Category: Business

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Business

NICE Actimize enhances SURVEIL-X Holistic Trade Surveillance solution with self-service analytics for custom risk detection

SURVEIL-X Studio enables FSOs to rapidly create, test and deploy custom analytic risk detection models to close regulatory and operational risk gaps

HOBOKEN, N.J.–(BUSINESS WIRE)–In the world of financial services, regulations and business risks are constantly evolving. Surveillance models that get the job done today could be out-of-date tomorrow, potentially exposing firms to fines and reputational damage. To address this challenge, NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, has introduced an enhancement to its SURVEIL-X Holistic Trade Surveillance solution that provides self-service analytics, called SURVEIL-X Studio. This all-in-one approach enables Financial Services Organizations (FSOs) to rapidly create, test and deploy custom analytic risk detection models.

Instead of wasting time coding, and sourcing and scrubbing data, business analysts who use SURVEIL-X Studio can focus their expertise on creating risk models to close coverage gaps and solve complex compliance challenges. Non-technical business analysts can effortlessly create models using SURVEIL-X Studio’s drag-and-drop interface, choosing from an expansive library of customizable templates or easily building their own rules from scratch.

SURVEIL-X Studio also features built-in integrations to data services (including trading data and market data), and common business functions and calculations (including currency conversions and market trends).

Chris Wooten, Executive Vice President, NICE, stated, “Today, many firms are attempting to plug surveillance gaps with in-house solutions or by mixing and matching out-of-the-box products from different technology providers. These temporary measures don’t provide complete coverage and may force analysts to work in silos which can be risky, costly and time consuming. With SURVEIL-X Studio, NICE Actimize has leveraged decades of experience to create an all-in-one, self-service analytics solution tailored to the needs of financial services organizations. Firms get complete surveillance coverage without the added costs, hassles and limitations of in-house or multi-vendor solutions.”

Using SURVEIL-X Studio, testing and implementing risk models is fast, easy and seamless; business analysts can deploy rules into tests and promote them to production with a single click with fully auditable, built-in change control processes guiding them every step of the way. Additionally, once rules are deployed into production, all alerts are delivered to analysts on the same ActOne case management platform, for a consistent, seamless user experience. ActOne’s rich visual alerting capabilities provide comprehensive graphical representations of all detected risks, along with detailed timelines of events and explanations of alerts, leveraging a broad range of risk factors, including communications, trades and more.

SURVEIL-X Studio is part of NICE Actimize’s SURVEIL-X, the industry’s first AI-powered, cloud-native, true holistic surveillance solution. SURVEIL-X detects all forms of risky behavior to ensure compliance with key global regulations, including MiFID II, Dodd-Frank, MAR, Regulation Best Interest and others. SURVEIL-X offers unparalleled risk coverage for buy- and sell-side firms, insurance companies, crypto exchanges, regulators and more by enabling accurate detection and rapid, thorough investigation of market abuse, inappropriate sales practices, conduct risk and other undetectable compliance risks to insulate firms from fines and reputational damage.

Learn more:

  • For further information on SURVEIL-X and SURVEIL-X Studio please click here.
  • To learn how to leverage self-service analytics to improve your firm’s risk coverage capabilities, please click here to view our recorded webinar. Registration required.

About NICE Actimize​

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

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. Wooten, 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 Contact
Cindy Morgan-Olson, 551-256-5202, cindy.morgan-olson@niceactimize.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Categories
Business

Eldorado Resorts secures approval from New Jersey Casino Control Commission in connection with its pending acquisition of Caesars Entertainment

RENO, Nev.–(BUSINESS WIRE)–Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the “Company”) announced that at a meeting today, the Company received approval from the New Jersey Casino Control Commission in connection with its pending acquisition of Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”), subject to applicable conditions. Eldorado and Caesars have received all required regulatory approvals necessary to close the merger.

About Eldorado Resorts, Inc.

Eldorado is a leading casino entertainment company that owns and operates twenty-one properties in eleven states, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, and Ohio. In aggregate, Eldorado’s properties feature approximately 22,400 slot machines, VLTs and e-tables and approximately 640 table games, and over 11,200 hotel rooms. For more information, please visit www.eldoradoresorts.com.

