Category: Business

AM Best: Canada Property/Casualty Insurers well-positioned; life writers face volatility in 2020 (AM BestTV)

Post author By Michelle Dryden
Post date September 14, 2020
No Comments on AM Best: Canada Property/Casualty Insurers well-positioned; life writers face volatility in 2020 (AM BestTV)

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of ^AMBestTV, Brian Lynch and Anthony McSwieney, senior financial analysts, AM Best, said 2020 has brought fewer property/casualty (P/C) claims, but has increased investment uncertainty in the Canada market. Click on http://www.ambest.com/v.asp?v=ambcanada920 to view the entire program.

Lynch said Canada’s P/C industry remains on solid footing despite the pandemic.

“AM Best believes P/C insurers in Canada are well-positioned through 2020, as shown by their solid capitalization and risk mitigation practices,” said Lynch. “However, COVID-19 and the new normal are changing the lives of insureds. It is creating a slew of new benefits, as well as new challenges for insurance companies. Some of those new benefits relate to the remote work, whether it is the decline of ridership or the hyper-vigilance that comes with being home. Additionally, the new challenges include: how will these remote workers be covered in the future? Or what kind of cyber exposure has been exposed because of the rush to work from home?”

AM Best revised its outlook on Canada’s life/annuity industry in April 2020. McSwieney highlighted the rationale behind the change.

“The disruption in the financial markets due to COVID-19 triggered AM Best revising its outlook to negative from stable in April, and unfortunately, the fundamentals essentially has not changed. There are more known variables now than when AM Best revised its outlook, as things related to the volatility in the equity markets have caused some permanent losses for insurers. Now, that does not move the needle from a ratings perspective, but it does create volatility on the earnings side and the balance sheet side.”

To access the related market segment report, titled, “COVID-19 Taking Its Toll on Canada’s Economy and Insurance Industry,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=300880.

Recent ^AMBestTV coverage includes:

Hardening Market Driving Bermuda Captive Growth: Captive insurers old and new are writing more business during the hardening market, according to a panel focused on the Bermuda landscape: http://www.ambest.com/v.asp?v=ambcaptives920.
Hard Market Driving Interest in Captives: The pandemic, economic downturn and higher insurance rates have increased interest in captive insurers, said panelists in a recent AM Best webinar: http://www.ambest.com/v.asp?v=ambcaptiverecut920.
New Data Sources, AI Changing Commercial Underwriting: The “explosion of digital economy” and use of artificial intelligence is improving underwriting, according to the “Using New Data to Out-Select the Competition,” panel: http://www.ambest.com/v.asp?v=carpedata920.
AM Best: Top Five Global Reinsurers Demonstrate Strong Relationships: Swiss Re and Munich Re remain the two largest global reinsurers, while other companies may have struggled, said Dan Hofmeister, financial analyst, AM Best: http://www.ambest.com/v.asp?v=globalretop50920.

^AMBestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html. View ^AMBestTV episodes at www.ambest.tv.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Tags #Pandemic, AM Best, Canada Property, Casualty Insurers, Volatility, Writers, Writers#Pandemic

Business

AM Best revises under review status to developing for credit ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the under review status to developing from negative for the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of StarStone Specialty Insurance Company (SSIC) and StarStone National Insurance Company (SNIC) (collectively SSUS). Both companies are domiciled in Wilmington, DE.

The revised implications status follows additional information provided regarding SSUS’ business plan moving forward and reinsurance support provided by Enstar Group Limited, the current majority shareholder. These ratings were initially placed under review on June 12, 2020, following the announcement of a re-capitalization plan (see related press release). Going forward, Enstar will maintain a significant, but minority ownership position in the SSUS venture and continue to provide reinsurance support, while new investors will provide a material capital increase. The transaction is still subject to regulatory approvals and is expected to close by year-end 2020. The under review status will be resolved post-close when AM Best has completed its analysis of SNIC and SSIC to evaluate the impact of the planned transaction and change in strategic direction on these companies’ building block assessments.

