects across the asset lifecycle.

 

To stay up to date on all things construction, and for the latest COLUMN posts and content, follow @DodgeData on Twitter and on LinkedIn.

 

About Dodge Data & Analytics

Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry.

 

As of April 15th, Dodge Data & Analytics and The Blue Book — the largest, most active network in the U.S. commercial construction industry — combined their businesses in a merger. The Blue Book Network delivers three unparalleled databases of companies, projects, and people.

 

Dodge and The Blue Book offer 10+ billion data elements and 14+ million project and document searches. Together, they provide a unified approach for new business generation, business planning, research, and marketing services users can leverage to find the best partners to complete projects and to engage with customers and prospects to promote projects, products, and services. To learn more, visit: construction.com and thebluebook.com.

Contacts

Eric Becker

104 West Partners

eric.becker@104west.com

Categories
Business

AM Best revises outlooks to negative for Armed Forces Insurance Exchange

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Armed Forces Insurance Exchange (AFIE) (Leavenworth, KS).

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

 

 

The negative outlooks reflect AM Best’s concerns over the company’s operating performance given its prolonged inability to generate favorable operating results, which has led to surplus erosion and a decline in overall risk-adjusted capitalization. Adverse operating results have persisted for five consecutive years and resulted in the exchange’s five-year average combined and operating ratios reaching levels that compare unfavorably with AM Best’s personal property composite. The adverse operating results were due to frequent and severe weather-related events, particularly in 2020 with 13 named hurricanes making landfall in the United States. As a result, the company’s policyholder surplus has fallen nearly 38% during the latest five-year period. Management has implemented numerous actions to stabilize performance and increase capitalization. These actions include aggressive rate increases, property inspections, and adding affinity partnerships. However, the benefit from these actions remains to be seen.

 

 

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

David Braisted
Financial Analyst
+1 908 439 2200, ext. 5120
david.braisted@ambest.com

Christopher Sharkey

Manager, Public Relations
+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

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

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

Categories
Business

Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021

Increases Pace of Growth While Improving Loss Ratio

 

CHICAGO — (BUSINESS WIRE) — Kin Insurance (“Kin” or the “Company”), a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA) (“Omnichannel”), today announced select preliminary operating results for the second quarter ended June 30, 2021:


  • Total Written Premium increased to $24.7 million for the second quarter of 2021, nearly four times the $6.4 million of Total Written Premium in the prior-year comparative period. Growth was entirely organic and directly written without the use of independent agents.
  • $22.9 million (93%) of second quarter 2021 Total Written Premium was written through the Kin Interinsurance Network (the “Carrier”), a reciprocal exchange managed by Kin Insurance, Inc.
  • Premium Renewal Rate on the Carrier remained strong at 92% in the second quarter of 2021.
  • Gross Profit from Kin’s Management Operations grew 354% to $6.8 million, compared to $1.5 million in the prior-year comparative period.
  • Operating Loss of ($6.9M) was unchanged compared to the first quarter of 2021.
  • Adjusted Loss Ratio1 on the Carrier for the first half of 2021 was 67%, a 29 point improvement compared to 96% in the prior-year period.
Summary Financials
Results are for Shareholder Interest (Kin Insurance Inc.)

2020

2021
($mm) Q1 Q2 Q3 Q4 Q1 Q2
Total Written Premium

4.8

6.4

5.4

8.5

16.4

24.7

% growth (YoY)

39

%

27

%

126

%

278

%

244

%

287

%
Revenue

1.1

1.5

1.4

2.2

4.4

6.8

% growth (YoY)

170

%

172

%

279

%

357

%

317

%

354

%
% of written premium

22

%

24

%

25

%

26

%

27

%

28

%
Gross Profit

1.1

1.5

1.4

2.2

4.4

6.8

% growth

170

%

172

%

279

%

357

%

317

%

354

%
Operating Expenses

4.1

4.8

5.4

9.1

11.3

13.7

Operating Income

-3.1

-3.3

-4.1

-6.9

-6.9

-6.9

“We performed well in the second quarter, increasing our pace of growth year over year while maintaining our peer-leading unit economics. We also grew Total Written Premium by 50% on a sequential basis, while only growing expenses by 21%,” said Sean Harper, Chief Executive Officer of Kin. “Customers continue to choose Kin because of our efficient pricing, tech-forward product and exceptional customer service.”

