Tag: Business

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Business

AM Best revises Issuer Credit Rating outlook to positive for Insurance Company of the West and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Insurance Company of the West (headquartered in San Diego, CA) and its pooled subsidiaries, collectively referred to as ICW group. (See below for a detailed listing of subsidiaries.) The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect ICW group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

 

The revised Long-Term ICR outlook to positive reflects recent strategic initiatives that have enhanced the group’s business profile as a result of management’s focus on product and geographic diversification, pricing sophistication and data analytics to better manage risk exposures. Continued enhancement of the group’s business profile derived from initiatives that contribute to profitable growth could result in an upgrade of the Long-Term ICR over the intermediate term. The positive Long-Term ICR outlook considers AM Best’s expectation that ICW group will continue demonstrating strong operating performance while maintaining risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).

 

The expansion of ICW group’s assumed reinsurance business in recent years, together with growth of the group’s workers’ compensation (WC) business outside of California, has resulted in a business profile that is more diversified geographically and by product. This is offset partially by potential execution risks associated with growth in the assumed reinsurance business. In addition, despite its strong position in California’s WC market, ICW group’s WC business remains concentrated in California, subjecting the group to the regulatory, judicial and economic environment of the state and its highly competitive market conditions.

 

The Long-Term ICR outlook has been revised to positive from stable, while the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed, with a stable outlook for the FSR for the following pooled subsidiaries of Insurance Company of the West.:

  • Explorer Insurance Company
  • ICW Casualty Insurance Company
  • ICW National Insurance Company
  • ICW Premier Insurance Company
  • VerTerra Insurance Company

 

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

Christine DePalma, ARM, AINS
Financial Analyst
+1 908 439 2200, ext. 5649
christine.depalma@ambest.com

Robert Valenta, CPCU
Senior Financial Analyst
+1 908 439 2200, ext. 5291
robert.valenta@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 Issue Credit Rating to Manulife Financial Corporation’s new subordinated notes

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the CAD 1.2 billion, 4.10% subordinated notes (Limited Recourse Capital Notes Series 2), due March 19, 2082, recently announced by Manulife Financial Corporation (MFC) (Toronto, Canada) [NYSE: MFC]. The outlook assigned to the Credit Rating (rating) is stable.

The capital notes are being issued simultaneously with CAD 1.2 billion non-cumulative fixed rate Class 1 shares, Series 28 (Series 28 shares), which will be held by Computershare Trust Company of Canada, as trustee of Manulife LRCN Limited Recourse Trust. In the event that MFC does not pay interest on or principal of the notes when due, the recourse to each noteholder will be limited to their proportionate share of the Series 28 shares, except in limited circumstances. Interest on the notes at 4.10% will become due and will be paid in equal semiannual installments in arrears on March 19 and Sept. 19 of each year, with the first payment on March 19, 2022. Starting on March 19, 2027, and on every fifth anniversary thereafter until March 19, 2077, the interest rate on the notes will be reset.

 

The notes will be treated as Tier 1 capital. The proceeds will be used for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities. AM Best expects that with the issuance of the Limited Recourse capital notes, MFC’s financial leverage and interest coverage ratios will continue to remain within AM Best’s guidelines for its current rating.

 

Additionally, despite an anticipated loss in earnings stemming from MFC’s recent U.S. variable annuity reinsurance agreement with Venerable Holdings Inc., AM Best expects the company’s interest coverage ratio to remain within AM Best’s guidelines for its current rating.

 

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

 

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

 

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

Contacts

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

Michael Adams
Associate Director
+1 908 439 2200, ext. 5133
michael.adams@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 places credit ratings of Golden Bear Insurance Company under review with negative implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Golden Bear Insurance Company (Golden Bear) (Stockton, CA).

The Credit Ratings (ratings) of Golden Bear were placed under review with negative implications reflecting surplus erosion observed in 2021, which management has communicated remedial action plans in response of. Through the first nine months of 2021, the company recorded roughly $12 million in adverse loss reserve development, primarily related to casualty claims that have been impacted unfavorably by social inflation factors, as well as higher-than-expected loss activity in certain programs and geographies. The unfavorable development is the primary driver for volatility leading to an 8.2% ($6 million) decline in surplus during the year. Management has outlined plans to replenish capital losses in the near term, which are expected to strengthen the company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and thus overall balance sheet strength. The ratings will remain under review until management executes the intended actions, and AM Best evaluates the impact on Golden Bear.