A stable outlook could be assigned if the transaction closes under the conditions presented to AM Best. Negative rating actions could occur if the transaction is not successful or if there is a material change to the current business plan.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

Contacts

Carlos Wong-Fupuy, FIA, FRM

Senior Director

+1 908 439 2200, ext. 5344

carlos.wong-fupuy@ambest.com

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

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

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Business

AM Best places credit ratings of CGB Insurance Company under review with positive implications

Post author By Michelle Dryden
Post date September 11, 2020
No Comments on AM Best places credit ratings of CGB Insurance Company under review with positive implications

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of CGB Insurance Company (CGB) (Mt. Vernon, IN).

The Credit Rating (rating) action and positive implications reflect the recent announcement that Sompo International Holdings Ltd. with its members being Superior rated will be acquiring CGB. As part of this transaction, CGB becomes part of a larger, more diversified organization with access to capital markets, expanded geographic footprint, enhanced technology and a more sophisticated enterprise risk management platform. AM Best will monitor this transaction closely and resolve the under review status after the close of the transaction, which is expected to occur in the fourth quarter of 2020.

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, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Business

AM Best assigns indicative Issue Credit Rating to Pacific LifeCorp’s senior unsecured notes

Post author By Michelle Dryden
Post date September 11, 2020
No Comments on AM Best assigns indicative Issue Credit Rating to Pacific LifeCorp’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned an indicative Long-Term Issue Credit Rating of “a” to the forthcoming new senior unsecured notes to be issued by Pacific LifeCorp (Wilmington, DE). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Pacific LifeCorp and its subsidiaries are unchanged.

Pacific LifeCorp intends to use the proceeds for general corporate purposes, and to strengthen financial flexibility. AM Best notes that proforma financial leverage and interest coverage metrics are expected to remain at appropriate levels.

Contacts

Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

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

Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

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

Tags #Notes, #Oldwick, #Stable, AM Best, Issue Credit Rating, Pacific LifeCorp, Senior, Senior#Notes

Business

AM Best affirms credit ratings of Ohio National Financial Services, Inc. and its subsidiaries

Post author By Michelle Dryden
Post date September 11, 2020
No Comments on AM Best affirms credit ratings of Ohio National Financial Services, Inc. and its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation (together referred to as the Ohio National Life Group). These companies are the principal insurance subsidiaries of Ohio National Financial Services, Inc. (ONFS), which is an intermediate holding company wholly owned by Ohio National Mutual Holdings, Inc. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of National Security Life and Annuity Company (NSLAC). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and all existing Long-Term Issue Credit Ratings (Long-Term IR) of ONFS. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Cincinnati, OH. (See below for a detailed listing of the Long-Term IRs).

The ratings of Ohio National Life Group reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The group’s balance sheet strength assessment is based on its risk-adjusted capitalization being at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), while maintaining strong liquidity. AM Best notes that the group’s risk-adjusted capitalization has been enhanced by the issuance of surplus notes, and the use of captive structures to support redundant statutory reserves and to reduce volatility from its annuity living benefit riders. AM Best considers the group’s consolidated financial leverage and interest coverage ratios to be within acceptable ranges. The assessment of the group’s operating performance considers its long-term positive trend in individual life insurance sales prior to the current disruptions driven by the COVID-19 pandemic, and its stable adjusted GAAP operating results, while the assessment of the group’s ERM recognizes its strong risk management framework, including front-end risk management practices and sound governance structure.

The ratings of NSLAC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, very limited business profile and appropriate ERM. The ratings also reflect the support of the company’s parent. The company’s balance sheet strength assessment is based on the strongest level of risk-adjusted capitalization, as measured by BCAR, and a high quality investment portfolio. NSLAC was the exclusive distributor of annuities for the group in New York, but is not writing new business currently.

