Category: Business

AM Best affirms credit ratings of Highmark Inc. and most subsidiaries; upgrades credit ratings of Highmark Casualty Insurance Company

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 Highmark Inc. (Highmark) (Camp Hill, PA) and its life/health (L/H) subsidiaries, collectively known as Highmark Inc. Group. Concurrently, AM Best has affirmed the FSRs of A (Excellent) and the Long-Term ICRs of “a” of Highmark’s dental subsidiaries, which operate under the United Concordia brand name. Additionally, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICR to “a” from “a-” of Highmark Casualty Insurance Company (Highmark Casualty) (Pittsburgh, PA). Lastly, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of “a-” on Highmark’s existing senior unsecured notes. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and the Long-Term IRs).

The ratings of Highmark Inc. Group reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Highmark continues to maintain the strongest level of risk-adjusted capital based on contributions from its favorable operating results over the past three years. Highmark’s operating results are driven by good underwriting results in its commercial and Medicare Advantage business segments, as well as stable earnings from its medical stop loss business written mainly by HM Life Insurance Company and favorable investment income. Overall operating results over the past several years were enhanced by the proceeds from the sale of its subsidiaries, Davis Vision in 2017 and Visionworks in 2019. Premium development has been challenging for the group due to competitive and economic pressure in its primary markets. Highmark is one of the largest Blue Cross Blue Shield plans in the nation, offering health products and services in service areas across three states. Highmark has good business diversification through its medical stop loss business, national dental operations and technology platform services. Highmark also is part of an integrated delivery system with its affiliate, Allegheny Health Network, in its Pennsylvania service area, offering coordinated and high-quality cost-effective care and health insurance products. Highmark also has a well-developed and comprehensive ERM program, which is incorporated into business operations and strategic planning.

The ratings of United Concordia reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

United Concordia’s risk-adjusted capitalization has declined modestly over the past two years, as the dividends to its parent have exceeded net earnings due to the planned return of certain excess capital to its parent. Nevertheless, risk-adjusted capital presently remains at the very strong level. AM Best will continue to monitor the capitalization of the dental entities, with the expectation that they will be supported by the parent organization as needed. Finally, premium growth and operating earnings have been especially strong, driven in part by the company’s government contracts including the Federal Employees Dental and Visions Insurance Program and TRICARE Dental Plan. United Concordia has a large membership base, with almost 9 million individuals and a large national dental network with over 127,000 dentists.

The ratings of Highmark Casualty reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate ERM.

The rating upgrades of Highmark Casualty reflect rating enhancement received based on its strategic

—MORE—

—3—

importance and dependence on its affiliate, HM Life Insurance Company, from which it derives the majority of its premiums through a quota share arrangement for medical stop loss business.

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed, with stable outlooks for Highmark Inc. and its following L/H subsidiaries:

HM Health Insurance Company
HM Life Insurance Company
HM Life Insurance Company of New York
Highmark Choice Company
Highmark West Virginia Inc.

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed, with stable outlooks for the following dental subsidiaries of Highmark Inc.:

United Concordia Companies, Inc.
United Concordia Insurance Company
United Concordia Insurance Company of New York
United Concordia Dental Plans of California, Inc.
United Concordia Dental Plans of Pennsylvania, Inc.
United Concordia Dental Plans, Inc.

The FSR has been upgraded to A (Excellent) from A- (Excellent) and the Long-Term ICR to “a” from “a-”, with a stable outlook for Highmark Casualty Insurance Company, an insurance subsidiary of Highmark Inc.:

The following Long-Term IRs have been affirmed, with stable outlooks:

Highmark Inc.—

–“a-” on $350 million 4.75% senior unsecured notes, due 2021

–“a-” on $250 million 6.125% senior unsecured notes, due 2041

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.

