Category: Regulations & Security

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AI’s personalization pitfalls: Inaccurate outputs cost customer loyalty

The increased use of Artificial Intelligence (AI) is reshaping the digital marketing landscape, but it could potentially lead to a disaster if personalization and tailoring for each customer is neglected.

 

Although 61.4% of marketers are using AI to optimize their marketing campaigns, only 54.5% believe it enhances their outputs.

 

 

“Just because something can be automated doesn’t mean it should be,” explains Derek Chew, CEO of Fullmoon Digital. “AI is useful but can’t fully replace the crucial human element in digital marketing.”

The consequences of neglecting personalization in AI-driven marketing can be disastrous.

Excessive reliance on automation, generic content delivery, and a lack of human touch are the pitfalls that can result in alienated customers, decreased brand loyalty, and ultimately, a negative impact on revenue.

 

 

Chew states that customers expect relevant and timely interactions, and any failure to meet these expectations can lead to detrimental outcomes for brands. Negative experiences could lead to a decline in customer loyalty, increased churn rates, and potential damage to a company’s reputation.

Brands must shift their focus towards hyper-personalization — an approach that goes beyond traditional personalization efforts.

“Each interaction with customers must feel unique and tailored. Brands must acknowledge the importance and recognize the limitations of leveraging AI to deliver truly customized experiences,” notes Chew.

Derek Chew can also explain why human supervision and intervention is imperative to get the most optimum output of an AI-generated marketing campaign. 

About Fullmoon Digital

Fullmoon Digital, founded by Derek Chew, a former early Yahoo! employee, is one of the few 100% independent digital marketing agencies in the United States. The firm is cross-functional, with deep experience in media planning and buying, digital consultancy, SEO, digital strategy, programmatic, analytics, performance marketing, paid media, social advertising, and creative. They push the envelope of what is possible in terms of marketing and technology, all the while providing best-in-class digital marketing service to their “pack” of clients. For more information, please visit www.fullmoondigital.com

 

Sources to read more:

  1. Geyser, Werner. Artificial Intelligence (AI) Marketing Benchmark Report: 2023. February 22, 2023. Influencer Marketing Hub. https://influencermarketinghub.com/ai-marketing-benchmark-report/
  2. Dey, Victor. 92% of businesses use AI-driven personalization but consumer confidence is divided. May 02, 2023. Venture Beat. https://venturebeat.com/ai/92-of-businesses-use-ai-driven-personalization-but-consumer-confidence-is-divided/
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Mercer County announces zero-interest rate loans to businesses through new partnership with UCEDC

Mercer County Executive Brian M. Hughes and the Mercer County Office of Economic Development are excited to announce that the county will partner with the UCEDC to establish a 0% Interest Loan Program for small businesses in Mercer County.

Dedicating $350,000 in American Rescue Plan Act (ARPA) dollars, the program will allow Mercer County businesses to apply for affordable access to capital. The UCEDC will provide loans on a first-come, first-served basis utilizing current lending products and capital.

“Mercer County continues to provide financial options for its vibrant small businesses,” said County Executive Hughes.

“Through our 2023 Mercer County Small Business Grant Program, our newly announced Small Business Investment Program and this initiative, we recognize the importance of our small businesses to our regional economy and want to make every effort to help them continue to grow and flourish.”

Specifically, the program will require the following:

  • Businesses must be located in Mercer County, registered with the State of New Jersey and have been formed on or before September 1, 2019.
  • Businesses must have 30 full-time equivalent employees or less at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
  • Loans will range from $10,000 to $20,000.
  • Loans will be offered at 0% interest, with a five-year repayment term.
  • Funds can be used for working capital, inventory, or purchases of furniture and equipment.
  • No collateral requirements, pre-payment penalties, processing, closing or application fees.
  • Personal guarantees of the significant owners of the business (10% or greater) are required.
  • Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.

Through the Mercer County loan program, UCEDC will provide $750,000 of lending to small businesses located in Mercer County. With an average expected loan amount of $15,000, given the parameters above, Mercer County will provide funding to approximately 50 businesses in the target market.

