Category: Economics

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Tankfarm raises $23M to fuel innovation in propane

NASHVILLE, Tenn. — (BUSINESS WIRE) — Tankfarm, the tech-enabled propane distribution platform, announced today that it has closed on a $23M Series-B round led by a handful of prominent family offices and existing investors. The capital will go towards customer acquisition, continued development of Tankfarm’s patent-pending technology platform, and extending its national propane delivery footprint which currently spans 37 states and over 400 locations.

“In the midst of a very challenging economic and fundraising environment, our investors stepped up and have put Tankfarm on a path to becoming one of the largest propane distribution companies in the US market,” Heaney said. “It is a testament to our fantastic team, and also to the belief our investors have in our vision. We are deeply grateful to all of them.”

 

Tankfarm invests in software and sensors to improve the customer experience for propane consumers, and to make deliveries more efficient and profitable. The company aims to improve the propane industry’s approach to technology, so it can begin to meet the expectations of today’s propane consumer. The $35B U.S. propane industry is highly fragmented and has been slow to embrace new technology.

 

“This really is just the beginning,” Heaney added. “Every day our technology moat gets a bit deeper, creating an increasingly durable source of competitive advantage in an industry that has traditionally underinvested in technology.”

 

For more information, visit: https://tankfarm.io

 

About Tankfarm

Tankfarm is a propane distribution company that invests in proprietary software and sensors to create a superior customer experience and greater logistical efficiency to the propane industry. Tankfarm offers transparent pricing, no fees, free tank monitoring and a guarantee that our customers will never run out of propane. The Tankfarm supplier network spans 37 states and over 400 locations.

 

Tankfarm is a member of the World Liquid Propane Gas Association (WLPGA), the National Propane Gas Association (NPGA), the Propane Gas Association of New England (PGANE), the Maine Energy Marketers Association, the New York Propane Gas Association (NYPGA), the New Jersey Propane Gas Association (NJPGA), the Pennsylvania Propane Gas Association (PAPGA), the Mid-Atlantic Propane Gas Association (MAPGA) the Virginia Propane Gas Association (VPGA), the Rocky Mountain Propane Association (RMPA), the Western Propane Gas Association (WPGA), the Pacific Propane Gas Association (PPGA), and the Texas Propane Gas Association (TPGA).

Contacts

Andrew Heaney

support@tankfarm.io
855-976-4141

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Culture Economics Healthcare Lifestyle Local News Science

The Menopause Society Annual Meeting 2023: Bayer to present latest real-world evidence of menopausal symptoms and their treatment

 

  • Real-world evidence (RWE) research results on treatment utilization and pathways in women with menopausal symptoms via poster presentations on the CHAPTER natural menopause study, CHAPTER i-menopause study and REALISE study
  • These poster presentations reinforce Bayer’s leadership and commitment to understanding and advancing women’s healthcare specifically for those who are experiencing menopause symptoms

 

 

BERLIN & WHIPPANY, N.J. — (BUSINESS WIRE) — Bayer will present the latest RWE research results which focuses on treatment utilization and pathways in women with menopausal symptoms at the upcoming Menopause Society Annual Meeting (formerly The North American Menopause Society). The Menopause Society Annual Meeting takes place from September 27 – 30, in Philadelphia, Pennsylvania, USA.

 

Key Highlights of Bayer’s presentations at The Menopause Society annual meeting 2023 are:

REALISE iVMS: What do women with breast cancer take for menopause symptoms? A real-world analysis of treatment utilization from the US and Europe

  • Approximately 20% of women with vasomotor symptoms (VMS) induced by breast cancer treatment received hormonal therapy (HT).
  • Regardless of severity of symptoms, women were prescribed HT at similar rates for their VMS.
  • Evidence of HT prescribing, despite contraindications, suggests clinicians are seeking treatment options (indicating significant symptom burden) and an unmet need for non-HT options.

 

CHAPTER natural menopause: Characterizing treatment pathways for natural menopausal symptoms in US women

  • Two-thirds of natural menopausal women did not receive treatment for menopausal symptoms, which might suggest undertreatment in this population.
  • Paroxetine was prescribed to fewer women than other non-hormonal therapies , despite being the only non-HT approved for VMS in the US.
  • Benzodiazepines were highly prescribed suggesting an unmet need for treatments for the management of menopause-associated sleep and mood disturbances.

