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Business Local News

NCRI Research using Google/Walmart data brings hope for reaching vaccine-reluctant communities

PRINCETON, N.J. — (BUSINESS WIRE) — The Network Contagion Research Institute (NCRI), a multidisciplinary research institute that uses machine learning and scaled data analysis to map contagious threats, has published new research findings that show new inroads for reaching communities that have been reluctant to take vaccines. Reaching these populations has become more critical with the arrival of the Omicron Covid variant, which experts believe may asymmetrically impact minority communities.

The research generated a data-driven large-scale climate model of vaccine reluctance with specific underlying indicators down to the county level, which revealed factors that quantitatively forecast reluctance to Covid vaccinations on the county level. These included social media factors ranging from searches on Google indicating concerns about side effects, to tweets about Covid-related conspiracies. These findings lay the groundwork for the ability to create a map that can be updated in nearly real time to provide public health officials, the local medical community and other community leaders a better understanding of the makeup of concerns underlying local vaccine reluctance.

 

In addition to Google search trends, social media comments, and aggregated event/demographic databases, the research combined data from the CDC on vaccination rates with Walmart’s data on vaccine distribution. Peter Norvig, Director of Research at Google, a professor at Stanford, and NCRI research contributor, said, “the NCRI is demonstrating how smart analysis of data can strengthen our dialogue across the country in the effort to beat COVID-19.”

 

An unexpected key finding in the research is that Walmart appears to be overperforming with communities that are high in vaccine reluctance. The research demonstrated that the presence of hard-to-reach communities such as African Americans and Trump voters was a significant predictor of success for Walmart’s vaccine distribution compared to general distribution. These findings follow on programmatic outreach by Walmart to target hard to reach communities. By sharing its data publicly and its best practices in community outreach, Walmart hopes to enhance the success of other community outreach programs and accelerate shared learnings.

 

Aaron Bernstein, Director of Analytics at Walmart, commented: “Access to affordable and accessible care is just one way leveraging our size and scale helps us better serve communities. We realized in talking with NCRI that the framework of network science and big data could allow us to contribute valuable, anonymous information to positively impact public health and help inform the research to understand more about vaccine reluctance.”

 

Bernstein continued: “The report affirmed our strategy to reach underserved and rural communities by partnering with community leaders, elected officials, faith-based leaders, nonprofits and community organizations. It illustrated our positive impact in communities that would typically see more vaccine reluctance. By NCRI sharing this report, organizations can collectively address public health challenges in ways that meet people where they are; engage in more productive dialogue; contribute to the development of new capabilities; and inspire other organizations to share blind data for the broader good and affect important change.”

 

Adam Sohn, CEO of the NCRI added that “the NCRI hopes this research will inspire other organizations, especially vaccine distributors, to offer their data to help fortify these new forecasting capabilities. We invite those organizations to reach out to us directly to begin integrating anonymized data into a forecasting framework to better model public health challenges.”

 

About NCRI: The Network Contagion Research Institute (NCRI) identifies and forecasts the threat and spread of misinformation and disinformation across social media platforms and the real world. Committed to quickly identifying these emerging threats, NCRI forecasts potential risks to empower partners to become proactive in protecting themselves against false narratives that create rifts of distrust that impact institutions, capital markets, public health and safety.

Contacts

Alex Goldenberg, Lead Intelligence Analyst

Network Contagion Research Institute

alex@ncri.io

Categories
Business

Merck prices $8.0 billion debt offering

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, today priced an $8.0 billion public offering of five series of senior unsecured notes (collectively, the “notes”). The notes include:

$1.5 billion of 1.700% notes due 2027 (the “2027 notes”)

$1.0 billion of 1.900% notes due 2028 (the “sustainability notes”)

$2.0 billion of 2.150% notes due 2031 (the “2031 notes”)

$2.0 billion of 2.750% notes due 2051 (the “2051 notes”)

$1.5 billion of 2.900% notes due 2061 (the “2061 notes”)

 

Merck intends to use the net proceeds from the offering of the 2027 notes, the 2031 notes, the 2051 notes and the 2061 notes for general corporate purposes, including without limitation the repayment of outstanding commercial paper borrowings (including commercial paper borrowings in connection with Merck’s acquisition of Acceleron), and other indebtedness with upcoming maturities. Merck intends to allocate an amount equal to the net proceeds of the offering of the sustainability notes to finance or refinance, in whole or in part, eligible projects. The offering is expected to close on Dec. 10, 2021, subject to customary closing conditions. BofA Securities, Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are acting as the joint book-running managers for the offering.