Please click Mercer County Zero-Interest Loan Program flyer or here to learn more and apply.

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Mercer County launches Small Business Investment Program

Partnering with SMBX’s small-business marketplace will allow local business owners to raise capital through retail investors in the community and nationwide.

People can invest in small businesses for as little as $10 and be repaid principal and interest monthly.

TRENTON, N.J. — Mercer County Executive Brian M. Hughes announced the launch of Mercer County’s new Small Business Investment Program to help small businesses raise funding directly through retail investors in their communities, and nationwide.

Through a competitive bid process, the County selected SMBX, the online marketplace connecting small businesses and everyday investors, to run the program.

Mercer County has set aside $500,000 in American Rescue Plan Act (ARPA) funding to manage the program and drive retail investment to at least 30 Mercer County small businesses on the SMBX marketplace. The funds will keep the program free for small businesses.

“Mercer County continues to invest in our small-business community,” said County Executive Hughes.

“On the heels of the Mercer County Small Business Grant program, this SMBX initiative will allow start-ups and established businesses alike to grow and expand through the infusion of much needed capital.”

“Small-business owners nationwide are choosing to raise funds through everyday investors in their communities, giving people a chance to earn money by investing in the businesses they love,” said Ben Lozano, co-founder and CEO of SMBX.

“We’re excited to partner with Mercer County to help businesses raise funds with no fees for owners or investors.”

Small-business owners can apply to raise funds through the Mercer County Office of Economic Development, SMBX, and the African American Chamber of Commerce of New Jersey (AACCNJ).

SMBX and the Mercer County Office of Economic Development will work closely with business organizations and chambers of commerce, including the Princeton Mercer Regional Chamber, the AACCNJ, the Capital Region Minority Chamber of Commerce and the Latino Merchants Association, to market the program and provide technical assistance to small businesses to prepare them to raise capital through SMBX.

“We are pleased with the decision of the Hughes Administration to support our efforts to expand capital access to the members of the African American Chamber of Commerce and businesses throughout Mercer County,” said John E. Harmon, Sr., IOM, Founder, President & CEO, AACCNJ.

“It is through the efforts of forward-thinking leaders that we can collectively collaborate to advance best practices that can lead to transformational outcomes; the resulting benefit will be a more competitive Mercer County.”

Here’s how the program will work:

  • Businesses can raise money by issuing Small Business Bonds on the SMBX marketplace.
  • Instead of borrowing from a bank, businesses borrow from investors in their community and across the country, paying them back monthly at fixed interest rates through SMBX.
  • Small businesses are not required to provide a personal loan guarantee.
  • SMBX completes the underwriting at no cost, the business reviews it, and SMBX files it with federal regulators.
  • The SMBX marketing team works with the business owners to offer and promote their raise.
  • Once the raise is completed, the business makes monthly fixed payments to its investors so it knows exactly what to expect for its cash flow.
  • By purchasing Small Business Bonds in $10 increments through the Mercer County Small Business Investment Program, investors can earn a meaningful monthly return by lending money to their favorite local small businesses while gaining more control over their money.

Small-business qualifications:

  • Physical business located in Mercer County;
  • For-profit business registered with the State of New Jersey, and formed on or before April 10, 2023;
  • 30 employees or fewer, with part-time equating to one-half a full-time employee;
  • Less than $10 million in gross revenue;
  • Preference is given to those businesses that have not received specific business grant assistance from the federal, state, or local government entity; and,
  • National franchises, real estate businesses, and independent consultants are ineligible.

The Mercer County Small Business Investment Program will run through September 2024.

###

About SMBX

SMBX is a marketplace connecting small businesses and everyday investors. We empower communities by making finance accessible to everyone. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business.

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Ribbon cutting ceremony celebrates the grand opening of Freedom Village at Hamilton Woods

HAMILTON, N.J. — The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has announced the official opening of Freedom Village at Hamilton Woods. This much-anticipated, transformative housing development represents a significant milestone in providing permanent accessible homes and supportive services that empower residents with disabilities to live independently within the vibrant community of Hamilton.