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

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

Joseph Zazzera, MBA

Director

+1 908 439 2200, ext. 5797

joseph.zazzera@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Tags AM Best, Business, Credit Ratings, Financial. Strength Rating, FSR, Highmark Inc., ICRs, Life Insurance, Long-Term ICR, Risk Management, Risk ManagementAM Best

Business

AM Best affirms credit rating of reopened W. R. Berkley Corporation’s senior unsecured notes

Post author By Michelle Dryden
Post date September 3, 2020
No Comments on AM Best affirms credit rating of reopened W. R. Berkley Corporation’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” on the $470 million 4% senior unsecured notes, due May 2050, issued by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The company has announced it will be issuing an additional $170 million of senior unsecured notes under that offering, bringing the total to $470 million. The outlook of the Credit Rating (rating) is stable.

Proceeds will be used for the partial redemption of WRB’s 5.625% subordinated notes, due 2053. WRB’s financial leverage and coverage metrics remain within guidelines for the rating following the increase in the principal amount of this security despite the partial replacement of the more equity-like hybrid security with senior debt, given that the senior debt component of the overall capital structure will remain within expectations. Following the partial redemption of the 2053 subordinated notes, unadjusted leverage will measure 32.4%, while adjusted leverage will measure 26.8%, reflecting equity credit for the hybrids.

Contacts

Jennifer Marshall, CPCU, ARM

Director

+1 908 439 2200, ext. 5327

jennifer.marshall@ambest.com

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

Michael J. Lagomarsino, CFA, FRM
Senior Director
+1 908 439 2200, ext. 5810

michael.lagomarsino@ambest.com

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

Tags #Notes, #WRB, AM Best, Credit Rating, Security, Senior, W.R. Berkley Corporation, W.R. Berkley Corporation#Notes

Business

AM Best revises outlooks to stable for Constitution Insurance Company

Post author By Michelle Dryden
Post date September 2, 2020
No Comments on AM Best revises outlooks to stable for Constitution Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Constitution Insurance Company (Constitution) (headquartered in Omaha, NE).

The Credit Ratings (ratings) reflect Constitution’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The stable outlooks consider the enhanced business profile, as Constitution has begun to expand its urban homeowners and dwelling fire books of business. In addition, Constitution now participates on a workers’ compensation quota share program with an affiliated company, which provides some product diversity. Nonetheless, Constitution still faces geographic and product concentrations, and AM Best will continue to monitor the company’s progress with its business plans and execution over the near term.

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

Raymond Thomson, CPCU, ARe, ARM

Director
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

Greg Williams
Senior Director
+1 908 439 2200, ext. 5815
greg.willams@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 #Credit, #Financial Strength, #Rating, #Risk, #Stable, AM Best, Constitution Insurance Company, Constitution Insurance Company#Credit

Business

AM Best addresses COVID-19’s impact on Canadian insurers in market briefing

Post author By Michelle Dryden
Post date September 2, 2020
No Comments on AM Best addresses COVID-19’s impact on Canadian insurers in market briefing

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best’s Insurance Market Briefing – Canada will take place as two complimentary webinars on Sept. 9 and 10, 2020.

“AM Best’s Canadian Outlook: In the Shadow of COVID-19,” will be held on Sept. 9, from 2:00 p.m. to 3:00 p.m. (EDT). AM Best analysts will review the impact of COVID-19 on the Canadian insurance market and economy, including regulatory and monetary policies, the AM Best stress test results, innovation and other key issues and trends.

Panelists include:

Michael Adams, associate director, life/annuity, AM Best;
Ann Modica, associate director, economic & industry research, AM Best; and
Raymond Thomson, director, composite ratings, AM Best.

“Canada 2020 Hot Topics Panel Discussion,” will be held on Sept. 10, from 2:00 p.m. to 3:00 p.m. (EDT). AM Best analysts and market experts will examine significant industry issues, including the impact of COVID-19, latest innovation trends and regulatory/accounting issues that will influence the Canadian insurance market.

Panelists include:

Sridhar Manyem, director, industry research, AM Best;
Gordon McLean, senior financial analyst, property/casualty, AM Best;
David Sloan, chief executive officer, Canada reinsurance solutions, AON; and.
Ron Stokes, partner, Ernst & Young.

Attendees can submit advance questions during registration or by emailing webinars@ambest.com. Playback will be available to registered viewers shortly after the event.