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

Ohio National Financial Services, Inc.—

— “bbb+” on $425 million 5.55% senior unsecured notes, due January 2030

— “bbb+” on $250 million 6.625% senior unsecured notes, due May 2031

The Ohio National Life Insurance Company—

— “a-” on $50 million 8.50% surplus notes, due May 2026

— “a-” on $250 million 6.875% surplus notes, due June 2042

Contacts

Christopher Lewis

Financial Analyst
+1 908 439 2200, ext. 5065
christopher.lewis@ambest.com

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

Thomas Rosendale

Senior Director
+1 908 439 2200, ext. 5201
thomas.rosendale@ambest.com

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

Tags #Credit, #Ratings, AM Best, Excellent, FSR, Ohio National Financial Services Inc., Subsidiaries, Subsidiaries#Credit

Business

AM Best affirms credit ratings of BCBSM, Inc. and HMO Minnesota; revises Issuer Credit Rating outlook to negative for MII Life Insurance, Incorporated

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of BCBSM, Inc., d/b/a Blue Cross Blue Shield of Minnesota (BCBSM), and its subsidiary, HMO Minnesota, d/b/a Blue Plus (Blue Plus). In addition, AM Best has affirmed the Long-Term Issue Credit Rating of “bbb+” on the $250 million 3.79% senior unsecured notes due 2025 issued by BCBSM. The outlook of the Credit Ratings (ratings) is stable. Both companies are domiciled in Eagan, MN.

Concurrently, AM Best has revised the outlook to negative from stable for the Long-Term ICR and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” of MII Life Insurance, Incorporated (MII Life) (Eagan, MN). The outlook of the FSR is stable.

The ratings of BCBSM and HMO Minnesota reflect their balance sheet strength, which AM Best categorizes as strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings of BCBSM continue to be supported by strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). BCBSM has been able to grow capital organically, even after dividend payments in recent years, a trend that is expected to continue in the near term. Furthermore, financial flexibility is enhanced through access to Federal Home Loan Bank borrowings and lines of credit with several banks. Through mid-2020, BCBSM has reported stronger underwriting and net income with favorable results across its various core product lines. The company has very good brand name recognition and maintains a solid market position in Minnesota, with a large membership base and a diverse product portfolio. Membership gains have been robust over the most recent five-year period, and through mid-2020. Nevertheless, there is a geographic limitation to its business based on the Blue Cross Blue Shield licenses. Offsetting factors include earnings volatility and capital-position pressure from dividend payments to the parent holding company, Aware Integrated, Inc.

The ratings of MII Life reflect the company’s balance sheet strength, which AM Best categorizes as weak, as well as adequate operating performance, neutral business profile and appropriate ERM.

The revised Long-Term ICR outlook to negative for MII Life is based on continued pressure on its balance sheet strength assessment through mid-2020, driven by COVID-19-fueled market volatility. Risk-adjusted capital, as measured by BCAR, is expected to remain at the weak level in support of its current business and investment risk. In addition, the company operates in a very competitive consumer-driven health marketplace, and there continues to be concern with the underlying credit quality of some of its investment holdings and historical dependence on capital support from its parent.

MII Life ratings also consider the implicit and explicit support from its ultimate parent, Aware Integrated, Inc. The stable FSR outlook reflects MII Life’s strategic importance to the organization, as it provides opportunities for revenue and earnings diversification through health savings accounts, flexible spending accounts, voluntary employee beneficiary association and a Medicare Part D product for prescription drug coverage. MII Life also writes medical stop-loss insurance, which it reinsures to its affiliate, BCBSM. MII Life plans to discontinue the Medicare Part D product in 2021. MII Life has operated as a medical spending account administrator for over 25 years and ranks as one of the leading administrators in the United States. It also is positioned among the top voluntary employee beneficiary association administrators. The company has reported a strong growth trend by number of accounts, total deposits and revenue, with continued profitability over the past several years.

Contacts

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

Bridget Maehr
Associate Director
+1 908 439 2200, ext. 5321
bridget.maehr@ambest.com

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

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

Tags #BCBSM Inc., #Capital Adequacy Ratio, #HMO Minnesota, #ICR, #Negative, #Stable, AM Best, FSR, Issuer Credit Rating, MII Life Insurance Inc., MII Life Insurance Inc.#BCBSM Inc.

