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Hughes: Support small businesses by buying local this holiday season

Mercer County Executive Brian M. Hughes encourages residents, who are preparing to make their shopping trips this holiday season, to consider the many small businesses in Mercer, some of which may be only a short distance away.

 

“The effect on our economic development community can be significant when we decide to buy local,” the County Executive said.

 

“Several studies have shown that when you buy from an independent, locally owned business, more of that dollar spent is reinvested into the community. That particular business is more likely to purchase goods or services from local or regional businesses, and thus stimulate more economic growth.”

 

For example, he said, studies have shown that for every $100 spent at a retail chain, there is a $43 return to the community. On the other hand, for every $100 spent at a local business, there is a return of $68 to the community.

 

“I would like to thank all of our local businesses and ‘buy local’ organizations that sponsor a sports team, support a local nonprofit or donate to a specific cause or program,” he said. “Their generosity uplifts communities and positively affects people’s lives.”

 

Besides these benefits, buying local generates more local job opportunities and creates environmentally friendly practices, the County Executive said.

 

“Whether it’s visiting a nearby retail store or buying a gift card at a local restaurant, let’s all remember our independently owned businesses this holiday season and the important impact that these businesses have on our daily lives,” he said.

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Business Environment Science

Atlantic Shores Offshore Wind Project 1 signs agreement with EEW American Offshore Structures at the Port of Paulsboro Marine Terminal

ATLANTIC CITY, N.J. — (BUSINESS WIRE) — Atlantic Shores Offshore Wind Project 1, LLC (Atlantic Shores Project 1), a wholly owned subsidiary of Atlantic Shores Offshore Wind, LLC (Atlantic Shores), a 50:50 partnership between Shell New Energies US LLC and EDF-RE Offshore Development, LLC, announced it has executed a Pre-Commitment and Capacity Reservation Agreement (PCCRA) with EEW American Offshore Structures Inc. (EEW-AOS) to serve as the manufacturing company for monopiles on its 1.5 GW offshore wind project.

Located approximately 10-20 miles off the coast of Atlantic City, New Jersey, Atlantic Shores Project 1 will generate enough clean energy to power more than 700,000 homes and bring $848 million in guaranteed local economic benefits to the state. Atlantic Shores Project 1 is the largest single project awarded in New Jersey and third largest offshore wind project in the United States.

 

EEW Group is a global leader in manufacturing large-diameter steel pipes for offshore wind turbine foundations. EEW American Offshores Structures (EEW-AOS) at the Port of Paulsboro Marine Terminal in New Jersey will be the largest offshore wind manufacturing facility in the United States.

 

The PCCRA enables Atlantic Shores Project 1 to fully fabricate their monopiles in New Jersey and provides EEW-AOS the order book commitments needed to support the second phase (Phase 2) of their manufacturing facility. Atlantic Shores Project 1 will also provide future payments for start-up assistance in order to train and hire a local workforce for high-quality, in-demand jobs at the facility. EEW-AOS is working with its partners and the State of New Jersey to achieve all prerequisites to progress work on the second build-out phase at Port of Paulsboro Marine Terminal.

 

“Atlantic Shores is thrilled to partner with EEW-AOS and signal our strength as the leader of New Jersey’s clean energy economy,” said Joris Veldhoven, Chief Executive Officer of Atlantic Shores Offshore Wind. “With the recent announcements of Vestas as our turbine supplier and Ramboll as foundations designer, this agreement with EEW-AOS represents significant progress towards ‘Made in New Jersey’ monopile manufacturing and the creation of quality jobs in the Garden State. We are confident that EEW-AOS will have the site prepared to start manufacturing monopiles for Atlantic Shores Project 1 in 2024.”

 

“As a full-time resident of the Jersey Shore, I am keenly aware of our needs for both economic growth and solutions to address the significant impacts of climate change,” said Lee Laurendeau, Chief Executive Officer of EEW American Offshore Structures. “EEW-AOS is proud to partner with Atlantic Shores Project 1 on developing clean energy infrastructure that will create jobs, contribute to the local economy, and support coastal community resiliency. We are working with our partners to ensure our Phase 2 facility expansion is ready for Atlantic Shores Project 1, and to help New Jersey achieve its bold and ambitious offshore wind goals.”

