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AM Best affirms Credit Ratings of Principal Financial Group, Inc. and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively are referred to as Principal. Concurrently, AM Best has affirmed the Long-Term ICRs of “a” (Excellent) of Principal Financial Services, Inc. and PFG, as well as the group’s Long-Term Issue Credit Ratings (Long-Term IR). The outlook of these Credit Ratings (ratings) is stable. AM Best also has affirmed the group’s Short-Term Issue Credit Rating (Short-Term IR). (Please see below for a detailed listing of the Long- and Short-Term IRs.) All companies are headquartered in Des Moines, IA.

 

The ratings reflect Principal’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and very strong enterprise risk management.

 

AM Best views Principal’s risk-adjusted capitalization as very strong, as measured by Best’s Capital Adequacy Ratio (BCAR), although capital growth has been limited by dividends to the parent company. The company has lowered its product risk with divestitures in 2022 of retail fixed annuity and universal life insurance with secondary guarantee (ULSG) blocks. The balance sheet strength assessment also benefits from historically favorable financial flexibility, liquidity profiles and access to capital markets at the holding company level. AM Best’s view of the company’s capital is somewhat tempered by Principal’s higher allocations to commercial mortgages in comparison with the group’s peers and usage of its captive reinsurers.

 

The company continues to report favorable growth trends and profitability metrics, benefiting from its diverse lines of business, distribution channels and leading market positions. An increasing presence internationally provides additional earnings diversity. However, AM Best notes that political and macroeconomic risks in Principal’s key international markets could have negative effects on the holding company going forward.

 

Principal has demonstrated strong risk management capabilities through continued enhancements to its risk modeling and stress-testing capabilities to support its overall business strategy, which have driven recent major business decisions. AM Best will continue to monitor how risk management practices impact Principal’s asset to liability profile amid this changing interest rate environment.

 

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

Principal Financial Group, Inc.—

— “a” (Excellent) on $300 million 5.5% senior unsecured notes, due March 15, 2053

— “a” (Excellent) on $400 million 5.375% senior unsecured notes, due March 15, 2033

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

Principal Financial Group, Inc –

— “a” (Excellent) on $300 million 3.125% senior unsecured notes, due 2023

— “a” (Excellent) on $400 million 3.40% senior unsecured notes, due 2025

— “a” (Excellent) on $350 million 3.10% senior unsecured notes, due 2026

— “a” (Excellent) on $500 million 3.70% senior unsecured notes, due 2029

—“a” (Excellent) on $600 million 2.125% senior secured notes, due 2030

— “a” (Excellent) on $505.6 million 6.05% senior unsecured notes, due 2036

— “a” (Excellent) on $300 million 4.625% senior unsecured notes, due 2042

— “a” (Excellent) on $300 million 4.35% senior unsecured notes, due 2043

— “a” (Excellent) on $300 million 4.30% senior unsecured notes, due 2046

Principal Life Global Funding I—“aa” (Superior) on program rating

— “aa” (Superior) on all outstanding notes issued under the program

Principal Life Global Funding II—“aa” (Superior) on program rating

— “aa” (Superior) on all outstanding notes issued under the program

Principal Financial Global Funding, LLC—“aa” (Superior) on program rating

— “aa” (Superior) on all outstanding notes issued under the program

Principal Financial Global Funding II LLC—“aa” (Superior) on program rating

Principal Life Income Funding Trusts—“aa” (Superior) on program rating

The following Short-Term IR has been affirmed:

Principal Life Insurance Company—

— AMB-1+ (Strongest) commercial paper rating

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

Principal Financial Group, Inc.—

— “a” (Excellent) on senior unsecured debt

— “a-”(Excellent) on subordinated debt

—“bbb+”(Good) on preferred stock

Principal Capital I, II and III—

— “aa” (Superior) on preferred securities

 

