Category: Business

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Business Lifestyle Regulations & Security

AM Best to participate on innovation panel at the InsurTech Hartford Symposium 2023

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best Senior Director Sridhar Manyem will moderate a panel discussion at the InsurTech Hartford Symposium 2023, which will take place on May 2-3, 2023, at Mohegan Sun in Hartford, CT.

 

The session is titled, “Structuring for Innovation – The key roles to have today to bring future value.” Panelists will include Kelsey Cabrera, head of operations, strategy & innovation, Arch Cap Group; Mitchell Kemper, head of Partnership Labs – Solaria Labs, Liberty Mutual Insurance; and Bruno Sardinha, vice president, innovation, Travelers. Manyem is the head of AM Best’s industry research team and his responsibilities include publishing the company’s perspectives on topical issues relating to the insurance industry and possible implications to Best’s Credit Ratings.

 

The 35-minute session is scheduled for 10:50 a.m. (EDT) on Wednesday, May 3. The panel will discuss approaches on how organizational structure and culture can foster innovation, including AM Best’s process of assessing innovation. For more information about the InsurTech Hartford Symposium 2023, please visit the organization’s conference website.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Categories
Business Economics Healthcare Lifestyle Perks Regulations & Security Science Travel & Leisure

Johnson & Johnson announces launch of Kenvue Inc. IPO roadshow

NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) today announced that Kenvue Inc. “(Kenvue),” a wholly owned subsidiary of Johnson & Johnson comprising its Consumer Health Business, has launched a roadshow for the initial public offering “(IPO)” of 151,204,000 shares of its common stock.

 

Kenvue expects to grant the underwriters a 30-day option to purchase up to an additional 22,680,600 shares of its common stock to cover over-allotments, if any. The IPO price is currently expected to be between $20.00 and $23.00 per share. Kenvue has applied to list its common stock on the New York Stock Exchange under the symbol “KVUE.”

 

After the completion of the IPO, Johnson & Johnson will own 1,716,160,000 shares of Kenvue’s common stock, representing 91.9% of the total outstanding shares of Kenvue’s common stock (or 90.8% if the underwriters exercise in full their over-allotment option).

 

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank are acting as book-running managers for the IPO and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank are acting as co-managers for the IPO.

 

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The IPO will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the IPO may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: dg.prospectus_requests@bofa.com.

 

This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

 

About Johnson & Johnson

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

 

Cautions Concerning Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: the timing and details of the IPO, the number of shares to be offered in the IPO, the expected price at which such shares will be offered, the grant of the over-allotment option and whether the underwriters will exercise such option, the number of shares to be held by Johnson & Johnson following the IPO and the expectations relating to the listing of Kenvue’s common stock on the New York Stock Exchange. Readers are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: Johnson & Johnson’s ability to satisfy the necessary conditions to consummate the separation of Kenvue on a timely basis or at all; Johnson & Johnson’s ability to successfully separate Kenvue and realize the anticipated benefits from the separation; Kenvue’s ability to succeed as a standalone publicly traded company; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including unexpected clinical trial results, additional analysis of existing clinical data, uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; the impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of Johnson & Johnson to successfully execute strategic plans, including restructuring plans; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws, global health care reforms and import/export and trade laws; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the section captioned “Cautionary Note Regarding Forward-Looking Statements”, and in Johnson & Johnson’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this press release speaks only as of the date of this press release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Contacts

Investor Relations:
Jessica Moore (Johnson & Johnson)

investor-relations@its.jnj.com

Tina Romani (Kenvue)

Kenvue_IR@kenvue.com

Categories
Art & Life Business Culture Economics

B&G Foods announces date of first quarter 2023 earnings conference call

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) announced today that it intends to issue a press release with first quarter 2023 financial results after the market close on Thursday, May 4, 2023.

 

B&G Foods has scheduled a conference call at 4:30 p.m. ET that same day to discuss the results. Hosting the call will be Casey Keller, President and Chief Executive Officer and Bruce Wacha, Executive Vice President of Finance and Chief Financial Officer.

 

The earnings press release and live audio webcast of the conference call can be accessed at www.bgfoods.com/investor-relations. A replay of the webcast will be available following the conference call through the same link.