 

The offering of the notes is being made pursuant to an effective shelf registration statement (including a base prospectus) filed with the Securities and Exchange Commission (the “SEC”). The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by calling BofA Securities, Inc. toll-free at 1-800-294-1322, Barclays Capital Inc. toll-free at 1-888-603-5847, Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or Goldman Sachs & Co. LLC toll-free at 1-866-471-2526. An electronic copy of the registration statement and prospectus supplement, together with the base prospectus, is available on the SEC’s website at www.sec.gov.

 

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

About Merck

For over 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world.

 

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the company’s ability to complete the offering and the company’s expectations for the use of proceeds from the offering, including, without limitation, allocation of the proceeds of the sustainability notes among eligible projects. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media

Patrick Ryan

(973) 275-7075

Melissa Moody

(215) 407-3536

Investors:

Peter Dannenbaum

(908) 740-1037

Steven Graziano

(908) 740-6582

Categories
Business

Zoetis announces authorization of $3.5 billion share repurchase program

Company Also Declares First Quarter 2022 Dividend; Board Approves 30% Payment Increase

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — $ZTS #animalhealthZoetis Inc. (NYSE:ZTS) today announced that its Board of Directors has approved a $3.5 billion share repurchase program as part of its capital allocation plans. The shares are expected to be repurchased over a multi-year period, and the program can be cancelled at any time. The Company’s previous $2.0 billion share repurchase program, which was approved in December 2018, is expected to be completed in 2022.

The company also declared a dividend of $0.325 per share for the first quarter of 2022, an increase of 30% from the quarterly dividend rate paid in 2021. The dividend will be paid on Tuesday, March 1, 2022, to all holders of record of the Company’s common stock as of the close of business on Thursday, January 20, 2022.

 

“Our financial performance has remained very strong this year and allows us to continue making meaningful investments in our business while returning capital to our shareholders,” said Wetteny Joseph, Executive Vice President and Chief Financial Officer at Zoetis. “This new share repurchase program, along with the dividend increase, is a demonstration of our ongoing commitment to shareholders as part of our capital allocation priorities.”

 

About Zoetis

As the world’s leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals. After nearly 70 years innovating ways to predict, prevent, detect, and treat animal illness, Zoetis continues to stand by those raising and caring for animals worldwide — from livestock farmers to veterinarians and pet owners. The company’s leading portfolio and pipeline of medicines, vaccines, diagnostics and technologies make a difference in over 100 countries. A Fortune 500 company, Zoetis generated revenue of $6.7 billion in 2020 with approximately 11,300 employees. For more information, visit www.zoetis.com.

 

DISCLOSURE NOTICES

Forward-Looking Statements: This press release contains forward-looking statements, which reflect the current views of Zoetis with respect to business plans or prospects, future operating or financial performance, future use of cash and dividend payments, and other future events. These statements are not guarantees of future performance or actions. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Zoetis expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, including in the sections thereof captioned “Forward-Looking Statements and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8-K. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on the global economy and our business. These filings and subsequent filings are available online at www.sec.gov, www.zoetis.com, or on request from Zoetis.

ZTS-COR

ZTS-IR

ZTS-FI

Contacts

Media Contacts:

Bill Price

1-973-443-2742 (o)

william.price@zoetis.com

Kristen Seely

1-973-443-2777 (o)

kristen.seely@zoetis.com

Investor Contacts:

Steve Frank

1-973-822-7141 (o)

steve.frank@zoetis.com

Keith Gaub

1-973-822-7154 (o)

keith.gaub@zoetis.com

Categories
Business Local News

Essential Properties Realty Trust, Inc. increases quarterly dividend to $0.26 per share, a 4.0% increase over prior quarter

PRINCETON, N.J. — (BUSINESS WIRE) — Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company”) announced today that its Board of Directors declared a quarterly cash dividend of $0.26 per share of common stock for the fourth quarter of 2021. On an annualized basis, this dividend of $1.04 per share of common stock represents an increase of $0.04 per share over the previous annualized dividend. The dividend is payable on January 13, 2022 to stockholders of record as of the close of business on December 31, 2021.

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of September 30, 2021, the Company’s portfolio consisted of 1,397 freestanding net lease properties with a weighted average lease term of 13.9 years and a weighted average rent coverage ratio of 3.5x. As of the same date, the Company’s portfolio was 99.9% leased to 297 tenants operating 423 different concepts in 17 industries across 45 states.

