Category: Business

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Business Healthcare

AM Best comments on credit ratings of Nan Shan General Insurance Co., Ltd.

HONG KONG — (BUSINESS WIRE) — #insurance — AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Nan Shan General Insurance Co., Ltd. (Nan Shan General) (Taiwan) remain unchanged in view of the negative impact from pandemic insurance claims on the company’s financials as of the end of September 2022, based on AM Best’s expectation of the company’s business and capital plans over the short to intermediate term.

Nan Shan General’s reported capital and surplus declined by more than half during the first nine months of 2022 to TWD 2.0 billion. The main drag was a net loss of TWD 1.3 billion attributable to significant claims related to pandemic insurance products, as well as negative changes in other comprehensive income due to unfavourable capital market conditions. Nonetheless, the company’s local solvency ratio remained above the regulatory minimum as of the end of September 2022.

 

The company has experienced material adverse claims arising from pandemic insurance products and has provisioned additional claims reserves in the third quarter of 2022 for its in-force pandemic products based on more conservative assumptions. Nan Shan General’s ultimate claims amount remains uncertain and depends on Taiwan’s infection rate development and potential changes in the government’s pandemic policies in the next few months. AM Best expects the company will continue to maintain its solvency ratio above the regulatory minimum over the short to intermediate term as its risk-adjusted capitalisation remains supportive of the business plan.

 

Nan Shan General’s business scale is small within its parent, Nan Shan Life Insurance Co., Ltd, but it benefits from the distribution support from the parent’s life agency force in sourcing the majority of its premium revenue, in particular for personal line products such as voluntary motor. Moreover, AM Best views the parent as resourceful and willing to provide explicit and implicit financial support to Nan Shan General when needed.

 

AM Best will continue to monitor closely the pandemic insurance claims development and hold discussions with Nan Shan General’s management to evaluate any subsequent implications on the company’s rating fundamentals. Negative rating actions could occur if the company’s business and capital plans adversely deviate from AM Best’s expectation, to a point that the company’s risk-adjusted capitalization no longer supports the very strong balance sheet strength assessment.

 

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

 

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

Contacts

James Chan
Associate Director, Analytics
+852 2827 3418
james.chan@ambest.com

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

Christie Lee
Senior Director, Analytics
+852 2827 3413
christie.lee@ambest.com

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

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Business

Imperial Dade adds scale in Midwest, acquires Classic Solutions

Transaction Represents 57th Acquisition for Leading Distributor of Foodservice Packaging and Janitorial Sanitation Products

 

JERSEY CITY, N.J. & COLUMBUS, Ohio — (BUSINESS WIRE) — Imperial Dade, a leading distributor of foodservice packaging and janitorial supplies, today announced the acquisition of Classic Solutions (“Classic” or the “Company”). The transaction represents the 57th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, Chairman and CEO of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed.

Owned and operated by James Creps, Classic is an industry leading distributor of janitorial sanitation and equipment products throughout the greater Columbus market. The Company continues its legacy and is known for its knowledgeable sales force and high touch customer service.

 

Together, the Imperial Dade platform will operate over 125 distribution centers throughout the United States and Canada, further solidifying its position as a premier North American specialty distributor. The addition of Classic’s location in Columbus will strengthen Imperial Dade’s existing presence in Ohio. By leveraging Imperial Dade’s market leading platform, Classic customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions.

 

“Classic Solutions has an established reputation for exceptional customer service, which makes it a great addition to the Imperial Dade platform. Partnering with Classic affirms our commitment to provide the highest quality service throughout North America,” said Robert Tillis. “Classic’s commitment to customer service aligns well with Imperial Dade’s philosophy and values. I am excited for the opportunity to partner with their team to further grow our business and continue to deliver high-quality solutions and services to our customers,” said Jason Tillis.

 

“Imperial Dade is a market leader with a strong culture and differentiated service quality, and we are excited to join their family. Under the leadership of Bob and Jason, we believe this partnership will strengthen our customer and supplier relationships,” said James Creps, owner and CEO of Classic Solutions.

 

About Imperial Dade

Founded in 1935, Imperial Dade serves more than 90,000 customers across North America. Since Chairman Robert Tillis and CEO Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the food service packaging and janitorial supplies industry. For additional information, please visit www.imperialdade.com.

