These stories, posts and articles include legal hearings, criminal procedures, governmental approvals, societal norms, and other universal orders…
Officer Neville Samuels, an injured-at-work policeman for the Jamaica Constabulary Forces died earlier this year in January. He was a true Jamaican soldier who worked for decades as a police officer for Jamaica’s Constabulary Forces until his resignation due to injury.
Officer Samuels “was a lot of fun, very popular, and fully loaded with unending humor… He will be missed by many. R.I.P. Heaven has gained a true godly spirit.”
— Niece Michelle D.
SOMERSET, N.J. — (BUSINESS WIRE) — Catalent, Inc. (“Catalent”) (NYSE: CTLT) has been notified of an unsolicited “mini-tender offer” by TRC Capital Investment Corporation (“TRC”) to purchase up to 2,000,000 shares of Catalent’s common stock at a price of $42.95 per share in cash. TRC’s offer price is approximately 4.43% lower than the $44.94 closing price of Catalent’s common stock on April 24, 2023, the last trading day prior to the date of the mini-tender offer (April 25, 2023).
Catalent does not endorse TRC’s unsolicited mini-tender offer and recommends that stockholders do not tender their shares in response to this unsolicited mini-tender offer because the offer is at a price below the current market price of Catalent’s common stock and is subject to numerous other conditions.
Catalent is not affiliated or associated in any way with TRC, its mini-tender offer or the offer documentation. TRC has made similar mini-tender offers for shares of other companies. Mini-tender offers seek to acquire not more than 5 percent of a company’s shares outstanding, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission (the “SEC”) that are designed to protect investors. As a result, mini-tender offers do not provide investors with the same level of protection as provided by larger tender offers under United States federal securities laws.
The SEC has issued “Tips for Investors” regarding mini-tender offers, cautioning investors that some bidders, in making the offers at below-market prices, are “hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” The SEC’s advisory may be found on the SEC website at http://www.sec.gov/investor/pubs/minitend.htm.
Catalent urges stockholders to obtain current market quotations for their shares of common stock, to consult their broker or financial advisor, and to exercise caution with respect to TRC’s mini-tender offer.
Catalent recommends that stockholders who have not responded to TRC’s mini-tender offer take no action. Catalent stockholders who have already tendered their shares may withdraw their shares by providing the written notice described in TRC’s offering documents prior to the expiration of the mini-tender offer, currently scheduled for 12:01 a.m., New York City time, on May 24, 2023, unless the offer is extended or earlier terminated.
Catalent urges brokers, dealers and other market participants to review the SEC’s recommendations to broker-dealers in these circumstances, which can be found on the SEC website at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Catalent requests that a copy of this news release be included with all distributions of materials relating to TRC’s mini-tender offer.
About Catalent
Catalent, Inc. (NYSE: CTLT), an S&P 500® company, is the global leader in enabling pharma, biotech, and consumer health partners to optimize product development, launch, and full life-cycle supply for patients around the world. With broad and deep scale and expertise in development sciences, delivery technologies, and multi-modality manufacturing, Catalent is a preferred industry partner for personalized medicines, consumer health brand extensions, and blockbuster drugs. Catalent helps accelerate over 1,000 partner programs and launch over 150 new products every year. Its flexible manufacturing platforms at over 50 global sites supply around 80 billion doses of nearly 8,000 products annually. Catalent’s expert workforce of approximately 18,000 includes more than 3,000 scientists and technicians. Headquartered in Somerset, New Jersey, the company generated nearly $5 billion in revenue in its 2022 fiscal year. For more information www.catalent.com.
Contacts
Investor Contact:
Paul Surdez, Catalent, Inc.
(732) 537-6325
Media Contact:
Chris Halling
+44 (0)7580 041073
EWING, N.J. — Trenton-Mercer Airport (TTN) was the site of a Full-Scale Emergency Exercise on May 4 that included more than two dozen agencies and several hundred volunteers, and left Mercer County better prepared for a real emergency, County Executive Brian M. Hughes said.
The purpose of this exercise, which is required by the Federal Aviation Administration every three years, was to evaluate the level of preparedness of the first responders expected to be involved in an actual emergency at TTN. Additionally, it allowed professionals of various emergency disciplines the opportunity to train together at a real-life venue. It also provided an opportunity to critique the response procedures of emergency service personnel, as well as provide an opportunity to improve and revise the Airport Emergency Plan, if necessary.
