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Celularity and CH Trading Group announce territory distribution agreement for the Middle East

CH Trading Group will serve as exclusive territories distributor in 100-plus countries with US $225 million minimum purchase commitment

Relationship opens access to Celularity’s Halal-Certified regenerative biomaterial, health and wellness products across the Middle East and the broader Islamic world

 

FLORHAM PARK, N.J. & RIYADH, Saudi Arabia & JEDDAH, Saudi Arabia — (BUSINESS WIRE) — Celularity Inc. (Nasdaq: CELU) (“Celularity”), a U.S.-based biotechnology company developing placental-derived allogenic cell therapies and biomaterial products, and CH Trading Group LLC (“CH Trading Group”), an international import, export and trading company, today announced that they have entered into an exclusive territory distribution agreement. CH Trading Group will act as the exclusive territories distributor of Celularity’s previously announced Halal-Certified products within more than 100 countries. The Product Distribution Agreement for Celularity’s Halal-Certified products provides for a five-year minimum aggregate purchase commitment of US $225 million dollars.

 

“Based on market demand for Celularity’s commercial biomaterial products, we believe there is a billion-dollar commercial opportunity across the Middle East North Africa Islamic markets,” said Sayed Zayan, CEO of CH Trading Group. “We are excited to be in a position to expand access to these important medicines and wellness products to more people across the region through our exclusive territories distributor agreement with Celularity.”

 

According to the most recent analysis by Emergent Research, the worldwide regenerative medicine market totaled US $9.80 billion in 2021, and is anticipated to grow at a revenue compounded annual growth rate of 15.9 percent, reaching US $37.10 billion in 2030.

 

Through the agreement, CH Trading Group will distribute to more than 100 countries that are members of or associated with the following intergovernmental organizations (“Islamic Markets”):

  • The Organization of Islamic Cooperation, which has 57 member countries on four continents;
  • The Gulf Cooperation Council, comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates; and
  • The African Union, which has 55 member countries.

 

“Our partnership with the CH Group represents another critical milestone towards bringing our innovative Halal-Certified – under globally recognized Circle H International Inc. standards – regenerative biomaterial products to treat degenerative disease across Islamic Markets,” said Celularity’s CEO, Chairman and Founder, Robert J. Hariri, M.D., Ph.D.

 

Celularity’s suite of biomaterial products include:

  • Biovance®, a decellularized, dehydrated human amniotic membrane derived from the placenta of a healthy, full-term pregnancy. Biovance® is an intact, extracellular matrix structure that is indicated for use in the United States as a natural scaffold to support the body’s wound healing process.
  • Biovance® 3L and Biovance® 3L Ocular, tri-layer human amniotic membrane products focused on the surgical and ocular markets and available in both sheet and disk form.
  • Interfyl®, a human connective tissue matrix derived from the placenta of a healthy, full-term pregnancy. It is indicated for use in the United States to replace or supplement damaged or inadequate integumental tissue resulting from wounds, trauma, or surgery.
  • CentaFlex®, a decellularized human placental matrix derived from the umbilical cord that is indicated for use in the United States as a surgical covering, wrap or barrier to protect and support the repair of damaged tissue.

 

About Celularity

Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a U.S.-based biotechnology company leading the next evolution in cellular medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using unmodified natural killer (NK) cells, genetically modified NK cells, T-cells engineered with a CAR (CAR-T cells), and mesenchymal-like adherent stromal cells (MLASCs). These therapeutic programs target indications in cancer, infectious and degenerative diseases. In addition, Celularity develops and manufactures innovative biomaterials also derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.

 

To learn more, visit www.celularity.com.

 

About CH Trading Group

CH Trading Group LLC (“CH Trading”) is part of the CH Group family of companies (www.chgroupus.com). CH Group constitutes a diversified conglomerate targeting eight economic “Sectors”: healthcare, pharmaceuticals, food, finance, cosmetics, tourism, fashion, media/entertainment. Spanning a variety of multi-national products, services and solutions, its world mission involves connecting, developing and promoting, from Local to Global™ and throughout the world, all aspects of a wholesome, healthy and productive lifestyle.

