Category: Regulations & Security

These stories, posts and articles include legal hearings, criminal procedures, governmental approvals, societal norms, and other universal orders…

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Business Lifestyle Regulations & Security

AM Best affirms Credit Ratings of Greenlight Capital Re, Ltd. and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). Additionally, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE) [NASDAQ: GLRE], the ultimate holding company. The outlook of these Credit Ratings (ratings) is stable.

 

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

 

GLRE’s balance sheet strength assessment of very strong is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Consolidated surplus increased 5.8% in 2022, and has continued to grow throughout 2023, trending positively after a period of decline. AM Best expects the group to maintain risk-adjusted capital levels in line with its current ratings.

 

AM Best views GLRE’s operating performance as marginal, given its historically volatile investment returns and marginal underwriting performance. However, the group’s 2022 combined ratio is below the current five-year average, and inclusive of corporate expenses is 104.6% compared to a 105.2% five-year average. The group’s return metrics also continue to trend positively, with five consecutive years of improving returns on equity and revenue. Investment returns since 2019 also have been accretive to results. Though the group’s operating performance metrics are trending positively, it has not yet had a full year of underwriting profitability.

 

AM Best views GLRE’s business profile as neutral. The company was incorporated in the Cayman Islands in 2004 and is one of the longest-tenured total return reinsurers. Through its operating subsidiaries, GLRE provides property/casualty reinsurance on a global scale. GLRE has taken steps to diversify its platforms, including through significant investments in its innovation-related operations, including the 2022 launch of the Greenlight Re Innovations Syndicate 3456 at Lloyd’s. Additionally, GLRE’s ERM is deemed appropriate for the company’s business complexity and overall risk profile.

 

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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Pennings
Financial Analyst
+1 908 882 2237
christopher.pennings@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Steven M. Chirico, CFA
Director
+1 908 882 1694
steven.chirico@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Art & Life Culture Education Government Lifestyle Programs & Events Regulations & Security

Retired Navy captain exposes ‘The Great Lie’ and other lapses in military’s transition assistance program

COCOA BEACH, Fla. — The decision to retire from the Navy after 26 years wasn’t an easy one for Capt. William Toti, who says he had come to love his time in the service.

 

He knew he wanted a viable second career in the civilian market, and, as a commanding officer, he was told throughout the military transitioning program that all a civilian company would want from him was “good leadership” — advice he calls “The Great Lie” in his book, From CO to CEO: A Practical Guide for Transitioning from Military to Industry Leadership.

 

“Transitioning to industry is a stressful enough condition as it is, but when the military actively tells you things that are absolutely one hundred percent wrong, and start you headed down the wrong path, that makes that stress level go up even further,” Toti said during an interview.

 

Toti isn’t alone in feeling unprepared for certain aspects of transitioning to civilian employment. More than 200,000 service members separate from the military each year, and more than half of those surveyed about the process felt as if they had little to no help with the transition.

 

But Toti is one of the lucky ones. He managed to successfully progress from captain of a nuclear submarine to a captain of industry, and after accumulating more than a decade of firsthand experiences related to transitional challenges for veterans, Toti decided to put it all on paper. From CO to CEO  isn’t filled with hand-waving aphorisms, Toti says, but rather, practical nuts-and-bolts advice for veterans and the companies that want to help their military veterans succeed.

 

“Any company will proudly recite the number of veterans they hire as employees, but none of those companies can tell you how many of those new hire veterans are still with them after five years,” Toti noted. “Did you know that about 50% of military veterans leave their first job within two years of transitioning out of the military? This constitutes millions of dollars of lost investment in employee turnover.”

 

From CO to CEO can help readers understand:

  • How and when to make their transition.
  • How to properly define goals for their future careers.
  • How to prepare for job interviews, negotiate compensation and land the right position.
  • What it takes to succeed in today’s defense industry.
  • The pluses and minuses of 20 career options.
  • The language and assumptions of civilian business culture.
  • And much more.

 

“The book is intended to correct the defects the military injects into its transitioning veterans before they leave service; it’s intended to help companies head off problems in assimilating new veteran employees; and it’s intended to serve as a guide for transitioning veterans to help them understand the business environment and learn new skills necessary for them to succeed,” Toti added.

 

About the Author

William Toti served for more than 26 years on active duty, culminating as commodore of Submarine Squadron 3, then 15 years as a corporate executive and eventually a CEO. He has been featured in several documentaries, including The Lost Ships of World War II (Fox), USS Indianapolis: The Final Chapter (PBS), USS Indianapolis: Live from the Deep (PBS), USS Indianapolis: The Legacy, 9/11: One Day in America (National Geographic), 9/11: The Pentagon (The History Channel) and 9/11: Inside the Pentagon (PBS).