Contacts

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 #Impact, #Outlook, AM Best, Analysts, Canadian, COVID-19, Economy, Insurers, market, Review, Review#Impact

Business

Marotta Controls offers nation’s leading acoustic testing facility

Post author By Michelle Dryden
Post date September 1, 2020
No Comments on Marotta Controls offers nation’s leading acoustic testing facility

Customers Gaining Major ROIs from State-of-the-Art Facility Centered on Advanced Airborne and Structure-borne Testing

MONTVILLE, N.J.–(BUSINESS WIRE)–#acoustictesting—Marotta Controls, a rapidly growing aerospace and defense supplier based in New Jersey, today released additional information about its state-of-the-art acoustic testing facility first introduced in May. Already in use, the facility is the nation’s most sophisticated resource for airborne and structure-borne noise analysis of various technologies sensitive to sound affecting end application performance. Customers gain numerous benefits ranging from project cost reductions to faster system diagnostics and hardware adjustments, all while meeting MIL-STD-740 standards.

Marotta’s new capabilities span a freestanding 1,600 ft²building that houses dual sound chambers—one dedicated to low-pressure simulation and the other dedicated to high-pressure simulation. This space accommodates low- and high-pressure airborne testing as well as low-pressure structure-borne testing. An additional 970 ft²in the company’s main building accommodate high-pressure structure-borne testing.

The acoustic chambers support noise ratings of less than 40 decibels for frequencies ranging from 8 to 16,000 Hz. Leveraging multiple nitrogen tanks networked throughout the facility, blow down testing is accomplished via 1,989+ ft³ of nitrogen storage at 6,000 psi and 1,600+ ft³ of nitrogen storage at 800 psi. Maximum pressure and flow ranges from 650 PSIG (up to 28,000 SCFM) to 6,300 PSIG (up to 270,000 SCFM). Note that structure-borne testing is currently able to reach the maximum pressure and flow limits whereas airborne testing currently reaches 800 psi (up to 28,000 SCFM) and is expected to reach maximum limits by the end of the year. Marotta is also in the process of installing additional tanks that will allow for longer test durations.

Lastly, to complete the testing process, Marotta has developed a custom, advanced analytics software. The sound data capture system swiftly collects, compiles, analyzes and reports on data in easy-to-read formats designed for customer and internal use.

“Until now, the market offered only one testing facility spec’d to our basic needs, which was based on the West Coast,” said Brian Fly, Vice President, Marine Systems, Marotta. “However, customer hardware solutions are becoming more complex, requiring more advanced testing techniques. As is our nature, we felt it necessary to take lessons learned thus far and define, then build our own facility. This is our way of ensuring the highest quality materials, systems, and tools are used to create the highest quality testing labs. The cost-benefit analysis clearly indicated major value propositions not just for our customers, but for our own teams as well. By housing acoustic testing under our own roof, we’re freeing our engineers to do what they do best—solving customer challenges through innovation.”

Noteworthy returns on investment (ROIs) include a 30 percent reduction in project cost as well as an up to 25 percent reduction in project lead times. The ROIs come from multiple process efficiencies partly enabled by the facility’s location. Prior to Marotta’s construction effort, the company relied on a third-party lab situated in California. The cross-country locale added time and cost to projects due to limited timely access to expert engineers, flying experts out for on-site diagnostics, product disassembly and reassembly, shipping, machine shop access, and more.

For more information on Marotta’s testing capabilities, visit https://marotta.com/assembly-test/.

About Marotta Controls

Founded in 1943, Marotta Controls is a fully-integrated solutions provider which designs, develops, qualifies and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for weapon systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.

Contacts

Heather Ailara

211 Communications

+1.973.567.6040

heather@211comms.com

Katee Glass

Marotta Controls, Inc.

kglass@marotta.com

Tags Acoustic, Aerospace, Application, Diagnostic, Hardware, Marotta Controls, Pressure, Simulation, Standards, Testing, TestingAcoustic

Business

NICE announces Interactions Live, the industry’s biggest customer experience virtual event and its lineup of award-winning celebrity appearances and customer delivered insights

Celebrity lineup includes Matthew McConaughey and Martha Stewart and offers the industry’s largest virtual concert featuring musical performances by Bryan Adams and Alanis Morrissette

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (Nasdaq: NICE) today announced Interactions Live, the biggest customer experience virtual event of the year. To be held on September 15-16, this free event will provide unprecedented insights for adopting an agile service approach and creating extraordinary customer and employee experiences in any market dynamic. Featuring content to suit every role and interest, this global event offers a wealth of informative sessions, interactive demo stations, live video chats with NICE experts, exciting keynote speakers and entertaining performing artists. To learn more or register for the event, please click here.