 

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

David Braisted
Financial Analyst
+1 908 439 2200, ext. 5120
david.braisted@ambest.com

Christopher Draghi
Associate Director
+1 908 439 2200, ext. 5043
chris.draghi@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 Technology

Marotta Controls now offers a cryogenic test stand for pressurized, pneumatic system space components

New Liquid Helium Open Top, Dewar-fed System Enables Aerospace and Defense Customers to “Test Like They Fly” at Near Absolute Zero Temperature

 

MONTVILLE, N.J. — (BUSINESS WIRE) — #aerospace—Marotta Controls, a rapidly growing aerospace and defense supplier with a 65-year-plus heritage in spaceflight, today announced it now houses at its New Jersey facility a new cryogenic test stand capable of testing pressurized components used in spacecraft. The test apparatus is an open top or magnet dewar system that uses liquid helium to achieve temperatures lower than -450°F (-232°C) or near absolute zero to simulate the environmental flight conditions found in space. Marotta will use the test stand to evaluate its space-grade pneumatic valves up to 16 inches in diameter, delivering on its commitment to simplify and speed development and delivery of components to customers.


The installation of the new test stand follows a series of dedicated initiatives driven by Marotta to serve the growing commercial spaceflight market. In 2020, the company introduced its first set of CoRe® solenoid valves for cryogenic temperatures. The CoRe Flow Controls series is a portfolio of 13 high performance solenoid valves designed for complex commercial launch vehicles and stands as one of the only valve catalogs available for space vehicles.

 

Notably, the storage dewar used in the new test stand has a usable volume of 300 cubic inches, making it an optimal container size for large cryogenic components—an important future-proofing feature as Marotta looks to expand its valve offerings to include larger rocket engine components.

 

“We have a history of taking our designs from conception through to testing under our own roof as we feel this is the best way to ensure quality and ROI for our customers,” said Brian Ippolitto, Director, Aerospace Systems Engineering, Marotta Controls. “And now, with the cryogenic test stand, we can validate and verify any and all flight-critical components so customers can test like they fly. We continue to invest in this dynamic market to ensure we meet current customer needs while positioning ourselves for future program developments.”

 

The test stand can be used to collect data for design validation during development and qualification testing process or as part of environmental stress screening of production units for verification of assembly workmanship.

 

How It Works

Valves being tested are affixed to the dewar’s lid and lowered into the dewar itself via crane. After a liquid nitrogen pre-chill, the liquid nitrogen is evacuated, and liquid helium is then piped into the dewar to submerge the valve in fluids reaching near absolute zero. Under atmospheric pressure, liquid helium reaches roughly -452°F (-268°C) and is the only substance to remain liquid at that temperature. It is a safer alternative for testing the performance of valves handing liquid hydrogen, which can reach -423°F (-252°C).

 

Once stabilized at the target temperature, the valve is loaded with up to 6,000 psig of gaseous helium (GHe). The valve is then tested for internal and external leakage, response time, and other performance characteristics.

 

The new test stand can also be used to test larger valves in liquid nitrogen at -320°F (-195°C). This method is a safer alternative for testing the performance of valves in liquid oxygen, which can reach -297°F (-182°C).

 

For more information, visit Marotta’s Cryogenic Valve page.

 

About Marotta Controls

Founded in 1943, Marotta Controls is a fully integrated solutions provider which designs, develops, qualifies and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for tactical systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.

Contacts

Heather Ailara

211 Communications

+1.973.567.6040

heather@211comms.com

Katee Glass

Marotta Controls, Inc.

kglass@marotta.com

Categories
Business Technology

NICE and Google Cloud collaborate to drive smarter digital conversations and improve self-service experiences

Integration of NICE’s AI-powered CXone with Google Cloud’s CCAI applications to make human agents, voice bots and chatbots more effective

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #Cxone—NICE (Nasdaq: NICE) today announced it is collaborating with Google Cloud to address the growing demand for more effective and automated customer self-service systems that integrate with traditional contact centers. NICE is integrating its cloud-based, AI-powered CXone customer experience platform – used by 85 of the Fortune 100 companies – with Google Cloud Contact Center Artificial Intelligence (CCAI), a group of APIs that bring the best of Google AI to contact center use cases. The combination will provide businesses with more sophisticated and efficient ways to engage and help customers across digital and voice touchpoints.