 

For more information, please visit https://williamtoti.com, or follow him on Twitter (@william_toti).

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Culture Government Lifestyle Local News Politics Programs & Events Regulations & Security

Mercer County has new voting machines for the 2023 General Election

Mercer County Clerk Paula Sollami Covello is very proud to report, on behalf of the three election offices representing Mercer County, that there are new voting machines for November General Elections.

She said,  “our Mercer County Administration and Board of Commissioners have purchased new voting machines for use in the 2023 General Election and beyond.”

Covello said, that the voting machines are Dominion ICX Touchscreen machines, which allow voters to vote, print out their ballot, and then scan the ballot into the scanners for improved accuracy and accountability in the voting process.

“These are the same voting machines the County presently uses for early voting, however now, they will also be used in every voting district in Mercer County on Election Day,” she reported.

It is really a great achievement that our County has made in providing voters with voting machines that produce a verifiable paper trail. Voting advocacy groups urge that a paper trail be a part of any new voting system to allow for a auditable backup to any electronic voting. Why? Because if the computer in the machine fails, you will still have the paper to count and recheck. In fact, the State of New Jersey only certifies voting machines designed with a paper backup for counties to purchase.

Because we have had very positive feedback about the voting machines used in Early Voting, I’m excited for the voting public to try out these new machines in the November General Election. For one, they are simple to use because you just touch the screen and it marks your ballot. No more Sharpie pens will need to be used! Also, voters can enlarge the font on the machine screens and request the ballots to be shown in different languages.

Lastly, the new machines will allow you to print out your ballot and scan it into the scanner. However, if you prefer to hand-mark your ballot, you still can do that by printing out a blank ballot and requesting a marker from the poll worker. Mercer didn’t want to take the ability to hand mark your ballot away.

The new voting machines mean that as a voter, you will have more options in how to cast your vote. You can vote on a new voting machine on Election Day, or you can vote during the Early Voting period at a voting center, several days prior to the election, or you can vote by mail — an option many people prefer because the ballot comes right to your home.

We leaders of our other three County election offices; County Clerk, Office of the Superintendent of Elections, and the Board of Elections, have been preparing videos and news releases to educate the voting public about the new voting machines. These will be released on our County websites and on our social media pages. There will also be new enhanced training classes for poll workers on how to use the new voting machines.

In summation, we want you to know that Mercer County heard the voters and invested in a new voting system to our County in time for the upcoming November General Election. Hopefully, the new voting machines will prove to be a positive addition to our County services for many years to come.

Categories
Farewell Services Regulations & Security

NYC remembers the cowardly acts of terrorism on Sept. 11 (9-11) on its 22nd year of memorialization

For many Americans and many other nations around the globe, Sept. 11, 2001, still brings a gloomy and doomed memory surrounding the tragedy of airplanes crashing into the World Trade Center in New York City on that dreadful day.

Photo by Robert Nesta “Bobby” Stone. The Empire State Building in the middle with the top lit up in blue and the triboro bridge/RFK bridge on the left. The Bruckner Expressway in the Bronx is also featured.

Monday marked the 22nd year since that horror. Families of loved ones lost in the crumbled twin tower buildings, “will never forget” that ugliness.

 

The act of terrorism on the United States that day caused the deaths of 2,996 individuals, which include 2,997 victims. And, there were 19 hijackers who committed murder-suicide.

 

Apart from the nearly 3,000 casualties , more than 6,000 were injured in the worst attack against America.

 

America continues to honor the memories of the lost lives who perished in New York City, Arlington, Va., and Shanksville, Pa.

Categories
Business Economics Lifestyle Regulations & Security

AM Best upgrades credit ratings of Assurant, Inc. and its property/casualty subsidiaries; affirms credit ratings of its life/health subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the U.S. property/casualty (P/C) subsidiaries of Assurant, Inc. (Assurant) (headquartered in Atlanta, GA) [NYSE: AIZ].

 

These companies are collectively referred to as Assurant P&C Group (Assurant P&C). At the same time, AM Best has upgraded the Long-Term ICR to “a-” (Excellent) from “bbb+” (Good) and all associated Long-Term Issue Credit Ratings (Long-Term IR), indicative Long-Term IRs and the Short-Term IR of Assurant. The outlooks of all the above Credit Ratings (ratings) have been revised to stable from positive. (See below for a detailed list of the companies and Long- and Short-Term IRs.)