Interactions Live will host Academy Award-Winning Actor, philanthropist and author of the upcoming book Greenlights, Matthew McConaughey as a keynote speaker, sharing his drive for constant reinvention throughout his impressive career spanning over 40 feature films that have grossed over $1 billion. Also keynoting will be Martha Stewart – Emmy Award-Winning television show host, bestselling author of 96 lifestyle books to date, entrepreneur and founder of the first multi-channel lifestyle company. The virtual event’s analyst lineup includes McGee Smith, Forrester, DMG Consulting, Aberdeen, Everest Group and Saddletree Research who will review current industry trends and offer guidance on maintaining CX excellence in times of change. Also joining the event are industry-leading organizations who will discuss how they are innovating to provide agile service in the cloud, engage their workforce as they work remotely and leverage data insights to create exceptional experiences for customers and employees.

This year’s event will include a virtual concert attendees can stream from any location, September 16 starting at 3:45 pm EST. It will feature Award-Winning musician, Bryan Adams who will take the stage to share his hits spanning four decades. One of the most exciting live musicians in the world, Bryan Adams’ energetic performance, effortless stage presence and incredible vocals are guaranteed to thrill and entertain. Also joining is Award-Winning artist, Alanis Morissette, whose album, Jagged Little Pill remains the best-selling debut release by a female artist in the U.S. and the highest-selling debut album worldwide in music history.

With over seven tracks and more than 50 best practice sessions, the conference agenda is rich with ideas, insights and advice that will inspire, energize, and invigorate CX professionals of all ranks. Attendees can join informative best practices sessions, engage with various experts, see live demos of the latest innovations and be inspired by industry-leading customer speakers, visionary leaders and subject-matter-experts from prominent organizations.

Barak Eilam, CEO, NICE, said, “CX agility has never been more critical and we remain focused on helping organizations transform experiences to be extraordinary. In the face of the unprecedented current challenges organizations are facing, we aim to bring clarity by sharing powerful insights that will enable organizations to be agile in engaging customers and employees while driving successful business outcomes. Interactions has always been a key channel through which we connect among customers, content experts, innovators and opinion-makers, and we’re pleased to present a new avenue to enable this connection via Interactions Live. ”

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, 201-561-4442, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ir@nice.com, ET

Yisca Erez +972 9 775 3798, ir@nice.com, CET

Tags #Customer, #DMG Consulting, #Virtual, Alanis Morissette, artists, Celebrity, Concert, Employee, Experience, Interactions Live, Interactive, Martha Stewart, Matthew McConaughey, McGee Smith, Musical, NICE, NICE#Customer

Business

Eos Energy Storage provides business and transaction update

Post author By Michelle Dryden
Post date September 1, 2020
No Comments on Eos Energy Storage provides business and transaction update

Announcement of Orders for 1 GWh and 500 MWh Energy Storage Projects

Announcement of $10 Million Investment from Strategic Partner

Update on Potential Business Combination Transaction with BRPM II

EDISON, N.J.–(BUSINESS WIRE)–Eos Energy Storage (“Eos”), a leading manufacturer of safe, low-cost, and long-duration zinc hybrid cathode (Znyth™) battery energy storage systems, today announced three business updates and additional details regarding the potential business combination transaction (the “business combination”) with B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley Financial”), announced on June 24, 2020.

Joe Mastrangelo, Chief Executive Officer of Eos, said, “This is an exciting time for Eos. We are pleased to announce orders to deliver 1.5 GWh of our battery energy storage solution, which will be manufactured in the USA at HI-POWER, our state of the art joint venture multi-gigawatt manufacturing facility, co-owned with Holtec International (“Holtec”), located in Pittsburgh. We have further deepened our relationship with Holtec through their additional investment in Eos. We continue to make progress with our business combination with BRPM II, and we are on track to imminently execute a definitive agreement.”