Contacts

Imperial Dade

Paul Cervino

(201) 437-7440 x 2302

Categories
Business Lifestyle Regulations & Security Technology

ProtectED Rooms officially launches with bullet-resistant bookcase that becomes physical barricade; protects people in violent events such as active shooters and civil unrest

Bookcase effortlessly rolls and latches to block entryways creating “a safe room in seconds” in places such as schools, hospitals, workplaces, government buildings and other gathering spaces

 

ATLANTA & BOSTON — (BUSINESS WIRE) — ProtectED Rooms (“ProtectED”), creators of bullet-resistant security products to help protect people in violent situations, officially launched today with the introduction of its groundbreaking bookcase. Designed with a focus on protecting school children and staff in an active shooter situation, the impenetrable bookcase easily rolls and locks into place blocking the classroom entryway – with the potential to lock down an entire school in seconds. The Atlanta-based company has expanded with a presence in the Boston area to serve the Northeast region.


Greg McAleer, a retired senior leader of the U.S. Secret Service currently working as Senior Vice President of Business Operations & Risk Management at Global Guardian commented, “The ProtectED bookcase is a dramatic game changer for schools and other organizations, enabling them to harden buildings and create safe spaces during critical incidents.” McAleer continued, “It is a denial of entry tool with ballistic capabilities that prevents access, protects from gunfire, and helps deter or delay an attack. Time is critical and this product provides the precious minutes for law enforcement to respond. The bookcase could not come at a more urgent time.”

 

The protective bookcase can be utilized in other places such as hospitals, workplaces, government buildings, retail locations, places of worship, among others. Notably, because it functions and looks like a conventional bookcase, it blends into an environment avoiding the appearance of militarization that could cause fear and intimidation, especially in schools where learning could be impacted.

 

“The ProtectED bookcase is an unbelievable, revolutionary option to get people safe quickly,” commented Anthony Grieco, Superintendent of Schools, Rockaway Borough School District in New Jersey. “It is unfortunate, but necessary that school safety and security is something we have to discuss on a daily basis as educators. As a father of three and a school administrator of 20 years, I take safety very seriously.” He concluded, “The bookshelves give us an advantage in the event of a crisis situation, so we feel, and are, much safer without our students and staff feeling like they’re in a shelter.”

 

ProtectED was founded by Pete Facchini, a retired Master Sergeant of the U.S. Army’s elite 75th Ranger Regiment and a school teacher’s husband and father of three. After the tragic massacres at Virginia Tech and Sandy Hook, he knew he could apply his expertise as a Special Operations Combat Breacher to develop something that could save lives. Pete enlisted the support of his childhood friend who is an accomplished furniture designer and architect, and two former U.S. Army Infantry Captains and Rangers to help.

 

“The increase in the numbers of shootings is staggering and tragic,” said Facchini. “Resolving this crisis is going to require addressing it on a number of fronts. One of the most harrowing aspects of these situations is that in many cases innocent people have no way to get away from the danger. To the extent that protective measures can be incorporated into places without it feeling like a military facility, is one way to help.”

 

The patent-pending bookcases are proudly, 100% Made in USA, and have been installed in classrooms in Georgia and in New Jersey, with more orders being fulfilled. Sales and distribution for the Northeast region are through Safety in Seconds and W.B. Mason in Massachusetts, and School Outfitters in Ohio.

 

About ProtectED Rooms

ProtectED Rooms creates bullet-resistant security products to help protect people from violent situations such as active shooters and civil unrest in places such as schools, hospitals, workplaces, among others. Its first product, a groundbreaking bookcase designed with a focus on protecting school children and staff, serves as a physical barricade and ballistic barrier. The bookcase is easily rolled in front of a door and quickly latches into place, covering the entryway – with the potential to lock down a building in seconds. The patent-pending bookcases are proudly, 100% Made in USA, UL Security Listed, UL EPD Certified, and BIFMA Compliant. ProtectED Rooms is a Service-Disabled Veteran Owned Small Business (SDVOSB), based in Georgia with an office in Boston.

