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Business

Private Advisor Group selects merchant as strategic partner

Merchant embraces commitment to enhancing the financial advice profession. This strategic partnership provides access to additional capital to fund long-term growth solutions for financial advisors, RIA leaders and investors nationwide.

 

NEW YORK & MORRISTOWN, N.J. — (BUSINESS WIRE) — Private Advisor Group, one of the leading Registered Investment Advisors (RIA) in the U.S., has entered into an agreement which includes a non-controlling, minority investment from Merchant.

Private Advisor Group serves over 700 financial advisors nationwide and has been ranked by Barron’s as a top 10 RIA firm since 2019. Managing over $30 billion in assets under management, the investment from Merchant provides access to additional capital alongside experienced professionals with extensive tenure and a shared commitment to enhancing the financial advice profession. The firms are mutually aligned in efforts to deliver growth solutions to financial advisors enabling the expansion of financial guidance to more investors while creating ease of use, efficiencies and enhancing legacy and succession solutions for financial practice leaders.

 

RJ Moore, Chief Executive Officer of Private Advisor Group, shared, “We have long admired Merchant’s commitment to their business owners, independent operating model and the financial profession. We are mutually aligned in our focus to enhance long-term value creation and succession solutions for advisors while accelerating our collective growth.” He continued, “With so much untapped potential in the wealth management space, Private Advisor Group looks forward to continuing to enhance and introduce leading options for the financial advice profession now and for generations to come.”

 

Private Advisor Group is leveraging the growth capital to help small independent wealth management firms get access to scale, continue to attract more like-minded independent advisors, bring solutions to market quicker, help advisors with continuity and succession, and enhance its suite of services for financial practice leaders and their staff.

 

Tim Bello, Managing Partner at Merchant, said, “Private Advisor Group embodies everything Merchant was built for – exceptional people, entrepreneurial roots with institutional capabilities, near term conviction with long term vision, and an overall firm size that creates true local touch along with national reach.” He continued, “the Merchant family is very selective and looks carefully to find firms who put advisors first and also present an opportunity set that brings us to the top of our game, and we’ve certainly found that in Private Advisor Group.”

 

Merchant sees the Private Advisor Group complex through a unique lens, one filled with past success that only time can create, present state durability, and future opportunity that has no end in sight for both the advisors and clients of the Firm.

 

Marc Spilker, Executive Chairman of Merchant, went on to state, “Having spent over 35 years in the investment management and wealth management space, I’ve found that firms like Private Advisor Group are extremely rare.” Spilker added, “It’s an organization focused on the fundamentals while continually evolving to stay ahead of trends and best practices to fuel success. All of us at Merchant are ready to roll up our sleeves and begin working on the strategic initiatives we’ve already identified.”

 

The firms will operate independently while leveraging the leadership, tenure and experience of one another to focus on bettering the financial profession and creating opportunities for advisors. Exact terms will not be disclosed. The agreement was signed on December 17, 2021, and became effective immediately. This is an additive investment in terms of growth capital, no other staffing or ownership changes are anticipated.

 

Ardea Partners LP served as exclusive financial advisor to Private Advisor Group.

 

About Private Advisor Group

Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. Managing over $30 billion in assets under management, the Firm leverages its depth of knowledge to deliver solutions that strive to improve financial outcomes for individual investors and inspire growth, fiduciary adherence, legacy solutions and a client-centric approach for independent financial advisors’ practices. Barron’s has recognized Private Advisor Group as a top ten registered investment advisory firm since 2019.

 

Barron’s “Top 100 RIA Firms” ranking is based upon quantitative and qualitative criteria including: regulatory records, client retention reports, assets managed, revenue generated, technology spending, number of clients, size and diversity of staff, placement of a succession plan, and more. Investor experience and returns are not considered. Neither Private Advisor Group nor its financial advisors pay a fee to Barron’s in exchange for the ranking.

 

For more information, visit www.privateadvisorgroup.com.

 

About Merchant Investment Management, LLC

Merchant is a private partnership providing growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management. For additional information, please visit www.merchantim.com.

Contacts

Media:
Ann Marie Gorden

Gregory FCA for Merchant Investment

annmarie@gregoryfca.com
267.249.7765

Categories
Business Lifestyle

Hayward announces equipment partnership with International Pool Fabricator

Exclusive agreement adds considerable value and convenience for Plungie pool owners

 

BERKELEY HEIGHTS, N.J. — (BUSINESS WIRE) — Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward”), a global designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems, today announced an agreement with Plungie, an Australia-based fabricator of monolithic concrete pools, to outfit all future installations in North America exclusively with Hayward pool equipment.