Business

Essential Utilities reports progress on infrastructure projects to improve water, wastewater and natural gas service in 2020

Essential emphasizes need for ongoing infrastructure investment during United for Infrastructure Week

BRYN MAWR, Pa.–(BUSINESS WIRE)–Essential Utilities Inc. (NYSE: WTRG) recognizes United for Infrastructure 2020: A Week to Champion America’s Infrastructure (Sept. 14-21) by raising awareness of the country’s critical need for infrastructure improvements and reporting progress on its planned approximately $950 million capital investment in 2020 in the 10 states where the company provides water and wastewater service as Aqua and natural gas service as Peoples.

“Essential has an immense responsibility to provide our customers safe and reliable utility services,” said Essential Chairman and CEO Christopher Franklin. “As we’ve continued to deliver water, wastewater and natural gas services amidst the challenges of COVID-19, we know that repairing and replacing aging infrastructure remains critical to our mission to protect the public health and strengthen communities.”

In 2017, the American Society of Civil Engineers’ Infrastructure Report Card gave the United States a D+ for the state of its infrastructure.

Infrastructure projects are planned and taking place across Essential’s states in 2020, and some of this year’s projects are highlighted below.

Aqua Pennsylvania – Replacing aging water mains throughout Pennsylvania continues to be a large part of Aqua Pennsylvania’s capital project program this year. Aqua Pennsylvania plans to replace approximately 120 miles of aging water mains to improve distribution and reduce service interruptions caused by main breaks. Aqua Pennsylvania also broke ground on an $8 million, 14,700 square-foot laboratory to support the utility’s microbiologists and chemists who perform about 300,000 tests on 30,000 water samples each year.

Aqua Ohio – Aqua Ohio’s planned water and wastewater system improvements this year include completion of the Struthers water treatment plant modernization project and construction of a new Franklin County operations center. Aqua Ohio also began a project to rehabilitate the Ashtabula water treatment plant. The Ashtabula plant project, which Aqua Ohio expects to complete in 2021, includes an engineering master plan for the plant to address future expansion needs.

Aqua North Carolina – Aqua North Carolina has completed the installation of eight new water treatment systems so far this year with plans to install two more in 2020. Aqua North Carolina is also working on several wastewater projects to improve service and reliability including upgrade projects currently underway for three separate wastewater treatment plants in High Point, New Hanover County and Union County.

Aqua Illinois – Aqua Illinois has completed improvements to the Lake Vermilion dam, investing $20 million in this vital resource. Aqua Illinois is preparing for the future with an intensive study of the Joseph Donovan Regional Water Treatment Plant in the City of Kankakee.

Aqua Texas – Aqua Texas plans improvements to water and wastewater service for customers statewide this year. Projects include expansions of three wastewater treatment plants to serve the growing needs of communities in Chambers, Harris and Montgomery counties.

Aqua New Jersey – This year, Aqua New Jersey’s capital plans include upgrades and integrations to SCADA computer systems that monitor and control several wastewater plants to make operations more efficient and improve service for customers. These improvements will be completed in the fourth quarter. Plans also include improvements to drinking water treatment, including a new filtration system at a northwest New Jersey well.

Aqua Indiana – This year, Aqua Indiana’s capital project plans include an expansion of the Hendricks wastewater treatment plant to serve the growing needs of the Avon and Brownsburg communities and unincorporated areas of eastern Hendricks County. Aqua Indiana expects to begin construction this fall and expects to complete the Hendricks expansion project in the first half of 2022.

Aqua Virginia – This year, Aqua Virginia is installing water meters at two of its largest remaining unmetered systems, Lake Caroline in Caroline County and Captain’s Cove in Accomack County. The installation of water meters at these locations means customers pay only for water they use, while promoting conservation. Meters also enable Aqua to measure water losses from the distribution system and identify leaks in customers’ homes. These improvements will be completed in the fourth quarter.