Contacts

Media:
Tara Goodwin

tara@goodwin-consulting.com
617-650-2644

Heidi Boie

heidi@goodwin-consulting.com
508-846-5307

Categories
Business

Best’s Review spotlights Machine Learning and AI risk opportunities, DUAE’s expansion plan

OLDWICK, N.J. — (BUSINESS WIRE) — The November issue of Best’s Review includes features on Pie Insurance’s expansion plans, how risk professionals are turning to machine learning and AI to forecast financial risks of extreme events, and more:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com

Categories
Business Healthcare Science

Lazurite™ and Hospital for Special Surgery announce a collaboration agreement focused on Lazurite’s ArthroFree™ wireless surgical camera system

CLEVELAND — (BUSINESS WIRE) — #Biomedevice — Medical device and technology company Lazurite and Hospital for Special Surgery (HSS), the world’s leading academic medical center focused on musculoskeletal health, today announced a new collaborative relationship based on Lazurite’s ArthroFree™ Wireless Surgical Camera System, the first wireless surgical camera system to receive market clearance from the U.S. Food and Drug Administration for arthroscopy and general endoscopy.


Through the HSS Innovation Institute, HSS and Lazurite will collaborate to advance surgical technology and techniques, including evaluation of specific aspects of ArthroFree and potential co-development of new arthroscopic technologies. HSS will conduct training sessions at the HSS Simulation Learning and Training Center and may also work with Lazurite on the co-development of future technologies that leverage the ArthroFree wireless camera and proprietary Meridiem™ light technology.

 

By eliminating conventional camera cables that tether surgeons to the surgical tower and hinder their movement, the ArthroFree System is expected to increase OR efficiency, improve OR safety and lower customer costs. With its solid-state, low-heat, high-efficiency Meridiem light technology, the system also promises to eliminate camera-related patient burns and OR fires. The modular system is designed to be drop-in compatible with existing patient data consoles, surgical displays and endoscopes found in minimally invasive operating rooms.

 

“HSS is excited to collaborate with Lazurite to evaluate the ArthroFree Wireless Surgical Camera System, provide insights into a next generation of the existing device, and potentially co-develop other medical device products utilizing this technology,” said Michael P. Ast, MD, Chief Medical Innovation Officer and a joint replacement surgeon at HSS. “As HSS physicians and innovators, our goal of continuously improving patient care and outcomes includes identifying and pursuing new technologies and developing partnerships that leverage HSS’s expertise and innovative spirit with cutting-edge industry advancements to drive new innovation forward.”

 

“Given HSS’s substantial capabilities in research, including the experience and expertise of its medical staff and the volume of orthopedic surgeries performed there, we believe that HSS is a great partner to conduct the various non-clinical assessments and other collaborations outlined in the agreement,” said Lazurite Board Chair Mark Froimson, MD.

 

“We’re pleased that a world-class clinical organization like HSS sees the potential for the ArthroFree System to become the standard of care in the minimally invasive OR,” Lazurite President and General Counsel Leah Brownlee said. “HSS has been a pioneer in orthopedic research and innovation for decades. The hospital performs more than 32,000 surgical procedures annually, including more hip surgeries and more knee replacements than any other hospital in the country. We believe this will be a beneficial experience for both HSS and Lazurite.”

 

About HSS

HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 13th consecutive year), No. 3 in rheumatology by U.S. News & World Report (2022-2023), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report “Best Children’s Hospitals” list (2022-2023). In a survey of medical professionals in more than 20 countries by Newsweek, HSS is ranked No. 1 in orthopedics for a third consecutive year (2023). Founded in 1863, the Hospital has the lowest complication and readmission rates in the nation for orthopedics, and among the lowest infection rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. The HSS Innovation Institute works to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 145 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.

 

About Lazurite

Lazurite is a medical device and technology company. Its ArthroFree™ System—the wireless camera for arthroscopy and general endoscopy—is designed for surgeons seeking surgical tools for greater agility in the OR. ArthroFree is drop-in compatible with current OR technologies, and it promises to eliminate cable-related patient burns, OR fires, and staff trips and falls. With the ArthroFree System, Lazurite ushers in the wireless era of surgical visualization. Lazurite’s intellectual property portfolio also includes the low-heat Meridiem light technology and products in development. The pre-revenue company is located in Cleveland, OH (est. 2015), and to date has raised ~$25M from institutional investors, family offices, and more than 75 physician champions. The mission: solve impossible problems to improve people’s lives. The 10-year vision: better outcomes for 10 million patients—and thousands of clinicians, too. For more information, see: https://lazurite.co.