About Caesars Entertainment

Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of Eldorado and are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, statements regarding the timing and completion of the merger with Caesars Entertainment Corporation. These forward-looking statements may be identified by the use of words such as “expect,” “anticipate,” “believe,” “estimate,” “potential,” “should,” “will” or similar words intended to identify information that is not historical in nature. The inclusion of such statements should not be regarded as a representation that the forward-looking events discussed in this document will occur or be achieved. There is no assurance that the merger with Caesars Entertainment Corporation will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Information on risks and uncertainties is available in Eldorado’s recent filings with the SEC, including its reports on Form 10-K, Form 10-Q and Form 8-K. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.

The forward-looking statements in this document speak only as of date of this document. These factors are difficult to anticipate and are generally beyond the control of Eldorado. Eldorado undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law.

Contacts

Brian Agnew

Eldorado Resorts Inc.

775/328-0112

investorrelations@eldoradoresorts.com

Joseph N. Jaffoni, Richard Land, James Leahy

JCIR

212-835-8500

eri@jcir.com

Categories
Business

AM Best affirms credit ratings of Wilton Re Ltd and its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the life/health subsidiaries of Wilton Re Ltd (Nova Scotia, Canada), collectively known as Wilton Re. AM Best also has affirmed the Long-Term ICRs of “a-” of Wilton Re Ltd and Wilton Re Finance LLC (Wilton Re Finance) (Delaware), as well as the Long-Term Issue Credit Rating of “a-” on the $300 million 5.875% senior unsecured notes, due 2033, of Wilton Re Finance. The notes are unconditionally guaranteed by the parent companies, Wilton Re U.S. Holdings, Inc. and Wilton Re Ltd. The outlook of the Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings).

The ratings reflect Wilton Re’s balance sheet strength assessment, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings also reflect Wilton Re’s very strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), continued strong operating earnings and disciplined growth strategy, as well as the ongoing commitment by the company’s highly rated ultimate parent, Canada Pension Plan Investment Board (CPPIB), to provide capital to Wilton Re in support of future growth.

Wilton Re’s continued primary strategy of closed block acquisitions has enhanced the total embedded value of the organization’s business, as well as its future capital generation capabilities. Wilton also benefits acquiring business from a diverse array of writers.

Partially offsetting these positive rating attributes is the impact of the continued low interest rate environment, which has modestly affected earnings on fixed income investments. Other offsetting rating factors include potential acquisition execution risks and increased competition associated with acquiring blocks of business.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” have been affirmed with stable outlooks for the following life/health subsidiaries of Wilton Re Ltd:

  • Wilton Reinsurance Bermuda Limited
  • Wilton Reassurance Company
  • Texas Life Insurance Company
  • Wilton Reassurance Life Company of New York
  • Wilcac Life Insurance Company
  • Wilco Life Insurance Company
  • ivari

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.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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

Categories
Business

AM Best downgrades credit ratings of Globe Life Inc. and its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” of the key life/health subsidiaries of Globe Life Inc. (formerly Torchmark Corporation) (Globe Life) (headquartered in McKinney, TX) [NYSE:GL]. Concurrently, AM Best has downgraded the Long-Term ICR to “bbb+” from “a-” of Globe Life. AM Best also has downgraded the associated Long-Term Issue Credit Ratings (Long-Term IRs) on the debt and indicative Long-Term IRs on the securities of Globe Life Inc. The outlook of these Credit Ratings (ratings) has been revised to stable from negative (See below for a detailed listing of these companies and ratings).

The ratings of the life/health insurance subsidiaries of Globe Life reflect their balance sheet strength, which AM Best categorizes as strong, as well as their very strong operating performance, favorable business profile and appropriate enterprise risk management.

The rating downgrades reflect Globe Life’s relatively low level of risk-adjusted capitalization, as measured by Best Capital Adequacy Ratio (BCAR), for its previous balance sheet strength assessment. AM Best notes that Globe Life’s risk-adjusted capitalization has trended down in recent years and is substantially below that of similarly rated peers. In addition, statutory capital and surplus has remained relatively flat in recent years, as organic earnings were largely offset by dividends paid to its parent, which have primarily been used for share repurchases and stockholder dividends. While the overall credit quality of invested assets is good, its allocation to NAIC-2 bonds has increased in recent years. As a result, any downward credit migration caused by the pandemic will likely negatively impact Globe Life’s risk-adjusted capital position.