 

CH Trading focuses on international import/export and trade, prioritizing the countries of the Organization of Islamic Cooperation (OIC), as well as the Middle East and North Africa (MENA) and Gulf Cooperation Council (GCC) Regions. It has responded to worldwide demands for identifying and securing supply chains by introducing innovative products, including from the US, and developing a robust distribution network for goods.

 

To learn more, visit www.chgroupus.com.

 

Celularity Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding the market opportunity for Celularity’s products; growth in the worldwide regenerative biomaterial market; timing of receipt of approvals from regulatory authorities; Celularity’s ability to establish a presence and operate in Saudi Arabia and Islamic Markets, develop opportunities for commercial stage regenerative biomaterial products and investigational products in Saudi Arabia, Islamic Markets and broader global markets, as well as establish its biobanking business in Saudi Arabia and Islamic Markets, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: the inherent risks in biotechnological development, including with respect to the development of novel cellular therapies, and the clinical trial and regulatory approval process; and risks associated with Celularity’s current liquidity, as well as developments relating to Celularity’s competitors and industry, along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2022, as amended on July 15, 2022, and other filings with the SEC. These risks and uncertainties may be amplified by current economic situations, including inflation, supply chain issues and overall economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

Media
Celularity:
Edelman Smithfield for Celularity

Celularity@edelmansmithfield.com

Investor Relations
Celularity:
Edelman Smithfield for Celularity

CelularityIR@edelmansmithfield.com

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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

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Business International & World News Now! Perks

AM Best affirms credit ratings of Tune Protect Re Ltd.

SINGAPORE — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Tune Protect Re Ltd. (TPR) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TPR’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.

 

TPR’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation that is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best views the company as having a moderate risk investment strategy with investment assets predominantly held in unit trust funds, whereby the underlying assets are mainly fixed-income securities with good credit quality. Partial offsetting balance sheet factors include the company’s modest-sized absolute capital base compared with peer reinsurers (USD 36 million at year-end 2021), which increases the susceptibility of capital adequacy to volatility under stressed scenarios. AM Best’s balance sheet strength analysis also incorporates a neutral holding company impact following an assessment of consolidated risk-adjusted capitalisation of TPR’s parent group, Tune Protect Group Berhad (TPG).

 

AM Best considers TPR’s operating performance to be adequate. Whilst TPR’s revenue and operating earnings were impacted adversely amid the COVID-19 pandemic, the company has been able to grow its premium base through geographical expansion and new business partners in recent periods. Prospectively, TPR is expected to achieve moderate revenue growth and robust operating earnings over the medium term, driven by the recovery of air travel and new product initiatives. However, the performance metrics remain sensitive to the company’s ability to develop and maintain profitable arrangements with distribution partners. TPR recorded a five-year average net investment yield of 2.9% (2017-2021).

 

AM Best assesses TPR’s business profile as limited given its position as a niche reinsurer with a focus on travel-related insurance products. TPR leverages TPG’s in-house technology platform to support and distribute policies in collaboration with corporate partners including airlines and travel agencies. Over the medium term, the company is expected to accelerate its diversification into new lines of business (including lifestyle and supplemental healthcare products) and new business partners.

 

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

Yi Ding
Senior Financial Analyst
+65 6303 5021
yi.ding@ambest.com

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

Michael Dunckley, CFA
Director, Analytics
+65 6303 5020
michael.dunckley@ambest.com

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

Categories
Business International & World News Now! Regulations & Security

Amazon helps disrupt three major counterfeit networks, protecting customers worldwide from fake goods

Joint operations with law enforcement led to the seizure of more than 240,000 counterfeit items in China, including fake luxury products, sports apparel, and automotive accessories infringing on BMW, Hugo Boss, Lacoste, Under Armour, and other brands.

 

SEATTLE — (BUSINESS WIRE) — Amazon.com, Inc. (NASDAQ: AMZN) today announced the identification and disruption of three counterfeiting operations in China thanks to local Public Security Bureaus (PSB) and intel provided by Amazon’s Counterfeit Crimes Unit (CCU).

 

Law enforcement seized more than 240,000 counterfeit items in the Guangdong and Jiangxi provinces. The items were imitations of luxury, sports, and automotive brands. The seizure prevented the fake products from reaching Amazon customers or being sold elsewhere in the supply chain. These seizures of counterfeit goods based on intelligence from Amazon follow similar actions by law enforcement in England and the U.S. that took place in California and New Jersey.