 

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

Categories
Business Lifestyle Regulations & Security Special/Sponsored Content

AM Best affirms Performance Assessment of Cargo Risk Corporation

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Cargo Risk Corporation (CargoCorp) (Miami, FL). The outlook of the assessment is stable.

 

The assessment reflects CargoCorp’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.

 

CargoCorp is a managing general agent (MGA) specializing in providing capacity for marine cargo lines in the Latin American market. Since writing its first program in 2015, CargoCorp has proven its underwriting expertise by producing profitable business for its carrier partners. CargoCorp’s underwriting capabilities further benefit from its experienced underwriting staff. Embedded in the underwriting process is use of an internal and proprietary software system that provides the company with extensively detailed assessments of risk for real-time feedback for insureds with potential exposures. The limited track record of several of its programs is considered a partially offsetting factor.

 

CargoCorp’s governance and internal controls are strong given its size and scale. CargoCorp has designed and implemented a robust internal audit process to ensure that the company’s policies and procedures are aligned with its strategic objectives. The company has an experienced board of directors that features internal and external members. Key person risk exists, but processes are in place to moderate the impact should an issue occur.

 

CargoCorp’s financial condition is supported by a trend of consistently profitable earnings and continued positive net worth. The company is privately held. Operations are oriented as a small business with hands-on management. Stability of income benefits from the range of programs underwritten by the company.

 

The company is staffed more than appropriately for its size and scale with extensive industry experience in marine cargo. Its organizational structure is compact for ease of communication and efficient work processes. Many processes are retained in-house to ensure consistency and provide flexibility. CargoCorp experienced elevated staff turnover this last year, a moderate offsetting factor to this component.

 

CargoCorp’s portfolio of programs has progressed since its founding. The company offers a range of programs in its target market of marine cargo and affiliated coverage in Latin America. Management continues to monitor growth opportunities in new markets, as well as maintain relationships with well-rated capacity providers.

 

This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Riley Parnham
Financial Analyst
+1 908 439 2200, ext. 5495
riley.parnham@ambest.com

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

Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security Special/Sponsored Content

AM Best downgrades Credit Ratings of members of Columbian Financial Group; revises under review status to negative

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has downgraded the Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Ratings to “bb-” (Fair) from “bb+” (Fair) of Columbian Mutual Life Insurance Company (Columbian) (Binghamton, NY) and Columbian Life Insurance Company (Chicago, IL), collectively referred to as Columbian Financial Group (CFG). Concurrently, AM Best has maintained the under review status for these Credit Ratings (ratings) and revised the implications status to negative from developing.

The ratings reflect CFG’s balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

 

The rating downgrades reflect a decline in CFG’s overall balance sheet strength to an assessed level of weak from an adequate assessment, relating to a significant decline in the company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), in the fourth quarter of 2022 well below targeted levels, driven by reserve increases from an unclaimed property review. The company also incurred operating losses primarily related to continued adverse mortality experience from the effects of the COVID-19 pandemic on the senior market, and declining net premium written.

 

The ratings were put under review shortly after CFG’s announcement on June 29, 2021, that its board of directors had approved a strategic transaction with Constellation Insurance Holdings, Inc. (Constellation) that includes the sponsored demutualization of Columbian to a stock company with the issuance of all newly issued stock to Constellation. Constellation is an insurance holding company backed by two large Canadian institutional investors primarily engaged in the management of pension plans, Caisse de Dépôt et Placement du Québec and Ontario Teachers’ Pension Plan Board. The transaction would provide for Constellation to invest up to $100 million to fund cash payments to eligible policyholders and significantly strengthen Columbian’s capitalization. The acquisition of Columbian by Constellation would provide Columbian needed capital support from a substantially larger organization while maintaining its brand, management team and headquarters. Despite an expected positive impact on capital from the planned transaction with Constellation, the anticipated closing date has been pushed back several times due to delays in obtaining regulatory approvals. The negative implications reflect AM Best’s concerns around the potential for continued losses and the level of capital going forward, especially should the transaction not occur. The ratings will remain under review with negative implications until the transaction approvals are finalized, the transaction closes, and AM Best evaluates the overall impact.