The ratings of Globe Life reflect its very strong operating performance over the past several years as all core lines of business have reported strong earnings annually and premium trends have been favorable. In addition, return ratios are superior to its peers and the life insurance industry averages. In addition, Globe Life maintains adequate liquidity supported by liquid assets, strong cash flows and good financial flexibility with access to capital markets, as well as short-term credit facilities if needed. The company has moderate financial leverage and strong interest coverage ratios, which are well within the guidelines for its current ratings. Globe Life also benefits from its diversified distribution platform and its niche businesses that provide life and supplemental health insurance products to the middle class and retired individuals.

The FSR has been downgraded to A (Excellent) from A+ (Superior) and the Long-Term ICRs downgraded to “a+” of “aa-” with the outlooks revised to stable from negative for the following life/health subsidiaries of Globe Life Incorporated:

  • Globe Life And Accident Insurance Company
  • American Income Life Insurance Company
  • National Income Life Insurance Company
  • Liberty National Life Insurance Company
  • Family Heritage Life Insurance Company of America
  • United American Insurance Company
  • Globe Life Insurance Company of New York

The following Short-Term IR has been affirmed:

Globe Life, Inc. —

— AMB-1 on commercial paper

The following Long-Term IRs have been downgraded and the outlook has been revised to stable from negative:

Globe Life, Inc. —

— to “bbb+” from “a-” on $300 million 3.80% senior unsecured notes, due 2022

— to “bbb+” from “a-” on $200 million 7.875% senior unsecured notes, due 2023

— to “bbb+” from “a-” on $550 million 4.55% senior unsecured notes, due 2028

— to “bbb-” from “bbb” on $300 million 6.125% junior subordinated debentures, due 2056

The following indicative Long-Term IRs available under the shelf registration have been downgraded and the outlook has been revised to stable from negative:

Globe Life, Inc. —

— to “bbb+” from “a-” on senior unsecured debt

— to “bbb” from “bbb+” on subordinated debt

— to “bbb-” from “bbb” on preferred stock

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.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Frank Walko, CPA, FLMI
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com

Michael Adams, CLU, FLMI
Associate Director
+1 908 439 2200, ext. 5133
michael.adams@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

Categories
Business

AM Best: India non-life market facing challenges (AM BestTV)

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AMBestTV, Myles Gould, director, analytics, and Yuan Tian, senior financial analyst, both of AM Best, said that competition, poor pricing discipline and investments challenge the India non-life market. Click on http://www.ambest.com/v.asp?v=india620 to view the entire program.

AM Best has a market segment outlook of negative on India’s non-life market. Gould addressed the key factors that are driving the negative outlook.

“Key factors underpinning the negative outlook include the competitive market conditions in core lines of business along with poor pricing discipline,” said Gould. “Furthermore, there is an unhealthy reliance on unrealized and realized gains from investment holdings, particularly emanating from typically high-risk investment strategies. In addition, a more recent dynamic is that of the global COVID-19 pandemic, which is expected to result in a level of volatility in top-line and bottom-line results of Indian non-life insurance.”

Tian highlighted the reasons for the imbalance in the non-life market operating results.

“The market has been quite a loss-making on the writing side,” said Tian. “So the insurance companies in this market have been relying on investment returns to generate overall positive operating earnings. The companies have been quite aggressive investing in high-risk asset classes such as equity, low-quality fixed income and real estate assets. Those asset classes have been generating quite good returns over the last years. However, during the pandemic, the stock market has fallen by over 20% in the first quarter. This has impacted the capital position and earnings of non-life insurers.”

To access the related market segment report, titled, “Market Segment Outlook: India Non-Life,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=297272.

Recent episodes of AMBestTV include:

  • AM Best: Insurers Boost Private Equity Holdings 10% in 2019: Jason Hopper, associate director, industry research and analytics of AM Best, said that insurers have increased their private equity holdings by 10% year over year to $81 billion in 2019: http://www.ambest.com/v.asp?v=privateequity620.
  • AM Best: Florida Personal Property Writers Challenged Even Without a Hurricane: Michelle Baurkot, director, and Chris Draghi, senior financial analyst, both of AM Best, said that Florida writers struggled to turn a 2019 underwriting profit even with the absence of a major hurricane: http://www.ambest.com/v.asp?v=ambfloridareport720.
  • Insurtech Movement Joins Forces for Week of Presentations: The formation of the Northeast Insurtech Alliance, which is made up of innovation-focused executives from five organizations throughout the northeastern United States: http://www.ambest.com/v.asp?v=northeastinsurtechalliance720.
  • AM Best: Workers’ Comp Writers Brace for COVID-19 Hit: Decreased premiums and unexpected claims could negatively impact workers’ compensation writers, said Sridhar Manyem, director, and Dan Mangano, financial analyst, both of AM Best: http://www.ambest.com/v.asp?v=workerscomp620.

