Category: Business

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Business

Best’s Special Report: U.S. directors and officers insurance market posts best results since 2014

OLDWICK, N.J. — (BUSINESS WIRE) — With significant growth in the segment’s top line premium and profitability on a direct basis, results in the U.S. directors and officers (D&O) insurance market in 2021 were the best insurers in the segment have recorded since 2014, according to a new AM Best report.

In its new Best’s Special Report, titled, “D&O Insurance: Positive 2021 Results, But the Segment Still Faces Formidable Challenges,” AM Best states that consistent, aggregate pricing increases by D&O writers—reportedly exceeded 10% per quarter—fueled direct premium growth of 35% to $14.6 billion. “Excess capacity has been a primary contributor of the disparity between rates and the pricing of risk exposures, even as the loss ratio crept upward. With results worsening because of factors such as social inflation, litigation funding, environmental, social and governance concerns and cyber-related claims, insurers have pushed aggressively for elevated premiums upon renewal, as well as higher self-insured retentions and more-restrictive terms and conditions,” said Christopher Graham, senior industry analyst, industry research and analytics, AM Best. The report notes that further improvement in the market depends largely on whether insurers remain disciplined and focused on meeting rate adequacy needs and offsetting claims costs that continue to rise.

 

The report also notes that the full effect of the pandemic on D&O and on other professional or management liability lines will not be known for some time. COVID-19-related D&O claims may be lagging occurrences or actions, as the pandemic continues to pose challenges for companies and the economy. As a result, the increase in premium and its impact on the line’s direct profitability may not reflect the actual depth and complexity of the challenges D&O insurers still face. Additionally, with fewer legal proceedings reaching trial, and court cases and litigation delayed amid the pandemic, the slowdown in the increase of defense and cost containment expenses, another driver of the positive results, may be temporary.

 

“The improvement in results in 2021 has to be viewed as a possible aberration, rather than the start of a trend—at least until full-year 2022 results are available,” said David Blades, associate director, industry research and analytics, AM Best. “The D&O line’s bottom-line profitability in 2022 will indicate whether carriers’ actions were enough to generate true price adequacy and serve as a springboard for sustainable improvement. At the same time, with balance sheets throughout the U.S. property/casualty market remaining strong and available capital from participants already entrenched in the D&O segment, as well as external capital looking favorably on current pricing levels, perhaps a new, more-competitive underwriting cycle may be starting.”

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=319810.

 

AM Best will host a complimentary webinar on Thursday, May 12, 2022, at 2 p.m. (EDT) on the state of the D&O market. To register, click here: AM Best’s Briefing – D&O Market: Start of a New Underwriting Cycle?

 

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 Graham
Senior Industry Analyst, Industry
Research and Analytics
+1 908 439 2200, ext. 5743
christopher.graham@ambest.com

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

David Blades
Associate Director, Industry
Research and Analytics
+1 908 439 2200, ext. 5422
david.blades@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Culture Healthcare Lifestyle

First-of-its-kind ‘self-service dog-wash’ opens in Charlotte

Minneapolis-Based Company Bubbly Paws Opens First Franchise Location for Their One of a Kind Dog Washing & Grooming Concept

 

MINNEAPOLIS — (BUSINESS WIRE) — Bubbly Paws, a self-service dog wash and full service dog grooming salon, today announced their first franchise location is opening its doors in Charlotte, North Carolina. Bubbly Paws will not only offer the Charlotte market the best in innovative state of the art dog grooming, but the company – and the Wright family who will spearhead the franchise – will also support outreach opportunities in the community.


Bathing and pet-grooming services are an integral part of caring for beloved pet-children. Animal experts have identified professional grooming as vital to keeping pets healthy. The one of a kind concept of Bubbly Paws involves self-service tubs where pet-owners are able to come in and bathe their canine in a home away from home manner. Modeled after upscale hair salons, each location also offers an array of grooming services in a low-stress and laid back setting.

 

Mary Royall Wright, a soon to retire kindergarten teacher in Charlotte, is looking forward to opening the first Bubbly Paws store outside of the Minneapolis area. After researching a number of different grooming companies, and visiting them, Wright felt that Bubbly Paws stood out as the most innovative, tasteful and caring spa on the market.