 

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

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Stratos Laskarides
Senior Financial Analyst
+1 908 439 2200, ext. 5613
stratos.laskarides@ambest.com

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

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

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security Science Technology

Engineering Solutions and Meadowgate Technologies combine to create hybrid IT leader serving national security sector

Maryland companies join forces to deliver full-service hybrid technology capabilities

 

ANNAPOLIS JUNCTION, Md. — (BUSINESS WIRE) — Maryland companies Engineering Solutions LLC (ESi) and Meadowgate Technologies LLC today announced they are combining to create a market leader in hybrid technology solutions and professional services for the national security community.

 

The new company will be led by Meadowgate CEO Tom Lash, a former national security leader at AWS’ Federal Division, who joined Meadowgate earlier this year. He is spearheading a strategy to build a business aligned with growing customer demand for the unique operational agility and security that advanced hybrid solutions can deliver.

“This combination is a pivotal move in our hybrid technology strategy,” said Lash. “ESi’s technical expertise, specialist professional services, and profound understanding of the mission objectives of their customers blend exceptionally well with the product knowledge and systems integration expertise of the Meadowgate team. We are particularly excited at the potential this creates for collaboration on new hybrid product and service innovations through our Integration Lab, working alongside our customers and partners in industry. We can’t wait to get started.”

 

By harnessing complementary skills, experience and capabilities, ESi and Meadowgate are creating a full-service hybrid solutions client experience ranging from technology evaluation to systems integration and through-life services support. The new company will offer technology consulting, product procurement and integration, solution development, systems engineering, enterprise resiliency and hybrid workload development, migration, and management.

  • ESi, established in 1998 and based in Hanover, Maryland, has grown its professional services team to over 100 cleared, highly educated and certified specialists skilled in software and system engineering, information technology management, enterprise resiliency, and SIGINT operations and analysis for the intelligence community. The company is dedicated to supporting the national security mission, with a longstanding reputation for delivering technical and execution excellence for its valued customers. Building on ESi’s success as a prime contractor, the firm brings a significant pipeline of new business to the combined organization to drive future growth.
  • Meadowgate is an award-winning business that’s been delivering trusted computing products and services to the federal government since 2006. It has a successful track record of enabling complex federal missions by providing high-performance computing solutions. The company’s growth strategy centers on aligning offerings and talent with the national security community’s growing demand for scalable systems architectures and capabilities that enable seamless movement of data and workloads within hybrid environments. Meadowgate’s Integration Lab will be the R&D hub for the combined company, where the teams come together to apply their collective mission and technical understanding to design and develop new hybrid solutions that improve mission outcomes.

 

Ray Gomes, founder and CEO of ESi, who has announced his intention to retire, will remain with the combined business as a strategic adviser. ESi’s executive team, including Chief Operations Officer Amy Steinberg, Vice President of Programs Eddie Harless and Executive Vice President of Corporate Services David Thompson, will join the leadership team of the combined company.

 

“I am delighted that the team at ESi will be a cornerstone of this exciting growth strategy,” said Gomes.

 

“As I step aside as ESi CEO, it has been my priority to ensure that the company has the best possible opportunity to build on its success for the long term within an employee-focused culture. Coming together with Meadowgate to create a business at the nexus of technology and the mission opens new paths to growth and strengthens our value to customers, presenting more opportunities for the team to shine. I look forward to seeing the company thrive at the forefront of building the hybrid solutions of the future.”

 

ESi and Meadowgate will continue to be customer facing under their respective brand names. At the same time, the combined company leadership, drawn from the existing ESi and Meadowgate executive teams, will be working together to begin the formal integration process and determine the future brand for the new company.

 

KippsDeSanto & Co. acted as the exclusive financial adviser to ESi on this combination.

 

About Engineering Solutions

Engineering Solutions LLC (ESi) supports customers that safeguard our country. ESi is dedicated to serving America’s national security mission by providing technical and execution excellence to intelligence community customers in the areas of software and systems engineering, IT management, enterprise resiliency, and SIGINT operations and analysis. Achieving success for critical missions since 1998, ESi is based in Hanover, Maryland. www.enginsol.com

 

About Meadowgate Technologies

Meadowgate Technologies LLC delivers advanced, trusted IT solutions and products to national security customers and partners. The company specializes in systems engineering, consulting and product procurement to meet the unique needs of each federal agency or industry customer. Established in 2006, Meadowgate is based in Annapolis Junction, Maryland, with offices in Trenton, New Jersey. www.meadowgate.us