Peoples – In addition to investments included in its long-term infrastructure improvement plan projects in Western Pennsylvania and Kentucky this year, Peoples began a 7-year project on a pipeline system known as Goodwin Tombaugh, which runs through Greene and Washington counties in southwestern Pennsylvania. The 300-mile pipeline replacement project will transform an old gathering system into a new modern distribution system. The Goodwin Tombaugh project will provide multiple benefits including a reduction of methane emissions and continued safe and reliable service to 1,600 residents.

About Aqua

Aqua’s water and wastewater utilities serve more than 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Visit Aqua online at AquaAmerica.com, facebook.com/MyAquaAmerica, and twitter.com/MyAquaAmerica.

About Peoples

Peoples is a natural gas provider serving approximately 740,000 homes and businesses in Western Pennsylvania, West Virginia and Kentucky. The company’s mission is to improve the lives of its customers and to help build long-term economic growth for the regions it serves. For more information about Peoples, visit Peoples-Gas.com and follow Peoples on social media @peoplesnatgas.

About Essential

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks, uncertainties and other factors that may cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, statements relating to the capital to be invested by the water, wastewater and gas distribution divisions of the company. There are important factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements including the risks and uncertainties described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with the company’s business, please refer to the company’s annual, quarterly and other SEC filings. The company is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGG

Contacts

Gretchen Toner

Communications and Marketing

484.368.4816

Media@essential.co

Tags #Projects, #Water, COVID-19, Essential Utilities Inc., Infrastructure, Natural Gas, Wastewater, Wastewater#Projects

Business

AM Best assigns indicative Issue Credit Rating to OneAmerica Financial Partners, Inc.’s senior unsecured notes

Post author By Michelle Dryden
Post date September 10, 2020
No Comments on AM Best assigns indicative Issue Credit Rating to OneAmerica Financial Partners, Inc.’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned an indicative Long-Term Issue Credit Rating of “a-” to the forthcoming new senior unsecured notes to be issued by OneAmerica Financial Partners, Inc. (OneAmerica). The outlook assigned to this Credit Rating (rating) is stable, which is in line with the outlook of OneAmerica’s Long-Term Issuer Credit Rating.

OneAmerica intends to use the proceeds of this issue for general corporate purposes. AM Best expects OneAmerica’s financial leverage ratio to increase slightly but remain within target levels. AM Best will continue to monitor OneAmerica’s interest coverage and leverage ratios.

Contacts

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

Edward Kohlberg
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@ambest.com

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

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

Tags #ICR, #Stable, AM Best, Coverage, Financial Partners, Issue Credit Rating, OneAmerica, OneAmerica#ICR

Business

Russo’s introduces ‘Nonna’s Pizza’ a classic Italian favorite now available to order

Post author By Michelle Dryden
Post date September 5, 2020
No Comments on Russo’s introduces ‘Nonna’s Pizza’ a classic Italian favorite now available to order

Chef Anthony Russo introduces an Italian favorite to the menu.

Nonna’s Pizza is now available at participating locations. Free delivery included.

HOUSTON–(BUSINESS WIRE)–#ItalianKitchen–Nonna’s Pizza, also known as grandma’s pie, is a traditional Italian pizza that grandmother’s would make for the entire family. The signature dish is said to have originated on Long Island and now has spread to the greater New York area. Chef Anthony Russo is now introducing this legendary pizza to several of his locations in the Texas marketplace for the first time.

Nonna’s Pizza also known as Nonna’s Pie is a rectangular pizza that is cooked in an olive oil-coated pan. Traditionally, the pizza is covered in a thin layer of mozzarella cheese and then topped with fresh tomatoes. Oftentimes, the mozzarella is placed directly on the dough, and the sauce goes on top of that, but this is not always the case. What makes Nonna’s unique is the crust. The dough is quickly stretched on the pan, giving it little time to rise before baking in the oven. This gives the pizza its signature thinner, crisper crust. The crust is what separates Nonna’s Pizza from other similar thinner crust pizzas, like Sicilian Pizza.

Using high-quality ingredients is what makes Chef Anthony Russo’s Nonna’s Pie rise above competitors. Chef Russo always uses the best quality ingredients to ensure a delicious final product. Nonna’s Pie includes Sicilian extra virgin olive oil, Robusto pizza sauce, premium roma tomatoes, fresh-cut basil, and Wisconsin’s signature mozzarella cheese.

