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 Economics Lifestyle Regulations & Security

Bogota Financial Corp. adopts and receives regulatory approval of fourth repurchase program

TEANECK, N.J. — (BUSINESS WIRE) — Bogota Financial Corp. (the “Company)” (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank),” announced that it has received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company. This is the Company’s fourth stock repurchase program.

Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

 

The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

 

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from six offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

 

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, ongoing effects resulting from the COVID-19 pandemic and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

 

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

Contacts

For Bogota Financial Corp.:

Joseph Coccaro

President and Chief Executive Officer

(201) 862-0660

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Business Environment Lifestyle Perks Regulations & Security Science

American Water recognized on Fortune’s Modern Board 25 ranking

First utility to be honored on the ranking

 

CAMDEN, N.J.–(BUSINESS WIRE)–American Water (NYSE: AWK), the nation’s largest publicly traded water and wastewater utility company, announced today that it has been named on Fortune’s Modern Board 25 ranking, recognizing the most innovative Boards of Directors among S&P 500 companies.

“American Water is honored to be recognized on Fortune’s Modern Board 25, a testament to the strength of our diverse Board,” said M. Susan Hardwick, President and CEO, American Water. “Achieving and maintaining gender parity and diversity at the Board level is important for the company and we are proud that American Water’s Board of Directors reflects diversity on several levels.”

 

The 25 companies included in the Fortune Modern Board 25 ranking were in the top quartile of the S&P 500 in board effectiveness, diversity, tenure, financial performance, and vulnerability to activism, positioning them well strategically for long-term, sustainable growth. Learn more about the methodology here.

 

Additionally, American Water was recently recognized by 50/50 Women on Boards™ for its Gender-Balanced Board of Directors and in 2022 named Champion of Board Diversity by The Forum of Executive Women for the sixth consecutive year. Learn more about American Water’s Inclusion, Diversity and Equity strategy here.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media Contact

Alicia Barbieri

Manager, Corporate Communications

American Water

856-676-8103

alicia.barbieri@amwater.com

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Economics Education Government Lifestyle News Now! Politics Regulations & Security

Democrats recently seek to explain the debt ceiling crisis

The debt ceiling is the cap on the amount of money the U.S. government can borrow to pay its debts, explains Stefanie Conahan, an insider Democrat.

In a matter of weeks, the federal government will exceed this legal borrowing limit. And it’s not hyperbole to say that if Congress doesn’t raise the debt ceiling, it would be catastrophic for our economy and American families, she shared.

Historically, raising the debt ceiling is a bipartisan exercise in Congress. But on May 16, House Republicans were demanding draconian cuts to federal aid in exchange for voting to lift the debt ceiling. They’d rather tank the economy and throw millions of Americans into poverty than make good on our country’s financial obligations.

In the Off the Sidelines Spotlight, we’ll explore the debt ceiling, debunk the GOP talking points, and break down where we go from here.

If you remember one thing, it’s this: House Republicans are shirking their responsibilities—to American families, to our economy, to their oath of office—by refusing to vote to raise the debt ceiling.

So let’s cut through the noise. We’re breaking down what Republicans are saying about the debt ceiling—and then giving you the facts.

 

WHAT REPUBLICANS ARE SAYING: “House Republicans should not have to vote to raise the debt ceiling because WE don’t support new initiatives proposed by the Biden administration.”

THE TRUTH: Raising the debt limit has ABSOLUTELY NOTHING to do with new spending. It is purely backward-looking. In fact, much of the debt in question was incurred BEFORE President Biden took office.

WHAT REPUBLICANS ARE SAYING: “We don’t want to raise the debt ceiling and authorize new spending.”

THE TRUTH: Once again, nope. That’s not how this works. Raising the debt ceiling enables the Treasury to borrow for spending already authorized by Congress.

WHAT HOUSE REPUBLICANS ARE SAYING: “We’ll only vote to lift the debt ceiling if we make massive cuts to federal spending.”

THE TRUTH: Well, that’s true. House Republicans passed legislation that would increase the debt ceiling in exchange for cuts to federal spending for critical programs. That includes kicking one million seniors off Meals on Wheels, eliminating 30,000 law enforcement jobs, and gutting veterans health care. Not to mention cuts to Head Start, cancer research, housing assistance for low-income families, and more.

WHAT REPUBLICANS ARE SAYING: “Not raising the debt ceiling would be a DISASTER for the U.S. economy.”

THE TRUTH: We’re 100% in agreement with Republicans there. Failure to raise the debt ceiling would be catastrophic. Defaulting on our nation’s debts could mean:

  • Seniors could miss social security checks. Without social security, almost 22 million Americans would fall into poverty.

  • Veterans benefits could be delayed, and military service members could stop receiving paychecks.