 

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Assurant’s credit and life/health (L/H) subsidiaries: American Bankers Life Assurance Company of Florida (Miami, FL) and Caribbean American Life Assurance Company (San Juan, PR) collectedly known as Assurant Lifestyle. The outlook of these ratings is stable.

 

The ratings of Assurant P&C’s reflect balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

 

The rating upgrades of Assurant P&C reflect an improved assessment of the group’s balance sheet strength, which is currently assessed at very strong and is supported by risk-adjusted capitalization at the strongest level. This enhanced view of balance sheet strength also considers the group’s very strong earnings power, strong positive cash flows and new capital formation–the majority of which is derived from low-risk businesses, with limited volatility. Assurant’s property catastrophe exposure, which stems mostly from its lender placed homeowners’ business in global housing, is well-managed and adequately reinsured. Assurant’s operating performance has also benefited from earnings diversification and management’s strategy to partner with market leaders. As a result, Assurant P&C consistently outperformed its peers and generated superior returns on capital.

 

The ratings of Assurant Lifestyle reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate ERM. Assurant Lifestyle also receives one level of rating enhancement from its affiliate, Assurant P&C, as it is considered important to the Assurant brand as a licensed credit life and credit accident & health insurer business.

 

The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to “aa-” (Superior) from “a+” (Excellent) with outlooks revised to stable from positive for the following P/C subsidiaries of Assurant, Inc.:

  • American Bankers Insurance Company of Florida
  • American Security Insurance Company
  • Standard Guaranty Insurance Company
  • Caribbean American Property Insurance Company
  • Voyager Indemnity Insurance Company
  • Virginia Surety Company, Inc.
  • Reliable Lloyds Insurance Company

 

The following Short-Term IR has been upgraded:

Assurant, Inc.—

— to AMB-1+ (Strongest) from AMB-1 (Outstanding) on commercial paper

The following Long-Term IRs have been upgraded, with outlooks revised to stable from positive:

Assurant, Inc.—

— to “a-” (Excellent) from “bbb+” (Good) on USD 300 million 4.90% senior unsecured bonds, due 2028

— to “a-” (Excellent) from “bbb+” (Good) on USD 300 million 4.20% senior unsecured bonds, due 2023 (USD $50 million outstanding)

— to “a-” (Excellent) from “bbb+” (Good) on USD 350 million 3.70% senior unsecured bonds, due 2030

— to “a-” (Excellent) from “bbb+” (Good) on USD 475 million 6.75% senior unsecured bonds, due 2034 (USD 275 million outstanding)

— to “bbb+” (Good) from “bbb” (Good) on USD 400 million 7.00% subordinated bonds, due 2048

— to “bbb+” (Good) from “bbb” (Good) on USD 250 million 5.25% subordinated bonds, due 2061

The following indicative Long-Term IRs on securities available under the shelf registration have been upgraded, with outlooks revised to stable from positive:

Assurant, Inc.—

— to “a-” (Excellent) from “bbb+” (Good) on senior unsecured

— to “bbb+” (Good) from “bbb” (Good) on subordinated debt

— to “bbb” (Good) from “bbb-” (Good) on preferred stock

 

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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jieqiu Fan
Associate Director
+1 908 882 1762
jieqiu.fan@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Daniel J. Ryan
Senior Director
+1 908 882 2290
daniel.ryan@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Jeffrey Lane
Senior Financial Analyst
+1 908 882 1994
jeffrey.lane@ambest.com

Categories
Culture Government Local News Politics Programs & Events Regulations & Security

County to give unserviceable flags a proper sendoff

Mercer County Executive Brian M. Hughes and the Mercer County Office of Veteran Services invite the public to an official flag decommissioning ceremony on Tuesday, Sept. 19, at 6 p.m. at Veterans Park (Klockner Road entrance) in Hamilton Township.

Each year, the Mercer County Office of Veteran Services holds the time-honored decommissioning, also known as “flag retirement.” American flags that have become tattered, soiled or are otherwise no longer fit for display will be burned in a dignified manner in a large pit during the ceremony and the flames will be doused by the Hamilton Township Fire Division.

Individuals and organizations that wish to have an American flag properly disposed of at this year’s ceremony should bring the flag to Mercer County Veteran Services, 1440 Parkside Ave., Ewing; Mercer County Connection, Route 33 at Paxson Avenue, Hamilton; or the County Administration Building, 640 South Broad St., Trenton, no later than Monday, Sept. 11.

The rain date for flag retirement is Sept. 20.

Categories
Business Culture Economics International & World Lifestyle Regulations & Security Technology

Agam Capital advises PFI in its formation and launch of Prismic Life Reinsurance, Ltd.