 

About Atlantic Shores:

Atlantic Shores Offshore Wind, LLC (Atlantic Shores), a 50:50 partnership between Shell New Energies US and EDF Renewables. Atlantic Shores is comprised of purpose-driven professionals dedicated to delivering its 5+ gigawatt offshore wind portfolio, strategically positioned to meet the growing demands of multiple east coast markets including New York and New Jersey.

 

We invite you to learn more about Atlantic Shores Offshore Wind by visiting our website at www.atlanticsshoreswind.com and following us on our social media channels:

www.linkedin.com/company/atlantic-shores-wind
www.facebook.com/atlshoreswind
www.instagram.com/atlshoreswind
www.twitter.com/ATLShoresWind

 

About EEW Group:

For more than 85 years the EEW Group has been known as a worldwide specialist for the production of steel pipe constructions and corresponding pipe components. As a pioneer in manufacturing foundations for the offshore wind industry, the EEW Group has established itself as a leading manufacturer of foundations within the global offshore supply chain. Having built more than 2,000 monopiles and delivered structural pipe components for more than 450 jacket foundations to offshore wind projects all over the world, EEW contributes decisively on the global expansion of renewable energy. For more information, please visit https://eew-group.com/.

https://www.linkedin.com/company/eew/

Contacts

Terence Kelly

Head of External Affairs

Atlantic Shores Offshore Wind

terence.kelly@atlanticshoreswind.com
+1 (347) 834-3957

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Business Healthcare

Abra Health’s Children’s Ambulatory Surgery Center obtains accreditation from AAAHC

FAIRLAWN, N.J. — (BUSINESS WIRE) — #NJ–Abra Heath’s Children’s Ambulatory Surgery Center of New Jersey is pleased to announce that it has been awarded accreditation from the Accreditation Association for Ambulatory Surgery Centers (AAAHC).


The AAAHC is a recognized leader in the accreditation of ambulatory surgery centers, and its accreditation demonstrates the Children’s Ambulatory Surgery Center’s commitment to providing high-quality, patient-centered care. The center underwent a thorough on-site review to earn its accreditation, which included evaluations of its quality of care, management, and services.

 

“We are thrilled to have received accreditation from the AAAHC,” said Mackenzie Bayer, Vice-President of Clinical Operations at the Children’s Ambulatory Surgery Center. “This achievement is a testament to the dedication and hard work of our entire team, who are committed to providing the highest level of care to our patients and their families.”

 

The Children’s Ambulatory Surgery Center is a state-of-the-art facility that offers a range of outpatient dental surgical procedures for children in a child-friendly environment. The center’s team of highly trained pediatric surgeons, anesthesiologists, nurses, and support staff are dedicated to providing exceptional care and support to children and their families.

 

The AAAHC accreditation is valid for three years, and the Children’s Ambulatory Surgery Center will continue to adhere to the highest standards of care to maintain its accreditation.

 

As an integrated health provider Abra Health also provides pediatric primary care as well as all-ages dental care in New Jersey. Providing both dental and primary care enables Abra Health patients to have easy access to a broad range of services.

 

Abra Health is slated to open new additional large-footprint multi-specialty dental and pediatric primary care offices in early and mid-2023 in northern New Jersey and eastern Pennsylvania.

 

About Abra Health

Founded in 2008 by Doctors Michael and Brooke Skolnick, a husband-and-wife dental team, Abra Health, the group formerly known as The ChildSmiles Group, is a rapidly expanding family of health practices. With multiple recent acquisitions and new locations opening regularly, the group includes several pediatric primary care and dental clinics for patients of all ages in both New Jersey and Pennsylvania. Our singular mission is to provide access to high-quality, affordable care to underserved communities. By firmly placing our patients first, we aim to deliver an exceptional experience as we improve their well-being, from teeth to toes. Our vision is to become a leading provider of integrated medical and dental care to underrepresented communities in the areas that we serve. Our ownership and leadership teams are mostly comprised of dentists. With over 700 employees, our large-footprint practices can accommodate hundreds of patients every day in an inviting, comfortable environment for both patients and staff alike.

Contacts

Media Contact Information:
Emmy Ansinelli

Abra Health

Email: eansinelli@abrahealth.com
Group website: www.abrahealthgroup.com
Children’s Surgery Website: www.abrahealthcsc.com

Categories
Business Lifestyle Local News Science

Universal Display Corporation named to Newsweek’s America’s Most Responsible Companies for third consecutive year

EWING, N.J. — (BUSINESS WIRE) — $OLED #OLED—Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, announced today that the Company was named to Newsweek’s list of America’s Most Responsible Companies 2023.