Contacts

Kristina Messner

kristina@messnermediagroup.com
703-716-3181

Categories
Business Education Lifestyle Programs & Events Science Technology

Ten schools named National Finalists in Samsung’s Solve for Tomorrow STEM competition

Students’ Creative Solutions to Community Issues Earn Each Finalist School $50,000 in Samsung Technology & Supplies

 

RIDGEFIELD PARK, N.J. — (BUSINESS WIRE) — Samsung Electronics America today named 10 National Finalist schools from among this year’s 50 State Winners in the 13th annual Samsung Solve for Tomorrow competition. Each National Finalist will receive a prize package of $50,000 in Samsung technology and supplies.

 

Solve for Tomorrow challenges public school students in grades 6-12 to use science, technology, engineering, and math (STEM) skills to create positive change in their communities. The students behind the Finalists’ innovative projects, which address reducing food waste and insecurity, helping unhoused refugees, subway safety, accessibility, and water quality, will pitch their ideas on May 15, 2023 to a panel of judges at a live event in Washington, D.C. Three schools will then be chosen as National Winners and receive $100,000 in prizes.

 

“After three years of COVID disruptions that impacted students and educators alike, it’s been incredibly rewarding to see our Samsung Solve for Tomorrow competition play a part in re-energizing the ingenuity and creativity that had been hobbled by remote learning and isolation for STEM students,” said Ann Woo, Senior Director, Corporate Citizenship, Samsung Electronics America. “The cooperative, hands-on, problem-solving focus of the Solve for Tomorrow challenge provided a spark for students looking to channel their energies to tackle issues that they see in their communities. These National Finalist students, teachers, and schools exhibit what we call STEMpathy – the use of STEM to help fix the issues they see affecting their friends and neighbors, people they EMPATHIZE with.”

 

All 50 State Winners in the prior round of the Solve for Tomorrow competition produced a three-minute video describing their project, the local community issue it addresses, and their proposed STEM-based solution. The National Finalists were selected based on their videos. Between now and May 15, 2023, the general public can vote online for one Community Choice Winner from among the pool of 10 National Finalists, who will win an additional $10,000 prize package. To choose your favorite Solve for Tomorrow Community Choice STEM solution, check out the Finalists’ videos, which can be viewed here:

 

SCHOOL

CITY/STATE

COMMUNITY ISSUE & STEM SOLUTION

Brandywine High School

Wilmington, DE

AACU Switch – AACU Switch eliminates cost barriers by creating an affordable alternative to assistive tech devices for people with independent living disabilities, costing a fraction of the market standard.

Strawberry Crest High School

Dover, FL

Human Health Band – The Human Health Band is a wearable sensor with an app that allows coaches to monitor athlete’s body temperatures and prevent heat related death.

Richmond Hill Middle School

Richmond, GA

Safe Sleep – Safe Sleep’s purpose is to detect sudden increases in heart rate during a PTSD nightmare. This will trigger a companion app to play breathing exercises.

Bloomington High School South

Bloomington, IN

Temp Mural – Temp Mural reduces the impact of global warming by engineering mural art using highly reflective, climate-positive barium sulfate paint.

Merrimack Valley High School

Penacook, NH

Shelby – Shelby combats rising phosphorus levels in bodies of water with a turtle-shaped battery-powered robot with mechanical and chemical filters.

Santa Teresa High School

Santa Teresa, NM

The Living Lumbre – The Living Lumbre is a smart solar-powered heated mat in response to the large flow of refugees who have ended up homeless in our community.

Doral Academy of Northern Nevada

Reno, NV

Food Waste App – The Food Waste App diminishes food waste/insecurity and reduce greenhouse gas emissions by connecting food producers with people to convert produce into meals.

Liberty Avenue Middle School

Brooklyn, NY

Subsave – Subsave is an alert sensor within an app that will work along with the MTA help points to support commuters by discreetly reporting either a 911 emergency to police or a mental health emergency to mobile mental health responders.

Porter High School (Autumn D.)

Porter, TX

HiveHub – HiveHub is a state-of-the-art beehive monitoring system capable of recording the hive traffic, climate, and activity, all the while giving live feedback through the user-friendly app.

Greenbrier East High School

Lewisburg, WV

Mining Sensor – Mining Sensor assists with and expedites locating and rescuing lost cavers by sending a digital signal from the cavers to the surface.