Research conducted by NICE found 84 percent of consumers are more willing to do business with companies that offer self-service options, but only 61 percent say companies offer easy, convenient self-service. Businesses are increasingly incorporating AI to boost customer service capacity, enhance human agent performance and make their conversational self-service options more effective. NICE CXone provides no code/low code integration and consolidated journey orchestration with Google Cloud CCAI, to enable intelligent natural language capabilities across various stages of the customer journey, including self-service bots and agent-facing virtual assistants. This empowers businesses to offer smarter self-service conveniences and AI-enhanced assistance.

 

  • CXone Virtual Agent Hub allows businesses to expand their customer self-service capabilities with easy to integrate conversational bots for voice and chat leveraging Google Cloud’s Contact Center AI. Now, businesses can rapidly integrate Google Cloud Dialogflow self-service bots without any coding, while retaining full control of the customer experience.
  • Deployed in combination with CXone Agent Assist Hub, companies can use Google Cloud’s Agent Assist to empower their customer service representatives with real-time, automated knowledge support during live chat interactions. Google Cloud reports that contact centers using Agent Assist have seen their agents respond up to 15 percent faster to chats, reducing chat abandonment rates and solving more customer problems.

 

“As AI-powered virtual assistants continue to become a more crucial part of the customer service mix, contact centers want flexibility and choice in deploying conversational AI bots,” said Paul Jarman, NICE CXone CEO. “Our collaboration with Google Cloud illustrates our commitment to innovation and integration with leading providers. We’re proud to provide contact centers with the freedom to adopt AI easily and quickly and drive next-gen, digitally fluent customer experiences.”

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com.

 

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

 

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Jarman, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Omri Arens, +972 3 763 0127, CET, ir@nice.com

Categories
Art & Life Lifestyle Regulations & Security

Mutualink working to enhance emergency communications in 30 Florida counties

In an emergency, every second counts; Mutualinks integration will help first responders save lives in an emergency.

 

MIAMI — (BUSINESS WIRE) — Mutualink is expanding the ability for first responders and law enforcement in the Miami, Fort Lauderdale, and Fort Myers area to get critical lifesaving information through its integrated platform during a school emergency. The platform allows school administrators to share critical pictures, live video, school floor plans, and any other critical information directly with 911 in real-time.


Mutualink is the leading provider of communications solutions for public safety and is a trusted partner in Alyssa’s Law school safety mobile panic alert solutions. Panic buttons integrated with Mutualink provide a direct link to communicate voice, text, video and pictures to authorities in an emergency. In addition, users gain access to the broader Mutualink Network- the largest nationwide ecosystem of government, public safety entities, and secondary response organizations in the world.

 

Law Enforcement Agencies, Fire Departments, Local and County government and Schools are among the various public safety entities in Brevard, Broward, Clay, Collier, Columbia, Dixie, Duval, Hernando, Hillsborough, Indian River, Lake, Lee, Leon, Manatee, Marion, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Pasco Polk, Putnam, Sarasota, Seminole, St Lucie, Sumter, Valencia, Volusia, and Walton counties- that have joined the Mutualink Network to enhance their emergency communications and protect their communities.

 

“There are dozens of panic buttons and active shooter alert apps on the market, but the terrifying reality is that some don’t provide direct communication with 911 dispatchers and first responders,” said Chrissie Coon, Chief Customer Experience Officer. “So in situations where seconds can save lives and information is critical during a response, we want to give school administrators the peace of mind that the panic button solution they are using integrates directly with 911 to get the fastest response.”

 

Alyssa’s Law requires all Florida public schools to have a mobile panic alarm system in place this school year. The Florida State legislature passed the law in honor of Alyssa Alhadeff, who died in the February 14, 2018 shooting at Marjory Stoneman Douglas High School in Parkland, Florida. New Jersey adopted its own Alyssa’s law in 2019. Many other states are working to adopt versions of Alyssa’s Law.

 

“We commend community leaders for working hard to select the best solution for their public safety community,” said Mark Guthrie, Senior VP & Chief Growth Officer, Mutualink, Inc. “We’re honored to be on the teams trusted to equip Florida’s educators, first responders, and community leaders with the technology they will rely on in emergencies.”