AM BestTV 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 AM BestTV 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.

Copyright © 2020 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

Categories
Business

AM Best removes from under review with developing implications and affirms credit ratings of National Lloyds Insurance Company and American Summit Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC), collectively referred to as National Lloyds Group. The outlook assigned to these Credit Ratings (ratings) is stable. NLIC and ASIC are domiciled in Dallas, TX.

The ratings reflect the National Lloyds Group’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The rating actions follow Hilltop Holdings Inc.’s recently finalized sale of its wholly owned subsidiary, National Lloyds Corporation, an intermediate insurance holding company that owns NLIC and ASIC, to ReAlign Insurance Holdings, LLC a new insurance holding company formed by ReAlign Capital Strategies, LLC and private investors. The rating actions also consider the subsequent execution of an intercompany pooling agreement between the operating entities. The balance sheet strength assessment considers the change in ownership, updated dividend plan and the execution risk related to adding commercial auto and commercial property business to the NLIC and ASIC pool. Align Financial Holdings LLC, an affiliated program administrator with extensive experience underwriting profitable program business, will produce the new business. The operating performance assessment considers NLIC and ASIC’s favorable, but volatile, five-year average total return measures that are driven by frequent and severe weather-related events, a reflection of geographic concentration of the current book of business. This factor will be mitigated by the renewed emphasis on limited geographic and product expansion in 2021.

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.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Janet Hernandez

Senior Financial Analyst

+1 908 439 2200, ext. 5767

janet.hernandez@ambest.com

Joseph Burtone

Director

+1 908 439 2200, ext. 5125

joseph.burtone@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

Categories
Business

IEEE-ISTO Printer Working Group (PWG) announces updated Internet Printing Protocol (IPP) extensions to support additive manufacturing/3D Printing and a specification for Safe G-Code that avoids 3D printing commands with safety or security concerns

PISCATAWAY, N.J.–(BUSINESS WIRE)–The IEEE-ISTO Printer Working Group (PWG) has released IPP 3D Printing Extensions v1.1 (PWG 5100.21-2019) and PWG Safe G-Code Subset for 3D Printing v1.0 Best Practices (PWG 5199.7-2019).

These documents build on previously defined extensions to the Internet Printing Protocol (IPP) Internet Standard (IETF STD92) that combine existing high-level 3D file formats with the IPP network printing protocol and Job Ticket formats to describe the printer’s capabilities, the objects to print, and the status of submitted jobs to better and more portably produce physical objects with additive manufacturing devices, also known as 3D printers.

The IPP 3D Printing Extensions specification v1.1 (PWG 5100.21-2019) extends IPP for 3D printing with a focus on popular Fused Deposition Modeling (FDM) devices that melt and extrude filaments of ABS, PLA, or other materials in layers to produce a physical 3D object. These IPP extensions can be used for other printing methods such as selective laser sintering (SLS) and stereolithography (SLA), as well as many other materials, such as concrete printing.

The v1.1 update clarifies that the requirements for implementing the 3MF file format are limited to those printers that do on-board slicing, adds attributes describing the build platform shape, nozzle and chamber environment, describes how to use the IPP Shared Infrastructure Extensions [PWG5100.18] with 3D printing, and defines a structured naming convention for the “material-type” attribute for values that aren’t registered with the PWG. This last addition is very important because it provides IPP with an extensible convention for specifying material identifiers from the wide variety of other standard and non-standard material identifiers.

The new PWG Safe G-Code Subset for 3D Printing v1.0 Best Practices document (PWG 5199.7-2019) defines a “safe” subset of G-code for use in 3D printing with IPP along with the capabilities and parameters needed to allow a client to generate G-code compatible with the printer. PWG Safe G-Code eliminates direct device control (e.g., “set extruder temperature”) and hardware access (e.g., “write file to SD card)” commands that pose serious safety and security concerns.

The PWG invites participation (open as always to members and non-members) from anyone in the 3D printing/additive manufacturing community. Non-members are always welcome to participate in PWG standardization efforts. Sample code implementing the IPP 3D Printing Extensions specification v1.1 has been published in the PWG’s IPP Sample Code project on GitHub (https://github.com/istopwg/ippsample). More info can be found on the PWG 3D Printing page: https://www.pwg.org/3d/.