 

Universal Display ranked #215 on the 2023 list, which recognizes the top 500 most responsible companies in the United States across fourteen different industries. This is UDC’s third consecutive year on the list.

“We are pleased to be recognized for the third year among America’s most responsible companies,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation.

 

“For more than two-and-a-half decades, we have focused on cultivating and fostering a global culture that promotes inclusion, inventiveness, integrity and imagination. We also endeavor to contribute to creating a sustainable and low-carbon future through our energy-efficient portfolio of OLED solutions, including our award-winning phosphorescent OLED technology and UniversalPHOLED materials that are proven, and integral to enabling high performance, low-power consumption and energy-efficiency in OLED displays and lighting.”

 

Newsweek partnered with Statista to recognize the top 500 most responsible companies in the United States. America’s Most Responsible Companies were selected based on publicly available key performance indicators derived from CSR Reports, Sustainability Reports, and Corporate Citizenship Reports as well as an independent survey of more than 13,000 U.S. residents. The ranking focuses on a holistic view on corporate responsibility that considers the three pillars of ESG: Environment, Social and Corporate Governance. For more details on the methodology, please visit https://cdn.statcdn.com/rankings/Methodology_Americas_Most_Responsible_Companies_2023.pdf.

 

For more information about Universal Display Corporation’s corporate social responsibility commitment, please visit https://ir.oled.com/shareholders/Corporate-Responsibility/default.aspx.

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

Follow Universal Display Corporation

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(OLED-C)

Contacts

Universal Display Contact:
Darice Liu

investor@oled.com
media@oled.com
+1 609-964-5123

Categories
Business Healthcare Lifestyle

PAX debuts new PAX Era device and High Purity THC

Offers consumers the perfect blend of potency and flavor, at an accessible price

 

SAN FRANCISCO — (BUSINESS WIRE) — #PAXlife—PAX, a leading global cannabis brand, today announced the launch of its latest cannabis experience—the all new PAX Era vaporizer device and High Purity THC pod, the fourth cannabis product to come to market from PAX this year. Designed to work perfectly together, the new Era lineup offers consumers more vapor and a new anti-clog feature, while PAX High Purity THC pods offer a high potency experience at the brand’s most accessible price point to date.


“We’re excited to continue to expand our cannabis offerings to better meet the needs and lifestyles of our customers, especially those who want the clean, high quality products PAX has staked its reputation on,” said Steven Jung, Chief Operating Officer at PAX. “In this case, we’re delivering a high performing closed-loop system, paired with our High Potency THC, to provide the perfect blend of unique flavors and potency at an accessible price.”

 

PAX Era

Building on more than a decade of innovation and industry leading standards, the newest device from PAX’s rechargeable closed-loop battery and pod system, PAX Era, has been re-engineered to heat faster and produce more vapor, delivering hits up to 50% bigger than previous generations. An intuitive new anti-clog feature works automatically to prevent clogs. PAX’s patented temperature control heats, and never burns, for consistent flavors and aromas from start-to-finish for every pod. All devices are backed by a 1-year limited warranty.

 

The lineup offers three vibrant new colorways, Ultra Pink, Ultra Blue, and Ultra Green, in addition to a classic Black, with a MSRP starting at $35. PAX Era devices are available to consumers on pax.com or through licensed retailers in 20 states, including Arizona, California, Colorado, Connecticut, Florida, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah and Washington.

 

PAX High Purity THC

PAX’s High Purity THC pods are California cannabis oil, sourced for purity and potency, enhanced with a blend of terpenes to bring out unique flavor and taste profiles. Available in six flavor-forward cultivars, including Limoncello Haze (Sativa), Strawberry Créme (Sativa), Berry Gelato (Hybrid), Forbidden Fruit (Hybrid), London Pound Cake (Indica), and GMO Cookies (Indica) each with 85%+ THC. All PAX pods are made with food grade materials and tested to medical standards, certified free from residual solvents, cutting agents, harmful heavy metals, toxins and contaminants. Available across California, PAX’s High Purity THC starts at $30 for 1G, providing the lowest-cost introduction to the PAX platform.