 

Forward-Looking Statements

This press release includes “forward-looking statements.” Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will,” “designed,” “milestone,” “promises,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the expected impact of the ArthroFree System on the field of minimally invasive surgery, and particularly arthroscopic surgery, and our future sales of the ArthroFree System. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Lazurite™, ArthroFree™, and Meridiem™ are trademarks of Lazurite Holdings LLC.

 

Media Center

Visit lazurite.co/media for videos, logos, images, fact sheets, bios and more.

Contacts

Patrick Gallagher

+1 (216) 233-7473

p.gallagher@lazurite.co

Lazurite:

+1 (833) 214-4234

contact@lazurite.co

Categories
Business Culture Education Environment Science

New Jersey American Water and Apex Solutions Group host graduation ceremony for ‘Water UP!’ training program

Second annual workforce development program offers Plainfield-based adults water utility industry training throughout 11-week program.

 

CAMDEN, N.J. — (BUSINESS WIRE) — Today, New Jersey American Water hosted a graduation ceremony for its second cohort of Water Utility Pipeline (Water UP!) training program graduates in partnership with Apex Solutions Group. Over 11 weeks of field training and classroom-based curriculum, 13 adults, mostly from Plainfield, learned about the water utility industry, New Jersey American Water’s role, and essential business skills necessary to successfully pursue a career in the industry upon graduation.

“The innovation and service that New Jersey American Water provides tomorrow will be driven by the next generation of diverse water quality workers today,” said Mark McDonough, President, New Jersey American Water. “The Water UP! program presents a unique opportunity to invest in our most important asset, people. We are proud to see the program continue as we expand the ways in which New Jersey American Water recruits and retains talented members of the communities where we do business, and we are thrilled to be able to partner with the City of Plainfield for this cohort, which is home to our largest operations center in the state.”

 

The training took place at New Jersey American Water’s Plainfield Operations Center and other nearby facilities in the company’s Central Operating Region, and included utility mechanic, field operations, water production, water quality, OSHA 30, customer service, software and procedures, resume writing, job interview skills and other classes provided by Apex Solutions Group and New Jersey American Water. A career fair was also held the last week of the program, in an effort to pair prospective employers with graduates for job opportunities.

 

“New Jersey American Water is a great partner in our community, and they are investing in service and success at all levels through their Water UP! program—including empowering the next generation of water utility leaders,” said Plainfield Mayor Adrian O. Mapp, who delivered the graduation address. “This Water UP! graduation is the result of a commitment to growth and innovation for Plainfield, paired with hard work from the participants. I’m excited to see the success of each graduate here today and encouraged by their focus on a stronger tomorrow.”

 

New Jersey American Water first launched the Water UP! training program in Camden in September 2021 as part of New Jersey American Water’s Workforce Development Program. The program is designed to create a career path to connect young adults from underserved populations in New Jersey American Water’s service areas with a career path by helping participants identify and pursue transformative career opportunities in the water and wastewater industry. Completion of the program uniquely prepares participants for open opportunities within New Jersey American Water, American Water, and its utility industry partners.

 

The Water UP! program is part of a broader workforce development initiative by New Jersey American Water that includes career education and outreach initiatives, as well as an ongoing GIS career development program between New Jersey American Water’s Engineering team and the Camden-based nonprofit career development organization Hopeworks. These workforce development initiatives provide innovative and collaborative opportunities that connect young adults in underserved communities to water utility careers.

 

To learn more about Water UP! and New Jersey American Water’s workforce development programs, visit the website, www.newjerseyamwater.com and click on Workforce Development under the About Us tab.

 

About APEX Solutions Group

APEX Solutions Group is a Minority, Disabled Veteran owned company that leverages the 100 plus years of combined professional experience to exceed the needs of clients while uplifting the communities it operates in. To learn more about APEX Solutions Group, visit https://apexsolgroup.com.