 

The Kin Interinsurance Network, the customer-owned reciprocal exchange managed by Kin, had a first half 2021 adjusted loss ratio of 67%, a significant improvement from 96% in the prior-year period. Because the Kin Interinsurance Network is a reciprocal exchange that collects surplus contributions from policyholders, adjusted loss ratio includes the pro-rated portion of the surplus contributions to appropriately compare Kin’s loss ratio to industry peers that do not have this unique feature.

 

“Kin’s technology and direct-to-consumer business model enable us to better execute on sound insurance pricing, underwriting and claims principles,” said Angel Conlin, Chief Insurance Officer of Kin. “We believe our data advantage enables our team of expert actuaries and data scientists to apply our pricing and underwriting more accurately than legacy insurance companies that are more reliant on user and agent input data. This is exciting validation of our continued commitment to actuarially sound pricing, while delighting customers, evidenced in our stable renewal rate.”

 

Business Combination Transaction

On July 19, 2021, Kin entered into a business combination agreement with Omnichannel Acquisition Corp. (NYSE: OCA). The business combination is expected to close in the fourth quarter of 2021. Upon closing, the combined public company will be named Kin Insurance Inc., and is expected to be listed on the NYSE under the new ticker symbol “KI”. Additionally, Kin’s closing on the acquisition of an inactive insurance carrier with licenses in more than 40 states is still expected in the fourth quarter of 2021.

 

About Kin

Kin is the home insurance company for every new normal. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing without compromising coverage. To learn more, visit https://www.kin.com.

 

About Omnichannel Acquisition Corp.

Omnichannel Acquisition Corp. (NYSE: OCA) is a 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. For more information, please visit www.omnichannelcorp.com.

 

Important Information for Investors and Stockholders

This communication relates to a proposed business combination (the “Business Combination”) between Omnichannel Acquisition Corp. (“Omnichannel”) and Kin Insurance, Inc. (“Kin”). In connection with the proposed Business Combination, Omnichannel has filed with the SEC a registration statement on Form S-4 that includes a preliminary proxy statement of Omnichannel in connection with Omnichannel’s solicitation of proxies for the vote by Omnichannel’s stockholders with respect to the proposed Business Combination and a preliminary prospectus of Omnichannel. The final proxy statement/prospectus will be sent to all Omnichannel stockholders, and Omnichannel will also file other documents regarding the proposed Business Combination with the SEC. This communication does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the proposed transaction.

 

Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Omnichannel through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Omnichannel may be obtained free of charge by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901.

 

Forward-Looking Statements

This communication includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of Kin or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement and the proposed Business Combination contemplated thereby; (2) the inability to complete the transactions contemplated by the transaction agreement due to the failure to obtain approval of the stockholders of Omnichannel or other conditions to closing in the transaction agreement; (3) the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the transaction agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Kin as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed Business Combination; (7) changes in applicable laws or regulations; and (8) the possibility that Kin may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Omnichannel’s Annual Report on Form 10-K, and other documents filed by Omnichannel from time to time with the SEC and the registration statement on Form S-4 and proxy statement/prospectus discussed above. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Omnichannel and Kin assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

Any financial and capitalization information or projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Omnichannel’s and Kin’s control. While such information and projections are necessarily speculative, Omnichannel and Kin believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of financial information or projections in this communication should not be regarded as an indication that Omnichannel or Kin, or their respective representatives and advisors, considered or consider the information or projections to be a reliable prediction of future events.