Equipment emphasized within the exclusive deal includes Hayward’s industry-leading line of ultra-high efficiency pumps, the top-ranked Omni automation platform and app, and AquaRite S3 salt chlorinators that require 1/3 the salt of leading competitors. The partnership will bring greater convenience and cost savings to consumers, particularly those looking to install smaller backyard pools.

 

Founded in 2018, Plungie’s impressive revenue growth has propelled the company far beyond its Brisbane headquarters as an international player in the creation of precast concrete “plunge” pools up to 5,400 gallons. To better serve the growing demand within the North American market, the Australian pool fabricator recently opened an ISO-accredited manufacturing facility in Dallas, Texas. Two additional facilities are expected to open across the U.S. in 2022.

 

“As we expand into new areas, choosing Hayward as a partner was a no-brainer for us,” said Chris Macaulay, General Manager, Plungie, North America. “Our company is guided by the firm belief that everyone deserves the joy of an eco-friendly pool in their backyard. Hayward offers the scalable, energy-efficient equipment to make that a reality.”

 

Macaulay also stressed the importance of Plungie’s “advanced design, engineering and manufacturing” which allows them to design, fabricate and deliver concrete pools with unprecedented value and speed, allowing customers to get their plunge pool installed within days.

 

“We’re very excited to begin this new adventure with Plungie,” commented Albert Miller, Vice President of Sales, Hayward. “Plungie delivers the same ease and convenience for the pool that Hayward delivers for the pad, and I really believe the partnership will allow us to accelerate growth for our respective businesses to meet the increasing demand from our trade professionals and the end consumer.”

 

Matt Kimball, Hayward’s Vice President of Product Management & Marketing, shared a similar optimism about the partnership. “All of us at Hayward are singularly focused on building better, and the passionate people at Plungie definitely share in that spirit. They talk a lot about revolutionizing their industry and providing better options for prospective pool owners, and that’s exactly the kind of big-picture goal that gets us excited around here.”

 

For more information about Plungie products and pricing, please visit us.plungie.com.

 

Image and video resources:

https://www.dropbox.com/sh/3utt0gitu837t3u/AAAUukwylp19gNW4cLQClk5Va?dl=0

 

About Hayward Holdings, Inc.

 

Hayward Holdings, Inc. (NYSE:HAYW) is a leading global designer and manufacturer of pool equipment and technology all key to the SmartPad™ conversion strategy designed to provide a superior outdoor living experience. Hayward offers a full line of innovative, energy-efficient and sustainable residential and commercial pool equipment, including a complete line of advanced pumps, filters, heaters, automatic pool cleaners, LED lighting, internet of things (IoT) enabled controls, alternate sanitizers and water features.

Contacts

Media Relations:

Tanya McNabb

tmcnabb@hayward.com

Investor relations:

Hayward Investor Relations

908.288.9706

investor.relations@hayward.com

Categories
Business

Best’s Review pre-releases January content

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—Best’s Review has released the following preview content of next month’s issue:

 

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 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

Categories
Business International & World

O-RAN Global PlugFest 2021 demonstrates stronger ecosystem and maturing solutions

  • O-RAN Global PlugFest 2021 more than doubles with 144 corporate participants in the 7 global venues
  • Scope includes multi-vendor interoperability, Radio Intelligent Controllers, O-Cloud, infrastructure security and end-to-end functionality
  • PlugFest Virtual Showcase will allow interested public to explore the 2021 PlugFest in detail

 

BONN, Germany — (BUSINESS WIRE) — #ORAN–The O-RAN ALLIANCE has successfully conducted its O-RAN Global PlugFest 2021 to demonstrate the functionality and multi-vendor interoperability of O-RAN based network equipment.


The O-RAN ALLIANCE is a world-wide community of more than 300 operators, vendors and research and academic institutions working in a transparent way to develop a sustainable open RAN ecosystem. 30 mobile network operators committed to O-RAN are serving over 4.5 Billion subscribers around the world.

 

O-RAN Global PlugFest 2021 – O-RAN’s third world-wide testing and integration event – demonstrated the strength of the O-RAN ecosystem and its global drive towards open and intelligent Radio Access Networks (RAN). The O-RAN PlugFest expanded from 4 to 7 global venues, with 94 participating companies. Many of the companies contributed to multiple venues, bringing PlugFest to a total of 144 active corporate participants compared to 70 at the 2020 PlugFest.