Hamilton Woods offers barrier-free living in every apartment, ensuring easy navigation for residents with wheelchairs. With rents as low as $882 per month, this development addresses the housing needs of low- and moderate-income individuals, making it truly a place they can call home. Furthermore, the residents will have access to on-site social services coordinators provided by Catholic Charities of the Archdiocese of Newark, further enhancing the support network available to them.

Donna Spencer, NJHMFA’s Director of Multifamily and Supported Housing and Lending at NJHMFA, expressed her gratitude and excitement during the ribbon-cutting ceremony. She praised the efforts of all those involved in bringing this remarkable project to life, especially acknowledging the support and collaboration of Mayor Jeff Martin, the Township of Hamilton, and Project Freedom, a key partner in this endeavor.

“At NJHMFA, we are firmly committed to providing supportive housing to ensure that everyone has a safe, quality, and affordable home regardless of disability status,” Donna Spencer stated.

“Hamilton residents know from experience that Project Freedom builds and maintains accessible, affordable apartments to the highest standard, enabling tenants to reach their full potential. It is our expectation that Project Freedom’s second Hamilton project will prove just as successful as their first.”

The collaboration between NJHMFA and Project Freedom has been instrumental in making this project a reality. Funding of nearly $14 million generated through 9% Low-Income Housing Tax Credits and an additional $1.2 million awarded through NJHMFA’s Special Needs Housing Trust Fund have been crucial to the success of Hamilton Woods.

Hamilton Woods is a housing development that prioritizes inclusivity and accessibility for individuals with disabilities. It offers 72 units with one, two, and three-bedroom apartments, catering to people from diverse backgrounds and abilities. Notably, a quarter of these units are thoughtfully designated for individuals with developmental disabilities or mental illnesses, promoting equal housing opportunities. With over eight percent of Hamilton’s population representing people with disabilities, this project addresses their housing needs and is a welcome addition to the township.

Strategically located near the township’s “Center City” district, Hamilton Woods provides easy access to various neighborhood amenities, including a Capital Health clinic, the Hamilton Area YMCA, and the Hamilton Library, all just across the street. Residents will also enjoy convenient transportation options with a nearby bus stop and a range of shopping and dining opportunities within walking distance.

“Hamilton is proud to host a second Project Freedom development,” commented Mayor Jeff Martin. “Project Freedom’s commitment to affordable, barrier-free housing is second-to-none and we look forward to our continued partnership with everyone who made this project possible.”

Project Freedom’s track record in building and maintaining supportive housing has made them an invaluable partner in this initiative. Over the years, Project Freedom has created over 750 affordable homes in five counties, empowering tenants with disabilities and their families to live independently and thrive. Their previous developments have had a positive impact on both the tenants and the surrounding community by uplifting property values and fostering diversity within the neighborhood.

Tracee Battis, Executive Director of Project Freedom said, “We are so thrilled to be celebrating the grand opening of our beautiful Hamilton Woods project, our 12th since the inception of Project Freedom nearly 40 years ago and our 2nd in Hamilton Township. We cannot thank Mayor Jeff Martin, Hamilton Township, NJHMFA, Mercer County, TD Bank and National Equity Fund enough for their continued support for our mission.”

At the event, Norman Smith, Associate Executive Director and Founder, expressed that this is like a second homecoming for him, having grown up in Hamilton Township. He went on to explain what Project Freedom means to him. “Project Freedom’s housing provides a base from which people with and without disabilities can blaze their own paths. This is what I am most proud of. While others see apartments as just bricks and mortar, I see them as catalysts for lives being changed through the opportunity of freedom.”

The Freedom Village concept has proven to be a success in previous partnerships, with developments in Hopewell, Woodstown, Toms River, and more. These homes have brought hope and relief to residents, particularly those with disabilities, who often bear the brunt of the affordable housing crisis. The overwhelming response to Hamilton Woods, with nearly 600 applications received, highlights the pressing need for such supportive accommodations.

