Category: News Now!

Appointment underscores company’s growing presence in the region

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — #banking—Provenir, a global leader in AI-powered risk decisioning software, today announced Waldemar Faltenberg has been appointed Senior Sales Executive, DACH, following the company’s rapid growth in 2021 and increased demand for its products and services in the region. Faltenberg will manage sales operations for Austria, Germany and Switzerland as Provenir continues to expand its presence worldwide.

Faltenberg brings more than 15 years’ experience in financial services to his new role. Prior to joining Provenir, he served in senior sales management and consulting positions at BFS finance GMBH, VR Smart Finanz AG, VR Leasing AG and Coface, developing marketing strategies, building and expanding partnerships and guiding clients through digitalization projects to modernize their online channels.

 

“Waldemar has a wealth of experience in the German banking market and in credit risk decisioning specifically,” said Frode Berg, Managing Director EMEA. “An increasing number of organizations in EMEA are selecting Provenir as their risk decisioning partner. Waldemar will spearhead our efforts to engage with fintech innovators and innovative banks seeking access to industry-leading AI-powered risk decisioning software for real-time credit decisioning.”

 

“I am excited to join Provenir at this pivotal time as demand for solutions enabling real-time processes is surging to meet customers’ desire for instant decisions,” said Waldemar. “The market for financial services solutions in DACH is growing rapidly, and I look forward to continuing to build upon Provenir’s momentum in the region.”

 

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience, users can create the platform-as-a-service (Paas) cloud solution that best fits their business needs.

 

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products form a risk decision engine for real-time approvals and make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 40 countries and processes more than 2 billion transactions annually.

Contacts

Erin Lutz

Lutz Public Relations and Marketing (for Provenir)

949-293-1055 | erin@lutzpr.com

SAN FRANCISCO & TAMPA, Fla. — (BUSINESS WIRE) — Alpine Investors (“Alpine”), a people-driven private equity firm, today announced the sale of its portfolio company, MidAmerica Administrative & Retirement Solutions (“MidAmerica”) to U.S. Retirement & Benefits Partners (“USRBP”). MidAmerica administers retirement and health & welfare plans for public sector employers. Terms of the sale were not disclosed.

MidAmerica was founded in 1995 with the goal of making health & retirement benefits funding simple and effective for public school employees, firefighters, law enforcement officers, and other public sector workers across the country.

 

In 2015, Alpine acquired MidAmerica with the aim of developing and empowering its team and bringing awareness to its products. Through its CEO program, Alpine hired and installed MidAmerica’s CEO, Jim Tormey, who built out a strong management team focused on providing valuable benefits funding and administration solutions. Jim Tormey and the MidAmerica management team will continue with the Company in their current roles.

 

MidAmerica has since become a leading third-party administrator providing both retirement and health & welfare solutions for the public sector. Under Tormey’s leadership, client retention soared to over 99% each year and its employee Net Promotor Score increased over 70 points. The team drove substantial improvements in its service offering as demonstrated by a significant decrease in claims processing times, average call wait time, and call abandonment rates.

 

“Jim’s people-driven mindset and customer-centric focus has created both a strong team culture and an ever-growing list of happy customers. We look forward to the next phase of growth for MidAmerica under the support and strategic guidance of USRBP,” said Matt Moore, partner at Alpine.

 

“Over the last few years, the team at MidAmerica has prioritized continuous improvement which has resulted in best-in-class service quality, renewed trust from our customers, and an uptick in organic growth,” said Jim Tormey. “Our partnership with USRBP will allow MidAmerica to continue on its mission of allowing public sector employers to reduce costs, attract and retain great talent, and deliver financial peace of mind for their employees.”

 

Raymond James served as the exclusive financial advisor to MidAmerica and Wilson Sonsini served as legal counsel.

 

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $1 billion seventh fund. For more information, visit http://www.alpineinvestors.com.