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

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

Jacqalene Lentz
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

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

Categories
Business Digital - AI & Apps Lifestyle Technology

TrueFort launches the TrueFort Trust Global Channel Partner Program

Security partner ecosystem will focus on addressing customer challenges associated with lateral attack protection, workload security and micro-segmentation

 

WEEHAWKEN, N.J. — (BUSINESS WIRE) — #Applicationprotection — TrueFort, the lateral movement protection company, today announced the TrueFort Trust Partner Program for IT solution providers, systems integrators, consultants, MSPs/MSSPs and ISVs to deliver custom workload, lateral attack and micro-segmentation security solutions. The program uses a channel friendly model that allows partners to capitalize on new market opportunities to generate new recurring revenue streams.

TrueFort provides deep visibility and real-time protection for cloud, data center, and hybrid application environments. On day one, TrueFort channel partners benefit from application intelligence and workload behavior analytics to enforce Zero Trust microsegmentation that contains lateral movement and stops the spread of ransomware. TrueFort has unique full-stack cloud workload capabilities based on patented behavioral analytics and policy automation, specifically designed to address the complexities and dynamic nature of modern workloads.

 

“TrueFort enables partners to deliver value-added services to prevent zero-day, supply chain and ransomware attacks,” said Jay Dosanjh, VP Channels and Alliances for TrueFort. “Our channel-first model allows partners to engage in accordance with their business structure and growth initiatives. The more you invest and collaborate with TrueFort, the more benefits and rewards you will receive in return.”

 

TrueFort Partner Program Details

The multi-tier TrueFort Partner Program includes the following elements to enable partners to succeed and capitalize on this fast growing market opportunity:

  • Enables partners to differentiate their offerings via TrueFort’s integrated, lifecycle approach to microsegmention, service account protection, workload hardening, and file integrity monitoring
  • Provides automation to trigger response in ticketing systems, CMDBs, and SOC tools
  • Partner participation profitability and gamified incentives
  • Access to a Knowledge Base of sales assets, use cases, and technical collateral
  • Deal registration to reduce channel conflict and provide opportunity protection
  • Sandbox license for TrueFort Platform to demonstrate use cases and capabilities to prospects and customers
  • Marketing support and market development funds for joint programs, events and Go-to Market initiatives
  • Dedicated sales and system engineering support for successful deployments
  • Partner enablement and training resources helping you crawl, walk, and run on your own
  • Dedicated Partner Account Team
  • Differentiated partner levels, providing greater value based on engagement and joint opportunities

 

“Channel partners seek innovative solutions to address sophisticated cyberattacks,” said Charbel Tawil, Chairman and CEO of Forequest Technologies. “By providing a continuous detection and response platform that understands accepted behavior, TrueFort controls lateral movement used by zero-day, supply chain and ransomware attacks.”

 

Top Market Opportunities

Three of the leading customer use cases that TrueFort channel partners can monetize are:

1) Microsegmentation – TrueFort Zero Trust segmentation goes beyond other limited microsegmentation products by leveraging a behavioral understanding of applications that spans activity from network connections, users, and executed commands.

2) Granular Application Visibility – TrueFort provides a unified, real-time view of all user, network, and process behavior within applications across cloud, virtual, container-based, and traditional environments. This makes it easy to establish and detect trusted and untrusted relationships between applications.

3) Incident Response and Threat Hunting – TrueFort enables workflow-driven, rule-based real time response to attacks. It enables customers to detect and shut down unapproved lateral movement by blocking network connections, killing processes and disconnecting users in real-time.

 

For more information on joining the TrueFort Partner Program visit: TrueFort | Partners

 

About TrueFort

TrueFort puts you in control of lateral movement across the data center and cloud. The TrueFort Cloud extends protection beyond network activity by shutting down the abuse of service accounts. Founded by former IT executives from Bank of America and Goldman Sachs, leading global enterprises trust TrueFort to deliver unmatched application environment discovery and microsegmentation for both identity and activity. For more information visit https://truefort.com and follow us on LinkedIn and Twitter.