“Our efforts to identify and dismantle counterfeit organizations are working,” said Kebharu Smith, associate general counsel and director of the Amazon Counterfeit Crimes Unit. “We appreciate law enforcement acting on our referrals and thoroughly pursuing these cases. These outcomes protect Amazon customers, disrupt the counterfeit supply chain, and halt their illicit proceeds.”

 

Information and intelligence provided by Amazon’s CCU to local authorities, including the locations of warehouses and manufacturing facilities, led to the successful identification and disruption of three major counterfeit operations and their upstream suppliers. The main suspects have been detained by local PSBs for further investigation. Any infringing listings connected to these cases have been eliminated.

 

Upon searching the facilities, law enforcement seized more than 130,000 counterfeit car accessories and fake brand labels that infringed on many brands’ intellectual property including BMW, Porsche, and General Motors; nearly 80,000 counterfeit luxury products; and more than 30,000 pieces of counterfeit clothing and fake brand labels that infringed on Hugo Boss, Puma and Under Armour’s intellectual property among others. This latest effort adds to the more than 3 million counterfeit products Amazon identified, seized, and appropriately disposed of last year, which included counterfeits sent to Amazon’s fulfillment centers in an unsuccessful attempt to sell to Amazon customers.

 

Amazon has also cooperated with local PSBs in China on operations involving bad actors that illegally purchased government-issued personal identities and business licenses in an attempt to register fraudulent Amazon seller accounts. As a result, 84 individuals were detained. Last year, Amazon stopped more than 2.5 million attempts by bad actors around the world to create new selling accounts, preventing them from listing a single product for sale.

 

Amazon works across the globe to fight counterfeiters, recently filing joint lawsuits with well-known brands, including Cartier, GE Appliances, WWE, Salvatore Ferragamo, and FELCO. Through its partnership with brands of all sizes, Amazon’s CCU constantly uncovers new approaches counterfeiters take to try to deceive customers and evade the law. The CCU uses that intelligence to equip law enforcement to pursue bad actors. In 2021, the CCU sued or referred for investigation over 600 criminals in the U.S., UK, EU, and China.

 

“There is no place for fraud on Amazon,” said Dharmesh Mehta, vice president of Amazon’s Worldwide Selling Partner Services. “The production and sale of counterfeit goods poses serious harm to the intellectual property rights of the brands involved, as well as to the legitimate interests of honest sellers—and the customers who place their trust in our stores. While we are proud of the progress we have made, we will not stop until we drive counterfeits to zero, and we will continue to invest and innovate until we get there.”

 

To learn more information about how Amazon’s tools protect brands and fight counterfeiters, click here.

 

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

Contacts

Amazon.com, Inc.

Media Hotline

Amazon-pr@amazon.com
www.amazon.com/pr

Categories
Business International & World

AM Best downgrades credit ratings of Family Guardian Insurance Company Limited and FamGuard Corporation Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Family Guardian Insurance Company Limited (Family Guardian). Concurrently, AM Best has downgraded the Long-Term ICR to “bb+” (Fair) from “bbb-” (Good) of FamGuard Corporation Limited. Both Companies are domiciled in Nassau, Bahamas. In addition, AM Best has revised the outlooks of these Credit Ratings (ratings) to stable from negative.

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

 

The balance sheet strength assessment reflects Family Guardian’s risk-adjusted capital at the strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), the elimination of financial leverage and continued good liquidity, which is offset partly by the company’s limited investment options and high concentration of sovereign debt holdings. The company’s BCAR levels declined in the past year due to downgrades of the Bahamas’ sovereign ratings.

 

Family Guardian’s operating performance remains strong, with return on equity levels consistently over 10% and a continued trend of positive net earnings, which have supported capital growth. The business profile assessment considers Family Guardian’s good market position in the Bahamas and creditworthy product offerings offset by its geographic concentration in the Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.

 

There are ongoing concerns regarding global economic conditions and their negative impact on the Bahamas. AM Best will continue to monitor the economic conditions in the Bahamas and take appropriate rating actions as they change.