 

About MidAmerica Administrative & Retirement Solutions

Founded in Lakeland, Florida in 1995, MidAmerica was built with a customer-centric culture, laying the foundation for an organization that focuses on taking care of the people who do so much to serve our communities. Currently, MidAmerica services more than half a million participants across 33 states. For more information, visit www.mymidamerica.com.

 

About U.S. Retirement & Benefits Partners

U.S. Retirement & Benefits Partners, with headquarters in Iselin, NJ, is one of the nation’s largest independent, national financial services firms specializing in employee benefit and employer-sponsored retirement plans in the K-12 public school, governmental, corporate, and non-profit markets. USRBP serves over 2.5 million participants through 45 regional Partner Firms. For more information, visit www.usrbpartners.com.

Contacts

Audrey Harris

aharris@alpineinvestors.com

LAWRENCEVILLE, N.J. — (BUSINESS WIRE) — BTRS Holdings Inc. (“Billtrust” or the “Company”) (NASDAQ: BTRS), a B2B accounts receivable (AR) automation and integrated payments leader, announced today the expiration and results of its previously announced exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding warrants, each whole warrant exercisable for one share of Class 1 Common Stock, $0.0001 par value per share (“Common Stock”), of the Company, at an exercise price of $11.50 per share (the “Warrants”). The Offer and Consent Solicitation expired one minute after 11:59 p.m., Eastern Standard Time, on December 16, 2021.

 

The Company has been advised that 12,391,408 Warrants (including 30,171 Warrants tendered through guaranteed delivery), or approximately 99.2% of the outstanding Warrants, were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent Solicitation. The Company expects to accept all validly tendered Warrants for exchange and settlement on or before December 21, 2021.

 

In addition, pursuant to the Consent Solicitation, the Company received the approval of approximately 99.2% of the outstanding Warrants to amend the warrant agreement that governs the Warrants (the “Warrant Amendment”), which exceeds the 50% of the outstanding Warrants required to effect the Warrant Amendment. Accordingly, the Company and Continental Stock Transfer & Trust Company entered into the Warrant Amendment, dated December 17, 2021, and the Company announced that it will exercise its right to exchange all remaining outstanding Warrants for shares of Common Stock in accordance with the terms of the Warrant Amendment, and has fixed December 31, 2021 as the exchange date.

 

The Company also announced that its Registration Statement on Form S-4 filed with the U.S. Securities and Exchange Commission (the “SEC”) registering shares of Common Stock issuable in the Offer was declared effective by the SEC on December 16, 2021.

 

BofA Securities, Inc. was the Dealer Manager for the Offer and Consent Solicitation. D.F. King & Co., Inc. served as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company served as the Exchange Agent.

 

About Billtrust

Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of accounts receivable, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, cash application and collections.

 

No Offer or Solicitation

This press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A Registration Statement on Form S-4 filed with the SEC registering shares of Common Stock issuable in the Offer was declared effective by the SEC on December 16, 2021.

 

Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “expect,” “will” or other similar expressions that predict or indicate future events that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Billtrust’s acceptance of all validly tendered Warrants for exchange of shares of Common Stock in the Offer and settlement thereof and the subsequent exercise of Billtrust’s right to exchange the remaining outstanding Warrants pursuant to the Warrant Amendment. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Billtrust’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of Billtrust. These forward-looking statements are subject to a number of risks and uncertainties, including Billtrust’s ability to successfully exchange the remaining Warrants pursuant to the Warrant Amendment; Billtrust’s ability to attract and retain customers and expand customers’ use of Billtrust’s services; market, financial, political and legal conditions; the impact of the COVID-19 pandemic on Billtrust’s business and the global economy; risks relating to the uncertainty of the projected financial and operating information with respect to Billtrust; risks related to future market adoption of Billtrust’s offerings; risks related to Billtrust’s marketing and growth strategies; risks related to expanding Billtrust’s operations outside the United States; risks related to Billtrust’s ability to acquire or invest in businesses, products, or technologies that may complement or expand its products or platforms, enhance its technical capabilities, or otherwise offer growth opportunities; the effects of competition on Billtrust’s future business; and the risks discussed in Billtrust’s Prospectus/Exchange Offer filed with the SEC on December 16, 2021, under the heading “Risk Factors” and other documents of Billtrust filed, or to be filed, with the SEC. If any of these risks materialize or any of Billtrust’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Billtrust presently does not know of or that Billtrust currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Billtrust’s expectations, plans or forecasts of future events and views as of the date of this press release. Billtrust anticipates that subsequent events and developments will cause Billtrust’s assessments to change. However, while Billtrust may elect to update these forward-looking statements at some point in the future, Billtrust specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing Billtrust’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Investor:

John T. Williams

IR@billtrust.com

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred to as Brighthouse and are operating insurance subsidiaries of Brighthouse Financial, Inc. (Brighthouse Financial) (headquartered in Charlotte, NC) [NASDAQ: BHF]. The outlook of these Credit Ratings (rating) is stable.

Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Brighthouse Financial, Inc. Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term IR of Brighthouse Holdings, LLC, Brighthouse Financial’s intermediate holding company. The outlook of these ratings is stable. (See below for a detailed listing of the Long-Term IRs).

 

The ratings reflect Brighthouse’s 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).

 

Brighthouse maintains a very strong level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), in line with prior years. Capital and surplus has fluctuated on a statutory and GAAP basis over the most recent five-year period, partially driven by variable annuity reform. Mitigating the fluctuation of capital are Brighthouse’s good financial flexibility, good liquidity and access to available cash at the holding company.

 

As of year-end 2020, Brighthouse reported a net operating loss, which was attributable to unfavorable market conditions. Despite a prior-year loss, the company has reported a strong earnings recovery as of third-quarter 2021. The company’s flagship annuity product – Brighthouse Shield Level Annuity – has grown significantly over recent years and accounts for a majority of the company’s annuity sales, allowing Brighthouse to remain a major participant in the registered index-linked annuities marketplace. Partially offsetting the growth of the annuity business is Brighthouse’s run-off of legacy life and annuity businesses. Additionally, on the life insurance side, Brighthouse has entered into the hybrid indexed universal life space with Brighthouse SmartCare.

 

Brighthouse’s favorable business profile is indicative of the continued improvement of the company’s brand, product and geographic diversification, as well as its strategic alliance with BlackRock. Collaborating with BlackRock provides Brighthouse with the capability to provide its consumers with simplified access to lifetime income. The company remains highly sensitive to the macroeconomic environment.

 

Brighthouse’s ERM program is well-developed and appropriate for its risk profile.

 

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

 

Brighthouse Financial, Inc.—

— “bbb+” (Good) on $1.5 billion 3.7% senior unsecured notes, due 2027

— “bbb+” (Good) on $615 million 5.625% senior unsecured notes, due 2030

— “bbb+” (Good) on $1.5 billion 4.7% senior unsecured notes, due 2047

— “bbb+” (Good) on $400 million 3.85% senior unsecured notes, due 2051

— “bbb-” (Good) on $350 million 4.625% non-cumulative preferred stock

— “bbb-” (Good) on $375 million 6.25% junior subordinated debentures, due 2058

— “bbb-” (Good) on $425 million 6.6% non-cumulative preferred stock, Series A

— “bbb-” (Good) on $402.5 million 6.75% non-cumulative preferred stock, Series B

— “bbb-” (Good) on $575 million 5.375% non-cumulative preferred stock, Series C

Brighthouse Holdings, LLC—

— “bbb-” (Good) on $50 million fixed rate cumulative preferred units, Series A

The following Long-Term IR has been affirmed with a stable outlook:

Brighthouse Financial Institutional Funding I, LLC—“a+” (Excellent) program rating

