Category: Culture

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has withdrawn the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of ADM Insurance Company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 AM Best has withdrawn these Credit Ratings (ratings) as the company has been sold to a non-affiliated company.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

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

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 8^th, the Canadian Grand Prix in Montreal on June 19^th, and the United States Grand Prix in Austin, Texas on October 23^rd. 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

CYTRIO’s data privacy research shows CCPA non-compliance from Q4 2021 continues into Q1 2022 despite impending enforcements

BOSTON — (BUSINESS WIRE) — #AI—CYTRIO, a next-generation data privacy rights management company, released findings from additional independent research it conducted during Q1 2022 on the state of companies’ readiness to comply with the California Consumer Privacy Act (CCPA), California Privacy Rights Act (CPRA), and the European Union’s General Data Protection Regulation (GDPR). As of March 31, 2022, the findings uncovered that 90% of companies are not fully compliant with CCPA and CPRA Data Subject Access Request (DSAR) requirements. Further, 95% of companies are using error prone and time consuming manual processes for GDPR DSAR requirements.

“Our continuous research confirms that first generation privacy rights management solutions have not gained wide adoption due to cost and deployment complexity, resulting in a high percentage of CCPA non-compliance,” said Vijay Basani, founder and CEO of CYTRIO. “This problem will become more pronounced as CPRA enforcement takes effect in 2023 with the stringent 12-month lookback. Awareness of their data privacy rights by consumers coupled with the rise of data aggregators is driving an increased number of data requests. As the California Privacy Protection Agency (CPPA) begins active enforcement of CCPA and CPRA, non-compliance to DSAR requests will become cost prohibitive for both medium and large sized companies.”

CYTRIO released its inaugural State of CCPA Compliance research results in January, the largest of its kind, studying 5,175 U.S. companies with revenues ranging from $25 million to more than $5 billion. The findings showed that only 11% of companies were fully meeting CCPA requirements, while 89% of companies were either non-compliant or somewhat compliant. From January to March, CYTRIO researched an additional 1,570 companies for CCPA and GDPR DSAR compliance, bringing the total to 6,745 companies to date.

This most recent research shows only 10% of companies have deployed an automated CCPA DSAR management solution. Additionally, B2B and B2C companies of all sizes are equally and poorly unprepared for CCPA compliance, and B2B and B2C companies are also woefully unprepared for GDPR compliance, despite the regulation going into effect in May 2018 with $1.8 billion fines levied as of March 2022.

From Q4 2021 to Q1 2022, the top three most compliant verticals remained the same with Business Services, Retail, and Finance making up 54% of the companies researched. While the top three most compliant states (California, New York, and Texas) remained the same, the total number of companies from those states as a percentage of total companies decreased from 31% to 25%, indicating other states seem to be catching up.

Last month, Utah passed the Utah Consumer Privacy Act, moving closer to becoming the fourth state to enact privacy legislation in the U.S., behind California, Colorado, and Virginia. Currently, 22 states, including Alaska, Hawaii, Massachusetts, New York, Pennsylvania, Washington, Wisconsin, and New Jersey, have multiple consumer privacy legislation pending.

A key observation in this research was that DSARs coming from data aggregators are increasing in frequency and volume with the majority of requests being Right to Delete (Erasure). To be in compliance, companies must respond to these requests in a timely manner.

To access the full findings of CYTRIO’s most recent data privacy research, go to:

https://cytrio.com/ccpa-research-report-q1-2022/

About CYTRIO

CYTRIO’s software-as-a-service (SaaS) data privacy rights management platform helps organizations comply with data privacy regulations such as CCPA, CPRA, VCDPA, CPA, and others. The company offers an all-in-one solution built on automation, AI-led data discovery, and automated response workflows. CYTRIO’s solutions are simple to deploy, deliver value on day one, and do not require dedicated privacy teams to manage. Learn more at www.cytrio.com, and follow on LinkedIn and Twitter.

All trademarks recognized.

Contacts

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com