Joe Mastrangelo, added, “The business combination will allow Eos to achieve its long-term potential and fuel our mission. Our groundbreaking aqueous zinc battery technology is well-positioned to be a leading solution to meet short-term and long-term demand for safe, sustainable, and scalable long-duration clean energy.”

Strategic Agreement for 1 GWh Energy Storage Project with International Electric Power

Eos announced today that it has entered into a binding agreement to supply 1 GWh of standalone battery energy storage systems (“BESS”) to International Electric Power, LLC (“IEP”) for grid connected projects with the Electric Reliability Council of Texas (“ERCOT”). Eos will manufacture, design and deliver multiple integrated AC BESS solutions starting in the third quarter of 2021.

IEP has entered into this partnership with Eos to help lead the long duration energy storage transition to new, safer and more reliable alternative technologies to lithium-ion. IEP also benefits from Eos’ minimal auxiliary power requirements (HVAC systems are not required) and simple operations and maintenance throughout the equipment’s 20 year life expectancy. IEP aims to identify key locations to build these storage projects to maximize revenue streams in the ERCOT market.

“ERCOT is an important and growing market for energy storage. Long term energy storage will help mitigate massive investments that are needed in transmission facilities to relieve congestion,” commented Balki G. Iyer, Chief Commercial Officer of Eos. “We are very excited to be partnering with a high quality developer such as IEP on this important project. Our zinc batteries offer the perfect solution to address the project’s needs. We are particularly proud to announce that we will be supplying the entire 1 GWh from batteries sourced and manufactured here in the USA.”

Peter Dailey, Chief Executive Officer of IEP commented, “ERCOT offers perhaps the most interesting opportunity for battery plays in the United States, including hourly energy arbitrage, ancillaries and congestion revenue rights. IEP is pleased to announce this relationship with Eos, which offers some of the best utility scale battery technology in the market.”

IEP is a technology agnostic power producer which seeks to build, own and operate a portfolio of generation assets that offer investors attractive financial returns. IEP’s core competencies in asset operations and optimization, energy market analysis and contracting, and project financing and deal execution, enables it to manage all aspects of a transaction.

500 MWh Long Duration Energy Storage Project with Carson Hybrid Energy Storage

Eos announced that it has entered into an agreement to supply Carson Hybrid Energy Storage, LLC (“CHES”) with 500 MWh of integrated AC BESS. Eos will manufacture, design and deliver its zinc-based battery solutions to CHES starting in the first quarter of 2023. These safe, sustainable, long duration battery solutions will be used in parallel with existing power generation and substation architecture to store renewable energy generated capacity, and to provide power quality and better resilience to the California Power Grid.

“The recent rolling blackouts in California call for another transformation in energy, this time related to supply. We believe long duration energy storage is going to play a pivotal role in this transformation over the next three to five years,” commented Balki G. Iyer. “Eos is delighted to be partnering with an innovator such as CHES, which is seeking to build this project to provide solutions around a premium zone in Los Angeles. Eos’s zinc batteries are non-flammable, built with environmentally friendly materials, and are manufactured right here in the USA. They are a perfect fit for addressing the need which we have seen from some of our recent projects in California on a smaller scale.”

Peter Reardon, President of CHES, commented, “California needs fire safe, large scale energy storage located in our cities and towns to provide grid reliability as we move towards our zero carbon future. The recent blackouts showed that California cannot rely on out of state imports during climate induced heat waves affecting regions and not individual states. CHES is committed to developing safe energy storage solutions located in the Los Angeles basin. We seek to partner on this project and a second project with LA’s Load Serving Entities (LSE) that value our safe, city based product. With support from Southern California Edison, we are going to maximize the benefit of an existing interconnect to allow for this important energy storage resource to be located in the Los Angeles basin. Choosing Eos was easy, as their zinc aqueous technology is safe from fire, made in the USA, and provides green jobs. We will implement a pilot 1 MW behind the meter project in the Los Angeles basin in 2021 and then scale rapidly.”

Headquartered in California, CHES operates under the California Independent System Operator Corporation (“CAISO”) tariff as a grid connected generator.