This pie is very nostalgic for Chef Anthony Russo. Russo reminisces on his childhood when Grandma would make it for him.

“This was our go-to pizza growing up,” Chef Anthony Russo states. “We used to have it for dinner every Sunday night at Grandma’s house. She used to use fresh homemade marinara sauce and fresh-made dough left over from the bread recipe. Grandma would place the dough square pan, then top it with marinara sauce, fresh basil and fresh mozzarella cheese. We are very excited to be one of the first pizzerias to bring Nonna’s Pizza to the Texas.”

Nonna’s Pie is now available for a limited time for pick-up or free delivery for just $16. Call or order online today. Nonna’s Pizza is only available at participating locations only. Please contact your local store for more details. To learn more about Russo’s safety measures, menu, lunch specials, delivery, takeout, catering, or to order online, please visit www.nypizzeria.com. See store for details.

Chef Anthony Russo’s Bio: The son of first-generation Italian immigrants, Anthony Russo, Russo’s New York Pizzeria Founder and CEO, grew up in a New Jersey home where the kitchen was the center of family life. He learned to cook from relatives visiting from Sicily and Naples, and worked at his family’s restaurant, Russo’s Italian, at the Jersey Shore each summer.

The family relocated to Galveston, Texas in 1978, yet remained steadfast in their commitment to serving fine Italian cuisine no matter where they called home. Anthony’s father opened Russo’s Italian Restaurant, which quickly became a favorite among locals, and reinforced Anthony’s passion for creating and serving homemade Italian fare.

In 1985, Anthony opened his first pizza restaurant, Russo’s Pizza, when he was just 18 years old. In 1992, just seven years later, Anthony introduced his first Russo’s New York Pizzeria in Houston, Texas, where using fresh, homemade ingredients and unique family recipes, became a model for success.

Fast forward to today and Russo’s Restaurants is now a national and international franchisor of the casual dining brand Russo’s New York Pizzeria. With its corporate office located in Houston, Texas – Russo’s Restaurants has surpassed 50 locations with over ten more planned in 2020. Composed of a mix of corporate and franchised locations in Texas, Oklahoma, and Florida, Russo’s has also entered international markets as well, with locations in Riyadh, Saudi Arabia, Dubai, Abu Dhabi, and Sharjah, in the United Arab Emirates.

Chef Anthony Russo created Russo’s Restaurants by applying his unique, family recipes featuring New York-style pizza, handcrafted pasta dishes, calzones, salads, sandwiches, soups and desserts. At its heart, Russo’s Restaurants reflects Chef Anthony’s commitment to his New York roots where food and family come first.

Russo’s corporate support team is strong and collaborative with a franchisee-friendly corporate culture and is ready for expansion. What separates Russo’s from the rest of the pizza industry is not only a great support team ready to tackle it all, but also the unique family recipes and fresh ingredients. With no additives or preservatives, Russo’s New York Pizzeria & Italian Kitchen creates dishes from ingredients that are safe and reliable from trusted brands. Chef Russo adds, “Our mission statement is: ‘If it isn’t fresh, don’t serve it.’ That is the Russo family promise.” The average store investment ranges from $350,000- $895,000. Qualified candidates must have at least $200,000 in liquid capital. To learn more about Russo’s Franchise Opportunities, our menu, lunch specials, delivery, takeout, catering, or to order online, please visit www.nypizzeria.com.