 

Participants in the Solicitation

Omnichannel, Kin and their respective directors and executive officers may be deemed participants in the solicitation of proxies of Omnichannel stockholders with respect to the proposed Business Combination. Omnichannel stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Omnichannel Acquisition Corp. and their ownership of Omnichannel’s securities in Omnichannel’s final prospectus relating to its initial public offering, which was filed with the SEC on November 23, 2020 and is available free of charge at the SEC’s website at www.sec.gov, or by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901.

Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement / prospectus that Omnichannel intends to file with the SEC.

 

No Offer or Solicitation

This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

1Adjusted Loss ratio, a non-GAAP financial measure, is the ratio of gross losses and allocated loss adjustment expenses of the Carrier, to the gross earned premium of the Carrier and the pro-rated earned surplus contribution made by policyholders.

Contacts

Kin
Investor Relations
investors@kin.com

Media Relations
press@kin.com

Omnichannel
Investor Relations
oacir@icrinc.com

Media Relations
oacpr@icrinc.com

Categories
Business Healthcare

Bayer announces recipients of the second annual Pulmonary Hypertension Accelerated Awards

  • Seven U.S. researchers working to advance pulmonary hypertension (PH) science and patient care awarded a combined one million dollars in grants
  • Application for the 2021 PHAB Awards is now live for eligible researchers to submit their proposals

 

WHIPPANY, N.J. — (BUSINESS WIRE) — Bayer announced the 2020 recipients of the annual Pulmonary Hypertension Accelerated Bayer (PHAB) Awards, a U.S.-based research grant program created to support clinical research in pulmonary hypertension (PH), with a focus on pulmonary arterial hypertension (PAH) and chronic thromboembolic pulmonary hypertension (CTEPH). The seven recipients will receive a combined total of $1 million in grants over a two-year period, making the PHAB Awards one of the largest industry-funded grant programs focused on PAH and CTEPH in the U.S.

“We are seeing how the COVID-19 pandemic has put pulmonary hypertension patients at an increased mortality risk, making it more imperative than ever to support the exploration, discovery and implementation of scientific research that benefits these patients,” said Sameer Bansilal, M.D., M.S., Medical Director, U.S. Medical Affairs at Bayer. “The PHAB Awards in recognizing the dedicated efforts of worthy researchers, underscores Bayer’s commitment to health for all.”

 

The 2020 recipients are:

  • Nicholas Shelburne, M.D., Vanderbilt University Medical Center, to study the effects of exercise on metabolism and right ventricular function in PAH.
  • Mona Alotaibi, M.D., University of California San Diego, to study integrated high throughput non-targeted LCMS metabolomics in CTEPH.
  • Samuel Rayner, M.D., University of Washington Center for Lung Biology, to study proximal pulmonary vascular compliance and inflammation in PAH.
  • Andrea Frump, M.S., Ph.D., Indiana University School of Medicine, to study targeting apelin and ACE2 in PAH-induced RV failure.
  • Hilary DuBrock, M.D., MMSc, Mayo Clinic, to study improving outcomes of PH associated with chronic kidney disease through better understanding of disease mechanisms.
  • Stephen Chan, M.D., Ph.D., University of Pittsburgh, Vascular Medicine Institute, to study utilizing novel 18F-fluoroglutamine PET imaging in patients with PAH.
  • Jason Yuan, M.D., Ph.D., University of California San Diego, to study endothelial biomarkers for treatment of CTEPH.

 

Continuing to build on the success of past PHAB grants in creating new research opportunities, Bayer also announced that the 2021 PHAB Awards application is now live and encourages qualified researchers to apply here. The deadline for applicants is November 1, 2021.

 

“The PHAB Awards would not be possible without the time and commitment of the independent Grants Review Committee, and I’d like to extend my thanks to this team of medical professionals,” said Amit Sharma, U.S. Vice President of Cardiovascular and Renal Medical Affairs at Bayer. “We look forward to carrying this program forward with the 2021 PHAB Awards. I encourage eligible applicants to submit their research proposals for consideration as soon as possible.”