 

PAX is a leading global cannabis brand on a mission to enhance people’s lives through exceptional cannabis experiences. PAX’s curated set of pure, full-flavor products and award-winning devices make enjoying cannabis clean, simple and safe. For more than a decade, PAX has created high performance devices that deliver enduring quality through innovations in design and technology, and remain trusted by millions of consumers nationwide. The PAX brand believes in creating sustainable well-being and building opportunity through cannabis. pax.com

 

NOT FOR SALE TO MINORS. Final Bell Lic. No. C12-0000266-LIC. © 2022 PAX Labs, Inc. All Rights Reserved. PAX, X, and ERA are all trademarks of PAX Labs, Inc. Patents and Trademarks: pax.com/IP.

Contacts

press@pax.com

Categories
Business Healthcare Science

Tevogen Bio to study its investigational COVID-19 T cell therapy in immunocompromised patients who are unable to benefit from currently available prevention or treatment options

  • Tevogen’s investigational precision T cell product, TVGN-489, is a genetically unmodified, off-the-shelf, allogeneic cytotoxic CD8+ T lymphocyte (CTL) product with activity against multiple precise targets across the entire SARS-CoV-2 genome.
  • The immunocompromised COVID-19 patients who are unable to take or unlikely to benefit from currently available prevention or treatment strategies are amongst the most vulnerable.
  • Given that no dose limiting toxicities or treatment-related adverse events were observed in the TVGN 489 POC trial, half of whom were immunosuppressed patients, Tevogen now plans to move forward with a clinical trial to study the efficacy of its product in this patient population.
  • Tevogen’s research pipeline includes cell therapies for treatment of COVID-19, long COVID, viral-induced cancers and neurologic diseases, including multiple sclerosis; and several non-virally induced cancers.

 

WARREN, N.J. — (BUSINESS WIRE) — #COVID19—Tevogen Bio, a late-stage clinical biotechnology company specializing in the development of cellular immunotherapies in oncology, neurology, and virology today announced its intention to study the potential therapeutic use of its investigational COVID-19 T cell therapy, TVGN-489, in immunocompromised patients.

“I’m greatly encouraged by the POC trial experience of TVGN 489 and highly optimistic that our investigational COVID-19 therapy will eventually offer hope to a substantial segment of high-risk COVID patients.” said Dr. Dolores Grosso, Tevogen’s Clinical Development Lead.

 

There exists a significant unmet need for the treatment of COVID-19 in immunocompromised patients. Currently, there are very few treatment options that have not been impacted by variants or are suitable for this patient population due to possible medication interactions. A comprehensive review, completed by the company’s Research and Development team, led by Dr. Neal Flomenberg, Tevogen’s Chief Scientific Officer, found that TVGN-489 is expected to retain activity against recent variants, including XBB and BQ and its subtypes, which appear to have the ability to evade some existing prophylactic options and immunity. “The lack of treatment options places immunocompromised patients at higher risk of developing poor outcomes if infected with SARS-CoV-2,” said Dr. Flomenberg.

 

“It is everyone’s responsibly to step up during a moment of crisis, and for those of us in the medical innovation industry, it is our moral obligation. And we will do everything in our power to save as many lives as we can,” said Tevogen CEO Ryan Saadi, M.D., M.P.H.

 

About Tevogen’s Next Generation Precision T Cell Platform

Tevogen’s next generation precision T cell platform is designed to provide increased immunologic specificity to eliminate malignant and virally infected cells, while allowing healthy cells to remain intact. Multiple targets are selected in advance with the goal of overcoming the mutational capacity of cancer cells and viruses which can otherwise allow for escape from immunologic targeting.

 

Tevogen is investigating its technology’s potential to overcome the primary barriers to the broad application of personalized T cell therapies: potency, purity, production-at-scale, and patient-pairing, without the limitations of current approaches. Tevogen’s goal is to open the vast and unprecedented potential of developing personalized immunotherapies for large patient populations impacted by common cancers and viral infections.

 

Tevogen announced the completion of patient enrollment in the Proof-of-Concept clinical trial of its lead product, TVGN-489, for ambulatory, acute-risk COVID-19 patients, with no dose-limiting toxicities or significant treatment-related adverse events observed for any patient at any dose level.

 

TVGN-489 is a genetically unmodified, off-the-shelf, allogeneic cytotoxic CD8+ T lymphocyte (CTL) product with activity against multiple, precise targets across the entire SARS-CoV-2 genome.