 

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Denise Venuti Free

Sr. Director of Communications & External Affairs

New Jersey American Water

Denise.Free@amwater.com

Categories
Business

Best’s Market Segment Report: AM Best maintains stable outlook on US life/annuity industry

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best is maintaining a stable market segment outlook on the U.S. life/annuity insurance industry for 2023, citing factors that include favorable earnings, strong liquidity profiles and strong levels of risk-adjusted capitalization among carriers.

In its new Best’s Market Segment Report, “Market Segment Outlook: U.S. Life/Annuity,” AM Best states that macroeconomic challenges such as inflation and capital markets volatility are expected to hamper profitability compared with prior years. Rising interest rates also have decreased the value of bond holdings, which has led to unrealized losses on fixed maturities. Uncertainty about the direction and pace of interest rate changes further demonstrates the need for insurers to maintain strong asset-liability matching programs and conduct routine rigorous stress testing of portfolios.

 

The report notes that despite some earnings volatility, capital markets gains and diversified earnings streams have helped offset the mortality impacts of COVID-19. Additionally, the industry has seen robust sales of new business in life and annuity products.

 

“Many leading companies generated record sales and reported solid earnings performance in the second and third quarters of the year; however, spiking interest rates have significantly impacted the third-quarter earnings of companies, particularly those with interest-sensitive liabilities,” said Jacqualene Lentz, director, AM Best. “Insurers will need to place a greater emphasis on liquidity management in the current environment of rising interest rates and potential credit losses.”

 

Although higher interest rates create an economic benefit owing to improved investment yields, other dynamics in the industry should continue to be monitored as well, according to the report. These include market-sensitive lapse rates, asset credit risk and the ongoing need to attract talent. The segment also may see more disruptions as competition evolves, business models change, automation and artificial intelligence advance, and environmental, social, and governance awareness grows.

 

“Insurers who are able to manage technological improvements and transform for the better have the potential to drive the industry forward,” said Edward Kohlberg, director, AM Best. “Managing risk accurately through uncertainty necessitates a thorough review of strategies to reveal vulnerabilities. Risk culture goes hand in hand with risk management.”

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=326389.

To view a video with AM Best Managing Director Ken Frino about the U.S. life/annuity insurance market segment outlook, please visit http://www.ambest.com/v.asp?v=amblaoutlook1122.

Leading AM Best analysts will review 2023 market segment outlooks for the U.S. insurance industry’s major segments, the global reinsurance industry and the delegated underwriting authority enterprises (DUAE) segment in an online briefing scheduled for Tuesday, Dec. 13, 2022, at 2 p.m. (EST). To register for the complimentary briefing, please go to www.ambest.com/conferences/USMB2023.

To view current Best’s Market Segment Outlooks, please visit http://www.ambest.com/ratings/RatingOutlook.asp.

 

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

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

Jacqalene Lentz
Director
+1 908 439 2200, ext. 5098
jacqualene.lentz@ambest.com

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

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

Categories
Business

AM Best affirms Credit Ratings of Transmonde services Insurance Company Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Transmonde Services Insurance Company Limited (Transmonde) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Transmonde’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

Partially offsetting these rating factors are Transmonde’s high retentions and concentration in liability lines with significant loss severity potential, although the company has experienced historically favorable loss experience. Additional offsetting factors include the limited market profile as a single-parent captive that derives all its business from its parent company. Transmonde provides professional, general and pollution liability coverages to members of the International Association of Superintendents, which are subsidiaries of SGS SA (SGS), a publicly traded Swiss company [SWX: SGSN].

 

Transmonde has maintained very conservative underwriting leverage ratios, as surplus has remained strong to support its business volumes. Historically, surplus growth is the result of retained earnings from highly profitable operating results driven by excellent underwriting performance. The company has posted low loss and loss adjustment ratios, which reflect SGS’ effective risk management. Its relatively high per-occurrence retentions are mitigated by significant deductibles and conservative reserving practices.

 

While the rating outlooks are stable, factors that could lead to negative rating action include a material deterioration of risk-adjusted capitalization or operating performance, decreased strategic importance to the group, or high dividend demands from the parent company depleting capital.