 

“It was a difficult process for the judges to winnow down the full set of fifty State Winners to our ten National Finalists,” added Woo. “All the Samsung Solve for Tomorrow teams showed tremendous determination to help their communities. They worked hard on their projects and video presentations. And we believe that all State Winner teams deserve to be seen and celebrated as the talented and compassionate STEM heroes they truly are.”

 

Up next in the Samsung Solve for Tomorrow competition:

  • The 10 National Finalists will head to a live Pitch Event on May 15 in Washington, D.C. Judges will then select three National Winners, who will each receive $100,000 in prizes.
  • One of the 50 State Winners will be honored as our Sustainability Innovation Award Winner, receiving an added $50,000 prize package of eco-conscious classroom technology.
  • Of the 10 National Finalists, one will be named Community Choice Winner through online public voting, receiving an additional $10,000 in Samsung technology. To participate, simply view the student-created videos on the Samsung Solve for Tomorrow website and cast your vote. Voting is permitted once a day until 11:59 p.m. EDT on May 15, 2023.
  • Samsung employees will name one team this year’s Employee Choice Winner. That honor earns the winning school an added $10,000 of Samsung technology on top of their national winnings.

 

Across all award categories in Solve for Tomorrow, more than $2 million* in Samsung technology and classroom supplies will be distributed in the 2022-23 competition.

 

As part of Samsung’s guiding vision of ‘Together for Tomorrow! Enabling People’, Solve for Tomorrow launched in 2010 to encourage innovative thinking, creative problem-solving, and teamwork to address the most pressing issues impacting society. To date, Samsung Solve for Tomorrow has awarded $24 million in classroom technology and materials to 2,791 public schools in the United States.

 

To learn more about the national STEM competition, please visit www.samsung.com/solve or follow us on Instagram or Facebook.

*$2 million prize is based on an estimated retail value.

Contacts

Media: Nancy Zakhary, SamsungSFT@relev8.co

Categories
Business Regulations & Security Special/Sponsored Content

AM Best affirms credit ratings of SiriusPoint Ltd. and its subsidiaries

LONDON — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of SiriusPoint Ltd. (SiriusPoint) (Bermuda) [NYSE: SPNT]. Additionally, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of SiriusPoint, which is a non-operating holding company.

 

Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating of “bbb-” (Good) on USD 115 million, 7% senior unsecured notes, due 2025, of SiriusPoint. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).

 

The ratings reflect SiriusPoint’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of the group’s operating subsidiaries factor in their strategic importance to SiriusPoint.

 

SiriusPoint’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at year-end 2022, as measured by Best’s Capital Adequacy Ratio. The assessment also considers the significant de-risking of SiriusPoint’s asset base in 2022, owing to the redemption of USD 0.6 billion from related party investment funds and reinvestment of the proceeds into high quality fixed income securities. As a result, cash and fixed income investments comprised 92% of SiriusPoint’s investment portfolio at year-end 2022, up from 78% at year-end 2021. A partially offsetting rating factor is the group’s somewhat limited capital fungibility due to a significant portion of consolidated available capital being held as a safety reserve in the group’s Swedish subsidiary.

 

SiriusPoint is expected to report adequate operating performance over the underwriting cycle. However, recent technical performance has been weak, demonstrated by combined ratios of 120% and 107% (as calculated by AM Best) in 2021 and 2022, respectively. Underwriting profitability is expected to improve and be more stable as SiriusPoint’s management continues to rebalance the group’s business mix away from catastrophe-exposed property business toward less volatile accident and health and specialty lines.

 

SiriusPoint’s neutral business profile assessment reflects its market position as a midtier global (re)insurer, which operates from platforms in Europe, the United States, Bermuda and at Lloyd’s. The group has a good level of diversification by line of business, which is expected to improve further as it executes its business plan.