Contacts

Investor/Media:

Essential Properties Realty Trust, Inc.

Daniel Donlan

Senior Vice President, Capital Markets

609-436-0619

info@essentialproperties.com

Categories
Business Technology

NetQuest’s Streaming Network Sensors deliver deep visibility for high-octane threat hunting

Sensors offer enriched flow data for tracking cyber threats and generating intelligence required to secure large backbone networks


MOUNT LAUREL, N.J. — (BUSINESS WIRE) — #bigdataNetQuest Corporation, a global leader of advanced cyber intelligence solutions, today announced its new Streaming Network Sensors product line, a portfolio of high-speed network flow sensors capable of enriched layer 7 visibility for cyber threat hunting on critical traffic links. The Streaming Network Sensors feature NetQuest’s market-leading unsampled flow metering performance capable of scaling flow metadata generation from a single 10G link to multiple 100G network links in a compact 1RU footprint. Flow data at this scale makes the sensors ideal for securing large-scale regional networks, data center backbones, ISP peering and international optical links.

 

“NetQuest has delivered traffic visibility at an extreme scale to support mission-critical cyber security challenges,” said Jesse Price, CEO and President of NetQuest Corporation. “Our Streaming Network Sensors enable threat intelligence across the world’s largest networks, empowering security teams within carriers, government agencies and large enterprises.”

 

With an expanded attack surface and rapidly growing traffic rates, SecOps teams require advanced visibility solutions that can scale to eliminate network blind spots and maximize threat detection capabilities. NetQuest’s Streaming Network Sensors monitor traffic in real-time inspecting all packets and extracting enriched, unsampled standards-based flow records to detect anomalies and ensure security. The portfolio includes the SNS250 for generating standard flow data from 10G and 100G traffic links while the SNS1000 extends visibility and optimizes threat detection with additional actionable intelligence:

 

  • Flow Generation exports standards-based 1:1 unsampled IPFIX flow data, scaling from a single 10G link to multiple 100G links.
  • Application Classifier leverages Enea’s Qosmos ixEngine to include application identification and additional Layer 7 application attributes within the flow records. Qosmos ixEngine is an advanced DPI-based classification engine that recognizes over 3,600 protocols and applications including classification of encrypted and evasive traffic.
  • Network Security and encrypted traffic analysis identifies powerful Indicators of Compromise (IoC) based on network protocol and traffic heuristic signatures.
  • Mobility adds subscriber-level visibility into mobile-centric tunneling protocols and assures the proper traffic is distributed to the appropriate tools.

 

“For modern security operations in global telecommunications providers and large enterprises, access to real-time data is increasingly valuable,” said Patrick Donegan, Founder and Principal Analyst of HardenStance. “Building on its portfolio of optical network monitoring solutions, NetQuest’s new Streaming Network Sensor product delivers a rich dataset for securing the world’s highest bandwidth networks.”

 

Find out more information about NetQuest’s Streaming Network Sensors at: https://netquestcorp.com/products/streaming-network-sensors

 

About NetQuest

NetQuest designs, manufactures and markets advanced cyber intelligence solutions to network service providers, large enterprises and government agencies for national defense and network security applications. Founded in 1987 and based in Mount Laurel, New Jersey, NetQuest is an employee-owned business. With a 30-year track record of providing cutting edge cyber solutions, NetQuest has developed a global customer base, marketing directly and through a network of strategic partners, value-added resellers and representatives. For more information, visit https://www.netquestcorp.com/.

Contacts

Zach Ziobro, zziobro@netquestcorp.com, (856) 866-0505

Categories
Business

Best’s Special Report: U.S. Life/Annuity Insurance industry doubles net income in nine-month 2021 period

OLDWICK, N.J. — (BUSINESS WIRE) — The U.S. life/annuity (L/A) industry doubled its net income in the first nine months of 2021 to $26.1 billion, compared with the same prior-year period, according to a new AM Best report.

This financial review is detailed in a new Best’s Special Report, “First Look: Nine-Month 2021 Life/Annuity Financial Results,” and the data is derived from companies’ nine-month 2021 interim statutory statements that were received as of Dec. 1, representing an estimated 97% of total U.S. L/A industry premiums and annuity considerations.

 

According to the report, the U.S. L/A industry total income rose 6.6% from the prior-year period, driven by a 62% increase in other income, a 4.9% increase in net investment income and a 4.5% increase in premiums and annuity considerations.