Contacts

Media Contact:

Marc Gendron

Marc Gendron PR for TrueFort

marc@mgpr.net
617.877.7480

Categories
Business Culture Entertainment News Lifestyle

Introducing 3 Pointers: An exclusive mini-series starring Man vs. Food’s Casey Webb — Premiering on VIZIO

Lifestyle Programming Developed with BetMGM Designed to Give a Big Assist to College Basketball Tournament Fans

 

IRVINE, Calif. — (BUSINESS WIRE) — VIZIO (NYSE: VZIO) today announced the launch of an exclusive branded entertainment series, 3 Pointers. Hosted by renowned talent Casey Webb (Man vs. Food), the four-part limited series celebrates the culture of college basketball’s big month with game day recipes, beverages, and entertainment hacks designed to elevate the viewing experience.

 

Produced in partnership with BetMGM, a market-leading sports betting and gaming entertainment company, the marquee series launches on March 17th, exclusively on VIZIO.


“3 Pointers captures important criteria as we evaluate what to put in front of our audiences: relevance, timeliness, and premium storytelling,” said Steve DeMain, VP of Branded Content & Sponsorships at VIZIO.

 

“As we continue to evolve the experiences we deliver to our customers, we’re also expanding the opportunities we can provide brands to connect with our audience in unique ways that add value to their journey. It’s a win-win.”

 

3 Pointers is just in time for America’s favorite month-long college basketball event. In each episode, host Casey Webb shares fun recipes and entertaining tips that will make any game day gathering a slam dunk. Whether you’re cheering on your favorite team or just trying out a new recipe, 3 Pointers promises something for everyone.

 

“We collaborated with VIZIO on this one-of-a-kind programming from concept to completion with the goal of creating a premium entertainment experience that taps into the excitement of March basketball,” said Matt Prevost, CRO at BetMGM.

 

“3 Pointers is a creative and dynamic series that we hope sports fans will enjoy throughout the month-long celebration of college basketball and beyond.”

 

The exclusive content was produced by food and lifestyle veterans Turn Card Content. 3 Pointers is available on the VIZIO home screen and on demand on WatchFree+. The series provides fun tips for consumers during March basketball and takes viewers directly into the content — marking a breakthrough moment for tracking the efficacy and impact of integrated content.

 

3 Pointers premieres on March 17th on the VIZIO home screen. Following the premiere, the mini-series will be available on demand on VIZIO WatchFree+. Click here to watch the trailer for the series.

 

About VIZIO

Founded and headquartered in Orange County, California, our mission at VIZIO Holding Corp. (NYSE: VZIO) is to deliver immersive entertainment and compelling lifestyle enhancements that make our products the center of the connected home. We are driving the future of televisions through our integrated platform of cutting-edge Smart TVs and powerful operating system. We also offer a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience.

 

For more information, visit VIZIO.com and follow VIZIO on Facebook, Twitter, and Instagram.

 

About BetMGM

BetMGM is a market-leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entai Plc (LSE: ENT), BetMGM has exclusive access to all of MGM’s U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain’s US-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com.

Contacts

Melissa Hourigan

Fabric Media

720-608-1919

melissa@fabricmedia.net

Categories
Business Culture Digital - AI & Apps Lifestyle Technology

MIPI Alliance announces honorees in 10th Annual Membership Awards ceremony

Ten recipients recognized for extraordinary contributions to MIPI specifications for mobile, IoT, security, automotive and more

 

PISCATAWAY, N.J. — (BUSINESS WIRE) — #MIPI — The MIPI Alliance, an international organization that develops interface specifications for mobile and mobile-influenced industries, today announced the recipients of the 2022 MIPI Alliance Membership Awards for their outstanding contributions and leadership. MIPI’s 10th annual awards ceremony took place last week in conjunction with MIPI Member Meeting #62 in Lisbon, Portugal.


“It is primarily because of the intense commitment of our growing membership that MIPI Alliance is able to succeed in our mission to deliver the interface specifications necessary to create state-of-the-art, innovative mobile-connected devices,” said Sanjiv Desai, chair of the MIPI Alliance.