Contacts

Lynn Zeller-Aldana

Russo’s Restaurants

(346) 802-4700

Lynn@NYPizzeria.com

Tags #Chef Anthony Russo, #Crust, #Dinner, #ItalianKitchen, #Pie, #Pizza, #Sicilian Pizza, Business, Nonna's Pizza, traditional, traditional#Chef Anthony Russo

Business

AM Best affirms credit ratings of Genworth Financial, Inc. and its U.S. Life Subsidiaries

Post author By Michelle Dryden
Post date September 4, 2020
No Comments on AM Best affirms credit ratings of Genworth Financial, Inc. and its U.S. Life Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). Concurrently, AM Best has affirmed the FSR of C++ (Marginal) and the Long-Term ICRs of “b” of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). Additionally, AM Best has affirmed the Long-Term ICRs of “b” of Genworth Financial, Inc. (Genworth) [NYSE: GNW] and Genworth Holdings, Inc. (both domiciled in Delaware), as well as their Long-Term Issue Credit Ratings (Long-Term IR). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect GLAIC’s balance sheet strength, which AM Best categorizes as strong, as well as its weak operating performance, limited business profile and appropriate enterprise risk management.

The ratings of GLAIC also reflect its strong balance sheet strength, including the level and quality of capital, and the quality of the asset portfolio. Although absolute and risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), increased in 2019, many uncertainties around the strength of the balance sheet remain related to the potential for future reserve increases or asset impairments. There has been history of negative profitability in aggregate and in most lines of businesses. GLAIC calculated its risk-based capital (RBC) level at 438% at the end of 2019, an increase from the prior-year RBC score of 422%.

The ratings of GLIC and GLICNY reflect the group’s balance sheet strength, which AM Best categorizes as weak, as well as its weak operating performance, limited business profile and appropriate enterprise risk management.

The ratings of GLIC and GLICNY reflect AM Best’s view of its balance sheet strength and its operating performance. Risk-adjusted capitalization, as measured by BCAR and other capital metrics, is low and volatile. A strong offsetting factor is management’s focused strategy of garnering actuarially supported premium rate increases on in-force, long-term care policies. Management identified the need for these increases several years ago, took corrective action and has achieved meaningful results. While GNW has demonstrated success at achieving premium rate increases in the past, operating losses continue to persist due to deviation in experience relative to pricing assumptions. The impact and timing of the approval and receipt of those rate increases continue to be uncertain. GLIC calculated its RBC level at 213% at the end of 2019, an increase from the prior-year RBC score of 199%, while GLICNY’s RBC improved to 291% from 223% between 2018 and 2019.

The rating affirmations of the two holding companies, Genworth and Genworth Holdings, Inc., as well as its associated debt, reflect the ongoing challenges the operating companies face, its debt obligations and secured promissory note to settle recent dispute. Genworth has shown financial flexibility navigating through those complications, including the sale of Genworth’s stake in Genworth MI Canada, Inc. in 2019, the recent $750 million senior notes offering by Genworth Mortgage Holdings, Inc. and a potential 19.9% IPO of the U.S. mortgage insurance business. Finally, GNW continues to pursue closing the transaction with China Oceanwide Holdings Group Co. Ltd. and the $1.5 billion capital commitment, which has been delayed due to funding issues given current market challenges with COVID-19.

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

Genworth Holdings, Inc. (guaranteed by Genworth Financial, Inc.)—

— “b” on $400 million 7.20% senior unsecured notes, due 2021

— “b” on $750 million 7.625% senior unsecured notes, due 2021

— “b” on $400 million 4.9% senior unsecured notes, due 2023

— “b” on $400 million 4.8% senior unsecured notes, due 2024

— “b” on $300 million 6.50% senior unsecured notes, due 2034

— “ccc+” on $600 million fixed/floating rate junior subordinated notes, due 2066

The following indicative Long-Term IRs on securities available under the universal shelf registration have been affirmed with a stable outlook:

Genworth Financial, Inc.—

–“b” on senior unsecured debt

–“b-” on subordinated debt

–“ccc+” on preferred stock

Genworth Holdings, Inc.—

— “b” on senior unsecured debt

— “b-” on subordinated debt

— “ccc+” on preferred stock

Contacts

Bruno Caron
Senior Financial Analyst
+1 908 439 2200, ext. 5144
bruno.caron@ambest.com

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

Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

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

Tags #Risk, AM Best, Financial. Strength Rating, FSR, Genworth Financial Inc., Management, U.S. Life Subsidaries, U.S. Life Subsidaries#Risk