 

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

 

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

Christopher Pennings, CPCU
Financial Analyst
+1 908 439 2200, ext. 5611
christopher.pennings@ambest.com

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

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

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

Categories
Business Healthcare Science

Amneal launches second Biosimilar with RELEUKO® (filgrastim-ayow) in the United States

Second of three approved U.S. oncology biosimilars Amneal expects to launch

BRIDGEWATER, N.J. — (BUSINESS WIRE) — Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) today announced the commercial launch of RELEUKO® (filgrastim-ayow), a biosimilar referencing Neupogen®. RELEUKO® is used to treat neutropenia which is commonly experienced by patients undergoing chemotherapy. This product was developed in collaboration with Kashiv Biosciences, LLC located in Chicago, Illinois.

 

“RELEUKO is our second U.S. biosimilar launch and represents the next step in building out our biosimilars business. This product is another important oncology therapeutic offering for providers and their patients as we look to make essential medicines more accessible for all,” said Harsher Singh, SVP of Amneal Biosciences division.

 

According to IQVIA®, U.S. annual sales for filgrastim for the 12 months ended August 2022 were $390 million, of which $272 million represented biosimilar sales.

 

About RELEUKO

RELEUKO® in the U.S. is indicated:

  • To decrease the incidence of infection‚ as manifested by febrile neutropenia‚ in patients with nonmyeloid malignancies receiving myelosuppressive anti- cancer drugs associated with a significant incidence of severe neutropenia with fever.
  • To reduce the time to neutrophil recovery and the duration of fever, following induction or consolidation chemotherapy treatment of patients with acute myeloid leukemia (AML).
  • To reduce the duration of neutropenia and neutropenia-related clinical sequelae‚ e.g., febrile neutropenia, in patients with nonmyeloid malignancies undergoing myeloablative chemotherapy followed by bone marrow transplantation (BMT).
  • To reduce the incidence and duration of sequelae of severe neutropenia‚ (e.g., fever‚ infections‚ oropharyngeal ulcers) in symptomatic patients with congenital neutropenia‚ cyclic neutropenia‚ or idiopathic neutropenia.

 

IMPORTANT SAFETY INFORMATION

Patients with a history of serious allergic reactions to human granulocyte colony-stimulating factors such as filgrastim products or pegfilgrastim products.

 

Before you take RELEUKO®, tell your healthcare provider if you are pregnant or plan to breast feed, and if you have sickle cell disorder, kidney problems or receiving radiation therapy.

 

WARNINGS AND PRECAUTIONS

  • Fatal splenic rupture: Patients may experience enlarged spleen which can rupture and cause death.
  • Acute respiratory distress syndrome (ARDS): Patients may develop fever and lung infiltrates or respiratory distress for ARDS. Discontinue RELEUKO® in patients with ARDS.
  • Fatal sickle cell crises: Serious sickle cell crises have been reported in patients with sickle cell disorders receiving RELEUKO®. Discontinue RELEUKO® if sickle cell crisis occurs.
  • Serious allergic reactions, including anaphylaxis: Permanently discontinue RELEUKO® in patients with serious allergic reactions.
  • Kidney injury (Glomerulonephritis): Kidney injury have been reported in patients on RELEUKO®. Consider dose-reduction or interruption of RELEUKO® in patients with kidney injury.
  • Myelodysplastic Syndrome (MDS) and Acute Myeloid Leukemia (AML): Monitor patients with breast and lung cancer using RELEUKO® in conjunction with chemotherapy and/or radiotherapy for signs and symptoms of MDS/AML.
  • Decreased platelet count (thrombocytopenia); increased white blood cell count (leukocytosis) and inflammation of your blood vessels (cutaneous vasculitis) have been reported. Monitor platelet counts and white blood cell count.

 

ADVERSE REACTIONS

Most common adverse reactions in patients:

  • With nonmyeloid malignancies receiving myelosuppressive anti-cancer drugs are pyrexia, pain, rash, cough, and dyspnea.
  • With AML are pain, epistaxis and rash.
  • With nonmyeloid malignancies undergoing myeloablative chemotherapy followed by Bone Marrow Transplant is rash.
  • With severe chronic neutropenia are pain, anemia, epistaxis, diarrhea, hypoesthesia and alopecia.

 

For full prescribing information, see package insert located here.