“This exercise goes directly to the most important responsibility of government: the welfare and safety of our residents, our emergency responders and our airport users,” Mr. Hughes said.
The airport is part of the Mercer County Department of Transportation and Infrastructure, headed by Deputy Administrator Aaron T. Watson, who carefully monitored the progress of the exercise.
“The important elements of this exercise included the identification, coordination and assignment of specific agencies and equipment to specific tasks, the effectiveness of the lines of authority and communication, and the actual mechanics of the response and scene management,” Mr. Watson said. “Trenton-Mercer Airport has an impeccable safety record, and it is tests such as this that help us achieve success.”
The exercise, which was coordinated by Airport Manager Melinda Montgomery, focused on a passenger aircraft that had landed at the airport. During its landing roll, a single-engine aircraft began taxiing across the active runway, colliding with the commercial aircraft. This collision sheared off the main landing gear of the commercial aircraft, causing it to slide to a stop and causing a fuel leak.
Along with TTN Administration and TTN Aircraft Rescue and Firefighting-Station 34, agencies from every level of government took part in this exercise, including the Mercer County Sheriff’s Office, Mercer County Office of Emergency Management, Ewing Township Police Department, Ewing Township Office of Emergency Management, Hopewell Township Police Department, Hopewell Office of Emergency Management, New Jersey Division of Aeronautics, Federal Bureau of Investigation (FBI), U.S. Transportation Security Administration (TSA), Federal Aviation Administration (FAA) and U.S. National Transportation Safety Board (NTSB).
Also, Ewing Township Fire Department-Station 30, Prospect Heights Fire Company-Station 31, West Trenton Fire Company-Station 33, Union-Titusville Fire Company-Station 53, Trenton EMS, Capital Health System EMS, Ewing Township EMS, Union Fire Company and Rescue Squad of Titusville, Pennington Fire Company-Station 51, Hopewell Fire Department-Station 52, Lawrence Township Fire Department-Station 20, Hamilton Township Fire Department-Station 10, Trenton Fire Department-Station 70, West Windsor Emergency Services, East Windsor Rescue Squad District One, Princeton First Aid & Rescue Squad, Lawrence Township Emergency First Aid Squad, Hopewell Fire Department Emergency Medical Unit, Nottingham Ambulance Squad, Robert Wood Johnson Health Network EMS, Robbinsville Division of Fire, East Windsor Rescue Squad District Two, the Salvation Army and the Mercer County Community Emergency Response Team (CERT). Fire, Rescue and EMS agencies from outside Mercer County also assisted.
OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has removed from under review with developing implications and downgraded the Financial Strength Rating (FSR) to D (Poor) from C- (Weak) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “c” (Poor) from “cc” (Very Weak) of American Millennium Insurance Company (AMIC) (Bridgewater, NJ), a wholly owned subsidiary of Citadel Reinsurance Company Limited (Citadel Re) (Hamilton, Bermuda). The outlook assigned to these Credit Ratings (ratings) is negative.
Additionally, AM Best has removed from under review with developing implications and downgraded the FSR to C+ (Marginal) from B (Fair) and the Long-Term ICR to “b-” (Marginal) from “bb” (Fair) of Citadel Re. The outlook assigned to these ratings is negative. Concurrently, AM Best has withdrawn the ratings of AMIC and Citadel Re as the companies have requested to no longer participate in AM Best’s interactive rating process.
The ratings of AMIC reflect its balance sheet strength, which AM Best assesses as very weak, as well as its weak operating performance, limited business profile and marginal enterprise risk management (ERM).
The ratings of Citadel Re reflect its balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and marginal ERM.
Prior to these rating actions, AM Best downgraded the ratings of AMIC and Citadel Re in February 2021, and maintained the under review with negative implications status, resulting from persistent underwriting losses that negatively impacted the risk-adjusted capitalization of both companies. The under review status was pending due to a planned recapitalization of AMIC and Citadel Re to raise capital from outside investors.
In August 2021, Citadel Re completed its recapitalization of AMIC with a $6.2 million cash injection, raising the risk-based capital ratio to above 300% to the satisfaction of AMIC’s regulator, the Department of Banking and Insurance of New Jersey. However, management’s planned capital raise was not successful, as the transaction failed to get approval from the Bermuda Monetary Authority (BMA).