 

“We are excited to begin the Bubbly Paws adventure in the city that we love. The grooming spa offers customers a wonderful and caring experience – and who wouldn’t want a job where you get to meet adorable fur babies everyday?” said Wright. “Not only are the founding folks dog loving, friendly people but they take the care of dogs very seriously. Their customer service is superb.”

 

Wright’s daughters, Madeline and Martha, will also be involved and it is this emphasis on family that sets Bubbly Paws apart. Pet-lovers can choose from grooming services, self-service bathing or full-service bathing – all in a bright and open, modern setting. Groomers work lovingly and carefully out in the open alongside pet-parents bathing their beloved pooch – one big happy doggy-loving family.

 

“Over the past 11 years, we have taken a slow and stable approach when it comes to growing our corporate locations. We take the same approach in growing the franchise side of the business because, for us, it’s not about the quantity of stores we open in a year, but the quality of those stores,“ said Keith Miller, Co-Owner of Bubbly Paws. “The Wright’s are such amazing people that we could not have picked a better group of people to lead our first franchise. They love the Bubbly Paws concept, and their excitement makes us excited for our franchise team to work with them to get their new dog wash open!”

 

From fundraisers to support causes for dogs, to engaging customers in fun ways to interact with their pups, Bubbly Paws is a brand ready to expand across the country. With five locations around Minneapolis and Idaho, Charlotte is only the first of their franchises. New Jersey, Texas, Wisconsin and California, to name a few, are currently store-franchises in the works.

 

For more information please visit www.bubblypaws.com, email keith@bubblypaws.com, or call: 612-713-9393.

 

About Bubbly Paws

Bubbly Paws opened their first dog wash in 2011 and have now grown to more than 5 corporate stores (4 in the Minneapolis area and 1 just outside Boise, ID) . Bubbly Paws is more than just a place to groom or bathe your dog because one of our core business models is to give back to the local pet community. We donate goods, services and money to local pet rescues and foundations. In 2021 over $15,000 in goods and services were donated.

Contacts

Keith Miller

Bubbly Paws

612-713-9393

keith@bubblypaws.com

Categories
Business Culture Lifestyle

Traverse City Whiskey Co. introduces limited-edition American Lakeside Peach Whiskey just in time for summer

New Expression from “The Whiskey of the North” Crafted in the Essence of its Award-Winning American Cherry and Michigan Apple Whiskeys

 

TRAVERSE CITY, Mich. — (BUSINESS WIRE) — Traverse City Whiskey Co. (TCWC), is excited to announce the launch of its new limited-edition American Lakeside Peach Whiskey. Crafted in the essence of the company’s award-winning American Cherry and Michigan Apple whiskeys, Lakeside Peach infuses the best flavors Michigan has to offer with premium bourbon, adding hints of maple, sweet cream and brown sugar. Michigan peaches are delicate and sweet, surprisingly resistant to the harsh Northern Winters, and grown off the shores of Lake Michigan, producing some of the worlds tastiest fruit.


“Michigan peaches are full of flavor, and when combined with our premium aged bourbon, they create a delicious spirit,” said Chris Fredrickson, Co-founder, Traverse City Whiskey Co. “Our new Lakeside Peach is on par with our cherry and apple whiskeys and just won a silver medal at the prestigious San Francisco World Spirits Competition.”

 

Known as “The Whiskey of the North,” TCWC draws upon its early family roots in the distilled spirits industry dating back to the late 1800s, sourcing grains from the Midwest. The distilling team, led by Fredrickson, makes quality products, inspired by patented distilling techniques invented by his great grandfather during the prohibition era.

 

American Lakeside Peach is currently available for purchase in GA, IL, IN, MI, OH, TN, and WI. The SRP for a 750ml bottle (35% ABV) is $29.99, which may vary by market.

 

The core TCWC portfolio of products, including its award-winning Barrel Proof offerings, are available online via Reserve Bar and Beverage Warehouse and at on- and off-premise establishments in the following markets: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Texas, Utah, Washington, Washington DC, and Wisconsin.