TEANECK, N.J. & NEWARK, N.J. & HAMILTON, Bermuda — (BUSINESS WIRE) — Agam Capital “(Agam),” an analytics driven platform strategically partnering with insurance companies to explore opportunities to enhance their financial flexibility, is advising Prudential Financial, Inc. “(PFI),” a US-based global financial services leader and premier active global investment manager, in the formation and launch of Prismic Life Reinsurance, Ltd. “(Prismic),” a Bermuda-domiciled Class E life and annuity reinsurer.

 

This strategic engagement leveraged Agam’s unique pALM analytical platform and differentiated capabilities to support PFI in the development and establishment of a differentiated new entrant to the vibrant and fast-growing market for life and retirement reinsurance solutions in Bermuda.

 

Separately, Agam and Prismic have entered into a long-term Management Services Agreement “(MSA)” whereby Agam will continue to leverage its industry-leading asset and liability management and enterprise risk management expertise to support Prismic and its future growth.

 

Agam’s Co-Founders, Chak Raghunathan and Avi Katz, said, “The launch of Prismic is a milestone event in the continued growth of the Bermuda reinsurance market. We are thrilled to have been a key part of PFI’s strategic process in the exploration, diligence and launch of Prismic and are excited for our future engagement working with Prismic CEO Amy Kessler and her team to continue to build Prismic into one of the leading Bermuda-based reinsurance platforms.”

 

Robert Falzon, vice chair of PFI, said: “Agam played a critically important role in the creation of Prismic, providing third-party integrated asset, liability, capital, and risk analytical tools that greatly facilitated decision-making throughout the process. We are excited that Agam will partner with Prismic going forward to enable the platform to grow, and in support of PFI’s vision to be a global leader in expanding access to investing, insurance, and retirement security.”

 

About Agam Capital

Agam was founded in 2016 by Avi Katz and Chak Raghunathan with the vision to create a cutting edge differentiated analytical platform. The execution towards this vision continued with the development of pALM, Agam’s proprietary asset and liability management (ALM) system. Offering the only end-to-end enterprise wide risk and capital analytic solution, Agam empowers strategic decision makers towards their capital optimization goals. With a fully embedded dynamic strategic asset allocation (SAA) and enterprise risk management (ERM) infrastructure, pALM supports Agam’s ability to offer one stop, turnkey insurance solutions.

 

Agam’s team of experts have a global reach with offices in the USA, Canada, Bermuda and India. In addition, Agam ISAC Bermuda, which offers a comprehensive suite of operational, management and governance services to Bermuda based reinsurers, is fully licensed as a Class E insurer by the Bermuda Monetary Authority (BMA).

 

About PFI

Prudential Financial, Inc. (NYSE:PRU), a US-based global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of June 30, 2023, has operations in the United States, Asia, Europe and Latin America. PFI’s diverse and talented employees help makes lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. PFI’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

 

PFI Forward-Looking Statements

Certain of the statements included in this release, such as those regarding the launch of Prismic, reinsurance transactions involving Prismic, the provision of asset management services to Prismic, the anticipated increase in PFI’s underwriting capabilities, equity investments in Prismic by global investors and other institutions, the leadership and operation of Prismic following its launch, and the impact of Prismic on PFI’s business and strategy, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. PFI’s forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon PFI and its subsidiaries. There can be no assurance that future developments affecting PFI and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in PFI’s Annual Report on Form 10-K. PFI does not undertake to update any particular forward-looking statement included in this document.

 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, headquartered in the United Kingdom, or the Prudential Assurance Company, a subsidiary of M&G plc, headquartered in the United Kingdom.

Contacts

Chak Raghunathan | Co-Founder, Managing Partner

Agam Capital Management, LLC

craghunathan@agamcapital.com

Laura Edling | Director, Financial Communications

PFI

laura.edling@prudential.com

Categories
Economics Government Lifestyle Perks Programs & Events Regulations & Security

Southwest Ohio Carpenters plan will restore benefits through receipt of Special Financial Assistance

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced Friday that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Southwest Ohio Regional Council of Carpenters Pension Plan (Southwest Ohio Carpenters Plan).

The plan, based in Monroe, Ohio, covers 5,399 participants in the construction industry.

On April 1, 2019, the Southwest Ohio Carpenters Plan implemented a benefit suspension under the terms of the Multi-employer Pension Reform Act of 2014 (MPRA) in order to address the plan’s troubled financial condition at that time and its projected insolvency. The plan reduced benefits of about 4,300 plan participants. On average, affected participants’ benefits were reduced by 18 percent.