 

“The expanded and diverse participation of companies from across the technology ecosystem at the O-RAN Global PlugFest 2021 is testimony to growing momentum behind Open RAN and its relevance for our industry,” said Alex Jinsung Choi, Chief Operating Officer of the O-RAN ALLIANCE and SVP of Strategy and Technology Innovation, Deutsche Telekom. “The joint, open and coordinated O-RAN Global PlugFest framework is crucial for all O-RAN members to collaborate within the community and accelerate the ecosystem development of commercially available Open RAN solutions.”

 

Testing multi-vendor interoperability, Radio Intelligent Controllers, O-Cloud, infrastructure security and end-to-end functionality

 

Overall, O-RAN Global PlugFests bring a great opportunity for the industry to deal with integration challenges in an efficient way and to make major progress in development of commercial O-RAN products. This year’s PlugFest was not an exception, as demonstrated by the successes:

  • This year’s PlugFest proved advanced maturity of the Open Fronthaul (OFH) implementations. Interoperability has been achieved between many vendors in different network setups, base station classes, OFH profiles and RU/CU-DU product combinations.
  • There were several demonstrations of advanced use cases utilizing the O-RAN Near-Real-Time Radio Intelligent Controller (Near-RT RIC) and Non-Real-Time RIC (Non-RT RIC), like automated network outage detection and recovery, and latency assurance for end-to-end network slicing. A lot of effort also went into testing individual RIC interfaces, application protocols, and related xApps and rApps.
  • Several venues successfully tested O-Cloud products and multi-vendor virtualized RAN integrations.
  • Specific tests dealt with the O-RAN infrastructure security.
  • Thanks to the O-RAN community enthusiasm and great collaboration, several O-RAN end-to-end functionality tests passed against production core network elements, while many others utilized simulators.
  • All venues proved the readiness of advanced test equipment and simulation of different parts of the network.
  • PlugFest hosts managed combinations of on-site and remote testing, reflecting the Covid-19 pandemic situation in different parts of the world.

 

In Asia, the O-RAN Global PlugFest 2021 took place at four venues

 

The PlugFest in Japan was hosted by NTT DOCOMO, KDDI, Rakuten Mobile, SoftBank and YRP in Tokyo area and Yokosuka. Activities focused on multi-vendor interoperability testing of Open Fronthaul interface in 5G NSA/SA setup achieving 1Gbps DL throughput, as well as multi-vendor vRAN integrations.

 

Another stream focused on 3GPP RF Conformance testing and demonstration of autonomous RAN outage detection and self-healing utilizing O-RAN Non-Real-Time and Near-Real-Time Radio Intelligent Controllers (Non-RT and Near-RT RIC). Near-RT RIC concept and the detailed mechanisms were also showcased to support latency assurance for end-to-end network slicing. Potential parameters to be supported in the O-RAN specifications were identified as study results.

 

As a complementing activity, selected participants started a study on RAN emission characteristics.

 

In addition to the hosts, participants included Fujitsu, HCL, JMA Wireless, Keysight Technologies, NEC, Nokia, NVIDIA, Samsung, VIAVI Solutions and Wind River.

 

The O-RAN PlugFest in Republic of Korea was hosted by LG Uplus for the first time in Korea at its 5G Innovation Lab in LG Science Park, Seoul. The primary focus was on evaluation of Open Fronthaul for multi-vendor interoperability of a 5G SA system (FR1, TDD).

 

In addition to the hosts, participants included Altiostar, DZS, Intel, Keysight Technologies and NEC.

 

Activities at Taiwan-based O-RAN PlugFest in Auray OTIC and Security Lab & Chunghwa Telecom were performed by two hosts:

 

Auray at their OTIC and Security lab in Taoyuan, Taiwan hosted multi-vendor interoperability testing for indoor scenario focusing on Open Fronthaul as well as scenarios according to O-RAN end-to-end test specification v2.0.

 

Chunghwa Telecom in Yangmei hosted validation of multi-vendor E2E solutions for O-RU, O-CU/O-DU with real core network, as well as demonstration of Service Management and Orchestration using O-RAN Non-RT RIC.

 

In addition to the hosts, participants included Aethertek, Alpha Networks, Arcadyan, Calnex, Compal, Delta Electronics, Foxconn, iConnext, Institute for Information Industry, Intel, Inventec, IP Infusion, ITRI, JPC Connectivity, Keysight Technologies, Lions Technology, Liteon, Metanoia Communications, MICAS, MiTAC Computing, NKG, O’Prueba, Pegatron, QCT, Rohde & Schwarz, Sageran, Sercomm, VIAVI Solutions, Wiwynn and WNC.