  • Our country’s credit could be downgraded, spiking interest rates. That could raise mortgage, car and credit card payments.

  • According to Moody’s Analytics, stock prices could fall by roughly 20 percent, wiping out $10 trillion in household wealth and devastating the 401k and retirement accounts of millions of Americans.

 

SPREAD THE WORD: We need to make it crystal clear that Republicans ALONE are responsible for the debt ceiling crisis. By REFUSING to vote on a bipartisan basis, they’re putting partisan games over American families and our economy.

 

Read link below for more:

New York Times Editorial Board: Are Republicans willing to raise the debt ceiling?

 

 

— Stefanie Conahan

(team@kirstengillibrand.com)

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Business Lifestyle Regulations & Security

AM Best revises outlooks to stable for Juniata Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Juniata Mutual Insurance Company (JMIC) (McAlisterville, PA).

 

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

 

The revision of the outlooks to stable reflects JMIC’s improved operating performance over the last two years and the continuation of those results through March 31, 2023. In recent years, the company has reported favorable operating returns driven by improved underwriting results and consistent investment income. As a result, pre-tax operating gains and positive net income have been reported for two consecutive years and through first-quarter 2023. These results are due to management’s aggressive actions to stabilize operating results, which included, but are not limited to, re-underwriting of the commercial book of business, an added inflation guard on all policies, strategic rate increases and the non-renewing of policies with multiple claims. Also, JMIC has had lower than normal storm and shock losses, as well as the successful closure of some liability claims. Policyholder surplus did decline approximately 4% at year-end 2022 due to the downturn in the stock market; however, through March 31, 2023 that loss in surplus has been replenished. While the profile of a single state geographically concentrated property writer anticipates some volatility in operating performance, the outlooks contemplate that the magnitude will compare similarly to other adequately assessed companies.

 

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

Joseph Burtone

Director

+1 908 439 2200, ext. 5125

joseph.burtone@ambest.com

Richard Attanasio

Senior Director

+1 908 439 2200, ext. 5432

richard.attanasio@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security

AM Best affirms credit ratings of ProAssurance Corporation and core members of ProAssurance Group; upgrades credit ratings of NORCAL Insurance Company and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the core members of ProAssurance Group. Concurrently, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a+” (Excellent) from “a-” (Excellent) of NORCAL Insurance Company (NORCAL) (San Francisco, CA) and its subsidiaries, which are now part of ProAssurance Group. At the same time, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of ProAssurance Corporation (PRA) (headquartered in Birmingham, AL). All companies are indirect subsidiaries of PRA. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies’ ratings.)

The ratings of ProAssurance Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

 

The group’s balance sheet strength assessment continues to reflect the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as the strength of its reserves and quality of investments. The ratings also consider ProAssurance Group’s operating performance, which continues to be adequate as results benefited from the complete reunderwriting of its book of business and its strong rate gains, although loss costs in its medical professional liability (MPL) book of business remain pressured by the impacts of social inflation and the increasing frequency of excess verdicts, as seen in the first quarter of 2023. The ratings also consider the group’s market position as one of the leading MPL insurers in the United States, as well as its diversification across multiple disciplines, geographic areas and in its other lines of business. These ratings also acknowledge the depth and breadth of the group’s ERM programs and policies.

 

The rating upgrades of NORCAL and its subsidiaries reflect their status as members of ProAssurance Group due to the implicit and explicit support provided by the group following management’s integration efforts since its acquisition of NORCAL in 2021. Also considered is NORCAL and its subsidiaries’ strategic importance to the group, common management, and significant earnings contributions.

 

The ratings also benefit from the financial flexibility provided by PRA, the ultimate parent. PRA’s financial leverage is modest, with strong interest coverage, and holds a significant amount of cash and short-term investments outside of the insurance operating companies that are available for use without regulatory approval or other restriction. Nevertheless, the group has reported limited surplus growth over the most recent five-year period due to significant payments of dividends to PRA, which the parent has utilized for company stock repurchases and payment of shareholders’ dividends. Management remains committed to maintaining capital at its rated entities at levels commensurate with their ratings.