 

CHAPTER i-menopause: Characterizing treatment pathways for endocrine therapy (ET)-related menopausal symptoms in US

  • Only one-third of women initiating ET for breast cancer or high breast cancer risk received treatment for menopausal symptoms, which might suggest symptoms often go unrecognized and untreated.
  • Benzodiazepines were the most common treatment prescribed, reflecting a requirement for management of menopause-associated sleep and mood disturbances.
  • Despite being contraindicated, HT was prescribed to approximately 15% of women, suggesting an unmet need for effective, long-term non-HT management options for ET-related menopausal symptoms.

 

The research presented showcases the commitment of Bayer as a leader in women’s healthcare to broaden therapeutic choices and to increase awareness and education around menopausal symptoms. Additionally, as part of this commitment, the company is investigating new approaches, including elinzanetant, a late-stage investigational drug with a data readout expected in late 2023.

 

The official poster session will be held on Thursday, September 28, from 6:15 PM to 7:15 PM EST.

 

About Vasomotor Symptoms

Vasomotor symptoms (VMS; also referred to as hot flashes) are a result from hyperactivation of the thermoregulatory pathway mediated by hypertrophy of the KNDy neurons due to withdrawal of estradiol, which can result from progressive reduction of ovarian function due to natural menopause or medical intervention by bilateral oophorectomy or endocrine therapy.

 

VMS are reported by up to 80% of women at some point during the menopausal transition and are one of the leading causes for seeking medical attention during this phase of a woman’s life. Over one-third of menopausal women report severe symptoms, which can last 10 years or more after the last menstrual period, with relevant impact on quality of life.

 

Vasomotor symptoms may also be caused by endocrine therapy, for the treatment or prevention of breast cancer, impacting quality of life and treatment adherence. There are currently no treatment options available for these women.

 

About Menopause

By 2030, the world population of women in the menopause phase is projected to increase to 1.2 billion, with 47 million new entrants each year. Menopause is a natural phase in women’s lives, related to progressive decline of ovarian function, which usually occurs in women in their late 40s or early 50s. It can also be the result of surgical or medical treatment, for example for breast cancer. The decline in hormone production by the ovaries can lead to various symptoms, which can dramatically affect a woman’s health, quality of life, consumption of healthcare and work productivity. The most frequently reported and bothersome symptoms during the menopausal transition are VMS, sleep disturbances and mood changes. For this reason, maintaining functional ability and quality of life is extremely relevant from both a healthcare and socio-economic perspective.

 

About Elinzanetant

Elinzanetant is an investigational, first, non-hormonal, orally administered, selective neurokinin-1,3 receptor antagonist currently in clinical development for the treatment of vasomotor symptoms (hot flashes) associated with menopause. Elinzanetant seeks to address vasomotor symptoms by modulating a group of estrogen sensitive neurons in the hypothalamus region of the brain (the KNDy neurons), that due to the absence of estrogen, become hyperactive in menopausal women and consequently disrupt body heat control mechanisms resulting in hot flashes.

 

The clinical Phase III development program with elinzanetant, OASIS, currently comprises four Phase III studies: OASIS 1, 2, 3 and 4. The OASIS 1,2 and 3 investigate the efficacy and safety of elinzanetant in women with vasomotor symptoms associated with menopause. The OASIS 4 study is an expansion of the clinical phase III program and investigates the efficacy and safety of elinzanetant in women with vasomotor symptoms by endocrine therapy for treatment or prevention of breast cancer.

 

The design and dosing of the Phase III clinical development program is based on the positive data from two Phase II studies (RELENT-1 and SWITCH-1). RELENT-1 was a Phase Ib/IIa study investigating the safety, pharmacokinetics and preliminary efficacy of elinzanetant. SWITCH-1 was a Phase IIb study, which investigated the efficacy and safety of four different doses of elinzanetant compared to placebo in patients with vasomotor symptoms. Full results of the study have been published in March 2023 in Menopause – The Journal of the Menopause Society (formerly the North American Menopause Society) and are available at: https://doi.org/10.1210/jendso/bvaa046.2071.

 

About Women’s Healthcare at Bayer

Bayer is a global leader in women’s healthcare with a long-standing commitment to delivering science for a better life by advancing a portfolio of innovative treatments. Bayer offers a wide range of effective short- and long-acting birth control methods as well as therapies for menopause management and gynecological diseases. Bayer is also focusing on innovative options to address the unmet medical needs of women worldwide and to broadening treatment choices such as in menopause. Additionally, Bayer intends to provide 100 million women per year in low-and-middle income countries by 2030 with access to family planning by funding multi-stakeholder aid programs and by ensuring the supply of affordable modern contraceptives. This is part of the comprehensive sustainability measures and commitments from 2020 onwards and in line with the Sustainable Development Goals of the United Nations.