— “a+” (Excellent) on outstanding notes issued under the program rating

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

Brighthouse Financial, Inc.-

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

— “bbb” (Good) on subordinated debt

— “bbb-” (Good) on preferred stock

— “bbb-” (Good) on junior subordinated debt

 

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 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Shauna Nelson
Senior Financial Analyst
+1 908 439 2200, ext. 5365
shauna.nelson@ambest.com

Bruno Caron
Associate Director
+1 908 439 2200, ext. 5144
bruno.caron@ambest.com

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

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

CI’s U.S. wealth management assets surpass US$100 billion in less than two years

MIAMI & TORONTO & MORRISTOWN, N.J. — (BUSINESS WIRE) — $CIXX #CIGAM—CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) and RegentAtlantic Capital, LLC (“RegentAtlantic”) today announced an agreement under which CI will acquire RegentAtlantic, a registered investment advisor with US$6.0 billion in assets under management.

Founded in 1982, RegentAtlantic serves high-net-worth individuals and families and institutions on the East Coast and across the United States from offices in Morristown, N.J., and New York City. It offers a comprehensive range of wealth planning services, including financial planning and investment management, customized to the needs of each client.

 

“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said Kurt MacAlpine, CI Chief Executive Officer. “RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth and fully supports our vision of building the country’s leading wealth management firm.”

 

“There is an ever-growing need for quality financial advice and that presents an opportunity for firms like ours. CI Private Wealth will be the ideal partner for our team as we embark on the next phase of our growth and development,” said George Stapleton, Chief Executive Officer of RegentAtlantic. “We look forward to working with our CI Private Wealth colleagues, who represent some of America’s other leading RIAs, and are confident this collaboration will benefit our team and our clients.”

 

As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI’s U.S. wealth management business. As part of the transaction, Fiduciary Network, LLC (“FN”) which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of FN and prepayment rights of CI Financial.

 

RegentAtlantic’s accolades include being named to the Barron’s list of Top 100 RIA Firms in 2020 and 2021, and the Financial Times list of Top 300 RIAs in 2020. The firm’s offering includes specialty service areas focused on business owners, corporate executives, non-profits, food and beverage industry entrepreneurs, women on Wall Street, retirement, senior care, and collectibles. It also provides private trust services through RegentAtlantic Private Trust and 401(K) plan management for businesses.

RegentAtlantic will deepen CI’s presence on the East Coast and be CI’s third RIA affiliate with an office in New York City.

 

The transaction will also push CI’s U.S. assets past the US$100-billion mark for the first time since CI entered the U.S. wealth management sector in January 2020 – making CI one of the industry’s fastest-growing firms. Following the completion of all announced transactions, CI’s U.S. assets are expected to reach approximately US$105 billion (C$130 billion), while its total assets globally are anticipated to reach US$291 billion (C$360 billion).

 

This transaction is expected to close later this month, subject to regulatory and other customary closing conditions. The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. served as advisors to RegentAtlantic. CI was advised by Hogan Lovells US LLP. Financial terms were not disclosed.

 

Asset amounts are as at November 30, 2021 for RegentAtlantic and October 31, 2021 for CI.

 

About CI Financial

CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI managed and advised on approximately C$331.8 billion (US$267.8 billion) in client assets as at October 31, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian wealth management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.

 

CI’s U.S. wealth management businesses consist of Barrett Asset Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, Matrix Capital Advisors, LLC, McCutchen Group LLC, One Capital Management, LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC, and Surevest LLC.

 

CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. Further information is available at www.cifinancial.com.