 

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

Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

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

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

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

Categories
Business International & World

AM Best places Credit Ratings of Ghana Reinsurance PLC under review with negative implications

LONDON — (BUSINESS WIRE) — #insurance—AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Ghana Reinsurance PLC (Ghana Re) (Ghana).

These Credit Ratings (ratings) have been placed under review with negative implications while AM Best carries out an assessment of the impact of Ghana’s deteriorating economic and operating conditions on Ghana Re’s credit fundamentals. Despite some geographic diversification of its operations across the African continent, Ghana Re maintains significant exposure to Ghana, where approximately 50% of its revenue is generated and approximately 70% of its investments are held. In particular, Ghana Re is exposed to Ghanaian government bonds, as well as the domestic banking sector through cash and term deposits. High levels of inflation may also put pressure on the company’s underwriting operations.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider 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

Dale Kirby
Financial Analyst
+44 20 7397 0276
dale.kirby@ambest.com

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

William Keen-Tomlinson
Associate Director, Analytics
+44 20 7397 4395
will.keen-tomlinson@ambest.com

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

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Business Culture Entertainment News International & World

Prudential powers inclusion and economic growth in New York City and across the globe through support of Curtain Up Broadway Festival

  • Leads title sponsorship of the free Curtain Up Broadway Festival for the second year in a row
  • Donates $110K to power inclusion and economic growth for Broadway and local theater communities
  • Partners with acclaimed actress Brittney Johnson to shine a spotlight on access and inclusion

 

NEWARK, N.J. — (BUSINESS WIRE) — For the second year in a row, Prudential Financial, Inc. (NYSE: PRU), in collaboration with Playbill, Times Square Alliance, and The Broadway League, is proud to be the title sponsor of the Curtain Up Broadway Festival. The free, three-day outdoor event will take place Sept. 30 – Oct. 2 in the heart of Times Square and celebrates Broadway, a cultural icon that drives inclusion and economic growth in New York City and beyond.


Through this sponsorship, Prudential is reaffirming its commitment to Broadway, which serves as a foundation for the New York City arts community. Prior to the pandemic, Broadway contributed $15 billion to the larger $110 billion culture sector across the city, and Prudential is proud to be a rock of support for this event celebrating the iconic institution. Beyond New York City, Broadway’s economic reach extends far and wide through touring shows that infuse almost $4 billion into nearly 200 cities across the U.S. and Canada.

 

As part of the Curtain Up event, Prudential is also expanding access to the arts, theater community, and education programs, creating opportunities for more inclusion on Broadway. Since last year’s festival, Prudential has given away 2,400 tickets to Broadway shows at local theaters across the country through the Prudential Standing Ovations Ticket Giveaway. This year, thanks to Prudential’s support, the festival hopes to double the number of in-person guests to Times Square for the event. In addition, Curtain Up has partnered with WABC-TV to broadcast the finale concert throughout the tri-state area and with Playbill to livestream the event on its website.

 

“We know that Broadway and local theaters help to drive inclusion and economic growth in New York City and around the world. That’s why we are so proud to bring the Curtain Up Broadway Festival back again this year and to be a rock that helps fuel the industry and welcomes more people from more places to experience it,” said Susan Somersille Johnson, Prudential’s chief marketing officer. “I’m also pleased to announce Prudential is donating a total of $110,000 to the Entertainment Community Fund and the Alvin Ailey American Dance Theater, two cultural institutions that support performing arts and entertainment professionals.”

 

As part of its sponsorship, Prudential has partnered with Brittney Johnson, an accomplished actress and the first Black woman to play the role of “Glinda” in the Broadway musical Wicked, to shine a spotlight on the need and opportunity for more inclusion in Broadway.

 

“The arts are unique in that they allow us to really see each other. To me, there is no greater vulnerability than to share something you have created with another person. Theater teaches and requires us to have empathy for each other and for ourselves in real time,” said Johnson. “To walk with a character, a person unlike yourself, through a pivotal moment in their lives, and learn something about yourself in the process — that is the power of theater. To watch other people around you feel empathy for a person onstage and feel valued as a result — that is the power of inclusion.”