 

For more information, please visit www.tcwhiskey.com and follow the brand on Facebook, Twitter and Instagram @tcwhiskey

 

About Traverse City Whiskey Co.

Traverse City Whiskey Co. is an independent and locally owned distilled spirits company based in Traverse City, Michigan, that’s dedicated to producing approachable premium to super-premium whiskey and bourbon. Known as “The Whiskey of the North,” the upstart company draws upon its early family roots in the distilled spirits industry dating back to the late 1800’s, sourcing all grains from the Midwest.

 

Traverse City Whiskey Co. is a member of the Distilled Spirits Council of the United States.

Contacts

Aaron Brost | Ro-Bro Marketing & PR

312.576.5315 | aaron@ro-bro.com

Categories
Business Education

Barnes & Noble Education and Mississippi State University to launch Bulldog Bundle, a BNC First Day® Complete program to enhance student success

Nearly 19,000 Undergraduate Students Will Have Access to All Required Textbooks, Lab Manuals, Access Codes and Electronic Book Versions Before the First Day of Class

 

BASKING RIDGE, N.J. — (BUSINESS WIRE) — Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today announced the upcoming launch of First Day® Complete at Mississippi State University. Barnes & Noble College (BNC), which manages BNED’s campus bookstores and associated school branded e-commerce sites, will be implementing Bulldog Bundle for the nearly 19,000 undergraduate students across MSU’s two campuses, as well as online students, beginning August 2022 for the Fall Term.

By delivering all course materials via one highly convenient concierge service, First Day Complete ensures students have access to all their required course materials on or before the first day of class, allowing them to engage with course content from day one, making them better prepared and facilitating their academic success. The program offers full academic freedom for faculty, allowing them to select course materials they think are best for their curriculum and leverage BNC’s deep relationships with more than 6,000 publishers, creating a one-stop, simplified experience.

 

With the launch of Bulldog Bundle, Mississippi State University undergraduates will now have access to all required textbooks, lab manuals, access codes, digital materials and electronic books in a convenient bundle before the first day of class at average student savings of between 35-50%. Bulldog Bundle is available to all undergraduates attending Mississippi State’s Starkville and Meridian campuses, as well as online students.

 

“We are excited about our partnership with Mississippi State University as we implement Bulldog Bundle to enhance student outcomes,” said Jonathan Shar, President, Barnes & Noble College. “Bulldog Bundle will ensure students are prepared to begin learning on day one, driving greater student success while also offering a more affordable and convenient way for students to obtain their course materials. We are seeing incredible demand for First Day Complete across educational institutions nationwide as faculty and students realize the significant benefits of an all-inclusive course material program. We look forward to working with MSU and our other partner schools to continue delivering solutions that empower academic success for all students.”

 

“Our students spoke about the challenges of textbook affordability, and we listened,” said Regina Hyatt, MSU Vice President for Student Affairs. “Introducing Bulldog Bundle will ensure that students are better prepared for the academic term while providing significant cost savings on required course materials. Ultimately, it’s a solution that will lead to improved academic outcomes and greater student success.”

 

In a 2021 Student Pulse survey at Mississippi State, conducted by Barnes & Noble College Insights™, 90% of respondents indicated that they would like to access course materials bundled with tuition.

 

With Bulldog Bundle, instead of purchasing materials a la carte, the cost is “bundled” in each student’s account at the same time tuition is charged. In July, ahead of the Fall Term, students will receive an email from the MSU bookstore prompting them to select their preferred delivery method. The bookstore will prepare materials for each student and notify them when materials are available for in-store pickup or have shipped. Digital materials will be automatically delivered to students within Canvas, the university’s online course management system.

 

Learn more about MSU’s Bulldog Bundle program at www.msstate.edu/bulldogbundle.

 

Hear what students, faculty and administrators had to say about their experiences using First Day Complete and how it has made a positive impact at their institutions. Watch the video, here.

 

For more information about First Day Complete, visit, www.bncollege.com/academic-solutions/first-day-complete/.

 

Barnes & Noble College, a Barnes & Noble Education company, currently operates more than 770 campus stores nationwide. For more information about Barnes & Noble College’s services and locations, visit http://www.bncollege.com.

 

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. For more information, visit www.bned.com.