 

“This awards ceremony is always a welcome opportunity to recognize those individuals and member companies who have given the most of themselves to MIPI activities and the industries we serve. We thank all of our members for their continued contributions.”

 

Individuals and companies are nominated by MIPI members. An awards and recognition committee appointed by the MIPI Board of Directors reviews and recommends nominees, and the board approves the final honorees. Ten award recipients in six categories were recognized in the 2022 program.

 

The Lifetime Achievement Award is presented to individuals with at least seven years of service to MIPI Alliance and who have provided noteworthy contributions or leadership to a working group, the board of directors or another MIPI area. Sergio Silva of Synopsys, Inc., was recognized for his ongoing influence and innovative contributions to MIPI M-PHY, particularly in both the electrical and digital domains. An active contributor for more than a decade, Silva recently brought forward a key proposal for the next version of the specification and has leveraged his profound knowledge of physical layer requirements to proactively resolve issues and challenges, and clarify M-PHY use cases.

 

The Corporate Award was presented to Western Digital Technologies Inc., a MIPI Alliance member since 2006, for outstanding leadership and contributions to the development of the MIPI M-PHY physical layer interface and the MIPI UniPro transport layer, both of which have been developed in collaboration with JEDEC for its widely implemented Universal Flash Storage standard. Western Digital representative Kirill Dimitrov assumed the chair role for the MIPI M-PHY Working Group in 2018 and received a 2021 MIPI Working Group Leadership Award.

 

The Working Group Leadership Award is presented to leaders within MIPI working groups in recognition of their noteworthy contributions to the groups’ activities or specification development. Two individuals were recognized for their efforts in 2022:

  • Philip Hawkes of Qualcomm Incorporated, co-chair of the MIPI Security Working Group, was recognized for his own contributions, as well as his efforts to encourage others to participate in the development of the forthcoming MIPI Security framework, which includes the MIPI Security v1.0 and MIPI Security Profiles v1.0 specifications. The group is also collaborating with the Camera Working Group to apply these specifications to securing MIPI CSI-2 data streams.
  • Niel Warren of Google LLC, chair of the MIPI Audio Working Group, was honored for his contributions and dedication in the development of MIPI SoundWire and the forthcoming MIPI SoundWire I3S (MIPI SWI3S) specification. Warren has been instrumental in soliciting member inputs, and under his leadership, working group participation has been at an all-time high.

 

Four members received the Distinguished Service Award, which recognizes individuals impacting the MIPI specification development process or those contributing by serving on the board of directors, a working group, or helping in the areas of marketing or testing:

  • Nadav Banet of Valens Semiconductor received the award for innovative contributions across the end-to-end MIPI Automotive SerDes Solutions (MASS) framework. The lead of the Camera Adaptation Layer Subgroup, Banet’s major inputs include the Service Extension Packet (SEP) format, which has been adopted by both the MIPI Camera Service Extensions (MIPI CSE) and MIPI Display Service Extensions (MIPI DSE) specifications.
  • Hendrik Lange of KIOXIA Corporation was recognized for his contributions to the development of MIPI UniPro v2.0. In addition to helping create a comprehensive and thorough Conformance Test Suite (CTS) for the newest version of UniPro, Lange helped ease implementation by ensuring high-quality descriptions were included in the specification.
  • Cédric Marta of Synopsys, Inc. was selected to receive this honor for his contributions to the MIPI Camera Working Group. As a co-vice chair of the working group, Marta has provided especially crucial support in discussions surrounding the MPI CSI-2 ecosystem and interoperability, and has served as a MIPI author to provide education on the features and capabilities of CSI-2.
  • Jürgen Urban of KIOXIA Corporation was recognized for his input in creating the CTS for MIPI UniPro v2.0. Urban was instrumental in applying new features and leading discussions on change proposals for the CTS, helping speed its completion. As a former chair of the UniPro Working Group, Urban also received a Working Group Leadership Award in 2014.