 

The pretax net operating gain was $42.5 billion, up 153.3%. A $5.3 billion increase in tax obligations and an additional $7.3 billion of net realized capital losses contributed to the industry’s net income, up from $13.1 billion from the first nine months of 2020.

 

Capital and surplus rose by 6.7% from the end of 2020 to $468.0 billion, as $64.2 billion of net income, contributed capital, changes in unrealized gains and other changes in surplus were reduced by a $14.1 billion change in asset valuation reserve and $20.7 billion of stockholder dividends.

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=315401.

 

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

Matthew Coppola
Director, Data Management
+1 908 439 2200, ext. 5627
matthew.coppola@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 Societa Cattolica di Assicurazione S.p.A. and TUA Assicurazioni S.p.A.

AMSTERDAM — (BUSINESS WIRE) — #insurance — AM Best assigned the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Societa Cattolica di Assicurazione S.p.A. (Cattolica) (Italy) and affiliate TUA Assicurazioni S.p.A (Tua) (Italy). The outlook assigned to these Credit Ratings (ratings) is stable.

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

 

The ratings also consider, in the form of rating lift, AM Best’s expectation that Assicurazioni Generali S.p.A. (Generali) will fully integrate Cattolica within the Generali group and will provide explicit support if needed.

 

Cattolica’s balance sheet strength benefits from risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), at the strongest level; AM Best expects the company’s risk-adjusted capitalisation to be maintained at least at the very strong level. A limiting factor is the group’s high, albeit reduced, exposure to Italian government debt, representing 43.4% of its invested assets at 3Q/2021 (3Q/2020: 48.2%) and creating considerable exposure to spread risk.

 

Cattolica has achieved an average return-on-equity of 4.1% for the past five years (2016-2020) and an average combined ratio of 92.5%, as calculated by AM Best. Non-life underwriting performance was particularly good in 2020 (a combined ratio of 86.8%, as calculated by AM Best) driven mainly by an improvement in motor loss experience due to lower vehicle usage, which is expected to continue into 2021. Cattolica’s life business is also profitable, with a 2.27% margin between average segregated accounts yield and average minimum guarantee (at 3Q/2021). The company’s life business profitability is also supported by management initiatives to adjust the product mix toward capital-light products. For 2020, the company reported a pre-tax profit of EUR 174 million.

 

Cattolica has an established position in the Italian market, as the seventh largest insurer (according to Ania) and benefits from an extensive and diversified distribution network. Cattolica is highly dependent on joint ventures with banking partners for the distribution of life products; however, life premium volume has dropped as the company sold its stake in Lombarda Vita in 2020.

 

The group has an appropriate level of ERM to identify and control most of the key risks it faces. The company addressed the deficiencies highlighted by an unfavorable report issued by the Italian regulator, Istituto per la vigilanza sulle Assicurazioni (IVASS), in early 2021. AM Best expects that the company will further benefit from integration with the Generali group, allowing the company to leverage Generali’s well-developed class control system framework.

 

TUA is a subsidiary of the Cattolica group that writes non-life products in Italy mainly through non-tied agents. TUA’s ratings reflect its strategic importance to Cattolica as a source of growth and earnings.

 

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 specialising 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

Jose Berenguer
Financial Analyst
+31 20 308 5429
jose.berenguer@ambest.com

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

Dr. Angela Yeo
Senior Director, Analytics
+31 20 308 5421
angela.yeo@ambest.com

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

Categories
Business News Now!

CI Financial to acquire RegentAtlantic, a leading US$6-billion New York-area wealth manager

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

MIAMI & TORONTO & MORRISTOWN, N.J. — (BUSINESS WIRE) — $CIXX #CIGAMCI 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

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FDA approves Merck’s KEYTRUDA® (pembrolizumab) as adjuvant treatment for adult and pediatric (≥12 years of age) patients with stage IIB or IIC melanoma following complete resection

KEYTRUDA Is the First Anti-PD-1/L1 Therapy to Show Recurrence-Free Survival Benefit in the Adjuvant Setting for Stage IIB and IIC Melanoma

 

KEYTRUDA Is Now Approved as Adjuvant Treatment for Patients (≥12 Years of Age) With Completely Resected Melanoma Across Stage IIB, Stage IIC and Stage III Disease

 

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced that the U.S. Food and Drug Administration (FDA) has approved KEYTRUDA, Merck’s anti-PD-1 therapy, for the adjuvant treatment of adult and pediatric (12 years and older) patients with stage IIB or IIC melanoma following complete resection. Additionally, the FDA expanded the indication for KEYTRUDA as adjuvant treatment for stage III melanoma following complete resection to include pediatric patients (12 years and older).