Contacts

Media Contact:
Carolyn J. Brown

Senior Vice President

Corporate Communications & Public Affairs

908-991-2967

cbrown@bned.com

Investor Contact:
Andy Milevoj

Vice President

Corporate Finance and Investor Relations

908-991-2776

amilevoj@bned.com

Categories
Business Culture

AM Best withdraws credit ratings of ADM Insurance Company; affirms credit ratings of Agrinational Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has withdrawn the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of ADM Insurance Company (Phoenix, AZ). ADM Insurance Company was a member of ADM Insurance Group. AM Best has withdrawn these Credit Ratings (ratings) as the company has been sold to a non-affiliated company.

At the same time, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Agrinational Insurance Company (Agrinational) (Burlington, VT), the group’s remaining member. The outlook of these ratings is stable.

 

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

 

The affirmation of the ratings reflects the strongest levels of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and takes into account elevated leverage metrics that expose Agrinational to volatility in times of stress. Agrinational sold its subsidiary, ADM Crop Risk Services, Inc., in 2017, which resulted in a significant reduction of Agrinational’s premium volume. This has reshaped the profile of the company’s insurance operations from that of captive with substantial third-party business to a captive primarily insuring risks of affiliated entities. Agrinational’s exposures include high net retention on property exposures. Due to management’s refocus on core business and exits from restrictive and non-core exposures, the operating performance of Agrinational is expected to remain adequate due to rate increases recently implemented, as well as its low cost-expense structure and focus on ERM.

 

The ratings also reflect rating enhancement provided by the company’s ultimate parent, Archer Daniels Midland Company (ADM) [NYSE:ADM], one of the world’s largest agricultural processors and food ingredient providers. Agrinational holds a strategic position as the captive insurance company for ADM, serving a critical role in meeting certain global insurance requirements and providing risk management services to the organization. ADM in turn provides implicit and explicit support to Agrinational.

 

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

Chul Hyung Lee
Senior Financial Analyst
+1 908 439 2200, ext. 5036
chul.lee@ambest.com

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

Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Culture

U.S. Department of Transportation Secretary Pete Buttigieg visits deployment of Velodyne Lidar’s Intelligent Infrastructure Solution at Morgan State

SAN JOSE, Calif. — (BUSINESS WIRE) — #Lidar—Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) announced U.S. Department of Transportation Secretary Pete Buttigieg visited a deployment of Velodyne’s Intelligent Infrastructure Solution (IIS) in a tour to highlight the Department’s investments in infrastructure. The projects he reviewed, which includes Velodyne’s IIS, play a key role in what he said is the future of transportation infrastructure.


Morgan State University, a historically Black college in Baltimore, hosted U.S. Transportation Secretary Pete Buttigieg for a campus visit and tour of its National Transportation Center lab. Velodyne’s IIS was a featured part of the Secretary’s tour in the University’s Urban Mobility and Equity Center. Secretary Buttigieg reviewed various sensor outputs generated by Velodyne’s Ultra Puck and discussed potential IIS applications with Morgan State students. The solution, deployed in partnership with Bluecity and Iteris, is installed at one of the main intersections into the university to collect traffic data and safety analytics.

 

The U.S. Department of Transportation’s work implementing new infrastructure programs means more investment by the public sector into the latest transportation technologies. New programs under the Bipartisan Infrastructure Law – like the Safe Streets and Roads for All and SMART grant program – will advance safety, equity and sustainability on our roads.

 

Buttigieg said, “We’re living through a period of extraordinary change in technology, some of the technologies that are being developed and managed right here.”

 

“We are seeing our solution in action across the globe, providing real-time data and analytics on things like near-misses and vulnerable road user activity,” said Sally Frykman, Chief Marketing Officer, Velodyne Lidar. “With pedestrian fatalities at an all-time high and disproportionately represented across disadvantaged communities, reliable and high performing technology can bring much needed safety to the underserved.”

 

About Intelligent Infrastructure Solution

Intelligent Infrastructure Solution delivers traffic monitoring and analytics to improve road safety, efficiency and air quality, and help cities plan for smarter, safer transportation systems. The full stack solution, combining Velodyne’s award-winning lidar sensors and Bluecity’s AI software, is deployed across three continents, including systems rolled out in Texas, Florida, Nevada, California, New Jersey, Missouri and Canada.