 

About Tevogen Bio

Tevogen Bio is driven by a team of distinguished scientists and highly experienced biopharmaceutical leaders who have successfully developed and commercialized multiple franchises. Tevogen’s leadership believes that accessible personalized immunotherapies are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation in the post-pandemic world.

 

Forward Looking Statements

This press release contains certain forward-looking statements relating to Tevogen Bio™ Inc (the “Company”) and its business. These statements are based on management’s current expectations and beliefs as of the date of this release and are subject to several factors which involve known and unknown risks, delays, uncertainties, and other factors not under the Company’s control that may cause actual results, performance or achievements to be materially different from the results, performance or other expectations implied by these forward-looking statements. Forward-looking statements can sometimes be identified by terminology such as “may,” “will,” “should,” “intend,” “expect,” “believe,” “potential,” and “possible,” or their negatives or comparable terminology, as well as other words and expressions referencing future events, conditions, or circumstances. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, there can be no assurance that the statement or expectation or belief will be achieved. Various factors may cause differences between the Company’s expectations and actual results, including, among others: the Company’s limited operating history; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, and approval and commercial development; risks associated with intellectual property protection; and risks related to matters that could affect the Company’s future financial results, including the commercial potential, sales, and pricing of the Company’s products. Except as required by law, the Company undertakes no obligation to update the forward-looking statements or any of the information in this release, or provide additional information, and expressly disclaims any and all liability and makes no representations or warranties in connection herewith or with respect to any omissions therefrom.

Contacts

Tevogen Communications

T: 1 877 TEVOGEN, Ext 714

Communications@Tevogen.com

Categories
Business Environment Lifestyle

New Jersey Resources named one of America’s Most Responsible Companies by Newsweek

WALL, N.J. — (BUSINESS WIRE) — For the fourth consecutive year, New Jersey Resources (NYSE: NJR) was named one of America’s Most Responsible Companies by Newsweek in recognition of its excellence and accomplishments in corporate social responsibility.

NJR was selected from a pool of 2,000 companies across 14 industries that were evaluated and ranked based on a detailed analysis of key performance indicators in three areas of corporate social responsibility: environmental, social and corporate governance. The final list recognizes the top most responsible companies in the United States and reinforces NJR’s commitment to corporate sustainability and reputation for service excellence.

 

“New Jersey Resources is committed to advancing a clean energy future by embracing sustainable business practices that meet the energy needs of our customers, benefit the environment and strengthen the communities we serve,” said Steve Westhoven, President and CEO of New Jersey Resources. “It is an honor to be recognized as one of the most responsible companies in the country. This recognition reflects our belief that sustainability and corporate citizenship are good for business, good for our customers and good for the future.”

 

Environmental stewardship and sustainability are priorities for NJR, and the company is committed to achieving net-zero emissions from its New Jersey operations by 2050. Its principal subsidiary, New Jersey Natural Gas, which keeps homes and businesses warm for nearly 570,000 customers throughout New Jersey, is leading the way to help reduce emissions – building the first green hydrogen project on the East Coast; modernizing its infrastructure to build the most environmentally sound delivery systems in the state, as measured by leaks per mile; and helping customers reduce energy consumption through its energy-efficiency initiatives. In addition, NJR’s renewable energy subsidiary Clean Energy Ventures is one of the largest owner/operators of solar projects in the state with over $1 billion invested in building clean, emissions-free power for homes and businesses.

 

To learn more about NJR’s leadership and commitment to sustainability, please visit www.njrsustainability.com.

 

America’s Most Responsible Companies 2023 is a project of Newsweek in partnership with Statista. For more information on the rankings and methodology for selection, please visit newsweek.com/americas-most-responsible-companies-2023.

 

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

 

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

 

NJR and its nearly 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

 

For more information about NJR: www.njresources.com.

 

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Contacts

Media:
Mike Kinney

732-938-1031

mkinney@njresources.com

Investor:
Adam Prior

732-938-1145

aprior@njresources.com

Categories
Business

AM Best comments on Credit Ratings of Fidelis Insurance Holdings Limited and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance–Fidelis has received regulatory approvals for the separation of its current configuration into a balance sheet company, which will continue to hold reserves, record the premiums issued, pay claims, manage investments, and utilize a managing general underwriter (MGU), which will underwrite business on behalf of the balance sheet entity. The transaction is expected to close in early January 2023 and is evolving in line with AM Best’s expectations.