The failed transaction also led to Citadel Re having to return a portion of its capital to the outside investor and causing Citadel Re’s capital to fall below Bermuda’s Solvency Capital Requirement (SCR); consequently, the BMA ordered Citadel Re to stop writing any new and renewal business.
The downgrading of Citadel Re’s ratings reflects its weakened balance sheet strength, as well as a lower assessment of its business profile due to its run-off status. The downgrading of AMIC’s ratings is mainly due to it no longer receiving lift from Citadel Re, because of Citadel Re’s diminished capital position. The negative outlooks on both entities reflect the uncertainty surrounding their future business prospects and the challenges associated with the regulatory and capital requirements imposed on Citadel Re by the BMA.
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
+1 908 439 2200, ext. 5372
jieqiu.fan@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Daniel Ryan
Senior Director
+1 908 439 2200, ext. 5325
daniel.ryan@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com
Brian Fung / CNN:
— A new federal bill unveiled Wednesday would establish a national minimum age for social media use and require tech companies to get parents’ consent before creating accounts for teens, reflecting a growing trend at all levels of government to restrict how Facebook, Instagram, TikTok and other platforms engage with young users.
The proposed legislation by a bipartisan group of US senators aims to address what policymakers, mental health advocates and critics of tech platforms say is a mental health crisis fueled by social media.
Under the bill, known as the Protecting Kids on Social Media Act, social media platforms would be barred from letting kids below the age of 13 create accounts or interact with other users, though children would still be permitted to view content without logging into an account, according to draft text of the legislation.
Tech platforms covered by the legislation would also have to obtain a parent or guardian’s consent before creating new accounts for users under the age of 18. The companies would be banned from using teens’ personal information to target them with content or advertising, though they could still provide limited targeted recommendations to teens by relying on other contextual cues.
It’s the latest step by lawmakers to develop age limitations for tech platforms after similar bills became law this year in states such as Arkansas and Utah. But the legislation could also trigger a broader debate, and possible future court challenges, raising questions about the privacy and constitutional rights of young Americans.
Speaking to reporters Wednesday, Hawaii Democratic Sen. Brian Schatz, an architect of the federal bill, said Congress urgently needs to protect kids from social media harms.
“Social media companies have stumbled onto a stubborn, devastating fact,” Schatz said. “The way to get kids to linger on the platforms and to maximize profit is to upset them — to make them outraged, to make them agitated, to make them scared, to make them vulnerable, to make them feel helpless, anxious [and] despondent.”
Most major social media companies already bar kids younger than 13 from their platforms, the result of a federal children’s privacy law known as COPPA. But enforcing the restriction has been a challenge.
Arkansas Sen. Tom Cotton, a leading Republican co-sponsor, said existing ways of ensuring kids are not underage online are too easily circumvented. The two senators were joined by Connecticut Democratic Sen. Chris Murphy and Alabama Republican Sen. Katie Britt.
In what could be one of the most far-reaching changes to the technology landscape, the bill seeks to create a government-run age verification program that can certify users’ ages or parental status based on identification they upload to the government system or to a third-party verifier.
Under the bill, that program would be a pilot project administered by the Department of Commerce, and participation and use of the federally managed age verifier would be voluntary. But it would represent a potentially vast expansion of the government’s role in regulating websites where age verification is a requirement.
Tech companies could still develop their own in-house age verification technology or hire third party companies to perform the verification, lawmakers said.
Violations of the proposed law could mean millions of dollars in Federal Trade Commission fines for social media companies. But it would not apply to a long list of tech products including email services, teleconferencing providers, payments companies, video game storefronts, digital newsletter platforms, cloud storage services, travel websites and online reference guides such as Wikipedia or user review sites such as Yelp.
Wednesday’s legislation could be viewed as competing with another, separate bill being developed by Connecticut Democratic Sen. Richard Blumenthal and Tennessee Republican Sen. Marsha Blackburn. That legislation, known as the Kids’ Online Safety Act, will be reintroduced in the Senate “very shortly,” Blumenthal said, expressing concerns about the Schatz-Cotton bill.
“I welcome additional ideas,” Blumenthal said. But, he added, “I have some concerns about an age identification system that would create a national database with personal information about kids in the hands of Big Tech, potentially leading to misuse or exploitation. I have other concerns about a bill that would put accountability on parents rather than on Big Tech, as our legislation does.”