 

By improving traffic flow and reducing congestion, Intelligent Infrastructure Solution advances energy efficiency and reduces greenhouse gas emissions for a more sustainable future. Recently, the solution won the 2022 SXSW Innovation Awards by the South by Southwest Conference and Festivals. In 2021, Intelligent Infrastructure Solution received a Smart 50 Award presented by Smart Cities Connect to honor the 50 most transformative smart cities projects in the world.

 

For more information on the Intelligent Infrastructure Solution, contact Velodyne Sales: 669.275.2526, sales@velodyne.com.

 

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

 

Forward Looking Statements

This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “can,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Velodyne Investor Relations

InvestorRelations@velodyne.com

Media

Codeword

Liv Allen

velodyne@codewordagency.com

Categories
Business

AM Best assigns credit ratings to Omaha National Insurance Company

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 Omaha National Insurance Company (ONIC) (Omaha, NE). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect ONIC’s 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.

 

The very strong balance sheet assessment reflects ONIC’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which includes a $20 million capital contribution from the company’s intermediate parent, Omaha National Group, Inc. (ONG), in April 2022, following ONG’s issuance of $20 million of senior unsecured debt. ONG also made a $35 million capital contribution to the company in December 2021, following ONG’s August 2021 Series B convertible preferred stock issuance. While ONG is capitalized primarily with convertible preferred stock and debt, which results in high financial leverage per AM Best’s guidelines, the balance sheet assessment recognizes the equity-like characteristics of ONG’s convertible preferred stock, the parent’s adequate liquidity position and ongoing capital support from several investors.

 

AM Best assesses the company’s operating performance as adequate based on ONIC’s historical results since inception in October 2017 and its well-defined business plan, although there is some execution risk associated with the company’s plan to start writing business produced by its affiliated managing general agent, Omaha National Underwriters, LLC (ONU), on a direct basis. ONIC assumes nearly all its premium through a quota-share agreement with an unaffiliated fronting carrier, Preferred Professional Insurance Company (PPIC). The business is produced by ONU, which manages all aspects of the policies sold through PPIC. AM Best views the company’s business profile as limited as ONIC is a monoline writer of workers’ compensation insurance with a geographic concentration in California. ONIC’s ERM capabilities benefit from rigorous claims oversight, established risk tolerance levels and strict underwriting guidelines.

 

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 Valenta, CPCU
Senior Financial Analyst
+1 908 439 2200, ext. 5291
robert.valenta@ambest.com

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

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Culture

Crestron Partners with Mercedes-AMG Petronas Formula One Team as North American Regional Partner for 2022 season

When the reigning Formula One World Champions needed frictionless collaboration across their team no matter the location, they turned to Crestron, a proven meeting room industry leader.

 

ROCKLEIGH, N.J. — (BUSINESS WIRE) — Crestron Electronics, a leader in workplace collaboration solutions, proudly announces the sponsorship of the Mercedes-AMG Petronas Formula One™ Team as a Regional Partner for all North American races, beginning with the Miami Grand Prix on May 6th. The partnership began when Crestron® technology was installed throughout the Mercedes-AMG Petronas Formula One Team headquarters in Brackley, United Kingdom, a state-of-the-art technology center for the design and development of the team’s F1 cars.


Though video conferencing has been a factor in F1 racing for quite some time, it exploded during the pandemic and the increased adoption of hybrid work. The Mercedes-AMG Petronas Formula One Team was well prepared for this transition, having integrated Crestron room control systems including Crestron touch screens and DM NVX® AV-over-IP technology into Brackley facilities.

 

Video collaboration became more important than ever

In order to more fully support a corporate culture built on immediate, in-person communication, the Team installed Crestron to further equip their tens of meeting places and over a thousand employees with frictionless collaboration solutions that prioritized performance and reliability. Engineers, designers, IT teams, pit crews, factory technicians, business operations teams, and executives used the Crestron Flex Digital Workplace platform for video conferencing throughout the 2021 Formula 1™ season, in which unprecedented innovation and engineering helped the team break already impressive records.