 

The PHAB Awards selection criteria are modeled on standards used by the National Institutes of Health (NIH) system. Many attributes, including merit, significance, innovation and approach, are evaluated. Award recipients must post their research on ClinicalTrials.gov, and are expected to use best efforts to publish or present study outcomes. If research is not conducted, grant monies must be returned.

 

For a complete description of the PHAB Awards, application criteria and terms, visit https://www.phab-awards.com/awards/ or e-mail PHAB.awards@bayer.com.

 

Grants Review Committee

The PHAB Awards recipients were selected by an independent Grants Review Committee, consisting of the following eminent leaders in PH:

  • William Auger, M.D., FCCP, FCPP, Temple University Medical Center, Philadelphia, PA
  • Richard Channick, M.D., UCLA School of Medicine, Los Angeles, CA
  • Robert P. Frantz, M.D., Mayo Clinic, Rochester, MN
  • Anna R. Hemnes, M.D., Vanderbilt University Medical Center, Nashville, TN
  • Tim Lahm, M.D., Indiana University School of Medicine, Indianapolis, IN
  • Peter Leary, M.D., Ph.D., University of Washington, Seattle, WA
  • Stephen C. Mathai, M.D., Johns Hopkins University School of Medicine, Baltimore, MD
  • John J. Ryan, M.D., BCh, BAO, University of Utah, Salt Lake City, UT
  • Traci Stewart, RN, MSN, CHFN, University of Iowa, Iowa City, IA

 

About Pulmonary Arterial Hypertension (PAH)

Pulmonary Arterial Hypertension (PAH, WHO Group 1) is defined by elevated pressure in the arteries going from the right side of the heart to the lungs. Typical symptoms of PAH include shortness of breath on exertion, fatigue, weakness, chest pain and syncope. PAH is caused by abnormalities in the walls of the pulmonary arteries.1,2

 

About Chronic Thromboembolic Pulmonary Hypertension (CTEPH)

Chronic Thromboembolic Pulmonary Hypertension (CTEPH, WHO Group 4) is a progressive type of pulmonary hypertension, in which it is believed that thromboembolic occlusion (organized blood clots) of pulmonary vessels gradually lead to an increased blood pressure in the pulmonary arteries, resulting in an overload of the right heart.3,4 CTEPH may evolve after prior episodes of acute pulmonary embolism, but the pathogenesis is not yet completely understood. The standard and potentially curative treatment for CTEPH is pulmonary thromboendarterectomy (PTE), a surgical procedure in which the blood vessels of the lungs are cleared of clot and scar material.5,6 However, a considerable number of patients with CTEPH (20%-40%) are not operable and in up to 35% of patients, the disease persists or reoccurs after PTE.7

 

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.com.

Our online press service is just a click away: www.bayer.us/en/newsroom
Follow us on Facebook: http://www.facebook.com/pharma.bayer
Follow us on Twitter: https://twitter.com/Bayerus

BAYER and the Bayer Cross are registered trademarks of Bayer.

 

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

References:

1 Galie et al. 2015 ESC/ERS Guidelines for the diagnosis and treatment of pulmonary hypertension. Eur Heart. 2016;37:67–119.

2American Lung Association. Pulmonary Hypertension. Accessed November 22, 2017. http://www.lung.org/lung-health-and-diseases/lung-disease-lookup/pulmonary-hypertension.

3 Piazza G and Goldhaber SZ. Chronic thromboembolic pulmonary hypertension. N Engl J Med. 2011; 364: 351-360.

4 Simonneau G et al. Updated Clinical Classification of Pulmonary Hypertension. Journal of the American College of Cardiology. 2013; 62(25):

5 D’Armini M. Diagnostic advances and opportunities in chronic thromboembolic pulmonary hypertension. Eur Respir Rev. 2015; 24: 253–262.

6 Kim et al. Chronic thromboembolic pulmonary hypertension. J Am Coll Cardiol. 2013; 62: D92-9.

7 Mathai et al. Quality of life in patients with chronic thromboembolic pulmonary hypertension. Eur Respir J. 2016 Aug; 48(2): 526–537.