 

In partnership with Johnson, Prudential will donate $50,000 to a nonprofit of her choosing, the Entertainment Community Fund (formerly known as The Actors Fund), an organization that embraces diversity and seeks equity and inclusion as it helps provide stability for performing arts and entertainment professionals throughout their lifetime. This effort builds on last year’s $50,000 donation that supported the organization’s critical programs that address unique needs of those working in the entertainment industry, including financial wellness workshops, support groups, online resources, and emergency financial assistance. Prudential’s financial wellness portal will be accessible to the arts community through the fund, and financial advisors will be on-site at the festival to provide information.

 

“We’re thrilled to be back with Curtain Up in the heart of Times Square, celebrating everyone onstage and off who works so hard to bring the magic of Broadway to life,” said Entertainment Community Fund President and CEO Joe Benincasa. “And we’re so grateful to Brittney Johnson and Prudential for this incredible donation that will help us continue to support our community when they need us the most, now and in the years to come.”

 

Prudential is also making a $60,000 donation to Alvin Ailey American Dance Theater, which is helping transform the arts landscape in the company’s hometown of Newark, New Jersey, and plays a crucial social role, using the beauty and humanity of the African American heritage and the modern dance tradition to unite people of all races, ages and backgrounds. This donation is in addition to the financial support the organization has received from Prudential for over 30 years.

 

“Alvin Ailey American Dance Theater performances uplift, enlighten and unite. Like the organization’s various education programs, they illuminate the human spirit, unlock potential, and spark change,” stated Robert Battle, the organization’s artistic director. “We’re thrilled to be in the heart of Times Square to invite new audiences to join in a dance workshop inspired by Alvin Ailey’s must-see masterpiece Revelations. Thank you to Prudential for this generous gift, and for a legacy of extending Ailey’s reach to connect with so many communities in meaningful ways.”

 

Throughout the Curtain Up festival, Broadway fans can enjoy free live performances featuring marquee talent, a block party and more, culminating in the finale concert featuring a host of Broadway favorites. More information about Prudential’s on-site activities is featured below.

 

INTERACTIVE ON-SITE EXPERIENCES, COURTESY OF PRUDENTIAL

Be a STAR on Broadway – An in-person, augmented reality experience where participants can see themselves on a Times Square billboard in costumes from some of their Broadway shows such as Dear Evan Hansen, The Phantom of the Opera, Beetlejuice, and Into the Woods.

Light the Way for Broadway – Curtain Up participants will be able to see their name in lights on Prudential’s Broadway marquee in Times Square.

Dueling Piano Bar Experiences – Prudential will be hosting Broadway stars in dueling piano sing-along moments throughout the course of the event.

ADDITIONAL ON-SITE ACTIVITIES FEATURING PRUDENTIAL

FRIDAY, SEPTEMBER 30

2:00–3:00 p.m. – Official Curtain Up Kickoff

Curtain Up Broadway Festival kicks off with guest speakers from title sponsor Prudential, Playbill, The Broadway League, and the Times Square Alliance. In addition, Broadway stars, including Brittney Johnson (Wicked) and Norm Lewis (The Phantom of the Opera), will deliver onstage performances.

5:00–6:30 p.m. – The Broadway Block Party

Prudential, Playbill, and the Times Square Alliance will “ignite the night” with The Broadway Block Party — a large-scale street party that invites revelers to dance and sing to classic and contemporary Broadway songs.

SATURDAY, OCTOBER 1

10:30–11:15 a.m. – Ailey’s Revelations Dance Workshop

Event-goers can join a processional of Ailey’s West African drummers and dancers from Duffy Square to the Curtain Up mainstage, where they’ll learn modified excerpts of Alvin Ailey’s masterwork Revelations taught by former Alvin Ailey American Dance Theater members Renee Robinson and Amos Machanic.

SUNDAY, OCTOBER 2

10:30 a.m.–1:00 p.m. – Curtain Up! LIVE from Broadway Concert

Hosted by Amber Ruffin and Jesse Tyler Ferguson, Curtain Up LIVE from Broadway will spotlight marquee talent and showcase Broadway musicals and plays, marking the culmination of Curtain Up Broadway Festival. This concert will also air live on WABC-TV and be livestreamed at Playbill.com/CurtainUp.

 

For more information about Prudential’s Curtain Up sponsorship, please visit www.Prudential.com/landing/CurtainUp.

 

ABOUT PRUDENTIAL

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information, please visit news.prudential.com.