 

“One of the main reasons we chose Crestron was they were synonymous with meeting room technology. That proved to us that not only did they have a track record of past performance, but also that we could rely upon them as an innovative partner for the long term,” shared David Cadywould, Head of Core Technology for Mercedes-AMG Petronas Formula One Team.

 

Minimizing friction amid mass communication

Performance is paramount in the world of racing, especially with regard to video collaboration technology. For World Championship-winning teams like Mercedes F1, collaboration technologies must provide both speed and reliability so that when people walk into meeting spaces everything works straight away, regardless of how many people are participating or where they are joining from.

 

“There are times when our senior engineering community will fly straight from one race location to the next without returning to the UK, and that’s exactly where the link between the track and the factory is so critical,” said Cadywould. “Following each of the race events, there are a series of race debriefs where an immense amount of information and data gathered at the track needs to be disseminated to the factory and around each department of the business, and we can’t afford any lag time.”

 

“Crestron and the Mercedes-AMG Petronas Formula One Team are both high-performing teams with an intense desire to deliver excellence and we’re thrilled to play a role in their success, whether that’s through cutting edge technology or sponsoring the team across the series of North American events,” said Brad Hintze, executive vice president, global marketing for Crestron. “We both want to maintain a frictionless experience. Anything that slows down the collaboration process leads to diminished performance on the track, so we’re proud to provide solutions that reliably enable immediate meeting experiences from the factory, the paddock, debrief rooms, or anywhere collaboration happens.”

 

Performance and Reliability

“Crestron was the right way to go based on the fact we’ve used their technologies for quite some time, and it’s always been reliable. We talk about performance quite a lot, being the type of team we are, but it’s actually reliability that we chase and that makes some of our decision making quite straightforward,” concluded Cadywould.

 

Today at 2:30 pm E.T. Crestron will be presenting the Mercedes-AMG Petronas Formula One Team case study during the Digital Workplace Experience 2022 event presented by Reworked. You can register to catch the mainstage event here. Crestron is proud to be an official sponsor of the Mercedes-AMG Petronas Formula One Team in North America. You can enjoy the races beginning with the Miami Grand Prix on May 8th, the Canadian Grand Prix in Montreal on June 19th, and the United States Grand Prix in Austin, Texas on October 23rd. Get more information at www.crestron.com/mercedes-amgpetronas.

 

About Crestron

At Crestron we build technology for every way people work, everywhere in the world – from desktop to boardrooms, offices to multi-nationals. Technology that adapts to what you have and prepares you for what you’ll need. Platforms, devices, and systems designed to improve communication and collaboration. All managed by a cloud-based system for easy deployment, monitoring and upgrading. At Crestron we create faster, better, simpler solutions so people can work faster, better, and more productively. Discover Crestron at www.crestron.com.

 

All brand names, product names, and trademarks are the property of their respective owners. Certain trademarks, registered trademarks, and trade names may be used in this document to refer to either the entities claiming the marks and names or their products. Crestron disclaims any proprietary interest in the marks and names of others. Crestron is not responsible for errors in typography or photography. ©2022 Crestron Electronics, Inc.

Contacts

Crestron Press Contact
Caster Communications

O: 401-792-7080

crestron@castercomm.com

Categories
Business

Best’s Market Segment Report: U.S. Medical Professional Liability Insurance environment remains difficult despite some improvement in 2021

OLDWICK, N.J. — (BUSINESS WIRE) — The U.S. medical professional liability (MPL) segment’s profitability improved considerably in 2021, with the net income of AM Best’s composite group of MPL specialists rising by approximately 30%, driven by realized capital gains owing to the favorable performance of the capital markets, according to a new AM Best report.

However, AM Best notes in its Best’s Market Segment Report, titled, “Difficult Environment for U.S. Medical Professional Liability,” that it is still maintaining a negative market segment outlook on the segment, given considerable challenges to profitability from continued depressed demand, rising loss cost trends drivein by the increased frequency of high severity claims, social inflation and eroding tort reform. These challenges have resulted in persistently high underwriting combined ratios, and waning reserve redundancies over the past ten years. However, AM Best believes the segment’s reserve position now appears to have stabilized with the 2020 calendar year-end reserves. The outlook also takes into account carriers’ inability to settle often-complex claims expeditiously due to pandemic-related court closures and delays, which could further increase claims-related expenses.