 

The Special Achievement Award is presented to individuals who actively and consistently perform and contribute toward MIPI Alliance objectives. The 2022 award was presented to Chris Grigg, MIPI’s specifications and technical editing director. For 10 years, Grigg has expertly managed the editing process for a growing portfolio of MIPI specifications and supporting documents to ensure high quality, clarity and consistency across all technical materials and Alliance policies.

 

The Legacy Award, presented posthumously for notable participation in MIPI Alliance, was presented to Paul Kimelman of NXP Semiconductors. A longtime contributor, Kimelman’s extraordinary leadership and tireless coordination were key to the development and promotion of MIPI I3C. He was also a notable contributor to MIPI Debug for I3C, authoring a key section of the specification.

 

For photos and information about past recipients, please visit https://www.mipi.org/membership/annual-awards.

 

To discover more about MIPI Alliance, subscribe to its blog and connect with its social networks by following MIPI on Twitter, LinkedIn and Facebook.

 

About MIPI Alliance

MIPI Alliance (MIPI) develops interface specifications for mobile and mobile-influenced industries. There is at least one MIPI specification in every smartphone manufactured today. Celebrating its 20th anniversary in 2023, the organization has over 375 member companies worldwide and more than 15 active working groups delivering specifications within the mobile ecosystem. Members of the organization include handset manufacturers, device OEMs, software providers, semiconductor companies, application processor developers, IP tool providers, automotive OEMs and Tier 1 suppliers, and test and test equipment companies, as well as camera, tablet and laptop manufacturers. For more information, please visit www.mipi.org.

 

MIPI®, A-PHY®, CSI-2®, M-PHY® and UniPro® are registered trademarks owned by MIPI Alliance. C-PHYSM, CSESM, D-PHYSM, DSESM, MIPI SecuritySM and SWI3SSM are service marks of MIPI Alliance.

Contacts

Becky Obbema

Interprose for MIPI Alliance

+1 408.569.3546

becky.obbema@interprosepr.com

Categories
Business International & World Lifestyle Weather & Environment

Best’s Market Segment Report: French Insurers reconsider natural catastrophe assumptions following another very expensive year

AMSTERDAM — (BUSINESS WIRE) — #insurance — Growing frequency and severity of weather-related events such as drought, storms and wildfires are prompting French insurers and reinsurers to rethink their appetite and pricing for natural catastrophe risks, according to a new report from AM Best.

The Best’s Market Segment Report, “French Insurers Reconsider Natural Catastrophe Assumptions Following Another Very Expensive Year,” notes that record-breaking temperatures and severe droughts led to significant property damage losses in 2022. The latest estimate from France Assureurs puts insurers’ weather-related natural catastrophe losses for 2022 at around EUR 10 billion, prompting reinsurers to push up prices and tighten conditions in the January 1 renewals.

 

To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=329668.

 

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

Pierre Tournier
Associate Director, Analytics
+31 20 308 5423
pierre.tournier@ambest.com

Morgane Hillebrandt
Financial Analyst
+31 20 308 5422
morgane.hillebrandt@ambest.com

Mathilde Jakobsen
Director, Analytics
+31 20 808 3118
mathilde.jakobsen@ambest.com

Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322
richard.banks@ambest.com

Edem Kuenyehia
Director, Market Development & Communications
+44 20 7397 0280
edem.kuenyehia@ambest.com

Categories
Business Culture News Now! Perks

Cherry Hill Mortgage Investment Corporation announces appointment of Sharon Lee Cook to Board of Directors

FARMINGDALE, N.J. — (BUSINESS WIRE) — Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) is pleased to announce the appointment, effective as of March 8, 2023, of Sharon Lee Cook to the Board of Directors to serve out the term of Ms. Regina Lowrie, who passed away on January 1, 2023.

 

Ms. Cook is independent in accordance with NYSE listing standards, has been appointed to serve on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committees of the Board and will participate in the same compensation programs as the other non-management directors.