About the PWG

The IEEE ISTO Printer Working Group (PWG) is a Program of the IEEE Industry Standard and Technology Organization (ISTO) with members including printer and multi-function device manufacturers, print server developers, operating system providers, print management application developers, and industry experts. Originally founded in 1991 as the Network Printing Alliance, the PWG is chartered to make printers, multi-function devices, and the applications and operating systems supporting them work together better. The PWG enjoys an open standards development process. More information is available at https://www.pwg.org.

Social media: Printer Working Group #PWG @IEEEISTO updates #IPP specifications to standardize additive manufacturing & 3D printing and provides safe subset of G-code to address safety and security concerns www.pwg.org. Sample code https://bit.ly/PWGcode.

Contacts

Anne Price, PR Works, Inc.

602-330-6495

pr@pwg.org

Categories
Business

AM Best affirms credit ratings of State Automobile Mutual Insurance Company and its operating 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 State Automobile Mutual Insurance Company (State Auto) and its operating subsidiaries. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of State Auto’s intermediate holding company, State Auto Financial Corporation (STFC) [NASDAQ: STFC]. The outlook of these Credit Ratings (ratings) is stable. All of the above companies are headquartered in Columbus, OH. (See below for a listing of the companies.)

The ratings reflect State Auto’s balance sheet strength, which AM Best categorizes as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The balance sheet assessment of strongest is derived from risk-adjusted capitalization also being at the strongest level, a high credit quality investment portfolio, favorable overall loss reserve development and adequate reinsurance protection. State Auto also benefits from the financial flexibility and access to capital afforded by its publicly traded intermediate holding company, STFC.

Operating performance has been marginal with State Auto impacted over the past five years by severe weather events, technology costs, fluctuating premium volume and above average commissions. Higher underwriting losses were experienced in 2019, largely reflecting a greater catastrophe impact influenced by adverse development of hurricane losses from the specialty segment, which remains in run off. State Auto continues to focus on risk management initiatives designed to reduce severity, along with aggressive price monitoring efforts and rate increases.

State Auto writes a diversified mix of personal and commercial lines of business. There is a fair spread of risk by geography with modest concentration in the Midwest, exposing the group to storm loss frequency. The company has maintained a formalized ERM framework that is appropriate for its size, scope and risk profile.

Positive rating action could occur if the group improves its operating results over an extended period of time, such that its operating performance assessment could be categorized as adequate rather than marginal. Negative rating action could occur if there is an occurrence of a sudden large or catastrophic loss that materially hinders risk-adjusted capitalization or if other balance sheet considerations, such as loss reserve development or underwriting leverage, trend in such a way that weakens overall balance sheet strength.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” have been affirmed for the following operating subsidiaries of State Automobile Mutual Insurance Company:

  • State Auto Property & Casualty Insurance Company
  • Milbank Insurance Company
  • State Auto Insurance Company of Ohio
  • Patrons Mutual Insurance Company of Connecticut
  • Meridian Security Insurance Company
  • State Auto Insurance Company of Wisconsin
  • Rockhill Insurance Company
  • Plaza Insurance Company
  • American Compensation Insurance Company
  • Bloomington Compensation Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper 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.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Chris Draghi

Senior Financial Analyst

+1 908 439 2200, ext. 5043

chris.draghi@ambest.com

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

Michelle Baurkot
Director
+1 908 439 2200, ext. 5314

michelle.baurkot@ambest.com

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

james.peavy@ambest.com

Categories
Business

Topcon acquires Henson perimeter business

Company Adds Leading Perimetry Screening Devices to Its Global Product Portfolio

NEWBURY, United Kingdom–(BUSINESS WIRE)–#SeeingEyeHealthDifferently–Topcon Healthcare, a leading provider of medical devices and software solutions for the global eye care community, announced today that it has acquired the Henson line of perimetry products, including the Henson 9000 and 7000, from Elektron Eye Technology (EET) of Cambridge, UK.


The acquisitions include the transfer of a number of EET staff to Topcon’s team. Manufacturing will continue in the UK as it has throughout the years past.

The Henson line of perimetry products are well regarded in the eye care industry for their accuracy, speed and ease of use. The Henson 9000 is the ideal perimeter for the early detection of glaucoma and the ongoing monitoring of established loss, while the Henson 7000 is an affordable, lightweight, mobile perimeter designed to perform suprathreshold glaucoma screening in the central field.