 

Participation in Barron’s Top 100 RIA Firms ranking is by invitation only and limited to firms that meet the minimum eligibility requirements. As with all Barron’s rankings, Barron’s does not disclose the proprietary formula. Some general guidance on Barron’s methodology: Participating firms were evaluated and ranked on a wide range of quantitative and qualitative data, including assets overseen by the firm, revenue generated by the firm, level of technology spending, number of clients, size of staff, diversity across staff, and placement of a succession plan. The number of firms invited to participate in 2021 was not disclosed by Barron’s nor were the number of firms that meet the legibility requirements. The ranking is not indicative of the RegentAtlantic’s past or future performance. Neither the Firm nor its executives pay a fee to Barron’s in exchange for the ranking. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by Ignites Research, a division of Money-Media, Inc., on behalf of the Financial Times. The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. The listing reflected each practice’s performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. Over 750 qualified firms applied for the award, 20 of which have offices in New Jersey, and 300 were selected (40%). This award does not evaluate the quality of services provided to clients and is not indicative of the practice’s future performance. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

 

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisitions of RegentAtlantic, GLAS Funds, LLC, Gofen and Glossberg, LLC, and R.H. Bluestein & Co. will be completed and their asset levels will remain stable, that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

Contacts

Investor Relations
Jason Weyeneth, CFA

Vice-President, Investor Relations & Strategy

416-681-8779

jweyeneth@ci.com

Media Relations
United States

Trevor Davis, Gregory FCA for CI Financial

443-248-0359

cifinancial@gregoryfca.com

Canada

Murray Oxby

Vice-President, Corporate Communications

416-681-3254

moxby@ci.com

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Great American Insurance Company and its pooling affiliates, collectively referred to as Great American Insurance Companies (Great American). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and affirms the Long-Term Issue Credit Ratings (Long-Term IRs) of American Financial Group, Inc. (AFG) (Cincinnati, OH). The outlook of these Credit Ratings (ratings) is stable.

At the same time, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of the property/casualty (P/C) members of the Great American Contemporary Pool (collectively, Great American Contemporary and formerly known as Republic and Summit Insurance Pool). The outlook of these ratings is stable.

 

AM Best also has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of the P/C members of the Mid-Continent Group (Mid-Continent) (headquartered in Tulsa, OK). Additionally, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of National Interstate Insurance Company (headquartered in Richfield, OH) and its affiliates (collectively referred to as National Interstate). The outlook of the aforementioned ratings is stable.

 

All companies are subsidiaries of AFG and headquartered in Cincinnati, OH, unless otherwise specified. (Please see link below for a detailed listing of the P/C companies and ratings.)

 

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

 

Great American’s ratings are aided by its risk-adjusted capital, which has been assessed consistently in recent years in the strongest category, as measured by Best’s Capital Adequacy Ratio (BCAR), with little volatility. Great American also has consistent operating performance on par with peers similarly assessed at strong, which is reflective of its profitable underwriting results that are supported by a diversified product portfolio and business profile through its multiple distribution platforms. An offsetting factor is a high dividend payout ratio to the parent company.

 

The ratings of Great American Contemporary reflect their balance sheet strength, which AM Best assesses as very strong, as well as their strong operating performance, neutral business profile and appropriate ERM. The ratings of Republic and Summit also reflect rating lift from the lead rating unit, Great American. Republic and Summit maintain risk-adjusted capital at the strongest level, as measured by BCAR, which is supported by consistently strong operating performance that despite some underwriting volatility has remained profitable over the past five years and outperformed composite peers. Despite its more narrow focus in the workers’ compensation segment, the group is among the market leaders in its focused geographical areas, in particular, ranking as the largest provider in Florida through an extensive network of independent agents and advisers. Despite its leadership position, it remains concentrated in Florida and California, which exposes the group to regulatory and legislative risks. The group members also maintain higher underwriting leverage than peers with a high dividend payout to its parent, tempering surplus growth.

 

The ratings of Mid-Continent reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect ratings lift from the lead rating unit, Great American, recognizing the historical support provided by ultimate parent, AFG, to Mid-Continent. Mid-Continent’s ratings are supported by its strongest risk-adjusted capital position, as measured by BCAR, and consistent ability to maintain this level of capital support through positive organic operating earnings. These factors are offset by its more concentrated earning segments and limited geographical profile, which exposes the group to increased regulatory, legislative and competitive risks.