“On behalf of NJHMFA, I would like to thank everyone who played a part in bringing this project to fruition,” NJHFMA Executive Director Melanie R. Walter said. “Hamilton Woods offers modern, inclusive, accessible housing that will enhance resident access to and participation in the Hamilton Township community.”

The ribbon-cutting ceremony marked the beginning of a new chapter for the residents of Hamilton Woods, reflecting the positive outcomes that can be achieved through dedication, partnership, and a shared vision for inclusive and supportive communities.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov

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AM Best to sponsor, exhibit and speak at Vermont Captive Insurance Association’s Annual Conference

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will participate in a number of sessions at the 2023 Vermont Captive Insurance Association’s (VCIA) Annual Conference, including a discussion on the potential opportunities parametric coverage presents for the captive insurance industry and a presentation on the rising use of captives to cover cyber exposures. The VCIA conference takes place Aug. 7-10, 2023.

Fred Eslami, associate director, AM Best, will participate in a panel session on Tuesday, Aug. 8, titled, “Parametric Coverage in Captives – Nuts and Bolts.” The discussion will cover the basic concept of parametric solutions in insurance and possible uses of parametric solutions in the captive industry, including a real-world case study. The panel discussion is scheduled for 11:15 a.m. (EDT).

 

Later that day, at 1:30 p.m. (EDT), AM Best Managing Director John Andre and Eslami will deliver a presentation, titled, “Cyber Market Likely to Attract More Captives,” which will look at the growing role captives are playing in providing capacity and a line of protection against captive attacks, as well as the rise in cyber specialist companies that in some cases form their own captive.

 

In a pre-conference “Captive Immersion Workshop,” scheduled for Monday, Aug. 7, Daniel Giunta, account manager, Business Development, AM Best, will join a number of captive insurance experts and participants to discuss basics surrounding captive formations and a look at the space of captive service providers and partners. The workshop runs from 1:00 p.m. to 4:30 p.m.

 

AM Best is a platinum sponsor of the VCIA conference, and this year marks the 23rd year that the credit rating agency has sponsored the annual event. The VCIA conference, which will take place at the DoubleTree by Hilton in Burlington, VT, offers a multitude of seminars focused on captive insurance trends and networking opportunities. AM Best will be on site exhibiting at booth No. 32 at the DoubleTree Exhibition Hall.

 

In addition, AM BestTV be conducting executive interviews from the VCIA conference. Look for the VCIA-related playlist during the conference under the “Event Coverage 2023” tab at www.ambest.tv.

 

For more information about the VCIA event, please visit the conference overview and agenda.

 

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.

 

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

Contacts

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

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

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Mercer County Clerk issues warning to passport applicants and to veterans

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello is issuing two warnings to constituents that could cause a waste of precious time and money, the two things no one needs to lose, she says.

Passport Fees Required at all Passport Facilities

The U.S. Department of State advises all passport applicants that there are no free passports nor fee waivers, and that a fee is required for all passport applications.  Payment is required at all Passport Acceptance Facilities, including the Mercer County Connection in Hamilton Township and the Mercer County Clerk’s Office in Trenton.

Recent social media videos circulating on the internet, which advise customers that passports can be free by submitting form I-912 are false, misleading and incorrect. The form they are referring to is for U.S. Citizenship and Immigration Services (USCIS) and not for Passport Services. The form is NOT a Department of State form and it is not honored by them.

Mercer County Clerk Paula Sollami Covello explained that videos on social media platforms such as TikTok and Instagram are not being produced by government officials, and have created confusion among constituents who believe them to be accurate.

For further information on the Form I-192 and the individuals eligible, please visit https://www.uscis.gov/i-192 for clear instructions and additional information.

For detailed information on documentation required for a passport, or office hours at the Mercer County Clerk’s Office, please visit https://www.mercercounty.org/government/county-clerk-/office-services/passportsand for detailed information on services at the Mercer County Connection in Hamilton, please visit https://www.mercercounty.org/departments/county-connection/passport-application-information.