In response to the bill, Design it For Us, a youth coalition pushing for changes to social media in the face of mental health concerns, said lawmakers should focus on shaping the basic product design of social media platforms, rather than imposing after-the-fact usage limitations.
“We believe that any legislation addressing harm on social media should put the onus on companies to make their platforms safer, instead of preventing kids and teens from being on platforms at all,” said Zamaan Qureshi, a co-chair of the group.
Opponents of the type of proposals outlined Wednesday have also said restrictions on teens threaten their constitutional rights. For example, the tech industry and digital rights advocates have said Utah’s legislation requiring age verification and parental consent would infringe on the First Amendment rights of young Americans to access information and chill the speech rights of all Americans.
“Requiring that all users in Utah tie their accounts to their age, and ultimately, their identity, will lead to fewer people expressing themselves, or seeking information online,” wrote the Electronic Frontier Foundation, a digital rights organization, last month. “In addition, there are tens of millions of U.S. residents without a form of government-issued identification. Those in Utah would likely be age-gated offline.”
The Computer and Communications Industry Association, which represents companies including Google, Facebook-parent Meta, has said age verification rules will require consumers to expose even more of their personal information to tech companies or third parties.
“That data collection creates extra privacy and security risks for everyone,” CCIA wrote in a letter to Utah Gov. Spencer Cox last month. “This mandated data collection would include collecting highly sensitive personal information about children, including collecting and storing their geolocation to ensure they do not reside outside of the state when confirming that they are of age to be using these services.”
On Wednesday, however, Cotton dismissed the privacy concerns, calling it not a “serious argument” when identity or age verification is used by government agencies and online gambling sites. He also said the bill will actually reduce the amount of personal information tech platforms effectively can collect by blocking the ability of kids under 13 to access their sites.
“If a child is, say, too young to sign a contract or too young to open a bank account in the real world, they’re too young to sign terms of service agreements and use social media in the digital world,” Cotton told reporters.
Schatz added that the bill has not been presented to social media platforms for feedback, but predicted that in short order the industry will be deploying “an army of lobbyists” to fight it.
“The tech industry is going to come at this bill, and every other kids’ online safety bill, with everything it’s got,” Schatz said. “But the burden of proof is on those who want to protect the status quo, because the status quo is making a whole generation of users mentally ill.”
— Techmeme
OLDWICK, N.J. — (BUSINESS WIRE) — AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best’s Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.
The latest episode features David Reigner, from expert service provider S-E-A, where he discusses why materials are part of every forensic investigation and how this impacts forensic investigations and insurance claims.
S-E-A is a qualified member in Best’s Insurance Professional Resources, an insurance industry resource that has featured qualified legal counsel, independent insurance adjusting services and expert service providers since 1929.
Listen or subscribe to the Insurance Law Podcast.
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
John Czuba
Managing Editor,
Professional Resources
+1 908 439 2200, ext. 5673
john.czuba@ambest.com
OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best Senior Director Sridhar Manyem will moderate a panel discussion at the InsurTech Hartford Symposium 2023, which will take place on May 2-3, 2023, at Mohegan Sun in Hartford, CT.
The session is titled, “Structuring for Innovation – The key roles to have today to bring future value.” Panelists will include Kelsey Cabrera, head of operations, strategy & innovation, Arch Cap Group; Mitchell Kemper, head of Partnership Labs – Solaria Labs, Liberty Mutual Insurance; and Bruno Sardinha, vice president, innovation, Travelers. Manyem is the head of AM Best’s industry research team and his responsibilities include publishing the company’s perspectives on topical issues relating to the insurance industry and possible implications to Best’s Credit Ratings.
The 35-minute session is scheduled for 10:50 a.m. (EDT) on Wednesday, May 3. The panel will discuss approaches on how organizational structure and culture can foster innovation, including AM Best’s process of assessing innovation. For more information about the InsurTech Hartford Symposium 2023, please visit the organization’s conference website.
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
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) today announced that Kenvue Inc. “(Kenvue),” a wholly owned subsidiary of Johnson & Johnson comprising its Consumer Health Business, has launched a roadshow for the initial public offering “(IPO)” of 151,204,000 shares of its common stock.
Kenvue expects to grant the underwriters a 30-day option to purchase up to an additional 22,680,600 shares of its common stock to cover over-allotments, if any. The IPO price is currently expected to be between $20.00 and $23.00 per share. Kenvue has applied to list its common stock on the New York Stock Exchange under the symbol “KVUE.”