 

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2022, the Group employed around 101,000 people and had sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros. For more information, go to www.bayer.com.

 

Find more information at https://pharma.bayer.com/
Follow us on Facebook: http://www.facebook.com/bayer
Follow us on Twitter: @BayerPharma

kw (2023-0136e)

 

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contacts

Contact for Global media inquiries:
Katja Wiggers, phone +49 30 221541614
Email: katja.wiggers@bayer.com

Contact for US media inquiries:
Courtney Ambrosi, phone 1 (908) 798-1107
Email: courtney.ambrosi@bayer.com

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Culture Economics Education Lifestyle Local News

Passage Theatre Company recently updates its management team for community sustainability

 

Passage Theater Company announced changes to its management team that will assist the state capitol’s only professional theater company with its vision to become a more adept and sustainable part of the community.

 

C. Ryanne Domingues, who has led the theater’s programming as Artistic Director for more than six years, has accepted a full-time position at Rider University as Assistant Professor in the BFA Acting program of the Department of Performing Arts. She will continue to work with Passage Theater in a part-time role to develop new, original programming through the 2024-2025 season, including the highly anticipated production of Ghetto Gods in Divineland.

 

“We are just delighted that Rider University recognized Ryanne’s amazing artistic voice and teaching talent and that she will have this opportunity to shape the next generation of theatre professionals,” said Caroline Wylie, president of Passage Theater’s board of directors.

 

Managing Director Brishen Miller was promoted to Executive Artistic Director, reflecting his innovative leadership and the additional responsibilities he’s taking on to ensure the theater’s continued success going forward.

 

Founded in 1985, Passage Theater at Trenton’s historical Mill Hill Playhouse is committed to creating and producing socially relevant new plays and arts programming the deeply resonate with and reflect our community.

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Governor’s Conference on Housing and Economic Development examines ways to promote affordable housing and community revitalization across New Jersey

TRENTON, N.J.  — For nearly 50 years, New Jersey has been a national trailblazer in creating opportunities for residents to live in housing they can afford anywhere in the state.

This year’s Governor’s Conference on Housing and Economic Development, taking place at Harrah’s Resort in Atlantic City from Thursday, Sept. 28 to Friday, Sept. 29, is an event held by practitioners for practitioners and will help developers, property owners and managers, planners, housing advocates and local officials continue down that trailblazing path by convening experts to facilitate engaging discussions about ways to provide affordable housing and stimulate economic development in their communities.

The conference is co-hosted by New Jersey’s pre-eminent housing and economic development agencies: The New Jersey Housing and Mortgage Finance Agency (NJHMFA), the New Jersey Department of Community Affairs (DCA), the New Jersey Economic Development Authority (NJEDA), and the New Jersey Redevelopment Authority (NJRA).

“Governor Phil Murphy has made equitable growth and development one of the hallmarks of his administration,” said NJHMFA Executive Director Melanie Walter. “The Governor’s Conference is the annual showcase where administration officials and external stakeholders come together to discuss, educate, and inform each other about the changing conditions and new best practices for development of affordable housing and stimulating community growth in the Garden State.”

The conference will hold a variety of panel discussions and breakout sessions. Attendees will learn ways to engage with communities in planning more equitable futures, revitalizing business and residential districts, and ensuring that every New Jerseyan has the opportunity to benefit from the Garden State’s prosperity and livability.

Attendees at the breakout panels can receive continuing education credits from the National Affordable Housing Management Association, certification maintenance credits from the American Institute of City Planners and continuing legal education credits from the NJRA’s Redevelopment Training Institute for each session pertaining to their fields.

Breakout panels will explore a wide range of topics relating to the financing, siting, development, construction and management of affordable housing and supportive housing for seniors. Topics include the Neighborhood Revitalization Tax Credit (NRTC) program, eviction prevention programs, landlord-tenant laws, infill development, property management, funding opportunities through new state programs, access to new data sources, and policy and regulatory changes from NJHMFA, EDA, and DCA.