Veterans Filing Scam

Mercer County Clerk Paula Sollami Covello is alerting all Veterans of a fraudulent solicitation targeting those seeking assistance with filing their DD-214 discharge papers. The DD-214, or Certificate of Release or Honorable Discharge from Active Duty, is a vital document that verifies a Veteran’s military service and is often required when accessing various military benefits and entitlements. The Mercer County Clerk’s Office records such items free of charge, without the need for a middle man.

“Unfortunately, at least one opportunistic company is preying on Veterans by offering to file or obtain their DD-214 on their behalf in exchange for significant payments” said Covello.  A Company called “DD-214 DIRECT” out of Phoenix, Arizona is soliciting Veterans to pay to record copies of their discharge papers (DD-214).

We want to emphasize that the Mercer County Clerk’s Office files and provides certified copies of DD-214 discharge papers free of charge. Veterans can visit our office or contact us directly to receive guidance and support throughout the process, without incurring any unnecessary fees. Often, we record such documents when a Veteran visits our office to obtain a US Veteran ID Card.

For additional information on Veteran Services, please call 609-278-7108 or 609-989-6465 or visit the Clerk’s Office online at https://www.mercercounty.org/government/county-clerk

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Bridge on Princeton-West Windsor border closed for NJDOT replacement project

The Washington Road bridge over the D&R Canal in Princeton and West Windsor is closed and detoured as the New Jersey Department of Transportation (NJDOT) undertakes an emergency bridge replacement project.

As of 8 p.m. Wednesday, July 26, Washington Road is closed between Faculty Road and Tiger Lane. Local access will be maintained between Route 1 and Tiger Lane. Work is expected to be completed this fall.

Mercer County Executive Brian M. Hughes reminds residents that although Washington Road is a county roadway (CR 571), the canal bridge is under the jurisdiction of NJDOT, which is undertaking the bridge replacement.

“NJDOT has been monitoring the condition of the bridge and determined that the replacement project couldn’t wait,” he said.

“Safety is always the top priority, so I urge motorists to be patient and to allow extra time when traveling into and out of Princeton for the duration of the project.”

NJDOT will have variable message signs directing motorists to detour routes, which include the following:

Washington Road southbound detour:

  • Motorists wishing to travel south on Washington Road will be directed to use Route 27/Nassau Street
  • Turn left onto Alexander Street
  • Take the ramp to Route 1 northbound to New Brunswick
  • Take the jughandle to CR 571 northbound/Princeton to Washington Road

Or

  • From Route 27/Nassau Street, turn right onto Harrison Street
  • Turn right onto Route 1 southbound
  • Stay right on Route 1 southbound to take the “All Turns” lane to CR 571/Hightstown/Princeton back to Washington Road

Washington Road northbound detour (updated):

  • Motorists on Washington Road northbound before the Route 1 intersection wishing to cross the Washington Road bridge over the D&R Canal will be directed to turn right onto Route 1 northbound
  • Stay right to take Harrison Street exit
  • Cross Route 1 and continue on Harrison Street westbound/Princeton
  • Turn left onto Route 27/Nassau Street southbound back to Washington Road

Or

  • Motorists on Washington Road northbound before the Route 1 intersection wishing to cross the Washington Road bridge over the D&R Canal will be directed to turn left onto Route 1 southbound
  • Take the ramp to Alexander Road westbound/Princeton
  • Continue on Alexander Road and turn right onto University Place
  • Turn right onto Route 27/Nassau Street northbound back to Washington Road

+Route 1 to Washington Road northbound detour:

Motorists traveling on Route 1 northbound or southbound wishing to travel into Princeton using Washington Road northbound will be directed to use Alexander Road/Alexander Street or South Harrison Street/Lower Harrison Street.