 

The ratings of National Interstate reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift from the lead rating unit, Great American. National Interstate’s ratings are supported by risk-adjusted capitalization assessed at the strongest level, as measured by BCAR, a prudent investment portfolio and high quality of reinsurance partners. The group has shown significant expertise in its niche-focused market of captive risk transfer products for the transportation market, and despite this more limited focus, it has demonstrated consistent favorable operating results on par with peers with a similar balance sheet assessment of strong through strong underwriting results. Offsetting factors include a high dividend payout to its parent, and a more concentrated market focus.

 

Each of the groups discussed above also benefits from the financial flexibility provided by AFG, which has additional liquidity sources given its access to capital markets and lines of credit. AM Best expects that earnings and cash flows from AFG’s operating subsidiaries will allow it to support risk-adjusted capitalization, should the need arise. At the same time, surplus growth at each group has been limited over the past five years by the payment of significant stockholder dividends to AFG. These dividends vary based on capital needs at the various subsidiaries. It is recognized that AFG’s financial leverage is maintained within AM Best’s methodology tolerance levels, and continues to be supportive of the ratings. Several new debt issuances in recent years have been offset by the proceeds of the sale of the Great American Life Group and Manhattan National Life Insurance Company to Massachusetts Mutual Life Insurance Company (MassMutual) earlier in 2021. AFG maintains coverage ratios that remain favorable to the ratings.

 

A complete listing of American Financial Group, Inc.’s subsidiaries’ FSRs, Long-Term ICRs and Long-Term IRs also is available.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

Erik Miller, CFA
Associate Director
+1 908 439 2200, ext. 5187
erik.miller@ambest.com

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

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Transaction Represents 44^th Acquisition for Leading Distributor of Foodservice Packaging and Janitorial Products

 

JERSEY CITY, N.J. & NASHVILLE, Tenn. — (BUSINESS WIRE) — Imperial Dade, a leading distributor of food service packaging and janitorial supplies, recently announced the acquisition of American Paper & Twine (“APT” or the “Company”). The transaction represents the 44^th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, CEO and President of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed.

 

Headquartered in Nashville, TN, APT is a leading distributor of janitorial, packaging, food service, safety and office products run by Bob Doochin and Karen Doochin Vingelen. With 95 years of experience, the Company has built a strong reputation for its knowledgeable sales force, wide breath of products, and high touch customer service.

 

The addition of APT will significantly strengthen Imperial Dade’s existing presence in the Southeast, help better reach customers coast-to-coast, and solidify its position as the national leader in specialty distribution. By leveraging Imperial Dade’s market leading platform, APT customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions.

 

“APT’s storied history in the industry and exceptional customer service make it a great addition to the Imperial Dade platform. We enthusiastically welcome the Doochin family, and the APT team members to our family,” said Robert Tillis. “We look forward to partnering with APT and continuing to provide customers with a world-class value proposition and service offering. This acquisition is the next step in our ability to serve customers coast to coast as a national distributor,” said Jason Tillis.

 

“The legacy we have built here at American Paper & Twine over the past 95 years will provide a great foundation for growth for Imperial Dade in our region. With the added resources by combining with Imperial Dade, we will be able to continue to provide exceptional customer service while accelerating the growth we have experienced in recent years,” said Karen Doochin Vingelen, President and COO of APT.

 

About Imperial Dade

Founded in 1935, Imperial Dade serves more than 80,000 customers across the United States and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the food service packaging and janitorial supplies industry. For additional information, please visit www.imperialdade.com.