Contacts

Media Contact:
Patti Fernandez, Tel. +1 845.300.4091

E-Mail: patricia.fernandez.ext@bayer.com

Categories
Business

Summit Growth Partners gains momentum with addition of WealthPlan Advantage

Summit makes minority investment, offers long-term strategic support to growing NJ firm

PARSIPPANY, N.J. — (BUSINESS WIRE) — Summit Financial Holdings (“Summit”), a financial services firm and premier destination for independent and breakaway advisors, welcomes WealthPlan Advantage, a 20-year old firm providing investment advisory services focused on holistic wealth management solutions, as the newest member of Summit Growth Partners, a growing network of affiliated, independent advisors.

Located in Morristown, New Jersey, WealthPlan Advantage has received a non-controlling, minority stake investment from Summit Growth Partners. The firm specializes in holistic planning and wealth management service to individuals, families, company executives and business owners. According to Greg Nardolillo, the firm’s founder, “WealthPlan Advantage sought a partner that would help enhance their offering without sacrificing their independence.” As an affiliated member of Summit Growth Partners, WealthPlan Advantage will also adopt SummitVantageTM, an all-inclusive platform of fully integrated industry-leading services, thought leaders, and innovative technology that makes delivering elevated advice nearly frictionless.

 

“Our partnership with Summit lets us tap into a trove of in-house expertise, technology and support that is truly rare to find in one place from a growth partner,” Nardolillo said. “The team at Summit is giving us the tools to grow into our strengths and meet the complex financial needs of the households and businesses we serve.”

 

Nardolillo cites the recent success of Summit Growth Partners in attracting new firms, such as Vardhan Wealth Management and Kandor Global, as well as the existing robust Summit Financial community of advisors.

 

“We’re proud to have cultivated a real community of advisors eager to collaborate and share their wins,” said Stan Gregor, CEO of Summit. “Greg and his team are an invaluable addition to Summit Growth Partners, and we can’t wait to help them thrive and evolve in the years to come.”

 

About Summit Financial Holdings

Summit Financial Holdings, LLC’s affiliated firms include, but are not limited to, Summit Financial, LLC, Summit Risk Management, LLC, Summit Advisory Services, LLC, Summit Services IT, LLC, and Summit Growth Partners, LLC. As an independent financial services firm for almost 40 years through its predecessor, Summit and its affiliates are proud to continue their legacy of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. Summit Financial, LLC, is an SEC registered investment advisor established November 2018, and is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business. With customized, holistic and hands-on advice, we turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms. To learn more about our firms, please visit our website at www.SummitFinancial.com.

 

Investment advisory and financial planning services offered through Summit Financial, LLC, a SEC Registered Investment Adviser, doing business as WealthPlan Advantage (191 Washington St, Morristown, NJ 07960, (973) 867-1835)

Contacts

Media Contact
Ann Marie Gorden

Gregory FCA for Summit Financial

Summit@GregoryFCA.com
267-249-7765

Categories
Business Sports & Gaming

New York Jets announce a multi-year partnership with Fubo Sportsbook

First NFL team partnership for forthcoming Fubo Sportsbook includes new Fubo Sportsbook Lounge at MetLife Stadium for Jets games

 

FLORHAM PARK, N.J. & CHICAGO — (BUSINESS WIRE) — The New York Jets today announced a multi-year partnership with Fubo Sportsbook, the comprehensive sports entertainment and wagering experience expected to launch in the fourth quarter 2021 (subject to all applicable regulatory approvals), to become an Official Sports Betting partner of the club. This agreement marks Fubo Sportsbook’s first sponsorship of a professional sports team. The partnership centers around the creation of the Fubo Sportsbook Lounge at MetLife Stadium for Jets home games, set to debut during the 2021-22 NFL season, and will be the first authorized, mobile sports betting lounge in the stadium. In addition, Fubo Sportsbook will become the presenting partner of the Jets Mobile App and is the team’s first legal sports betting (LSB) partner to leverage the Jets’ new advertising data partnership with Sportradar.