 

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

  • SiriusPoint America Insurance Company
  • SiriusPoint Bermuda Insurance Company Ltd.
  • SiriusPoint International Insurance Corporation (publ)
  • SiriusPoint Specialty Insurance Corporation

 

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

 

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Ben Diaz-Clegg
Senior Financial Analyst
+44 20 7397 0293
ben.diaz-clegg@ambest.com

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

Ghislain Le Cam, CFA, FRM
Senior Director, Analytics
+44 20 7397 0268
ghislain.lecam@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Art & Life Business Culture Lifestyle Sports & Gaming

Great Clips ® launches Show Your Flow campaign, asking NHL® fans to share their unique hockey hair flows

Six Fans Will Be Selected and Enshrined in the First-Ever Virtual Hockey Hair Hall of Fame

NHL All-Star Jack Hughes, Canadian Hockey Star Sarah Nurse and Social Media Influencers to Help Select Inaugural Class

 

MINNEAPOLIS — (BUSINESS WIRE) — Great Clips, the Official Hair Salon of the NHL, today launched the Show Your Flow campaign, which encourages fans to share photos and videos that put a spotlight on their unique and individual Hockey Hair styles.


From April 17 to May 7, fans can share a photo or video of their Hockey Hair on social media or through www.GreatClips.com/HockeyHair. On Instagram, Twitter and TikTok, fans must post a photo or video that best showcases their Hockey Hair, include the hashtags #ShowYourFlow and #Contest, tag @GreatClips as part of their post and follow the brand on their respective channels. To enter on Facebook, fans must comment on the entry post on the brand’s U.S. or Canada pages with a video or photo showing their Hockey Hair, include the hashtags #ShowYourFlow and #Contest and follow the brand. For complete contest and sweepstakes rules and information, click here.

 

For three straight weeks, one fan that has submitted content on social media or via the campaign website will be randomly selected each week to receive a $100 USD Great Clips gift card and a $100 USD NHLShop.com gift card (or equivalent value in CAD).

 

From all the submissions, Great Clips, Inc. and a panel of judges will select six inaugural members to be enshrined into a virtual Hockey Hair Hall of Fame. The six inductees will receive free haircuts for a year and signed memorabilia from NHL All-Star Jack Hughes and will be featured on Great Clips social and online channels. The inductee with the highest score by judges will receive a Grand Prize package that includes a trip to Nashville to attend the 2023 NHL Awards. The prize package includes two tickets to the NHL Awards, roundtrip airfare, hotel accommodations and $300 for food and local transportation.

 

Great Clips, Inc. and the judges will score the six members of the Hockey Hair Hall of Fame based on the following criteria:

  • Creativity and originality, showing how their Hockey Hair is unique to them, their fandom and their personality (45%)
  • Demonstrating their passion for hockey and Hockey Hair and how that passion enhances their fandom (35%)
  • Overall quality and appeal of the content (20%)

 

Members of the Hockey Hair Hall of Fame voting panel include two-time NHL All-Star and New Jersey Devils Center Jack Hughes, Canadian women’s hockey star Sarah Nurse, national talent show finalists and TV stars The Cline Twins, and hockey fan and influencer Jesse Pollock. Great Clips also partnered with popular influencers and professional dancers Cost n’ Mayor to choreograph a routine that flaunts their Hockey Hair and great moves. All influencers received haircuts from Great Clips stylists to get their Hockey Hair flows looking great for the 2023 Stanley Cup® Playoffs. To view a Show Your Flow compilation video, click here.

 

“Since 2019, Great Clips has celebrated the best Hockey Hair flows of NHL players past and present, but we know that great Hockey Hair goes beyond the pros,” said Lisa Hake, vice president of marketing and communications at Great Clips, Inc. “For the first time, Great Clips wanted to spotlight, memorialize, and reward fans for their unique and individual Hockey Hair flows through the Hockey Hair Hall of Fame. And, fans can visit their local Great Clips salons to achieve the Hockey Hair flows that fits them best.”

 

Great Clips will also have TV commercials running throughout the 2023 Stanley Cup® Playoffs featuring Jack Hughes and Cale Makar (Colorado Avalanche). Great Clips collaborated with the NHLPA to secure NHL players featured in TV commercials. The brand also is featuring NHL-themed creative within its salons across the U.S. and Canada and in digital ads in a robust NHL media package.

 

To participate in the Show Your Flow campaign and for tips and tricks to rock great-looking Hockey Hair all season long, visit www.GreatClips.com/HockeyHair.

 

Great Clips is also the official hair salon of the NHL Players Association and the NHL Alumni Association.

 

About Great Clips, Inc.