 

Direct premiums written for AM Best’s composite of MPL insurers increased by 7.5% in 2021, to $8.4 billion, after rising 3.1% in 2020 and 4.4% in 2019. Price firming, as well as evolving industry dynamics, largely spurred this premium growth. The report notes that in the five years prior to 2021, premiums for hospitals, other health care professionals and other health care facilities grew, while those for physicians declined steadily. “The segment’s core client base has shrunk in recent years by physician group and hospital consolidations, along with the hospitals’ employment of physicians,” said David Blades, associate director, industry research and analytics, AM Best. “Today, many hospitals have their own captives or self-insurance mechanisms.”

 

The MPL segment’s net investment income declined by 11% in 2021, which partially offset strong realized capital gains and a reduction in underwriting losses. Despite a slight improvement in underwriting results, and the net income increase to $932 million, the MPL composite experienced a seventh-straight year of underwriting losses, and a combined ratio of 110.1 for 2021.

 

“AM Best believes operating and underwriting results are likely to remain pressured through the end of 2022, despite much-needed rate actions improving top-line premium revenue,” said Sharon Marks, director, AM Best. “AM Best believes underwriting and operating results are likely to remain challenged through the remainder of 2022, despite much-needed rate actions improving top-line premium revenue. Challenges brought by worsening claims severity, depressed demand and significant available capacity in the physician segment, coupled with persistent inflation and rising interest rates, are likely to limit any improvement in underwriting results.”

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=319635.

 

AM Best will host an analytical briefing on the state of the MPL insurance sector on May 5, 2022, at 11:00 a.m. (EDT), featuring leading market executives and AM Best analysts. To register for the complementary event, please go to http://www.ambest.com/conferences/MPL22/index.html.

 

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

David Blades
Associate Director, Industry
Research and Analytics
+1 908 439 2200, ext. 5422
david.blades@ambest.com

Sharon Marks
Director
+1 908 439 2200, ext. 5477
sharon.marks@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications

+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Lifestyle

LookPrior™ is the first online marketplace that allows videos of products and services

MULLICA HILL, N.J. — (BUSINESS WIRE) — #Buy–In an industry first, LookPrior™ marketplace allows users to upload videos, along with photographs, of what they are selling, so buyers can get a true sense of what they are purchasing. The site has already been a hit with realtors, car dealers and tradesmen, to name a few. With video, sellers can showcase their products, or service providers can highlight their talents in a way that ads with only images cannot. Other hot categories include electronics, home and garden, fashion, and jewelry.

Company founder Joseph Hyacinthe emphasizes the company’s vision, “We want to bring clarity and trust to buying and selling online. When you see a video of a product, you know exactly what you are getting. There are no guessing games or questions about what you are actually about to purchase.”

 

LookPrior™ uses a mobile app, configured for either IOS or Android, as well as having a web option. Users can browse and post for free. Hyacinthe believes that having a variety of paid options truly sets LookPrior™ apart. There are customizable sales plans for small to mid-sized businesses, and other sales options for smaller sellers. “The app is a really great tool for small business owners,” explains Hyacinthe. He continues, “They can post and create ads that bring buyers directly to their business websites. We have a sales team that can help create a specific sales plan for the platform, if they choose.” Currently, businesses are being offered a discounted rate to sign up and new users are being rewarded with free storage space for posting their first ad.

 

Hyacinthe, who moved to the US from Haiti in 1998, is an IT veteran and entrepreneur. He realized that there was a fundamental issue with many classified ad marketplaces, and saw room for technological innovation to make the buying and selling process easier and clearer for both parties. He also wanted to create a sense of community between buyers and sellers by emphasizing transparency. He explains that “overcoming the challenges of posting video ads together with images has been a breakthrough. No other marketplace has been able to achieve this technology.”

Contacts

Shivali Gupta

LookPrior™ Marketing Specialist

Phone: (833) 400-1550

Email: Info@LookPrior.com