 

The stable outlooks for the Long-Term ICRs of ProAssurance Group members reflect the group’s continued strongest level balance sheet strength assessment, supported by effective capital management and financial flexibility afforded by it parent, while ongoing insurance operating initiatives implemented by management are expected to maintain its stable operating performance.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, with stable outlooks for the following members of ProAssurance Group:

  • ProAssurance Casualty Company
  • ProAssurance Indemnity Company, Inc.
  • ProAssurance Specialty Insurance Company
  • Medmarc Casualty Insurance Company
  • ProAssurance Insurance Company of America
  • ProAssurance American Mutual, A Risk Retention Group
  • Allied Eastern Indemnity Company
  • Eastern Advantage Assurance Company
  • Eastern Alliance Insurance Company

 

The FSR has been upgraded to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a+” (Excellent) from “a-” (Excellent) with stable outlooks for the following new members of ProAssurance Group:

  • NORCAL Insurance Company
  • NORCAL Specialty Insurance Company
  • Medicus Insurance Company
  • FD Insurance Company
  • Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company

 

The following Long-Term IRs have been affirmed with stable outlooks:

ProAssurance Corporation—

–“bbb+” (Good) on $250 million 5.30% 10-year senior unsecured notes, due 2023

The following indicative Long-Term IRs under the shelf registration have been affirmed with stable outlooks:

ProAssurance Corporation—

— “bbb+” (Good) on senior unsecured debt

— “bbb” (Good) on senior subordinated debt

— “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

Vicky Riggs
Associate Director
+1 908 439 2200, ext. 5039
vicky.riggs@ambest.com

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

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

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

Categories
Business Economics Lifestyle Regulations & Security Technology Travel & Leisure

Cenntro announces receipt of Nasdaq noncompliance notice regarding late filing of quarterly report on Form 10-Q

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) “(Cenntro” or “the Company),” a leading EV technology company with advanced, market-validated electric commercial vehicles, announced today that it received a written notice (the “Notice)” from The Nasdaq Stock Market LLC “(Nasdaq)” that the Company has remained noncompliant with Nasdaq Listing Rule 5250(c)(1) (the “Rule)” as a result of its failure to file both its annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K),” and quarterly report for the fiscal quarter ended March 31, 2023 (the “Q1 Form 10-Q)” with the Securities and Exchange Commission (the “SEC)” by the required due dates.

 

This Notice has no immediate effect on the listing of the Company’s shares on Nasdaq.

 

The Notice regarding the Company’s Q1 Form 10-Q was supplemental to the written notice received from Nasdaq on April 25, 2023 (the “Original Notice”). Under Nasdaq Rules, the Company has 60 calendar days from receipt of the Original Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception of up to 180 calendar days from the due date of the 2022 Form 10-K and Q1 Form 10-Q or until October 16, 2023, to regain compliance. The Company is currently engaged with its new auditor to formulate a plan and the related audit work to regain compliance with the rule. If the Company remains noncompliant with the Rule at the end of the 180-day extension period, the Company’s shares of common stock will be subject to delisting from Nasdaq.

 

About Cenntro Electric Group

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations, and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the Securities and Exchange Commission (the “SEC),” including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F/A filed with the SEC on August 5, 2022 and which may be viewed at www.sec.gov.

 

Contacts

Investor Relations Contact:
MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:

PR@cenntroauto.com
IR@cenntroauto.com

Categories
Business Economics Lifestyle Regulations & Security

AM Best revises outlooks to negative for McMillian-Warner Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).

These Credit Ratings (ratings) reflect MWM’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

 

The revised outlooks reflect deterioration in MWM’s key balance sheet strength metrics, mainly in the form of reduced surplus, declining levels of overall risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and weakening balance sheet metrics. The company’s policyholder surplus declined by nearly 20% in 2022, driven by ongoing volatility on the underwriting side and supplemented by unrealized losses from the equity portfolio given its elevated common stock leverage. Ultimately, this volatility has generated an elevated reliance on reinsurance, rising underwriting and reserve leverage measures and declining levels of liquidity in MWM’s balance sheet.

 

Though management is focused on managing its exposures effectively and refining its book of business, MWM’s ability to support its current book, along with a growing personal automobile book of business, may be hindered over the near-term with its declining levels of risk-adjusted capitalization. Moreover, reinsurance market conditions may continue to present challenges for MWM in placing its program in a manner consistent with prior years, leading to potential higher retentions and lower limits, as the company experienced in 2022. Should further deterioration occur, the ratings may be downgraded.

 

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

Lauren Magro
Financial Analyst
+1 908 439 2200, ext. 5181
lauren.magro@ambest.com

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

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

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

Categories
Healthcare Lifestyle Regulations & Security Science

FDA seeks to solve clinical trial delays by accelerating patient recruitment

The entire research, development, and approval process of a new drug by the Food and Drug Administration (FDA) can range between 12 to 15 years.

 

Drug companies seeking to sell a drug in the U.S. must first test it and then send it to the Center for Drug Evaluation and Research (CDER), following which a team of CDER physicians, statisticians, chemists, pharmacologists, and other scientists reviews the company’s data and proposed labeling, and subsequently approves the drug if the benefits outweigh the risks. After approval, the researcher can begin clinical trials on volunteers.