Pedestrian access

Access to the D&R Canal towpath will be maintained for pedestrians and cyclists on Washington Road southbound, crossing the Washington Road bridge over Carnegie Lake. Barriers will be in place to direct pedestrians and cyclists to the towpath a safe distance away from the active construction zone.

Pedestrians and cyclists on Washington Road northbound will not be able to access the D&R Canal towpath. Instead, they can use crossings at Alexander Street and Harrison Street.

The precise timing of the work is subject to change due to weather and other factors. Motorists are encouraged to check NJDOT’s traffic information website www.511nj.org for construction updates and real-time travel information and for NJDOT news follow the agency on Twitter @NewJerseyDOT or on the NJDOT Facebook page.

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Mercer County Clerk announces digitization and preservation of land records

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello announced that her office completed a book-scanning project that preserved and digitized over one million of Mercer County’s historic property records.

These records, dating back to the County’s inception in 1838, are now available to the public online.

This will allow for business transactions to take place more efficiently, via computer, permitting more of Mercer County’s property searches to be conducted remotely. It also preserves the records of the County for future generations.

The project involved the scanning of 1,214 books in the Mercer County Clerk’s vast record collection. It includes deeds dating back to January 1839, Mortgage Releases from the early to mid-20th century, and Chancery Notices, also known as “lis pendens,” recorded from 1932-1960, all on one platform. Once scanned, the images were uploaded onto the Mercer County Clerk’s land record management system, New Vision Systems, for online searching.

The preservation of historic records is a critical responsibility of the Mercer County Clerk’s Office.

County Clerk Sollami Covello said, “This project represents my ongoing commitment to innovation and public service. As Mercer’s official property recorder, I know the importance of this project to our region’s title companies and real estate professionals. I’m especially proud it preserves valuable historic information before that information was lost due to the decay of aging books or other damage.”

The scanning project involved meticulous planning and collaboration over several years. It was also completed with the utilization of advanced technologies by vendor, County Business Systems, following a competitive contracting process wherein it was stressed that the records must be clear and legible for real estate professionals and future generations to be able to read them. Some images were enhanced to improve readability while other technologies were implemented to eliminate the “bleed-through” of words from two-sided copies.

To access the digitized records online, individuals must first register by visiting the Mercer County Clerk’s Online Public Record Search Page.

For more information regarding the services of the Mercer County Clerk’s Office, please visit the Clerk’s page here. The County Clerk’s Office and its Public Record Room is located at 209 South Broad Street, Trenton, from Monday through Friday from 8:30 a.m. to 4:30 p.m. and late on Wednesdays until 6:45 p.m. (with the exception of three Wednesday evenings from July 19 through Aug. 2

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Mercer County Exec. Hughes recently administers oath to five new board, commission members

 TRENTON, N.J. — Mercer County Executive Brian M. Hughes administered the oath of office to five community members to serve on Mercer County’s boards and commissions.

Sworn in were Jayson Maksymovich of Hopewell, Mercer County Vo-Tech Board; Robert Jackson of Princeton, Mercer County Disabilities Advisory Council; Dawn Oller of Robbinsville, Mercer County Library Commission; Eleanor V. Horne of West Windsor, Mercer County Park Commission; and Andrew Koontz of Princeton, Mercer County Park Commission.

“The members of our boards and commissions are taken seriously, and we value your input and experience,” Mr. Hughes said to the new members. “I can’t think of a better group of individuals to serve, and I know you will be dedicated to helping improve the lives of the people of Mercer County.”

Mr. Maksymovich is training director for IBEW Local 269 JATC.

Mr. Jackson works at the N.J. Department of Human Services where he assists people with disabilities to obtain services.

Ms. Oller is a volunteer with the Robbinsville Library Advisory Committee and an avid reader, along with homeschooling her daughter.

Ms. Horne is retired from Educational Testing Services and is the founder and former co-president of the Lawrence Hopewell Trail, along with membership on countless boards and committees.

Mr. Koontz is an educator, teacher, film maker and film editor. He also is a former County Commissioner, Princeton Borough Council Member, a longtime member and now chair of the Princeton Parks and Recreation Commission and founder of Princeton Parks Alliance.