Fidelis’ Credit Ratings (ratings) will remain under review with negative implications following its announcement that certain regulatory approvals have been secured. Specifically, these ratings include the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Fidelis Insurance Bermuda Limited (Fidelis) (Bermuda), Fidelis Underwriting Limited (United Kingdom) and Fidelis Insurance Ireland Designated Activity Company (Ireland), as well as the Long-Term ICR of “bbb” (Good) of Fidelis Insurance Holdings Limited (Bermuda), the ultimate holding company, including the Long-Term Issue Credit Rating of “bb+” (Fair) of Fidelis Insurance Holdings Limited’s $304 million ($58 million currently outstanding) 9% preference shares due 2050. The under review with negative implications status will be resolved once the transaction is completed.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Guilherme Monteiro Simoes, CFA
Senior Financial Analyst
+1 908 439 2200, ext. 5301
guy.simoes@ambest.com

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

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

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

Categories
Business

AM Best assigns and places credit ratings of TRM Specialty Insurance Company under review with positive implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to TRM Specialty Insurance Company (TRMSIC) (Indianapolis, IN). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with positive implications. TRMSIC is a newly added member of Transverse Insurance Group. These ratings have been placed under review with positive implications pending the completion of the announced acquisition of Transverse Insurance Group, LLC, the parent of the Transverse companies, by Mitsui Sumitomo Insurance Company, Limited.

The ratings of TRMSIC reflect Transverse Insurance Group’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

 

TRMSIC is considered part of the Transverse Insurance Group rating unit based on its role and strategic importance to the group’s strategy; common ownership; common management; explicit and implicit support; and an expectation of future financial and operational support.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

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

Greg Williams
Senior Director
+1 908 439 2200, ext. 5815
greg.williams@ambest.com

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

Categories
Business Healthcare

AM Best removes from under review with developing implications and downgrades credit ratings of Western Health Advantage

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has removed from under review with developing implications and downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “bbb-” (Good) of Western Health Advantage (WHA) (Sacramento, CA). The outlook assigned to the FSR is stable while the outlook assigned to the Long-Term ICR is negative.

The Credit Ratings (ratings) reflect WHA’s balance sheet strength, which AM Best assesses as very weak, as well as its adequate operating performance, limited business profile, appropriate enterprise risk management and support of the two long-term health care delivery system sponsors, Dignity Health and NorthBay Healthcare System.

 

This rating actions reflect recent declines in absolute and risk-adjusted capitalization and lack of material improvement projected in the near term. This deterioration was driven by considerable losses in 2022, and partially driven by COVID-19-related costs and risk-adjustment payments related to its Covered CA exchange business. While the company operates under global capitation agreements, these arrangements have not prevented the recent operating losses, due partially to uncovered pharmacy and out-of-network claims.

 

In addition, capitalization remains pressured, as WHA historically has managed to low absolute and risk-adjusted levels of capitalization, based on state minimum requirements. To support capitalization, the company has received explicit financial support from its sponsors, which has come in the form of promissory notes during fiscal-year 2022. The notes are allowed to be included in California’s minimum tangible net equity calculation; however, AM Best remains concerned as this is significantly lower than NAIC risk-adjusted capitalization and Best’s Capital Adequacy Ratio (BCAR) levels. Therefore, balance sheet strength assessment is not expected to improve materially in the near term. Additionally, AM Best considers WHA’s financial leverage to be high due to additional borrowings during fiscal-year 2022. The potential for volatility in operating performance further impacting capitalization also supports the negative Long-Term ICR outlook. AM Best also notes that the company remains concentrated geographically, operating in just nine California counties due to its focus on its sponsors’ footprint. Furthermore, WHA operates in the concentrated and very competitive and price sensitive group employer market.

 

AM Best also notes that the company’s ratings are further supported by its relatively lower-risk business profile, supported by the global capitation by its sponsors for most of its business and establishing its medical loss ratio for its core lines of business at less than 92%. WHA plays a strategic role as the health plan for the sponsors, directing members to the sponsors’ facilities. The ratings also take into consideration the two sponsor’s overall creditworthiness and network, which supports WHA’s 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.

 

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Contacts

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

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

Joseph Zazzera
Director
+1 908 439 2200, ext. 5797
joseph.zazzera@ambest.com

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