 

The O-RAN PlugFest in India was hosted by Bharti Airtel at NOC Manesar in Gurgaon, Delhi.

 

The primary focus was on traffic steering using the O-RAN Near-RT RIC, physical infrastructure security, O-RU M-plane and S-plane tests, Open Fronthaul gateway tests and E2E testing of O-RAN solution.

 

In addition to the host, participants included AMI, ASOCS, Capgemini Engineering, Cisco, Intel, IP Infusion, Keysight Technologies, Mavenir, Sercomm, STL, TCS, VIAVI Solutions, VMware and VVDN.

 

The O-RAN Global PlugFest 2021 in Europe took place at two venues

 

The O-RAN PlugFest hosted by Skoltech was hosted by Skoltech at its OpenRAN 5G Lab in Moscow.

 

The activities focused on 3GPP compliance validation for O-RU and on end-to-end integration of O-RAN 5G gNB with commercial 5G core.

 

In addition to the hosts, participants included Foxconn, Keysight Technologies and Xilinx.

 

BT, Deutsche Telekom, Orange, Telefónica, TIM and Vodafone have teamed up together with the Telecom Infra Project (TIP) to host the Joint European O-RAN & TIP PlugFest at 4 European OTICs in Berlin, Madrid, Paris and Torino.

 

The focus was on O-RU conformance testing, E2E multi-vendor integration with performance and functional testing, load and scale testing of O-CU, security testing, validation and demonstration of RIC, xApps and rApps, demonstration of multi-vendor O-RAN based architecture and xHaul transport.

 

In addition to the hosts, participants included Accelleran, ADVA, Advantech, AirHop Communications, Anritsu, Capgemini Engineering, Ciena, Cisco, Comba Network, Dell Technologies, DZS, EANTC, EXFO, Facebook, Foxconn, Fujitsu, Intel, IP Infusion, IS-Wireless, JMA Wireless, Juniper Networks, Keysight Technologies, Mavenir, MICAS, MTI, NEC, ONF, Precision OT, Radisys, Rohde & Schwarz, VIAVI Solutions, VMware, Wind River, Wiwynn and Xilinx.

 

In North America, the O-RAN Global PlugFest 2021 brought together companies and academic institutions

 

The Joint O-RAN, TIP, Linux Foundation PlugFest & Proofs of Concept hosted by AT&T and Verizon, was conducted across 3 labs in the USA: the NSF POWDER lab at the University of Utah in Salt Lake City, the NSF COSMOS lab at Rutgers University in New Jersey, and the TIP Community Lab on the Facebook (META) campus in Menlo Park, California.

 

PlugFest activities focused on Open Fronthaul conformance testing and multi-vendor interoperability. Proofs of Concept demonstrated O-Cloud infrastructure behaviour in latency sensitive applications, RIC demonstration of successful E2AP procedures and measurement collection via E2 Service Model, RAN Slice SLA, AI-enabled management of multiple-operator/multi-vendor RAN with O-RU pooling & multi-vendor slices.

 

In addition to the hosts, participants included Analog Devices, Anritsu, Calnex, Capgemini Engineering, Casa Systems, CIG, Commscope, Corning, Foxconn, Fujitsu, highstreet technologies, Intel, IP Infusion, JMA Wireless, Juniper Networks, Keysight Technologies, Mavenir, MTI, National Instruments, NEC, Radisys, Rohde & Schwarz, VIAVI Solutions, VVDN and Wind River.

 

For more information about the PlugFest, see this blogpost.

 

The O-RAN ALLIANCE is preparing a PlugFest Virtual Showcase to allow interested public to explore the O-RAN Global PlugFest 2021 in detail – soon to be available at www.o-ran.org.

 

About O-RAN ALLIANCE

 

The O-RAN ALLIANCE is a world-wide community of more than 300 mobile operators, vendors, and research & academic institutions operating in the Radio Access Network (RAN) industry. As the RAN is an essential part of any mobile network, the O-RAN ALLIANCE’s mission is to re-shape the industry towards more intelligent, open, virtualized and fully interoperable mobile networks. The new O-RAN standards will enable a more competitive and vibrant RAN supplier ecosystem with faster innovation to improve user experience. O-RAN based mobile networks will at the same time improve the efficiency of RAN deployments as well as operations by the mobile operators. To achieve this, the O-RAN ALLIANCE publishes new RAN specifications, releases open software for the RAN, and supports its members in integration and testing of their implementations.