Investment from Strategic Partner

Eos announced a new investment from strategic partner Holtec. Following the prior investment of $12 million, Holtec is investing an additional $10 million to help support the acceleration of the order book over the last several months. If the potential business combination with BRPM II is consummated, the terms of Holtec’s additional $10 million investment are expected to be consistent with the terms of the private investment into public equity that was announced in conjunction with the proposed business combination on June 24, 2020.

“We believe Eos is well-positioned as the leading energy storage system alternative to lithium-ion. We are excited to further strengthen our relationship through our investment, and look forward to participating in their future growth as an investor, a manufacturing partner, and as a future customer,” said Dr. Kris Singh, President and CEO of Holtec International.

Holtec is a privately-held supplier of equipment and systems for the energy industry. In September 2019, Eos and Holtec announced the formation of HI-POWER, LLC, a multi-gigawatt manufacturing joint venture to produce Eos’ next generation of aqueous zinc batteries. The state-of-the-art HI-POWER manufacturing facility is located in Pittsburgh, PA.

Business Combination Transaction Update

On June 24, 2020, Eos and BRPM II announced the execution of a letter of intent for a business combination transaction, which would result in Eos becoming a public reporting company.

Eos and BRPM II anticipate executing a definitive agreement for the business combination imminently. If the definitive agreement for the business combination is executed as anticipated, the potential business combination is expected to be completed during the fourth quarter of 2020, subject to certain closing conditions, including but not limited to approval of the business combination by BRPM II’s stockholders and other customary closing conditions.

”We are pleased with our steady progress to enter into a definitive agreement for a business combination of BRPM II and Eos,” said Dan Shribman, Chief Executive Officer and Chief Financial Officer of BRPM II and Chief Investment Officer of B. Riley Financial. ”We believe the business combination will serve as the catalyst to accelerate the growth of Eos’ disruptive technology. We look forward to sharing our full business plan with the market shortly.”

About Eos Energy Storage

At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Armed with a patent for a membrane-free zinc battery technology, Eos has been pursuing this opportunity since 2008 when it was founded. Eos Energy Storage has 10+ years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates the Company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion.

To learn more about Eos, please visit: https://eosenergystorage.com.

About B. Riley Principal Merger Corp. II

B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses, and is sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY). BRPM II is focused on pursuing a business combination with established businesses with an aggregate enterprise value of approximately $400 million to $1 billion that would benefit from access to public markets and the operational and strategic expertise of B. Riley’s management team and board of directors. For more information, visit https://brileyfin.com/principalmergercorp.

Additional Information and Where to Find It

If a legally binding definitive agreement is entered into, a full description of the terms of the business combination will be provided in a proxy statement for the stockholders of BRPM II (the “Business Combination Proxy Statement”), to be filed with the U.S. Securities and Exchange Commission (the “SEC”).

Investors and security holders of BRPM II are advised to read, when available, the preliminary Business Combination Proxy Statement and the definitive Business Combination Proxy Statement, and any amendments thereto, because these documents will contain important information about BRPM II and the proposed business combination. The definitive Business Combination Proxy Statement will be mailed to BRPM II’s stockholders of record as of a record date to be established for the special meeting of stockholders relating to the proposed business combination. Stockholders will also be able to obtain copies of the Business Combination Proxy Statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: B. Riley Securities, Inc., 299 Park Avenue, 21st Floor, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfbr.com.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside BRPM II’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability of BRPM II to enter into a definitive agreement with respect to the proposed business combination with Eos or to complete the contemplated business combination; matters discovered by BRPM II or Eos as they complete their respective due diligence investigation of the other; the risk that the approval of the stockholders of BRPM II for the potential business combination or any other closing condition is not obtained; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of funds available in BRPM II’s trust account following any redemptions by BRPM II stockholders, competition, and the ability of the combined company to grow, manage growth profitably and retain its key employees; the ability to meet NYSE’s listing requirements following the consummation of the business combination; costs related to the proposed business combination; the risk that the potential business combination disrupts current plans and operations; and those factors discussed in BRPM II’s registration statement for the initial public offering filed with the SEC. BRPM II does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Participants in the Solicitation

BRPM II and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination described herein under the rules of the SEC. Information about the directors and executive officers of BRPM II and a description of their interests in BRPM II will be contained in the Business Combination Proxy Statement when it is filed with the SEC. This document can be obtained free of charge from the sources indicated above.