Mercer County’s boards and commissions, made up of citizen volunteers, advise the Hughes Administration on a wide range of policy issues and functions, including parks, planning, culture and heritage, and more. Most boards and commissions meet monthly to discuss various projects, events, programs and other pertinent issues. To be considered for a seat on a Mercer County Board or Commission, please go to https://www.mercercounty.org/boards-commissions or click the LEARN MORE button.

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AM Best affirms credit ratings of The Travelers Companies, Inc. and most subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the main subsidiaries of The Travelers Companies, Inc. (TRV) (headquartered in New York, NY) [NYSE: TRV], collectively known as Travelers Group (Travelers). In addition, AM Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of “aa+” (Superior) of Travelers Casualty and Surety Company of America (TCSA) (Hartford, CT) and Travelers Insurance Company of Canada (TICC) (Toronto, Ontario, Canada). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of First Floridian Auto and Home Insurance Company (First Floridian) (Tampa, FL).

AM Best also has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IR) of “a+” (Excellent) of TRV and its two wholly owned downstream holding companies, Travelers Property Casualty Corp. and Travelers Insurance Group Holdings Inc. (both headquartered in Hartford, CT). All outstanding securities issued by the two downstream holding companies are guaranteed by TRV. At the same time, AM Best has affirmed all other Long-Term IRs and Short-Term Issue Credit Ratings (Short-Term IR) guaranteed by TRV, as well as TRV’s indicative Long-Term IRs. The outlook of these Credit Ratings (ratings) is stable.

 

Lastly, AM Best has revised the outlook to positive from stable for the Long-Term ICR and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of The Dominion of Canada General Insurance Company (Dominion) (Toronto, Ontario, Canada). The outlook of the FSR is stable.

 

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

 

Travelers’ risk-adjusted capitalization is strongly supportive of the group’s ratings and exceeds the threshold for the strongest assessment level by a wide margin, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment of Travelers’ balance sheet strength reflects its strong loss reserve position, the benefits derived from the conservative investment portfolio, the use of a comprehensive reinsurance program, which utilizes high quality reinsurance partners, and the additional financial flexibility available through its ultimate parent, TRV.

 

Travelers’ very strong operating performance reflects consistently profitable results driven by strong underwriting and investment results. Travelers’ has reported positive underwriting income in each of the most recent 10 years.

 

Travelers is the second largest commercial lines insurer in the United States based on 2022 direct premiums written and one of the top 10 largest U.S. personal lines insurers. Overall, Travelers is the sixth largest property/casualty (P/C) writer in the United States. Travelers maintains a broad spread of risk in that it offers a wide array of P/C coverages spread geographically in all 50 states, the District of Columbia, Canada, England, Ireland, Guam, Puerto Rico, the U.S. Virgin Islands and the Northern Mariana Islands.

 

The ratings of TCSA reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, favorable business profile and appropriate ERM.

 

The ratings of TICC reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV.

 

The ratings of First Floridian reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV.

 

The ratings of Dominion reflect its balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV. The positive outlook on Dominion’s Long-Term ICR reflects the company’s profitable operating performance in recent periods, as evidenced by positive net income in each of the most recent three years with loss ratios that compare favorably with those of the industry. Results have been influenced by favorable underwriting performance, as reflected by a five-year average combined ratio below 100, relatively in line with industry peers.

 

The ratings of TRV and its two wholly owned downstream holding companies are reflective of its modest financial leverage ratios, strong coverage ratios, ample liquidity and overall financial flexibility.

 

A complete listing of The Travelers Companies, Inc.’s FSRs, Long-Term ICRs and Long- and Short-Term IRs also is available.

 

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.

 

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Contacts

Elizabeth Blamble
Senior Financial Analyst
+1 908 882 1661
elizabeth.blamble@ambest.com

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

Michael Lagomarsino, CFA, FRM
Senior Director
+1 908 882 1993
michael.lagomarsino@ambest.com

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