 

For more information please visit www.o-ran.org.

Contacts

O-RAN ALLIANCE PR Contact

Zbynek Dalecky

pr@o-ran.org
O-RAN ALLIANCE e.V.

Buschkauler Weg 27

53347 Alfter/Germany

Categories
Business

AM Best affirms credit ratings of Western & Southern Financial Group, Inc. and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the life insurance subsidiaries of Western & Southern Financial Group, Inc. (WSFG). WSFG’s subsidiaries are The Western and Southern Life Insurance Company (WSLIC), Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company (Greenwich, NY) and its affiliate, The Lafayette Life Insurance Company (Lafayette Life) (collectively referred to as W&SF Group). All companies are domiciled in (Cincinnati, OH) unless otherwise specified.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Gerber Life Insurance Company (Gerber Life) (White Plains, NY). In addition, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) on the senior unsecured notes of WSFG. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the Long-Term IRs)

 

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

 

W&SF Group’s balance sheet assessment reflects a very favorable risk-adjusted capitalization level, as measured by Best’s Capital Adequacy Ratio (BCAR), which is enhanced by a high quality capital profile with no utilization of captives or permitted accounting practices. The overall statutory capital to asset ratio has been at a higher level, compared with some of the group’s peers, and has provided further stability through difficult market cycles. W&SF Group accumulates additional capital in relation to peers in order to secure future growth options, as well as provide assurance that clients’ needs are met accordingly. The group’s capital position has been remarkably resilient, even during stressed scenarios, as there is a sufficient amount of sources of financial flexibility, including available capital at the holding company for deployment to the life insurance companies if needed. While the overall investment portfolio is of good credit quality, providing independent valuation assurance, exposure to below investment grade bonds, equities and asset-backed securities have been continuously growing and is still higher than industry benchmarks. An increasing percentage of NAIC-2 securities is noticeable; however, this is due primarily to increased allocations to structured product investments, relative to the industry benchmark. The group’s liquidity is strong, as measured by AM Best, with modest financial and operating leverage and strong interest coverage. Finally, the ratings recognize capital maintenance guarantees from WSLIC, excluding Gerber Life, to all insurance subsidiaries and its affiliate, Lafayette Life.

 

W&SF Group’s statutory operating performance has been volatile, reflecting fluctuating earnings over time within the group’s ordinary life insurance line of business, which has experienced net losses over the past several years. Additionally, the group has posted a return on equity that continues to be lower than industry averages, due in part to strong capitalization levels and to some extent, retention of redundant reserves. Returns also have been affected by premium growth, which has been well-above industry averages. Overall GAAP earnings showed solid growth prior to 2020, and following 2020, have rebounded adequately. The group continues to have higher interest rate exposure given its reserve profile, with a significant portion of earnings still driven by annuities, although investment spreads have been declining slowly. Despite reputable earnings for W&SF Group’s rating levels, the group’s overall operating performance trend metrics have not kept up with some of its higher rated peers during the last couple of years.

 

Given the concentration in annuities, there is the potential for disintermediation risk in a rapidly rising interest rate environment, although AM Best notes that growth has been strong within immediate annuities, which mitigates this concern. Disintermediation risk also is mitigated partially by adequate surrender charge protection. Post-acquisition, Gerber Life now accounts for approximately 20% of the group’s earnings.

 

W&SF Group’s business profile benefits from a highly diversified multichannel distribution, with an emphasis on middle market individuals, financial institutions and asset management. The expanded distribution relationship with Fidelity Investments has enhanced growth in annuities and added some additional market share. The acquisition of Gerber Life has added direct-to-consumer distribution capabilities and has created a better balance between life insurance and annuity sales. W&SF Group also sells universal life insurance products with no secondary guarantees through banks, utilizing another distribution vehicle. Finally, while W&SF Group has expanded its product footprint and improved some market positions, its overall market position in life insurance and annuities is still moderate, and it faces ongoing competition from other companies in the highly competitive U.S. life and annuity market.

 

W&SF Group incorporates a comprehensive risk management strategy and discipline, which has significantly developed over the years in line with the risks inherent in its balance sheet, scope of operations and business profile. ERM has become robust and embedded into the fabric of the organization, including all major strategic, tactical and operational activities, along with decision making, which has led the group through periods of difficulty, including the financial crisis of 2007-2008 and the unexpected COVID-19 global pandemic.