Non-Solicitation

The disclosure herein is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of BRPM II, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Contacts

For Investor Relations

Ed Yuen

ir@eosenergystorage.com
or

For Media Relations

Balki G. Iyer

media@eosenergystorage.com

Tags #BRPM II, #Eos, #Projects, #Solution, Energy, Eos Energy Storage, Hybrid, Joe Mastrangelo, Systems, Zinc, Zinc#BRPM II

Business

Advent eModal releases street turn application

Post author By Michelle Dryden
Post date August 31, 2020
No Comments on Advent eModal releases street turn application

New eModal “Empty Manager” street turn application facilitates interchange of empty containers between truckers, reduces unnecessary trips to terminals.

SOMERSET, N.J.–(BUSINESS WIRE)–Advent eModal, provider of the eModal® suite of applications that simplify and accelerate the flow of cargo across the intermodal supply chain, today announced the release of “Empty Manager,” a street turn application designed to streamline the exchange of empty container equipment between trucking companies. Empty Manager digitizes what is typically a manual process, providing full visibility and traceability for all parties.

The application, which is free to use for anyone with an eModal account, allows an import trucking company to publish an empty container as available for street turn, while an export trucking company can search for available equipment in their area by size/type, ocean carrier, and other criteria. When they have found an empty matching their criteria, the export motor carrier simply reserves the container and completes the street turn. Both parties are provided instant visibility throughout the process. Future versions of the product will incorporate the ability to make an appointment for the delivery of the export load at the time of completing the street turn, digitization of the ocean carrier approval process, and other enhancements.

“Return of empty containers to the marine terminals is consistently identified by the motor carriers as a critical area of opportunity,” said Dennis Monts, COO of Advent eModal. “By reducing the number of visits to the terminals solely for the purpose of interchanging empties, the Empty Manager street turn application will benefit not only the motor carriers but also the terminal operators. We are excited to be able to provide innovative solutions like Empty Manager to the community and continue to work with stakeholders to identify additional ways to increase efficiencies in the intermodal supply chain.”

Over the last several months, Advent eModal has worked closely with the Harbor Trucking Association (HTA), California Trucking Association (CTA), Washington Trucking Association (WTA), as well as terminal operators to target solutions that can provide the highest impact to their operations. Empty Manager is an example of the results of these ongoing discussions.

“We are pleased to work with Advent eModal on the issues that impact our members as well as the larger port community,” stated Weston LaBar, CEO of HTA. “Particularly in these difficult times, open and constructive dialog is the best and only way forward. We are excited to continue the collaboration with Advent eModal to help bring technology solutions to bear on the challenges that we collectively face.”

In addition to Empty Manager, Advent eModal has also recently released enhancements to its eModal platform to address issues around empty returns. These enhancements include features to encourage dual transactions as well as discourage the hoarding of empty appointments, which sometimes occurs. Additional appointment enhancements are planned for the near future.

About Advent eModal

Advent eModal provides the market leading technology platform that connects multi-modal stakeholders via applications that remove friction at every point of intermodal equipment interchange. The eModal platform hosts unlimited applications, developed by Advent eModal, customers or third parties, that speed container movement, optimize equipment utilization and aid in maximizing financial returns. Core Advent eModal developed applications provide executional tools and APIs offering cargo visibility, terminal pre-advice and appointment setting, payment processing and data enabled business intelligence. For more information, visit https://www.adventintermodal.com

Contacts

Kelly Stroud Spinella

kelly@ladyfishproductions.com
843.816.0584

Tags Advent, Application, Cargo, Container, eModal, Empty Manager, Street, Trucking, TruckingAdvent

Business

AM Best removes from under review with positive implications and upgrades credit ratings of Moda Health Plan, Inc. and Oregon Dental Service

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to B++ (Good) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bb” of Moda Health Plan, Inc. (Moda Health). Concurrently, AM Best has removed from under review with positive implications and upgraded the FSR to B++ (Good) from B (Fair) and the Long-Term ICR to “bbb+” from “bb” of Oregon Dental Service (ODS). Both companies are domiciled in Portland, OR. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings of Moda Health reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile, appropriate ERM and support of its owners.