Contacts

MEDIA: Marisa Amador

973-802-8969

marisa.amador@prudential.com

Categories
Business International & World Weather & Environment

Best’s Commentary: Hurricane Fiona-related insured losses depend on recovery and resilience

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best expects insured losses from Hurricane Fiona in the countries hit hardest to date—Puerto Rico and the Dominican Republic—to be influenced by the duration of business interruptions due to power losses, but ultimately manageable for affected carriers.

According to the Best’s Commentary, “Hurricane Fiona Insured Losses Depend on Recovery and Resilience,” the top 10 insurers in Puerto Rico account for more than 90% of the market share for the auto, fire and allied lines, homeowners/farmowners and commercial multi-peril (property) lines. Two of these groups are extremely well-diversified, multinational insurers, but six of those top 10 companies are insurers with 100% of their exposure concentrated in Puerto Rico, representing approximately 43% of the market share for the aforementioned lines of coverage most at risk for sizable claim activity.

 

“It could take some time for claims adjusters in Puerto Rico to assess and estimate damages,” said David Blades, associate director, industry research and analytics. “However, since Hurricane Maria in 2017, insurance companies on the island have taken significant action to manage their risk profiles better by tightening underwriting guidelines, sharpening risk management techniques, improving pricing and getting significant rate increases. Furthermore, most losses will be flood-related and not covered by a standard homeowner policy. Those losses would fall under the National Flood Insurance Program.”

 

The Dominican Republic experienced widespread flooding and property damage, with popular tourist destinations left without electricity. However, a large part of the insurance portfolio is concentrated near Santo Domingo, the country’s capital, with less distribution in the regions where a greater impact from the hurricane is expected.

 

To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=324224.

 

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 AM 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

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Sridhar Manyem

Director, Industry Research and Analytics

+1 908 439 2200, ext. 5612

sridhar.manyem@ambest.com

Al Slavin

Communications Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Olga Rubo, FRM

Senior Financial Analyst

+52 55 1102 2720, ext. 134

olga.rubo@ambest.com

Categories
Business International & World

International concrete expert and advocate David Smith joins Solidia Technologies

Interlocking concrete pavement technical specialist, author, and ICPI leader to direct technical team

 

PISCATAWAY, N.J. — (BUSINESS WIRE) — #CO2—Solidia Technologies® announced today that concrete industry leader, champion, and educator David Smith has joined their team as senior technical director to help advance their decarbonizing technology with increased performance for building and pavement materials.


Smith brings decades of industry leadership experience, working with organizations and federal, state, and municipal government agencies to advocate for interlocking concrete pavement as a durable and functionally superior pavement system. His career interests include urban climatology, stormwater management, and segmental concrete pavements, as well as environmental impact analysis.

 

“I have dedicated my career to the singular goal of institutionalizing segmental concrete pavements systems,” said Smith. “With its world-changing manufacturing technologies that can elevate performance while lowering environmental impact, Solidia was a natural and very exciting next step for me. I am also excited by the prospect of helping build a legacy for the Solidia team and the industry at large.”

 

Smith came to Solidia after 29 years with the Interlocking Concrete Pavement Institute (now known as ICPI-NCMA), where he served most recently as VP of Research and Development, Pavers. He helped build ICPI-NCMA into the premier industry source for technical expertise and advocacy for multiple market segments within the manufactured concrete products community, including concrete masonry, segmental concrete pavement, segmental retaining walls, articulating concrete block, and manufactured stone veneer. Throughout his tenure, Smith has been a highly respected source of technical information to the industry, serving as a staff liaison to the ICPI Technical Committee and contributing to ASCE, ACI, APWA, AASHTO, and ASTM committees. He also served as staff liaison to the ICPI Foundation Program committee and managed Foundation research projects.

 

He elevated professionalism and technical expertise across the industry with continuing education programs that he designed, including the ICPI Concrete Paver Installer course and certification, Commercial Installer course, and PICP Installer course, as well as scores of webinars and in-person presentations to design professionals. A prolific writer and author, Smith published Permeable Interlocking Concrete Pavements (2017) and Patios, Driveways and Plazas: The Pattern Language of Concrete Pavers (2002). He also served as editor of and a contributing writer to Interlock Design magazine for 25 years, and he produced myriad technical specifications and design manuals.