 

The ratings of Gerber Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

 

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

Western & Southern Financial Group, Inc.—
— “a” (Excellent) on $500 million 5.75% senior unsecured notes due 2033

The Western and Southern Life Insurance Company—
— “a+” (Excellent) on $500 million 3.75% surplus notes due 2061

— “a+” (Excellent) on $500 million 5.15% surplus notes due 2049

 

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

Igor Bass

Senior Financial Analyst

+1 908 439 2200, ext. 5109
igor.bass@ambest.com

Michael Porcelli

Director

+1 908 439 2200, ext. 5548
michael.porcelli@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

Categories
Business Culture

Frost & Sullivan names Vonage Asia-Pacific Communications Platform as a Service (CPaaS) Company of the Year for third consecutive year

HOLMDEL, N.J. — (BUSINESS WIRE) — Vonage (Nasdaq: VG), a global business cloud communications leader helping businesses accelerate their digital transformation, has been named Asia-Pacific Communications Platform as a Service (CPaaS) Company of the Year by Frost & Sullivan for the third consecutive year.

Vonage was recognised for its API Platform, which allows for the integration of fully programmable communications application programming interfaces (APIs) into existing products, workflows and systems. Vonage provides businesses worldwide with the power and flexibility to integrate multiple communications channels − video, voice, chat, messaging, email and verification − into their applications, products, and workflows to create new paradigms in their industries.

 

Vonage was selected as Company of the Year by Frost & Sullivan following a rigorous analytical process, involving a detailed evaluation of best practices’ criteria across two dimensions – visionary innovation and performance, and customer impact.

 

“The pressing need for organisations to deliver enhanced engagements to customers and partners and improve internal employee collaboration quickly makes CPaaS the central element in the business communications market,” said Sherrel Roche, Industry Principal ICT Practice, Frost & Sullivan.

 

Roche continued, “Vonage reinvigorated the market through its integrated communications APIs, unified communications, and contact centre solutions on a cloud platform. Its platform abstracts the complexities of the global communications networks and delivers voice, messaging, and authentication capabilities in the form of APIs that developers can easily embed into third-party applications. Vonage’s focus on developing innovative solutions, local market understanding, extensive industry-specific use cases, an extensive developer network, and a robust partner ecosystem are the cornerstone of the company’s success in Asia-Pacific.”

 

“It is an honour to be recognised by Frost & Sullivan for the third consecutive year,” said John Lee, Vonage Vice President, APAC Sales. “This award is testament to our continued leadership, innovation and growth within the industry and especially in the Asia-Pacific region. In an age where customers expect ultra-fast, seamless and dynamic communications and engagement, Vonage is meeting new and existing customer needs now and is positioned to meet their evolving needs well into the future.”

 

Vonage APIs make it easy for businesses to build solutions to disrupt their industries, and enable the type of business continuity, remote work, and remote delivery of services that is so essential in today’s environment. Through its partners, Vonage’s platform is at the centre of many notable transformational projects in Asia-Pacific.

 

Singapore-based HeyHi is an interactive online educational platform, powered by the Vonage Video API, with a mission to provide outstanding online classroom learning experiences to schools, learning centres, tuition centres and private tutors around the world. The value that Vonage brings to HeyHi goes beyond technology, as Vonage product managers and engineers provide HeyHi with expert guidance and support whenever needed – no matter the issue.

 

“HeyHi and Vonage engineering teams work in close collaboration to solve problems, innovate our solution and not only meet, but exceed our customers’ expectations,” explains Yueh Mei, Founder/CEO of HeyHi. “As a small company, it is an honour and a privilege to have a direct line of contact with the Vonage team of sales support and engineers and work directly with the source. That connection is a very unique, important element of this partnership and just one reason why we’re so confident that Vonage is the perfect fit for our needs.”

 

To find out more about Vonage, visit www.vonage.com.

 

About Vonage

Vonage (Nasdaq:VG) is redefining business communications once again. We’re making communications more flexible, intelligent, and personal, to help enterprises the world over, stay ahead. We provide unified communications, contact centers and programmable communications APIs, built on the world’s most flexible cloud communications platform. True to our roots as a technology disruptor, our flexible approach helps us to better serve the growing collaboration, communications, and customer experience needs of companies, across all communications channels.

 

Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel, and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to www.facebook.com/vonage. To subscribe on YouTube, visit www.youtube.com/vonage.

Contacts

Media: Nicola Brookes, +44 (0)207 785 8888, nicola.brookes@vonage.com

Investor: Monica Gould (212) 871-3927, ir@vonage.com

Categories
Business

AM Best comments on credit ratings of Canadian Premier Life Insurance Company following announced transaction with Sun Life Assurance Company of Canada

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has commented that the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a” (Excellent) of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON), a subsidiary of Securian Financial Group, Inc. (Securian), remain unchanged following the announcement of a definitive agreement to purchase Sun Life Assurance Company of Canada’s association, affinity and group creditor businesses in Canada.