Mr. John Trefethen, Global VP of Marketing & Product Design for Topcon Healthcare commented, “The acquisition of the Henson range of products will provide us with the opportunity to strategically develop this area of the company’s product portfolio. With Topcon’s growing emphasis on screening and early disease detection, the Henson product range perfectly complements our global strategy. I welcome the EET team members to the Topcon Healthcare Family.”

Mr. Trefethen continued, “As the global rate of glaucoma continues to rise, Topcon is pleased to incorporate the award-winning Henson perimeters into our brand portfolio. We look forward to working with Professor Henson and the talented team from EET to further develop this innovative product line, bringing critical glaucoma screening, monitoring and early disease detection tools to the global eye care community. Topcon’s mission remains the same, to enable greater and greater access to healthcare providers in all faucets of disease detection and diagnosis. We remain fully committed to the continued development of medical devices and software platforms that allow today’s eye care providers to practice smarter, safer and more efficiently, including our screening, automated and remote diagnostics solutions.”

For more information on Topcon Healthcare, please visit www.topconhealth.com.

About Topcon Healthcare

Topcon Healthcare sees eye health differently. Our vision is to empower providers with smart and efficient technologies for enhanced patient care. Keeping pace with the ever- changing landscape of the healthcare industry, we offer the latest integrated solutions including advanced multimodal imaging, vendor-neutral data management, safe distancing and ground-breaking remote diagnostic technology.

A globally-oriented business, Topcon is focused on developing solutions towards solving societal challenges in the mega-domains of healthcare, agriculture, and infrastructure. In healthcare, these challenges include increasing eye disease, rising medical costs, access to healthcare and physician shortages. By investing in value-driven innovations, Topcon works to enable people to enjoy good health and a high quality of life.

About Elektron Eye Technology (EET)

Elektron Eye Technology (Cambridge, UK) is a subsidiary of Elektron Technology and home to spectrum of world-class fast-moving engineered product (FMEP) brands, including the Henson Perimeters and the Macular Pigment Screener (MPS II). They are the ophthalmic instruments of choice for eye care professionals involved in the screening and monitoring of glaucoma and age-related macular degeneration (AMD). Designed in partnership with respected eye care professionals, their accuracy, efficiency and ease of use ensures that they meet the needs of optometrists and ophthalmologists, as well as the patients they work with every day.

Contacts

John Trefethen, MFA

Global Vice President, Marketing & Product Design Topcon Healthcare

E-mail: jtrefethen@topcon.com

Categories
Business

‘Mystic Eye’ yoga event to transform audiences

NEW YORK, N.Y – Coming to Madison Square Garden Sunday, will be a blissful, powerful, and unique mystical experience offered by world-renowned yogi, mystic and visionary Sadhguru Jaggi Vasudev.

The event at Hulu Theater in the City will start at 2:30 to 8:15 p.m., is called Mystic Eye: Wisdom, Meditation & Bliss with Sadhguru, and is expected to have an audience of about 5,300 in attendance.

“The audience will be initiated into powerful meditation techniques guided by Sadhguru himself,” says Puja Jain, spokesperson.

Sadhguru is named one of India’s 50 Most Influential People, and his work has touched the lives of millions worldwide, says Jain.

He bridges the gap between the modern and the mystical yoga, and opens the door to deeper dimensions of life, she says.

In 1992, Sadhguru established the Isha Foundation, a spiritual, volunteer-run international non-profit organization dedicated to cultivating human potential. This foundation is based at the Isha Yoga Center near Coimbatore, India, and also has a U.S.A. location in McMinnville, Tenn.

Sadhguru is knowledgeable about life, yoga and spirituality. A contemporary mystic with a unique yet astoundingly rational approach to life and the world you know – or think you know, being in his presence creates an extraordinary opportunity to be in a state of freedom, love and limitless joy!

For more information about these experiences and for tickets, visit the following links:

http://isha.us/mysticeye

https://www.instagram.com/sadhguru/?hl=en

https://www.facebook.com/IshaUSA/videos/378123926401375/

https://www.meetup.com/IshaYogaNj/events/265241907/

https://isha.sadhguru.org/us/en/sadhguru/mission

https://www.facebook.com/IshaUSA

https://twitter.com/sadhguruJV

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