 

“We are excited to welcome Ms. Cook to our Board,” said Jay Lown, President and Chief Executive Officer of Cherry Hill Mortgage Investment Corporation.

 

“We are thrilled to have someone of her caliber and wealth of experience to further strengthen our Board, and I have the utmost respect for Ms. Cook both personally and professionally. We expect her insights and perspective will provide us with considerable value as we navigate through the current environment.”

 

Ms. Cook is the founder and president of OLE Three Consulting, Inc., a management advisory firm that she founded in March 2022.

 

Previously, she was a managing director at securities firm Incapital LLC, a managing director at investment banking firm D.A. Davidson & Co., and a managing director at Sterne, Agee & Leach Inc. Before that, Ms. Cook was a senior economic and policy advisor to the deputy director of the U.S. Department of Treasury’s Office of Thrift Supervision where she participated in the resolution of failing banks, and the development of the Troubled Assets Relief Program (TARP) and the Home Affordable Modification Program (HAMP).

 

Earlier in her career, Ms. Cook spent 12 years as a managing director at investment management firm Legg Mason Wood Walker Inc. and was the deputy assistant director at the Federal Deposit Insurance Corporation (FDIC) for five years. She is a member of the board of directors of the Prevent Cancer Foundation, where she serves on the Finance Committee, and she is a member of the National Association for Corporate Directors. She is a graduate of The George Washington University.

 

About Cherry Hill Mortgage Investment Corporation

Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.

Contacts

Investor Relations

(877) 870 –7005

InvestorRelations@CHMIreit.com

Categories
Business Lifestyle

AM Best places Credit Ratings of Universal North America Insurance Company under review with negative implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX).

 

The Credit Ratings (ratings) have been placed under review with negative implications due to a delay of UNAIC’s year-end 2022 annual statement filing. The negative implications take into consideration the uncertainty surrounding the balance sheet strength and operating performance assessments.

 

UNAIC’s ratings had negative outlooks prior to them being placed under review based on concerns regarding the volatile results and the potential for a change in their business profile. In addition, there is uncertainty at the enterprise level due to issues at an affiliated company. The ratings will remain under review until AM Best can analyze the company’s year-end 2022 results.

 

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

Janet Hernandez
Senior Financial Analyst
+1 908 439 2200, ext. 5767
janet.hernandez@ambest.com

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

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

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

Categories
Business

AM Best revises outlooks to negative for Texas Farm Bureau Casualty Group members, affirms Credit Ratings of affiliates

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Texas Farm Bureau Casualty Insurance Company and Farm Bureau County Mutual Insurance Company of Texas. These two companies comprise the Texas Farm Bureau Casualty Group (the Group).

 

Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Texas Farm Bureau Mutual Insurance Company and Texas Farm Bureau Underwriters. The outlook of these Credit Ratings (ratings) is stable. These companies are affiliates of the Group and are collectively referred to as Texas Farm Bureau Mutual Group (Texas Mutual). All companies are domiciled in Waco, TX.

 

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

 

The Group’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), a relatively conservative investment portfolio, adequate liquidity measures and a comprehensive reinsurance program. The operating performance assessment is adequate, but underwriting volatility has adversely impacted 2021 and 2022 results. The limited business profile reflects the Group’s geographic concentration within Texas, which has resulted in volatility in certain years. AM Best considers the Group’s ERM program to be appropriate for its size and scale of operations.

 

The revision of the outlooks to negative reflects pressure on the Group’s operating performance relative to AM Best’s current adequate assessment. Unfavorable underwriting results over the last two years were driven by elevated catastrophic weather events, along with industry-wide challenges being experienced in the private passenger auto line of business. Results in 2021 were impacted by multiple severe weather events in Texas, and 2022 results were mainly impacted by an increase in total loss severity as a result of inflation and corresponding loss cost pressures. Management has responded by implementing rate increases across all lines of business, as well as more granularity in pricing segmentation with a focus on improving rate adequacy in an effort help stabilize results.