The affected blocks of business consist of approximately 100 member organizations along with 1.5 million customers. The acquisition is expected to add scale to Canadian Premier’s balance sheet, which continues to be supported by its parent organization, Securian. AM Best notes that this acquisition continues to support Securian’s strategic goal to grow its business in the Canadian market via mergers and acquisitions, as this is Securian’s fourth Canadian acquisition since 2017.

 

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

Frank Walko, CPA FLMI
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com

Edward Kohlberg, CPA
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@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

Categories
Business

AM Best assigns credit ratings to applied Medico-Legal Solutions Risk Retention Group, Inc.

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Applied Medico-Legal Solutions Risk Retention Group, Inc. (AMS RRG) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect AMS RRG’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

 

AMS RRG’s balance sheet assessment is supported by risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), at the strongest level. The assessment also considers the company’s consistent surplus growth through earnings and required capital contributions from policyholders. In order to be an insured, members are required to contribute 30% of their mature claims-made premium as capital. These member contributions are paid over a three-year period, which results in a significant portion of capital being receivable from policyholders. The balance sheet is further solidified by an adverse development cover, which insulates the company from any future reserve development on business written in 2020 and prior. The very strong balance sheet strength assessment also considers enhancements to the company’s reinsurance program and planned capital contributions totaling $35 million in the form of surplus notes and equity, which are expected to be implemented in the fourth quarter of 2021.

 

While the company’s reported results have been subpar, more recent accident-year results have been on par with its peers when adjusted for swing-rated reinsurance. This assessment also considers management’s recent reinsurance initiatives, which are expected to insulate the company from much of its legacy business written prior to 2021. These initiatives include the elimination of swing-rated reinsurance with more traditional reinsurance going forward, the purchase of an adverse development cover, and the purchase of a swing premium protection cover – all of which are expected to reduce volatility of underwriting results and earnings drag going forward. The overall operating performance assessment of adequate places considerable weight on management’s projections and the company’s expected return to underwriting profitability in 2022.

 

AMS RRG provides medical professional liability (MPL) coverage to over 3,000 individual physician and small physician group members. The limited business profile assessment primarily reflects product and geographic concentration risks as a monoline MPL writer, with approximately 70% of premium volume in its top five states of operation, which exposes the group to risks associated with changes in underwriting cycles, loss cost trends, health care delivery and the legal, economic and regulatory environment.

 

The company benefits from an appropriate ERM program that promotes clear communication throughout the organization. A formally defined risk appetite and tolerance have been established as foundational elements of the framework. AMS RRG also maintains an appropriate fixed-rate reinsurance program in excess of its $500,000 net retention per claim and per clash. Furthermore, awards-made coverage of $10 million provides additional protection.

 

The stable outlooks reflect AM Best’s expectation that the company will maintain its overall balance sheet assessment, supported by risk-adjusted capitalization at the strongest level, and restored level of underwriting results and operating profitability that are generally in line with management’s projections.

 

Negative rating action could occur following a weakening of overall balance sheet strength, a considerable decline in risk-adjusted capitalization or other quantitative and/or qualitative balance sheet metrics. Negative rating action may also occur if operating and underwriting results differ materially from management’s projections as a result of unfavorable shifts in claim frequency or severity, changes in market dynamics or the emergence of adverse loss reserve development on prospective accident years not covered by the adverse development cover.

 

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

Connor Brach, FRM
Senior Financial Analyst
+1 908 439 2200, ext. 5573
connor.brach@ambest.com

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

Categories
Business Lifestyle

Mortgage delinquency declines across the U.S. in September to approach pre-pandemic levels, CoreLogic reports

The nation’s serious delinquency rate declined to lowest level since May 2020 spike

 

IRVINE, Calif. — (BUSINESS WIRE) — CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for September 2021.


For the month of September, 3.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.4-percentage point decrease compared to September 2020, when it was 6.3%. Comparatively, the overall delinquency rate in September 2019 was 3.8%.

 

To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In September 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

 

  • Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in September 2020.
  • Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.7% in September 2020.
  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.4%, down from 4.2% in September 2020.
  • Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in September 2020. This remains the lowest foreclosure rate recorded since 1999.
  • Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.8% in September 2020.