 

About Amneal

Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully integrated essential medicines company. We make healthy possible through the development, manufacturing, and distribution of generic and specialty pharmaceuticals, primarily within the United States. The Company has a diverse portfolio of over 250 products in its Generics segment and is expanding across a broad range of complex products and therapeutic areas, including injectables and biosimilars. In its Specialty segment, Amneal has a growing portfolio of branded pharmaceutical products focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more, please visit www.amneal.com.

 

Cautionary Statement on Forward-Looking Statements

Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance, the Company’s growth prospects and opportunities as well as its strategy for growth; product development and launches; the successful commercialization and market acceptance of new products, and expenditures. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words are intended to identify estimates and forward-looking statements.

 

The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.

 

Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry, in general, specifically from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; our ability to manage our growth through acquisitions and otherwise; our dependence on the sales of a limited number of products for a substantial portion of our total revenues; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods and any associated supply chain disruptions; existing and future legal proceedings, the outcome of which are uncertain and may divert management resources and require us to incur substantial defense or settlement payments and costs; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; the impact of severe weather; the impact of the ongoing COVID-19 pandemic, and the emergence of variant strains; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of product liability and other claims against us by consumers and other third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration (“FDA”) product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; the impact of global economic conditions, including any economic effects stemming from adverse geopolitical events, an economic downturn, inflation and rising interest rates; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; our obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our Class A Common Stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.

Contacts

Anthony DiMeo

Head of Investor Relations

anthony.dimeo@amneal.com

Categories
Business International & World Lifestyle

OPEX® celebrates new EMEA headquarters training and service hub in Germany with a grand opening event

MOORESTOWN, N.J. — (BUSINESS WIRE) — OPEX® Corporation, a global leader in Next Generation Automation for almost 50 years, is celebrating the grand opening of OPEX GmbH, its European headquarters in Duisburg, Germany. The facility will serve as a centralized European hub for clients and partners to discover, test, and interact with OPEX’s innovative warehouse automation and document and mail automation technologies designed to improve workflow and drive efficiencies in infrastructure.

To mark the grand opening, a ribbon-cutting ceremony will be held on 7 December 2022. Customers, partners, regional government officials, and media are invited to attend the event along with the company’s chief executive officer and extended leadership team.

 

“Our business has been expanding in many parts of the world, including growth in the European market,” said David Stevens, OPEX CEO. “The new facility provides an opportunity to better streamline services and demonstrate how our leading-edge automation technology helps clients solve their most significant business challenges today and in the future.”

 

The new facility offers hands-on and virtual training classes for the full line of OPEX document and mail automation solutions, including the Gemini™ and Falcon® document scanners and OMATION® mail openers, as well as the Sure Sort® warehouse automation sorting system. OPEX technicians will be on-site during the grand opening to give product demonstrations.

 

“Since so many of our solutions are built to order, it is important that clients, partners, and super-users be able to learn about and interact with the technology to understand how it can best benefit their individual operations,” said Scott Maurer, President, OPEX International. “Clients can bring in their own documents and products to get a more realistic demonstration of our automation solution capabilities.”

 

Prior to the facility opening in Germany, product demonstrations were performed primarily at OPEX’s headquarters in Moorestown, New Jersey or in its Plano, Texas facility. Parts were serviced and shipped from the United States or the United Kingdom. Now, clients in other regions can receive parts and secure service faster and more efficiently.

 

For nearly five decades, OPEX has served as a trusted partner, collaborating closely with clients to develop customized, scalable solutions that transform how they conduct business.

 

OPEX is vertically integrated—innovating, engineering, manufacturing, selling, and servicing its automated solutions. This translates to the highest degree of quality equipment, reliable operations, product longevity, and exceptional client experience.

 

About OPEX

OPEX Corporation is a global leader in Next Generation Automation, providing innovative, unique solutions for warehouse, document, and mail automation. With headquarters in Moorestown, NJ, USA—and facilities in Pennsauken, NJ; Plano, TX; France; Germany; Switzerland; the United Kingdom; and Australia—OPEX has more than 1,600 employees who are continuously reimagining and delivering customized, scalable technology solutions that solve the business challenges of today and in the future.

Contacts

Colleen Ciak

cciak@opex.com
+1 856.727.1100, ext. 5350

+1 856.912.4952 Cell