 

“David Smith’s unparalleled technical knowledge, network, and impassioned commitment to advancing concrete systems has been an asset to all of us throughout the industry,” said Solidia CEO Russell Hill. “We are honored that he chose to join Solidia. With Dave leading our technical outreach efforts, we will speed both the development of our sustainable innovation and its global deployment. For us, the affirmation he conveys is further proof that Solidia is the right technology at the right time.”

 

Smith serves on the Board of Directors of the Low Impact Development Center, a non-profit, national research organization that focuses on sustainable stormwater management solutions for urban and developing areas. He earned a Bachelor of Architecture degree and a Master of Urban & Regional Planning degree with an environmental concentration at Virginia Tech.

 

About Solidia Technologies

Based in Piscataway, N.J. (USA), Solidia Technologies® is a leading provider of decarbonization technologies and sustainable solutions to the construction and building materials industries. Investors include Imperative Ventures, Zero Carbon Partners, Canada Pension Plan Investment Board (CPP Investments), Breakthrough Energy Ventures, Prelude Ventures, PIVA Capital, John Doerr, BP, OGCI Climate Investments, Bill Joy, Kleiner Perkins, BASF Venture Capital, Holcim, Total Carbon Neutrality Ventures, Air Liquide Venture Capital (ALIAD), and other private investors. Follow Solidia on LinkedIn, Instagram, Twitter, and YouTube.

 

Contacts

Ellen Yui, YUI&Company, Inc.

o: 301-270-8571, m: 301-332-4135

ellenyui@yuico.com

Categories
Business Environment International & World

Fourth Annual GARP Climate Risk Survey reveals steady progress amid increased regulatory scrutiny

Climate risk staffing and use of metrics, targets, and limits at top firms also increased

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — A new global survey from the Global Association of Risk Professionals (GARP) found that climate risk is increasingly becoming part of business-as-usual risk management at top global firms.

Conducted by the GARP Risk Institute (GRI), the “Fourth Annual Global Survey of Climate Risk Management at Financial Firms” received participation from 62 leading financial institutions around the world, including banks, asset managers, and insurers with USD 43 trillion of assets their balance sheets, and total assets under management around USD 46 trillion.

 

According to the 2022 results, supervisory activity on climate risk continues to intensify. Nearly 90% of firms reported that their regulators have published formal expectations for climate risk management, while nearly 80% said that regulators are now requiring them to report their climate-related risks.

 

In addition, 67% of firms reported significant increases in staff working on climate risk over the past two years, and more firms than ever are setting their climate risk appetite; 90 percent of surveyed firms now use metrics, around 75% use targets, and just over 50% use limits.

 

“As demonstrated in our fourth annual Survey, many firms are making progress in climate risk management,” said GRI President Jo Paisley. “It is particularly encouraging that we have seen an increase in the use of metrics, targets, and limits this year — an area that has proven to be stubbornly difficult.”

 

Other key takeaways included a strong increase in the number of firms looking beyond climate to other forms of environmental risks, such as air pollution and biodiversity loss, and innovations in climate product offerings. Such climate-driven products include ESG funds (offered by over 80% of asset managers) and green bonds and sustainability-linked loans (offered by over 70% of banks).

 

Despite the obvious progress, some immediate challenges persist. Firms cited the availability of data (82%), availability of reliable models (72%), and regulatory uncertainty (45%) as their greatest short-term concerns. In addition, most surveyed firms still believe that physical and transition risks are only partially incorporated in market prices.

 

“We’ve seen improvements across many aspects of climate risk management, with perhaps more evidence of firms focusing on the commercial opportunities of climate change,” said Paisley. “Though there’s clearly still work to do, the progress on climate risk management for the firms involved in the Survey has been steady and reassuring.”

 

To access the full 2022 survey report, visit GARP’s Climate Risk Resource Center.

 

About the Global Association of Risk Professionals

The Global Association of Risk Professionals is a non-partisan, not-for-profit membership organization focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators.

 

Founded in 1996, governed by a Board of Trustees, GARP is headquartered in Jersey City, N.J., with offices in London, Beijing, and Hong Kong. Find more information on garp.org or follow GARP on LinkedIn, Facebook, and Twitter.

Contacts

press@garp.com