PBGC’s approval of the SFA application enables the plan to restore benefits suspended under the terms of MPRA and to make payments to retirees to cover prior benefit suspensions. SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $182.6 million in SFA, including interest to the expected date of payment to the plan.

“Millions of people work for years, looking forward to the day when the promise of a secure, dignified retirement is kept,” said Acting Secretary of Labor Julie A. Su.

“Today, the Biden-Harris administration is delivering on that promise for 5,399 construction workers across Ohio, Kentucky and Indiana by providing Special Financial Assistance to the Southwest Ohio Regional Council of Carpenters Pension Plan so that they can retire with the dignity they deserve.”

About the Special Financial Assistance Program

The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multi-employer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned.

The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC’s regulations. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. Plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multi-employer plans that receive SFA.

As of Aug. 15, 2023, PBGC has approved nearly $52.4 billion in SFA to plans that cover over 756,000 workers, retirees, and beneficiaries.

The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective Aug. 8, 2022, and was amended effective Jan. 26, 2023.

About PBGC

PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multi-employer Program is financed by insurance premiums. Special financial assistance for financially troubled multi-employer plans is financed by general taxpayer monies.

Categories
Business Culture Economics Lifestyle Regulations & Security

The Great Gloom: Employee happiness is at rock bottom, but there are solutions

A report released by BambooHR found that employee happiness is at an all-time low, with the healthcare and education sectors being the most unhappy.

 

Spikes like this were last seen during the COVID-19 pandemic. The report highlights employee happiness is “plunging dramatically” without signs of recovery. However, Scott Johnson, CEO and founder of Motivosity, can discuss the following possibilities to combat the issue proactively:

  • A breakdown of solutions based on each industry
  • Holistic methods to improve employee happiness
  • The importance of tracking eNPS for overall organizational health
  • Data-driven approaches to measure happiness at work
  • Digesting industry norms in the happiest and unhappiest industries to make changes
  • The role of appreciation, proper training and management in improving happiness

 

Otter PR
Scott Johnson is an entrepreneur, technology expert, and Founder and CEO of the leading employee engagement and recognition software, Motivosity. Johnson spent his career focused on making people’s time at work count for something more. As Founder of Motivosity, Johnson is passionate about leveraging technology in social ways to create innovative workforce engagement solutions. He regularly contributes to Forbes and has been featured in NY Post, BuiltIn, LA Times, MSN, and more.

Categories
Business Economics Lifestyle Regulations & Security

AM Best affirms credit ratings of British Caribbean Insurance Company Limited

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of British Caribbean Insurance Company Limited (BCIC) (Jamaica). The outlook of these Credit Ratings (ratings) is stable.

 

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

 

BCIC’s balance sheet strength assessment is derived from the company’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), partially offset by the company’s high reinsurance dependence to protect its surplus and earnings in the event of major catastrophe events. The balance sheet strength assessment also reflects BCIC’s strategically liquid investment portfolio, which is primarily composed of government of Jamaica short-term repurchase agreements, fixed-income securities, and cash and cash equivalents.

 

BCIC has a history of consistent earnings supported by underwriting gains, fee income and investment income, resulting in solid profitability metrics as demonstrated by its five-year average return results. Overall earnings in 2022 were primarily driven by reinsurance commissions, as well as strong investment income, which offset a net underwriting loss for the year. Effective Jan. 1, 2022, BCIC entered into a new motor quota share treaty, which resulted in increased operating expenses driven by one-off costs; however, this was offset by the related ceding commissions associated with the treaty.

 

AM Best views the company’s business profile as limited. The company generates the bulk of its business in its domicile of Jamaica, while also operating in Turks and Caicos, and Barbados. BCIC operates in highly competitive markets and offers an array of insurance products through its branches and agents, including commercial and residential property, as well as automobile coverages. Given BCIC’s geographic concentration in the Caribbean, the company has significant exposure to weather-related events. Like many property/casualty insurers operating in the Caribbean, BCIC cedes a significant portion of its written premiums to reinsurers under its reinsurance treaties.

 

BCIC’s ERM is considered appropriate. The company has an established risk management framework that supports the achievement of the organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those. AM Best anticipates that the company’s risk management capabilities and comprehensive reinsurance program will continue to support BCIC’s overall rating assessment.

 

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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

 

Contacts

Anthony Molinaro
Senior Financial Analyst

+1 908 882 2129
anthony.molinaro@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Ricardo Longchallon
Senior Financial Analyst
+1 908 882 2019
ricardo.longchallon@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com