The rating upgrades for Moda Health reflects the improvement in absolute capital during the third quarter of 2020 and in its estimated Best’s Capital Adequacy Ratio (BCAR). In April 2020, the U.S. Supreme Court ruled that the federal government is required to pay health insurers for the amounts owed under the Patient Protection and Affordable Care Act’s Risk Corridors program. Moda Health had been party to a lawsuit suing the federal government and recently recovered payment of $248.9 million for damages incurred during 2014-2016. Furthermore, with the increased level of capital, AM Best expects Moda’s debt leverage and financial flexibility to substantially improve. Moda Health had issued external surplus notes, which previously comprised a sizable portion of the company’s capital and surplus.

The ratings of ODS reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades for ODS reflect the improvement in its estimated Best’s Capital Adequacy Ratio (BCAR) as well as the improvement in the financial flexibility and fungibility of capital within the ODS organization, driven by the sizeable payment from the federal government to Moda Health. ODS maintains a 50.5% ownership in its subsidiary, Moda Health, following its sale of its remaining shares of common stock to Delta Dental of California (DDC) and formation of its strategic partnership that closed in 2019.

Contacts

Jeffrey Lane
Senior Financial Analyst
+1 908 439 2200, ext. 5567
jeffrey.lane@ambest.com

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

Wayne Kaminski
Senior Financial Analyst
+1 908 439 2200, ext. 5061
wayne.kaminski@ambest.com

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

Tags #Improvement, #Strength, #Upgrades, AM Best, Credit Ratings, Dental, Implications, Moda Health Plan Inc., Positive, Review, Review#Improvement

Business

Majesco positioned as a visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software for insurance business transformation, today announced that it has been once again positioned as a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America.

Per the report, which evaluates 11 vendors, “This Magic Quadrant provides a lens into the North American market for life insurance policy administration system (PASs) used by individual and group life and annuity (L&A) insurers.”

“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change,” says Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.”

The report notes that “in the next 12 to 18 months, life insurance IT budgets will be under pressure. CFOs and CEOs will look at discretionary budgets for convenient ways to cut expenses in an effort to preserve capital and cash, such as discretionary spending earmarked for digital innovation. However, the potential does exist where PAS modernization accelerates to address operational issues that have been uncovered due to the pandemic. This could also accelerate the need for a PAS modernization or replacement. Examples include:

Consumer behavior and a material shift to digital channels
Long-term changes in consumer demand for insurance products
Data and analytics needed to address changes in risk and actuarial models
A permanent shift to how and where people work
New uses for automation, such as touchless claims handling
Rapid response to a crisis with products such as parametric insurance
Potential governmental intervention and regulation”

“Now more than ever, life insurance companies need a robust, cloud-based core insurance business platform that can satisfy the needs of today’s digital customer,” says Adam Elster, CEO of Majesco. “We’re honored to be named a Visionary by Gartner in the Magic Quadrant for Life Insurance Policy Administration Systems, North America. We remain committed to creating a future of insurance that is agile, nimble and fast. We are proud of the investments we’ve made this past year that we believe have strengthened our positioning on the Completeness of Vision axis. To us, this recognition reaffirms our commitment to creating an L&A and Group core system that will help our customers seamlessly transition to the future of insurance.”

Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing and claims. It brings a host of exciting, innovative capabilities to life, group and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.

“Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and voluntary benefits insurance market that will digitally enable the business from traditional products to new parametric products in this new era of insurance,” stated Manish Shah, President and Chief Product Officer for Majesco. “In our opinion, our Visionary positioning in the Magic Quadrant for Life Insurance Policy Administration Systems, North America is a result of strong execution of the product vision and demonstrates our commitment to innovation and understanding of the emerging shift in new customer needs and expectations to help our customers gain market leadership with a new generation of customers.”

Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, 3 August 2020.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Tags #MJCO, #Pandemic, #Visionary, COVID-19, Digital1st, Gartner, Magic Quadrant for Life Insurance Policy Administration, Majesco, North America, Technology, Technology#MJCO