The approval in stage IIB and IIC melanoma is based on data from the first interim analysis of the Phase 3 KEYNOTE-716 trial, in which KEYTRUDA showed a statistically significant improvement in recurrence-free survival (RFS), reducing the risk of disease recurrence or death by 35% (HR=0.65 [95% CI, 0.46-0.92]; p=0.0132) compared to placebo. Median RFS was not reached for either group. After a median follow-up of 14.4 months, 11% (n=54/487) of patients who received KEYTRUDA had recurrence or died compared to 17% (n=82/489) of patients who received placebo. Efficacy in pediatric patients (12 years and older) with stage IIB, IIC and III melanoma is supported by extrapolation of efficacy data from adults, given similar biology, pharmacology of drug effect, as well as similar exposure-response for efficacy and safety.

 

Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue and can affect more than one body system simultaneously. Immune-mediated adverse reactions can occur at any time during or after treatment with KEYTRUDA, including pneumonitis, colitis, hepatitis, endocrinopathies, nephritis, dermatologic reactions, solid organ transplant rejection, and complications of allogeneic hematopoietic stem cell transplantation. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions. Early identification and management of immune-mediated adverse reactions are essential to ensure safe use of KEYTRUDA. Based on the severity of the adverse reaction, KEYTRUDA should be withheld or permanently discontinued and corticosteroids administered if appropriate. KEYTRUDA can also cause severe or life-threatening infusion-related reactions. Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. For more information, see “Selected Important Safety Information” below.

 

The standard of care for patients with resected stage IIB and IIC melanoma has been observation, despite the fact that for these patients, the risk of recurrence is nearly the same as for patients with later-stage disease for whom treatment is recommended,” said Dr. Jason Luke, director, Cancer Immunotherapeutics Center at UPMC Hillman Cancer Center. “Today’s approval of pembrolizumab for the adjuvant treatment of patients 12 years and older with stage IIB and IIC melanoma following complete resection is an important advance that provides these patients with a new option that can help reduce the risk of their cancer returning.”

 

KEYTRUDA was the first anti-PD-1 therapy to be approved in metastatic melanoma in the U.S. seven years ago. Since then, we have built on this foundation in melanoma and have expanded the use of KEYTRUDA into earlier stages of this disease,” said Dr. Scot Ebbinghaus, vice president, clinical research, Merck Research Laboratories. “With today’s approval, we can now offer healthcare providers and patients 12 years and older the opportunity to help prevent melanoma recurrence with KEYTRUDA across resected stage IIB, stage IIC and stage III melanoma.”

 

Study Design and Additional Data From KEYNOTE-716

KEYNOTE-716 (ClinicalTrials.gov, NCT03553836) is a multicenter, randomized (1:1), double-blind, placebo-controlled Phase 3 trial that enrolled 976 patients with completely resected stage IIB or IIC melanoma. Patients were randomized to KEYTRUDA 200 mg or the pediatric (≥12 years old) dose of KEYTRUDA 2 mg/kg intravenously (up to a maximum of 200 mg) every three weeks or placebo for up to one year until disease recurrence or unacceptable toxicity. Randomization was stratified by AJCC eighth edition T Stage (>2.0-4.0 mm with ulceration vs. >4.0 mm without ulceration vs. >4.0 mm with ulceration). Patients must not have been previously treated for melanoma beyond complete surgical resection for their melanoma prior to study entry. The main efficacy outcome measure was investigator-assessed RFS (defined as the time between the date of randomization and the date of first recurrence [local, in-transit or regional lymph nodes or distant recurrence] or death, whichever occurred first). New primary melanomas were excluded from the definition of RFS. Patients underwent imaging every six months for one year from randomization, every six months from years two to four, and then once in year five from randomization or until recurrence, whichever came first.

 

Adverse reactions occurring in patients with stage IIB or IIC melanoma were similar to those occurring in 1,011 patients with stage III melanoma from KEYNOTE-054 or the 2,799 patients with melanoma or NSCLC treated with KEYTRUDA as a single agent. For more information, see “Selected Important Safety Information” below.

 

About Merck in Melanoma

Melanoma, the most serious form of skin cancer, is characterized by the uncontrolled growth of pigment-producing cells. The rates of melanoma have been rising over the past few decades, with nearly 325,000 new cases diagnosed worldwide in 2020. In the U.S., skin cancer is one of the most common types of cancer diagnosed, and melanoma accounts for a large majority of skin cancer deaths. It is estimated there will be more than 106,000 new cases of melanoma diagnosed and more than 7,000 deaths resulting from the disease in the U.S. in 2021.