“This partnership with Fubo Sportsbook is another major step for the New York Jets in our journey to prioritize engagement with our fan base, including the enhancement of their overall stadium experience on game day,” said Jeff Fernandez, Jets Vice President, Business Development + Ventures. “With Fubo Sportsbook, Jets fans will be treated to their innovative mobile viewing and wagering platform, which will be brought to life at the dynamic new Fubo Sportsbook Lounge.”

 

At approximately 7,000 sq. ft., the Fubo Sportsbook Lounge will be open to the public for guests 21 and over and will offer Jets fans the opportunity to enjoy the look and feel of a casino-style sportsbook with betting odds integration, as well as incentives and special bonus offers provided by Fubo Sportsbook. Additionally, fans will be able to watch every game from around the NFL in the Lounge and conduct live mobile wagering via the Fubo Sportsbook app all while enjoying an incredible view of the Jets action on the field from the Lounge’s outdoor patio.

 

“The New York Jets is a leading sports organization with a strong base of enthusiastic and loyal fans and we strongly believe in the future success of the team,” said Scott Butera, President of Fubo Gaming. “We are excited to be their partner in offering this community a truly unique sports betting and entertainment experience. The Fubo Sportsbook is designed to meet the increased demand for interactivity by integrating real-time sports streaming with personalized wagering experiences. The Fubo Sportsbook will also have the ability to leverage first-party data to understand viewing preferences and provide relevant bet recommendations.”

 

Jets Mobile App users will receive access to special Fubo Sportsbook offers as well as game day incentives tied to the Lounge. Fubo Sportsbook customers will also be rewarded with access to unique hospitality including VIP pregame sideline experiences. In addition, Fubo Sportsbook intends to utilize the new programmatic ad network created for the Jets utilizing Sportradar’s programmatic activation platform.

 

ABOUT NEW YORK JETS

The New York Jets were founded in 1959 as the New York Titans, an original member of the American Football League (AFL). The Jets won Super Bowl III, defeating the NFL’s Baltimore Colts in 1969. In 1970, the franchise joined the National Football League in the historic AFL–NFL merger that set the foundation for today’s league. As part of a commitment to its fan base through innovation and experiences, the team has created initiatives such as, its trailblazing Jets Rewards program, a state-of-the-art mobile app, and Jets 360 Productions, a comprehensive content platform that gives fans greater access to the team across all digital and social platforms. The organization takes great pride in a long-standing, year-round commitment to their community. These programs are funded by the New York Jets Foundation and look to positively influence the lives of young men and women in the tri-state area, particularly in disadvantaged communities. The organization supports the efforts of the Lupus Research Alliance, youth football and numerous established charitable organizations and causes sponsored by the NFL. The New York Jets play in MetLife Stadium, which opened in 2010, and are headquartered at the Atlantic Health Jets Training Center in Florham Park, New Jersey.

 

ABOUT FUBO GAMING

Fubo Gaming Inc., is a Chicago-based subsidiary of live TV streaming platform fuboTV Inc. (NYSE: FUBO) that is dedicated to delivering a unique, hyper-personalized sports entertainment and wagering experience. Launched in 2021, Fubo Gaming brings together fuboTV’s leading sports-first live TV streaming platform with the soon-to-be-launched Fubo Sportsbook to create an omniscreen ecosystem in which the wagering app automatically syncs with users’ interests and viewing. Fubo Sportsbook is expected to launch in Q4 2021, subject to obtaining requisite regulatory approvals. In addition to its licenses and market access agreements in Arizona via Ak-Chin Indian Community and Iowa via Casino Queen, Fubo Gaming has also obtained market access agreements in Pennsylvania via The Cordish Companies as well as Indiana and New Jersey via Caesars Entertainment Inc. For more information, visit fubosportsbook.com.

Contacts

Meghan Gilmore, New York Jets

mgilmore@jets.nfl.com

Deliah Mathieu, Fubo Gaming

dmathieu@fubo.tv

Lexi Panepinto, Fubo Gaming

lpanepinto@ctpboston.com