In addition to the informative panels, conference attendees will hear from nationally renowned industry professionals during the conference’s two keynote speeches:

Don Peebles, chairman and CEO of The Peebles Corporation, will be the keynote speaker on Sept. 28. As one of America’s most successful real estate entrepreneurs, he is a longtime backer of what his company calls “affirmative development” to empower women and minorities to close the wealth gap. Peebles’ multi-billion-dollar project portfolio spans the nation, exemplifying a commitment to sustainable construction, innovative design, and equitable community development.

Jerrod Delaine, CEO of Legacy Real Estate Development, a company that puts private capital to work building better communities for all, will be the keynote speaker on Sept. 29. Delaine is a renowned scholar and thought leader in urban housing policy, bringing to the conference more than a decade of real estate experience spanning financing, construction, asset management, and design. He also serves as an adjunct professor at New York University, educating the next generation in development, urban economics, and related issues.

Registration: To learn more and register for the 2023 Governor’s Conference, visit njhousingconference.com.

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

The following Short-Term IR has been upgraded:

Assurant, Inc.—

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

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

Assurant, Inc.—

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

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

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

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

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

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

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

Assurant, Inc.—

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

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

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

 

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

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

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

Contacts

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

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

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

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

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

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Business Culture Economics International & World Lifestyle Regulations & Security Technology

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

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

 

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

 

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

 

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

 

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

 

About Agam Capital

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

 

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

 

About PFI

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

 

PFI Forward-Looking Statements

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

 

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

Contacts

Chak Raghunathan | Co-Founder, Managing Partner

Agam Capital Management, LLC

craghunathan@agamcapital.com

Laura Edling | Director, Financial Communications

PFI

laura.edling@prudential.com

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Business Culture Digital - AI & Apps Economics Lifestyle Technology

Fifty percent of online stores collapse within 6 months: ‘Customer Commerce’ rescues SMBs

The struggles of small-to-medium businesses (SMBs) to sustain growth and longevity, with a shocking 50% of online stores shutting down within 6 months, prove that website speed and performance are critical factors that can make or break an SMB’s online success.

 

Slow-loading websites lead to $2.6 billion in revenue losses annually.

  • The conversion rate for website visitors making online purchases is only 3.71%.

 

 

“Customer Commerce” is an affordable solution that is built on the foundation of establishing personalized customer relationships and providing tailored service.

 

It is a revolutionary, user-driven approach that empowers SMBs to forge connections with a brand-new range of customers that were previously out of reach.

 

“These alarming statistics highlight the uphill battle SMBs are currently facing,” explains Mikel Lindsaar, Founder and CEO of StoreConnect. “SMBs need a self-contained e-commerce solution called “Customer Commerce” without endless plug-in needs that slow down sites and lose customers.”

StoreConnect recently secured $9 million in funding in a seed round led by Bellini Capital to address the challenges faced by SMBs due to slow website speeds, stemming from unoptimized site content and excessive plugins through “Customer Commerce.”

  • Customer Commerce will liberate SMBs from the challenges of complex SaaS solutions and overwhelming plugin options.
  • SMBs do not need to collect data from different sources and can access consolidated customer data from one single platform.
  • They do not need to migrate across multiple applications and can save valuable time and money and build customer loyalty.

Having an optimized website is crucial for overall growth and success to enable a curated online customer experience, grow a brand, expand the reach, and increase profits.

  • 88% of online shoppers do not revisit a website after a bad experience.
  • 40% of online shoppers leave a site if takes more than 3 seconds to load.

Lindsaar states that SMBs’ fractured complexities can only be resolved through a fast and comprehensive all-in-one solution – “Customer Commerce.”

Mikel Lindsaar can further explain the features of Customer Commerce and how it can revolutionize SMBs. 

He can answers questions on the topics below:

  • What are the specific challenges that SMBs face when dealing with complex SaaS solutions, plugins, and slow website speed that adversely impact their growth?
  • In what ways does StoreConnect plan on utilizing the seed funding to develop “Customer Commerce” to help SMBs establish personalized customer relationships?
  • How does “Customer Commerce” aim to streamline the customer data collection and management process for SMBs?
  • How does “Customer Commerce” address the fragmented complexities that SMBs often encounter, and how does it provide a comprehensive solution?
  • In what ways does StoreConnect ensure that businesses can transition seamlessly to “Customer Commerce” without disrupting their existing operations?