 

The ratings of Texas Mutual reflect its balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile, appropriate ERM, as well as rating enhancement given the level of its integration within the Group.

 

Texas Mutual’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by BCAR, a relatively conservative investment portfolio, adequate liquidity measures and a comprehensive reinsurance program. The marginal operating performance assessment is due to performance fluctuations driven by weather-related losses. Texas Mutual’s limited business profile reflects its geographic concentration within Texas, which has resulted in volatility in certain years. AM Best considers Texas Mutual’s ERM program to be appropriate for its size and scale of operations.

 

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

Nicholas Matukaitis
Financial Analyst
+1 908 439 2200, ext. 5486
nicholas.matukaitis@ambest.com

Richard Attanasio
Senior Director
+1 908 439 2200, ext. 5432
richard.attanasio@ambest.com

Christopher Sharkey
Manager, 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 Lifestyle Science

Cintas’ LED lighting transition nears completion

LEDs, other facility-related energy-reduction projects are part of the company’s ambition to achieve Net Zero GHG emissions by 2050

 

CINCINNATI — (BUSINESS WIRE) — $CTAS — Cintas Corporation (Nasdaq: CTAS) is nearing completion of a multi-year companywide LED lighting transition project to help reduce facility-focused energy use and support the company along its Path to Net Zero.


Cintas’ 475 facilities throughout the United States and Canada fulfill the needs of its four business divisions. These field locations, distribution centers and corporate facilities combine for about 23 million square feet of space that requires heating, cooling and appropriate lighting.

 

Cintas identified an opportunity to decrease energy use by installing LED lights at its older, more energy-intensive locations, and initiated the company-wide LED transition project in FY’19.

 

Cintas’ Quality and Engineering Team completed LED installations at more than 125 locations by the end of the company’s fiscal year 2022, and entered the current fiscal year with fewer than 50 target facilities remaining in the current phase.

 

“We’ve already installed LED lighting in over 6 million square feet of space in our facilities, which is poised to reduce our annual energy use by almost 23.3 million kilowatt hours going forward,” said Christy Nageleisen, Cintas’ Vice President of ESG.

 

More than 27,000 incandescent and fluorescent lighting fixtures have been swapped out, and the energy savings generated by the LEDs represents more than 16,500 metric tons of CO2 emissions averted annually.

 

> VIDEO (YouTube): Cintas Uses LED Lighting Conversions to Reduce Energy Requirements

 

A Strategic Plan

The lighting transition project is part of Cintas’ strategic ambition to achieve Net Zero GHG emissions by 2050.

 

“We’re not waiting until 2050 to start,” said Mark Bolen, Cintas Vice President of Quality & Engineering. “We’re looking at all avenues to see where it makes the most sense, where our dollar has the best return, and it’s not just lighting. It’s being better environmental stewards.”

 

Cintas reduced its energy consumption intensity by 7.9% from FY’21 to FY’22, which included the expanding impact of the LED lighting transition project.

 

A Comprehensive Approach

Cintas’ facility-focused energy reductions go beyond LED lighting conversions.

 

“Sustainability and energy efficiency plays a key role for us, primarily because our products are delicate and they require a lot of attention that we provide to our customers,” Bolen said. “Engineering is constantly looking at ways to find equipment that is more reliable – more energy efficient – to ultimately reduce our reliance on energy.”

 

To that end, Cintas is exploring opportunities to test solar technology. Working with the state of New Jersey, Cintas identified the opportunity to install its first solar-powered system at the company’s Rental location in Piscataway, N.J.

 

The project is underway and is expected to be fully installed and operational in the late spring of 2023. Once online and connected to the energy grid, Cintas’ first solar system installation will allow the company to evaluate its year-round performance and compare the costs with traditional utility-based energy sources.

 

Cintas’ Engineering Team and its Facility Team area also evaluating other energy- and water-reduction capabilities for its existing and future facilities.