Great Clips, Inc. was established in 1982 in Minneapolis, Minnesota. Today, there are over 4,400 independently owned Great Clips® salons throughout the United States and Canada, making it the world’s largest salon brand. Great Clips is 100 percent franchised, and salons are owned locally by more than 700 franchisees across the U.S. and Canada. Great Clips® franchisees employ more than 25,000 stylists. Great Clips® franchised salons provide value-priced, high-quality haircare for men, women and children. Getting a great haircut at a Great Clips® salon is more convenient than ever with Online Check-In, ReadyNext® text alerts and Clip Notes®. To check in online, visit GreatClips.com or download the free app. For more information about Great Clips, Inc. or to find a salon location near you, visit GreatClips.com.

 

About the NHL

The National Hockey League (NHL®), founded in 1917, consists of 32 Member Clubs. Each team roster reflects the League’s international makeup with players from more than 20 countries represented, all vying for the most cherished and historic trophy in professional sports – the Stanley Cup®. Every year, the NHL entertains more than 670 million fans in-arena and through its partners on national television and radio; more than 191 million followers – league, team and player accounts combined – across Facebook, Twitter, Instagram, Snapchat, TikTok, and YouTube; and more than 100 million fans online at NHL.com. The League broadcasts games in more than 160 countries and territories through its rightsholders including ESPN, WBD Sports and NHL Network in the U.S.; Sportsnet and TVA Sports in Canada; Viaplay in the Nordics, Baltics, and Poland; YLE in Finland; Nova in Czech Republic and Slovakia; Sky Sports and ProSieben in Germany; MySports in Switzerland; and CCTV5+ in China; and reaches fans worldwide with games available to stream in every country. Fans are engaged across the League’s digital assets on mobile devices via the free NHL® App; across nine social media platforms; on SiriusXM NHL Network Radio™; and on NHL.com, available in eight languages and featuring unprecedented access to player and team statistics as well as every regular-season and playoff game box score dating back to the League’s inception, powered by SAP. NHL Original Productions and NHL Studios produce compelling original programming featuring unprecedented access to players, coaches and League and team personnel for distribution across the NHL’s social and digital platforms.

 

The NHL is committed to building healthy and vibrant communities using the sport of hockey to celebrate fans of every race, color, religion, national origin, gender identity, age, sexual orientation, and socio-economic status. The NHL’s Hockey Is For Everyone™ initiative reinforces that the official policy of the sport is one of inclusion on the ice, in locker rooms, boardrooms and stands. The NHL is expanding access and opportunity for people of all backgrounds and abilities to play hockey, fostering more inclusive environments and growing the game through a greater diversity of participants. To date, the NHL has invested more than $100 million in youth hockey and grassroots programs, with a commitment to invest an additional $5 million for diversity and inclusion programs over the next year.

 

About the National Hockey League Players’ Association

The National Hockey League Players’ Association (NHLPA), established in 1967, is a labour organization whose members are the players in the National Hockey League (NHL). The NHLPA works on behalf of the players in varied disciplines such as labour relations, product licensing, marketing, international hockey and community relations, all in furtherance of its efforts to promote its members and the game of hockey. In 1999, the NHLPA launched the Goals & Dreams fund as a way for the players to give something back to the game they love. Over the past 22 years, more than 80,000 deserving children in 34 countries have benefited from the players’ donations of hockey equipment. NHLPA Goals & Dreams has donated more than $25 million to grassroots hockey programs, making it the largest program of its kind. For more information on the NHLPA, please visit www.nhlpa.com.

NHLPA, National Hockey League Players’ Association and the NHLPA logo are registered trademarks of the NHLPA and are used under license. © NHLPA. All Rights Reserved.

 

About the NHL Alumni Association

The NHL Alumni Association (NHLAA), established in 1999, is an organization devoted to bettering the lives of all former NHL players and their families. The NHLAA exemplifies this commitment to its members in many different ways, including financial assistance, mental and emotional wellness support, physical care, post-playing career transition and family aid, all in furtherance of its efforts to ‘Honour the Past’. Since its inception, the NHLAA has become the largest membership of retired professional hockey players and focuses on making tomorrow better than today for all NHL Alumni throughout their journey. To learn more, and to view our latest news posts, please visit us at www.nhlalumni.com.