 

Mortgage delinquency continued to decline in September, while home equity has soared, according to CoreLogic’s most recent Home Equity Report. Despite nearly one-in-two delinquent borrowers being behind on their mortgages by six months or more, high levels of equity assure that relatively few of these borrowers will fall into foreclosure as they exit forbearance. Additionally, the U.S. unemployment rate has continued to fall over the course of the year and in November 2021 was 4.2%, 10.6 percentage points lower than the rate in April 2020. Employment and income growth provide the means for borrowers to remain current on their mortgages.

 

“Record home equity levels have been a boon to many homeowners navigating the cross currents of the pandemic,” said Frank Martell, president and CEO of CoreLogic. “Not only have homeowners used this equity to fuel a record level of home improvements and renovation, it has proven to be a vital factor in helping families ward off foreclosure, pay down existing debt and weather changing market conditions.”

 

“The economic recovery has pushed down the percent of delinquent borrowers to the lowest level since the pandemic began,” said Dr. Frank Nothaft, chief economist at CoreLogic. “The number of borrowers past due on their mortgage doubled between March and May 2020. The past due rate in September 2021 was the lowest since March 2020.”

 

State and Metro Takeaways:

  • In September 2021, all states logged year-over-year declines in overall delinquency rate. The states with the largest declines were Nevada (down 3.7 percentage points); Florida (down 3.6 percentage points); and New Jersey (down 3.6 percentage points).
  • Two metro areas posted annual increases in overall delinquency in September 2021—Houma-Thibodaux, Louisiana (up 3.3 percentage points) and Hammond, Louisiana (up 0.3 percentage points). All other metros saw annual decreases, with Lake Charles, LA posting the largest decrease at 9.3 percentage points.

 

The next CoreLogic Loan Performance Insights Report will be released on January 11, 2022, featuring data for October 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

 

Methodology

The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through September 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

 

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

 

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

 

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Robin Wachner

CoreLogic

newsmedia@corelogic.com

Categories
Business Lifestyle

WBI Investments announces strategic partnership with FLX Distribution

RED BANK, N.J. — (BUSINESS WIRE) — WBI Investments today announced a strategic partnership with FLX Distribution. FLX offers the first Resource and Asset Management Platform (RAMP) bringing together asset managers, distribution professionals, wealth managers, and advisors to bring efficient distribution of its flagship investment models to investors.

“This is an exciting opportunity for WBI/Cy to exponentially scale up sales and distribution,” says Matt Schreiber, Co-Chief Executive Officer of WBI Investments. “We look to leverage the strategic focus of FLX Distribution to enhance the advisor and investor experience while WBI remains determined to provide innovative investment solutions.”

 

About WBI

Founded in 1984, WBI is a trailblazer of technology-driven, goals-based wealth management solutions. The firm is a pioneer of active cash-hedged separately managed account and ETF strategies. Cy, WBI’s award-winning digital wealth management platform, combines financial planning concepts and distinguished innovations to portfolio optimization and construction. WBI is a leader in providing client solutions tailored to their personal benchmarks for loss and return. For more information, visit wbiinvestments.com.

 

About FLX Distribution

Launched in December 2019, FLX Distribution is revolutionizing the distribution experience among asset managers, wealth managers, and advisors. We provide a technology platform — known as a Resource and Asset Management Platform (RAMP) — that delivers unmatched scale, flexibility, and access to a modular and on-demand experience.

 

The FLX Distribution technology platform simultaneously empowers asset managers and distribution professionals to drive results and retain optionality. Powered by a combination of proprietary tech developments, and a stack of leading software providers, we have created a seamless exchange providing access to media resources, distribution solutions, corporate strategy, and business services.

 

*Consideration for these awards is no guarantee of future performance. CyborgTech LLC did not pay a fee but did submit applications for consideration. For more information on the award categories and criteria, visit FinTech Breakthrough and Wealth Management.

 

IMPORTANT INFORMATION

Moreover, you should not assume that any discussion or information provided here serves as the receipt of, or as a substitute for, personalized investment advice from WBI Investments or from any other investment professional. To the extent that you have any questions regarding the applicability of any specific issue discussed to your individual situation, you are encouraged to consult with WBI Investments or the professional advisor of your choosing. WBI’s current disclosure statement as set forth on Form ADV Part 2 is available for your review upon request.

 

WBI is an investment adviser in New Jersey. WBI is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. WBI only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of WBI’s current written disclosure brochure filed with the SEC which discusses among other things, WBI’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov.

Contacts

Media
Matt Schreiber

CyborgTech, LLC

800-772-5810