 

Some Cintas facilities currently have various energy-reduction technologies installed, including entrances with multiple doors, timing mechanisms on the HVAC and lighting systems, water-flow reducers and thermoplastic polyolefin (TPO) roofs and ceilings made of lighter-colored materials to reflect radiant heat.

 

Additionally, all new Cintas buildings constructed since 2017 have been built with LED lighting systems installed. This includes external LED lighting configurations that create zero light spillage (also known as photometric pollution) at Cintas’ property boundaries.

 

As a result of the Path to Net Zero and the company’s overall Operational Excellence and Reliability initiatives, Cintas is also investigating the potential benefits of standardizing facility plans that incorporate a consistent set of energy-reducing technologies across all Cintas operations.

 

Learn More about Cintas’ ESG Journey

 

About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Contacts

Lizz Summers, Cintas Director of Corporate Affairs | summerse2@cintas.com, 513-972-2859

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Wee-Wee® Eco Pads named among the Best Eco-Friendly Puppy Training Pads of 2023

NEPTUNE CITY, N.J. — (BUSINESS WIRE) — $CENT #FourPaws — Four Paws®, a leading pet brand in the Central Garden & Pet portfolio (Nasdaq: CENT) (Nasdaq: CENTA), and their Wee-Wee® Eco Pads were listed among “The 7 Best Eco-Friendly Puppy Training Pads of 2023” by Treehugger, an award-winning sustainability website that provides information centered on eco-friendly lifestyles.


“Our Wee-Wee products provide a worry-free housetraining and waste management experience to help keep pets comfortable and give pet parents peace of mind with a cleaner home and cleaner environment,” said Glen S. Axelrod, President and CEO of Four Paws. “That’s why it’s our ongoing mission and responsibility to continue creating innovative solutions with a focus on sustainability that pet parents can trust.”

 

All products in Treehugger’s list were evaluated based on criteria including environmental impact, effectiveness, ease of use, design, and function. The website’s writers and editors independently research, test, review, and recommend products that are deemed the best.

 

Wee-Wee Superior Performance Eco Pads combine Earth-friendly materials with the proven dependability that the Four Paws brand has delivered for over 50 years. Featuring a leak-proof liner made of 50% recycled materials, each pad offers absorbent bleach-free & dye-free layers and 24-hour protection for a cleaner home—and a cleaner planet! As with all Wee-Wee branded pads, satisfaction is guaranteed or your money back.

 

Supporting the Four Paws Earth-friendly mission, these eco-centric pads are made with ethically sourced and sustainable materials. All Wee-Wee branded pads come in smarter, compact packaging to help minimize waste, improve transportation efficiency, and reduce pollution. In addition, Wee-Wee Pads are manufactured in facilities that utilize partial solar energy, partially recycled water, and operational efficiencies to help reduce waste, energy, and emissions.

 

Wee-Wee Eco Pads are available at select in-store retailers and online at Amazon, Petco, Chewy, and Walmart.com.

 

About Four Paws

Four Paws, a leader in innovative pet solutions for more than 50 years, offers products that simplify pet parenting. The brand’s dog & cat products make nose-to-tail care easy and include training pads, supplements, grooming tools, and beyond. For more information, visit www.fourpaws.com. Four Paws is a subsidiary of California-based Central Garden & Pet Company.

 

About Central Garden & Pet

Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands that home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2022 net sales of $3.3 billion, Central is on a mission to lead the future of the Pet and Garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro®, Aqueon®, Cadet®, Farnam®, Ferry-Morse®, Four Paws®, Kaytee®, K&H®, Nylabone® and Pennington®, strong manufacturing and distribution capabilities and a passionate, entrepreneurial growth culture. Central Garden & Pet is based in Walnut Creek, California and has over 7,000 employees across North America and Europe. Visit www.central.com to learn more.

Contacts

PR Contact

Liz Nunan

Phone: (925) 878-9465

Email: Lnunan@central.com