The Alumni logo is a trademark of the NHL Alumni Association. © NHL Alumni Association 2023. All Rights Reserved.

NHLPA, National Hockey League Players’ Association and the NHLPA logo are registered trademarks of the NHLPA and are used under license. © NHLPA. All Rights Reserved.​

Contacts

Beatrice Zvosec

952.746.6552

Beatrice.Zvosec@greatclips.com

Categories
Business Culture Economics Education Lifestyle Programs & Events Regulations & Security

Rutgers launches ‘Shares Laboratory’ to study and track equity compensation

26.3 million Americans hold company stock or stock options

 

PISCATAWAY, N.J. — (BUSINESS WIRE) — #ESPP — The Rutgers Institute for the Study of Employee Ownership and Profit Sharing today announced the nation’s first academic research initiative dedicated to equity compensation.

 

The Shares Laboratory will conduct research and policy analysis on company stock, stock options, employee stock purchase plans, and other shares in the workplace.

“A huge number of Americans receive equity compensation,” said Bill Castellano, a Professor in the Rutgers School of Management and Labor Relations and Co-Leader of the Shares Laboratory.

 

“There are many individual studies on its impact, but there’s never been a dedicated research program until now. The Shares Lab gives equity compensation an address – a place in higher education where policy, practice, and impact will be closely monitored.”

 

About a quarter of all private sector employees hold company stock or stock options as part of their compensation package, totaling about 26.3 million Americans. The Shares Lab will advance understanding of shares by:

  • Monitoring the growth of equity compensation and its role in the economy;
  • Analyzing federal policies relating to stock, stock options, and other shares;
  • Conducting scholarly research on equity compensation in all its forms;
  • Proposing path-breaking innovations to extend shares to more employees; and
  • Predicting how changes in equity access will affect different parts of the economy.

 

The Shares Lab will be the Institute’s flagship “big data” program, monitoring a rich array of government databases, public records, and private surveys. Its reports will overnight become the gold standard for basic research on equity compensation. In addition, the Lab has created a model of the U.S. economy that breaks down the labor force by industry, workplace practices, equity access, income, wealth, and personal characteristics. This model will enable researchers to conduct experiments on critical questions.

 

“We know there are gender and racial gaps in equity compensation,” said Douglas Kruse, a Distinguished Professor in the Rutgers School of Management and Labor Relations and Co-Leader of the Shares Laboratory.

 

“By using the model, we hope to learn which policy changes would extend shares to more women and people of color. We also hope to investigate how equity shares affect middle class incomes and wealth, among other key questions.”

 

Kruse is a former Senior Economist at the White House Council of Economic Advisers under President Barack Obama.

 

Bank of America, Computershare, Fidelity Investments, and Paypal are the initial supporters of the Shares Laboratory’s research effort. Google.org provided a major donation to support the collection of 2022 data. The Aspen Institute’s Economic Opportunities Program, the Employee Ownership Foundation, the Global Equity Organization, and the National Center for Employee Ownership will help to disseminate the reports.

 

“The Lab will provide the most objective analysis of equity compensation trends and will identify problems and opportunities in this field,” said Joo Hun Han, a Research Fellow in the Rutgers Institute for the Study of Employee Ownership and Profit Sharing and Co-Leader of the Shares Laboratory.

 

“By engaging with practitioners, we hope to accelerate the impact of our research and propose innovations in equity compensation.”

 

About the School

The Rutgers School of Management and Labor Relations (SMLR) is the world’s leading source of expertise on managing and representing workers, designing effective organizations, and building strong employment relationships.

 

About the Institute

SMLR’s Institute for the Study of Employee Ownership and Profit Sharing conducts empirical research, analyzes policy, and sponsors the leading global fellowship program and academic conferences in the field. Joseph Blasi, the J. Robert Beyster Distinguished Professor, serves as the Institute’s Director.

 

The Institute also manages a program to help college professors teach about these subjects (The Curriculum Library for Employee Ownership) and a technical assistance center (The NJ/NY Center for Employee Ownership). One recent initiative (The Employee Ownership Online Education Program), sponsored by the W.K. Kellogg Foundation, features free online videos to help retiring business owners sell to their employees.

Contacts

Press
Steve Flamisch, Rutgers School of Management and Labor Relations

848.252.9011 (cell), steve.flamisch@smlr.rutgers.edu