About StoreConnect:

Mikel Lindsaar is the CEO and Founder of StoreConnect, a Salesforce Partner Innovation Award Recipient. Mikel is a serial technology entrepreneur having successfully built and sold four SaaS companies within the last decade. StoreConnect has one goal: to help small and medium-sized businesses become scalable Customer Companies powered by Salesforce. Clients achieve this daily by breaking free of the shackles of what Mikel calls “Plugin Purgatory and SaaS Hell.” StoreConnect clients don’t need multiple SaaS systems connected by plugins to manage their online, in-store POS and in-person Customer Commerce business systems. Many of today’s eCommerce solutions are designed to get up and running quickly and inevitably hit a brick wall of scalability and extensibility as companies grow. That’s why StoreConnect is built on the world’s #1 CRM, so its customers will never need to re-platform no matter how fast they grow in size, product offerings or regions. Global growth now has no barriers for any SMB. Being built on Salesforce allows StoreConnect customers to update their websites, funnels and content in real time, providing an unparalleled competitive advantage. StoreConnect is Time. Well Spent. Visit https://getstoreconnect.com/

 

References:

  1. Hannay. C, Durrani. T & Singh, M. Shopify has a growing problem with customer retention, Globe data study shows. October 22, 2022. The Globe and Mail. https://www.theglobeandmail.com/business/article-shopify-customer-retention-problem/
  2. Haan, Kathy. Top Website Statistics For 2023. February 14, 2023. Forbes Advisor. https://www.forbes.com/advisor/business/software/website-statistics/
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Southwest Ohio Carpenters plan will restore benefits through receipt of Special Financial Assistance

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

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

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

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

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

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

About the Special Financial Assistance Program

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

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

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

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

About PBGC

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

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A MASSOV shift in the business of football

Football’s performance revolution commits to your fit
There’s a new player in football performance fit and its name is MASSOV.

 

The company’s patented football glove is leveling up the game and seeing sales doubling month over month since its 2023 launch, with projected earnings of $1 Million by Q2 of 2024.

 

MASSOV hit the market this year, revolutionizing football on two fronts:

Massov’s Nextgen Football glove is constructed with a proprietary palm material that is engineered to reduce the football’s velocity, improving grip and catch performance in all weather conditions. The gloves’ InfinityGrip® hydrophobic surface repels water, as it brilliantly sticks to the football’s surface, whether dry or wet.

 

MASSOV is first to market with gloves that are specifically patterned and sized for female athletes; a monumental step forward for gender inclusivity, in the games of, both, flag and tackle football.

 

Explaining their decision to create a glove that is sized specifically for female athletes, MASSOV’s co-founder Shane Stern shares, “We believe that fit and accessibility should never be a barrier to participation, and for decades the big brands have ignored the needs of groups of athletes.”

 

“Thankfully, the NAIA is now including female football and the NCAA will be including female flag football next year, both of which are instrumental in the growth of this market. Additionally, girls’ flag football is becoming a sanctioned high school sport across the U.S. Female participation is also growing by almost 40%, and we are proud to be leading the market in supporting women and girls in the sport,” adds Stern.

 

MASSOV on a mission

In pursuit of creating a superior fitting and inclusive football glove for all male, female and youth competitors, MASSOV completely redesigned standard glove size patterns, “something that hadn’t been done since the ‘90s,” continues Stern. The company took size samples of many different male and female athletes, dropped the cuff and updated the fit, construction, and materials to create a superior glove.

 

The gloves’ back-of-hand material is a proprietary layered mesh that is two and a half times more durable than any other glove currently on the market. It’s multi-direction weave has four-way stretch and extreme durability that feels like a second skin.

 

MASSOV’s competitive in-house design and production team means they are quick to market and they have the ability to customize anything a player wants, which enabled them to become the official glove of USA Football (football’s governing body, setting the standards for the sport) and the U.S. National Teams.  They have also become the official glove of the NAIA (National Association of Intercollegiate Athletics), X League, the PSFCA Big 33 Football Classic, and the official accessories partner of USA Flag.

 

Adds co-founder, Matt Vege, “As lifelong football players and passionate fans of the game, our goal was to create an innovative brand that stood for something. That’s why we pledge to ‘Commit to Your Fit’ across all demographics of players.”

 

MASSOV Impact

Through MASSOV Impact TM the company is donating a portion of its proceeds to providing funding and equipment to youth athletic programs in underserved communities.

 

What these gloves offer in terms of improved gender and age equity, comfort, durability, and performance in the sport of football is nothing short of MASSOV.

 

MASSOV athletic gloves are available at massovathletics.com, on Amazon, and through direct team sales and athletic organizations.

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

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

 

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

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

 

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