 

The recurrence rates for resected melanoma are estimated to be 32-46% for patients with stage IIB and stage IIC disease and 39-74% for patients with stage III disease. The five-year survival rates (AJCC eighth edition) are estimated to be 87% for stage IIB, 82% for stage IIC, 93% for stage IIIA, 83% for stage IIIB, 69% for stage IIIC and 32% for stage IIID.

 

Merck is committed to delivering meaningful advances for patients with melanoma with KEYTRUDA and to continuing research in skin cancers through a broad clinical development program. KEYTRUDA has been established as an important treatment option for the adjuvant treatment of adult patients with resected stage III melanoma and is approved in over 90 countries based on the results from EORTC1325/KEYNOTE-054. KEYTRUDA is also approved in over 90 countries for the treatment of patients with unresectable or metastatic melanoma.

 

About Merck’s Early-Stage Cancer Clinical Program

Finding cancer at an earlier stage may give patients a greater chance of long-term survival. Many cancers are considered most treatable and potentially curable in their earliest stage of disease. Building on the strong understanding of the role of KEYTRUDA in later-stage cancers, Merck is studying KEYTRUDA in earlier disease states, with approximately 20 ongoing registrational studies across multiple types of cancer.

 

About KEYTRUDA® (pembrolizumab) Injection, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

 

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 1,600 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

 

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Melanoma

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.

 

KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric (12 years and older) patients with stage IIB, IIC, or III melanoma following complete resection.

 

Non-Small Cell Lung Cancer

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

 

KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.

 

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [tumor proportion score (TPS) ≥1%] as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations, and is:

  • stage III where patients are not candidates for surgical resection or definitive chemoradiation, or
  • metastatic.

 

KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 (TPS ≥1%) as determined by an FDA-approved test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.

 

Head and Neck Squamous Cell Cancer

KEYTRUDA, in combination with platinum and fluorouracil (FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent head and neck squamous cell carcinoma (HNSCC).

 

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 [combined positive score (CPS) ≥1] as determined by an FDA-approved test.

 

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy.

 

Classical Hodgkin Lymphoma

KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma (cHL).

 

KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.

 

Primary Mediastinal Large B-Cell Lymphoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL), or who have relapsed after 2 or more prior lines of therapy. KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.

 

Urothelial Carcinoma

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma (mUC):

  • who are not eligible for any platinum-containing chemotherapy, or
  • who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

 

Non-muscle Invasive Bladder Cancer

KEYTRUDA is indicated for the treatment of patients with Bacillus Calmette-Guerin-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

 

Microsatellite Instability-High or Mismatch Repair Deficient Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors that have progressed following prior treatment and who have no satisfactory alternative treatment options.

 

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with MSI-H central nervous system cancers have not been established.

 

Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer (CRC).

 

Gastric Cancer

KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of patients with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma.

 

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Esophageal Cancer

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or GEJ (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:

  • in combination with platinum- and fluoropyrimidine-based chemotherapy, or
  • as a single agent after one or more prior lines of systemic therapy for patients with tumors of squamous cell histology that express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

 

Cervical Cancer

KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

 

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

 

Hepatocellular Carcinoma

KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma (HCC) who have been previously treated with sorafenib. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Merkel Cell Carcinoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma (MCC). This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Renal Cell Carcinoma

KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

 

KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.

 

Tumor Mutational Burden-High Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic tumor mutational burden-high (TMB-H) [≥10 mutations/megabase] solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with TMB-H central nervous system cancers have not been established.

 

Cutaneous Squamous Cell Carcinoma

KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC that is not curable by surgery or radiation.

 

Triple-Negative Breast Cancer

KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer (TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

 

KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

 

Selected Important Safety Information for KEYTRUDA

 

Severe and Fatal Immune-Mediated Adverse Reactions

 

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the PD-1 or the PD-L1, blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

 

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

 

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

 

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

 

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

 

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

 

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

 

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA (n=3) or axitinib (n=34) administered as a single agent or with both (n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.

 

Immune-Mediated Endocrinopathies

 

Adrenal Insufficiency

KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated.

Contacts

Media Contacts:

Melissa Moody

(215) 407-3536

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

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AM Best affirms credit ratings of American Financial Group, Inc. and its key operating subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM 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.

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