 

Phase 1 trials determine medication safety and dosing in 20-100 individuals, while Phase 2 trials assess safety and performance in several hundred individuals. Phase 3 trials further assess safety, performance, and side effects in 300-3,000 individuals. Only about 25% of medications move forward in the FDA approval process after Phase 3 trials.

 

“There are several persistent challenges and pitfalls in bringing new drugs to the market. For proper planning and risk mitigation, the clinical trial operational strategy needs to begin six to nine months before the trial begins. It needs to be a front-loaded effort to minimize the biggest risk factors first,” says Dr. Harsha Rajasimha, Founder and CEO of Jeeva Informatics, a company that specializes in significantly accelerating the process of bringing new medicines or vaccines to patients who need them.

 

Based on studies, patient recruitment issues are the cause of 85% of clinical trial delays, with 80% of trials being delayed by at least a month. Each day of delay potentially costs between $600,000 and $8 million in lost revenues.

 

Clinical trial recruitment faces several challenges at the site level, such as outdated patient databases, and failure to enroll patients because of complex eligibility criteria. Other challenges include unqualified or unresponsive patients, patient location, and lack of interest.

 

“Persistent pain points plague every clinical trial, such as the inevitable protocol amendments that need to be planned for rather than reacting to them as a surprise—which can exponentially delay the process and increase the costs. Clinical Trial operations need to be focused on the right aspects at the right time, especially up front,” explains Dr. Rajasimha.

 

Dr. Harsha Rajasimha, Founder and CEO of Jeeva Informatics can speak on the following:

  • What are the different phases of the drug approval process by the FDA?
  • What are the challenges in bringing new drugs to market?
  • What are the persistent challenges faced in clinical trials for the testing of drugs?
  • What are the factors that affect clinical trial recruitment and participation?

 

About Jeeva Informatics

The personal experience of losing a child born with a rare disease and a brother with a chronic disease became the springboard for Dr. Harsha Rajasimha to apply his years of postdoctoral training at NIH and FDA to accelerating therapies for rare and common conditions. He knew that technology in itself is not the limiting factor and that patient-centered design guided by stakeholder needs and regulatory requirements would guide their continuous learning digital platform. By digitizing and automating manual repetitive tasks and reducing the logistical burdens on patients and study teams by over 70%, Jeeva accelerates the process of bringing new medicines or vaccines to patients who need them by over 3x faster. The Virginia-based company’s modular software-as-a-service platform is fully scalable and facilitates patient enrollment, engagement, and evidence generation in clinical trials on any browser-enabled mobile device. Visit https://jeevatrials.com/

 

 

To speak with Dr. Harsha Rajasimha, contact me via khelms@jotopr.com or call 727-777-4619

Media Inquiries:

Karla Jo Helms

JOTO PR™

727-777-4619

jotopr.com

Categories
Art & Life Business Economics Lifestyle Regulations & Security

Best’s Review looks closely at insurance expense efficiency

OLDWICK, N.J. — (BUSINESS WIRE) — In a new article, Best’s Review speaks with industry experts about the challenges of reducing the expense ratio.

 

According to Bill Pieroni, president and chief executive officer for ACORD, “What we’ve found and seen over the last several years is that the sustainable value carriers are able to have a lower-than-average loss adjustment expense and a lower-than-average pure loss ratio.”

A new Best’s Special Report notes some improvement, as the industry’s average underwriting expense ratio decreased to 26.3% in 2021 from 28.0% in 2011, and the net general expense ratio declined to 6.5% in 2021 from 7.1% in 2011. Read the full story, “Insurers Find Ways to Decrease the Underwriting Expense Ratio.”

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. The complete content of Best’s Review is available here.

 

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

Patricia Vowinkel

Executive Editor, Best’s Review®
+1 908 439 2200, ext. 5540

patricia.vowinkel@ambest.com

Categories
Lifestyle Local News Perks Regulations & Security Travel & Leisure

Trenton-Mercer TSA checkpoint gets new screening machines

The Transportation Security Administration (TSA) checkpoint at Trenton-Mercer Airport now features new equipment that enhances security and also serves as a convenience for travelers.

 

PHOTO by TSA: One of the two new 3-D checkpoint scanners that have recently been installed at Trenton-Mercer Airport.

 

“The TSA recently installed two new screening machines for carry-on bags at Trenton-Mercer, making it the first airport in New Jersey to have its checkpoint 100 percent equipped with this new technology,” said Mercer County Executive Brian M. Hughes.

 

These state-of-the-art machines provide 3-D imaging capable of detecting explosives and other threat items. Passengers using the new machines will be permitted to leave their electronic devices in their carry-on bags. The new scanners should result in fewer bag checks, according to the TSA, but if a bag requires further screening, a TSA officer will inspect it to ensure it does not contain a threat item.