Contacts

Imperial Dade

Paul Cervino

(201) 437-7440 x 2302

OLDWICK, N.J. — (BUSINESS WIRE) — The December issue of Best’s Review explores the trends and forces shaping the competitive landscape in the year ahead in the following articles:

• “The View to 2022: Insurers Face New Year with Cautious Optimism” looks at the key issues in the coming year, including cyberrisk, growing catastrophe losses and lingering impacts of COVID-19.
• In “Insurers Confront Inflation for the First Time in Ages,” industry experts discuss the potential for inflation to remain a problem in 2022, as many signs are pointing to its increase.

 

Also included in the December issue:

• Best’s Review’s exclusive listing of the Top Audit and Actuarial Firms ranked by loss reserves.
• The head of the Society of Actuaries (SOA) discusses the need for actuaries to “get up to speed” with new skills as artificial intelligence and data science present new challenges. Learn more in “Society of Actuaries President: Adaptability and Creativity Are Key Skills for Actuaries.”
• In “Upstart Wysh Looks to Break into the World of Life Insurance with a Focus on Flexibility and Usefulness,” Best’s Review talks to founder Alex Matjanec about his new approach to life insurance that ties coverage to a changing set of obligations and life events rather than a set dollar amount.

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging insurance issues and trends and evaluating their impact on the marketplace. Full access to the complete content of Best’s Review is available Full access to 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 © 2021 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

Buckle’s Marty Young to present on legitimizing the gig economy at Guidewire’s annual conference – November 1-4, 2021 – Las Vegas

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — #AI—Marty Young, co-founder and CEO of Buckle, an inclusive tech-enabled financial services company, is delivering the customer keynote, “Buckle: Legitimizing the Gig Economy,” at Guidewire Connections, taking place on Monday, November 1 – Thursday, November 4, 2021, in-person in Las Vegas and virtually. Connections is Guidewire’s annual conference where customers, insurance industry professionals, and other invited guests gather. Earlier this year, Buckle selected Guidewire to enable its adjusters to easily, accurately, and quickly resolve claims for its rideshare and delivery driver customers.

WHAT: Buckle’s Marty Young to Deliver Customer Keynote at Guidewire Connections

WHEN: Wednesday, November 3, 2021, 9:45 a.m. – 10:30 a.m. PDT

WHERE: ARIA Resort & Casino, 3730 S Las Vegas Blvd, Las Vegas

Buckle is exclusively focused on servicing rideshare, delivery, and Transportation Network Company (TNC) drivers with their unique needs by providing personal and commercial auto coverage in one, affordable policy. Buckle’s mission is to help this rising middle class break free from the credit score trap and achieve economic freedom, requiring the insurer to solve a whole host of problems—from safety to affordability. Marty shares how Buckle is blowing up the typical P&C insurance model through non-traditional data sources and various plug and play programs.

 

In addition to insurtech and fintech strategies, Marty also leads Buckle in mergers and acquisitions execution. He is a globally recognized Wall Street professional with 20+ years of special situations experience in executing more than 75 transactions worth $30+ billion as both a trusted financial advisor and executive officer.

 

Marty graduated from the United States Military Academy at West Point and was commissioned as a U.S. Army Infantry Officer. After 9/11, he transitioned into and continues to serve as a U.S. Army Chaplain in the National Guard. He also serves on the Advisory Board of the School of Industrial and Systems Engineering of the Georgia Institute of Technology, where he obtained a master’s degree in Operations Research. In addition, Marty has an MBA from the NYU Stern School of Business and is a graduate of the U.S. Army Command and General Staff College.

 

For more information on Guidewire Connections, visit: https://connections.guidewire.com.

 

About Guidewire

Guidewire is the platform general insurers trust to engage, innovate, and grow efficiently. ​We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

 

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localisation, and innovation.

 

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

 

About Buckle

Buckle is the inclusive digital financial services company serving the rising middle class and providers to the gig economy. Using a portfolio of technologies and data sources, Buckle provides insurance and credit products to those who earn less than the average American wage and are subsequently penalized for having poor or no credit. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

All trademarks recognized.

Contacts

Media Contact:

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com