After the completion of the IPO, Johnson & Johnson will own 1,716,160,000 shares of Kenvue’s common stock, representing 91.9% of the total outstanding shares of Kenvue’s common stock (or 90.8% if the underwriters exercise in full their over-allotment option).
Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank are acting as book-running managers for the IPO and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank are acting as co-managers for the IPO.
A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The IPO will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the IPO may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: dg.prospectus_requests@bofa.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Johnson & Johnson
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.
Cautions Concerning Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: the timing and details of the IPO, the number of shares to be offered in the IPO, the expected price at which such shares will be offered, the grant of the over-allotment option and whether the underwriters will exercise such option, the number of shares to be held by Johnson & Johnson following the IPO and the expectations relating to the listing of Kenvue’s common stock on the New York Stock Exchange. Readers are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: Johnson & Johnson’s ability to satisfy the necessary conditions to consummate the separation of Kenvue on a timely basis or at all; Johnson & Johnson’s ability to successfully separate Kenvue and realize the anticipated benefits from the separation; Kenvue’s ability to succeed as a standalone publicly traded company; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including unexpected clinical trial results, additional analysis of existing clinical data, uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; the impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of Johnson & Johnson to successfully execute strategic plans, including restructuring plans; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws, global health care reforms and import/export and trade laws; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the section captioned “Cautionary Note Regarding Forward-Looking Statements”, and in Johnson & Johnson’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this press release speaks only as of the date of this press release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
Contacts
Investor Relations:
Jessica Moore (Johnson & Johnson)
investor-relations@its.jnj.com
Tina Romani (Kenvue)
LONDON (AP) — Len Goodman, a long-serving judge on “Dancing with the Stars” and “Strictly Come Dancing” who helped revive interest in ballroom dancing on both sides of the Atlantic, has died, his agent said Monday. He was 78.
Agent Jackie Gill said Goodman “passed away peacefully” on Saturday night. He had been diagnosed with bone cancer.
A former professional ballroom dancer and British champion, Goodman was head judge on “Strictly Come Dancing” for 12 years from its launch on the BBC in 2004. The dance competition, which pairs celebrities with professional dance partners, was a surprise hit and has become one of the network’s most popular shows.
Goodman’s pithy observations, delivered in a Cockney accent, endeared him to viewers. “You floated across that floor like butter on a crumpet,” he remarked after one foxtrot. He praised a salsa-dancing couple as “like two sizzling sausages on a barbecue.”
https://www.instagram.com/p/Cra5kzvstpF/?utm_source=ig_web_copy_link
OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Cargo Risk Corporation (CargoCorp) (Miami, FL). The outlook of the assessment is stable.
The assessment reflects CargoCorp’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.
CargoCorp is a managing general agent (MGA) specializing in providing capacity for marine cargo lines in the Latin American market. Since writing its first program in 2015, CargoCorp has proven its underwriting expertise by producing profitable business for its carrier partners. CargoCorp’s underwriting capabilities further benefit from its experienced underwriting staff. Embedded in the underwriting process is use of an internal and proprietary software system that provides the company with extensively detailed assessments of risk for real-time feedback for insureds with potential exposures. The limited track record of several of its programs is considered a partially offsetting factor.
CargoCorp’s governance and internal controls are strong given its size and scale. CargoCorp has designed and implemented a robust internal audit process to ensure that the company’s policies and procedures are aligned with its strategic objectives. The company has an experienced board of directors that features internal and external members. Key person risk exists, but processes are in place to moderate the impact should an issue occur.
CargoCorp’s financial condition is supported by a trend of consistently profitable earnings and continued positive net worth. The company is privately held. Operations are oriented as a small business with hands-on management. Stability of income benefits from the range of programs underwritten by the company.
The company is staffed more than appropriately for its size and scale with extensive industry experience in marine cargo. Its organizational structure is compact for ease of communication and efficient work processes. Many processes are retained in-house to ensure consistency and provide flexibility. CargoCorp experienced elevated staff turnover this last year, a moderate offsetting factor to this component.
CargoCorp’s portfolio of programs has progressed since its founding. The company offers a range of programs in its target market of marine cargo and affiliated coverage in Latin America. Management continues to monitor growth opportunities in new markets, as well as maintain relationships with well-rated capacity providers.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. 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
Riley Parnham
Financial Analyst
+1 908 439 2200, ext. 5495
riley.parnham@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com