 

Mutualink is part of partnered solution selected and approved by the Florida Department of Education to comply with Alyssa’s Law. To learn more about Mutualink, Inc., visit https://mutualink.net/school-safety/

 

About Mutualink, Inc.

Mutualink, Inc. is the leading technology provider of a best-in-class intelligent multimedia network that enables public safety community partners to securely share voice, text, video and data for instant communications and real-time data sharing. Certified by the U.S. Department of Homeland Security SAFETY Act for interoperable communications, partners and clients trust Mutualink, Inc. to provide innovative, scalable, secure solutions they rely on every day and in any emergency.

Contacts

Chrissie Coon

Email: Ccoon@mutualink.net
Cell: (702) 271 – 9791

Categories
Environment Lifestyle Technology

Air-quality monitoring leader AirLogics unveils new technology, executive team

WEST BERLIN, N.J. — (BUSINESS WIRE) — AirLogics, a leading national provider of air quality monitoring solutions, today announced an expanded suite of technologies and measuring capabilities, a revamped company website, and new senior executive leadership.

AirLogics leads the industry in providing actionable, real-time data to clients that can help them immediately identify potential emissions and begin corrective action to reduce liability, manage risk, and improve community relations.

 

Over the past two decades, AirLogics has supported clients in deploying air monitoring programs for remediation of more than 190 sites in 18 states, including many former manufactured gas plant (MGP) sites. The company’s capabilities also include supporting demolition, indoor air quality measurement, industrial and commercial applications, and neighborhood air quality/environmental justice monitoring initiatives.

 

Among new technologies and capabilities AirLogics is announcing today:

  • New lightweight, mobile AQS-1 and DUST SENTRY air monitoring systems manufactured for AirLogics by AeroQual, which can detect total volatile organic compounds (VOCs) and dust in real time. The AQS is designed to be modular and can accommodate a wide range of other monitoring instruments, including those that can detect ozone, nitrogen dioxide, and noise. The AQS is known for its “near-reference” quality meters and comes with highly durable nephelometers and humidity control.
  • Upgrades to the AirLogics “Classic” system that includes a new field gas chromatograph (GC) that can detect chlorinated solvents and deliver real-time data to web-enabled devices over cellular networks. The new patented compact GC is designed for quick separation and detection of VOC mixtures. Its high sensitivity provides for lower detection limits, without affecting operational performance and uptime.
  • Use of a new photoionization detector (PID) in the AirLogics SolarLite system, custom-made for AirLogics. The new PID is much more stable than typical PIDs and produces very little drift from the calibrated baseline.

 

Additionally, GZA Senior Principal Marc Hudock has taken the role of Operations Manager for AirLogics, succeeding AirLogics founder and patent holder Adam Fasano, who has retired. William McLellan, who has been with AirLogics for 23 years, continues in his role as Senior Technical Specialist and Field Operations Manager.

 

The company has also launched an all-new www.AirLogicsLLC.com website with expanded information about device applications and specifications.

 

Hudock said: “This is an exciting new chapter for AirLogics as we launch a new suite of technologies and capabilities. We remain committed to the core value that’s driven this company since 2000: We provide the most advanced, most reliable air quality management instrumentation available in North America and help our clients design, implement, and manage their air quality monitoring to achieve their site- and risk-management goals. We continue to provide our clients a fully outsourced, professional monitoring service.’’

 

About AirLogics, LLC

AirLogics, LLC, a subsidiary of GZA GeoEnvironmental Inc., provides comprehensive perimeter air monitoring services to clients engaged in environmental site remediation, Manufactured Gas Plant sites, and other site applications including demolition and construction projects. The AirLogics system utilizes patented technology and is based on an automated network of field monitoring stations linked by radio telemetry or cellular networks to provide site operators with real-time air quality data and operational warnings.

Contacts

Media: Alexa Zeoli/Peter J. Howe, Denterlein strategic communications and PR, 617.482.0042 or info@denterlein.com

Categories
Lifestyle Technology

Fuji Electric introduces Direct Drive turbo blower for high air flow applications

EDISON, N.J. — (BUSINESS WIRE) — #blowers—Fuji Electric Corp. of America has expanded their product portfolio with the addition of the Direct Drive 20hp blower to FDC Series. The units are equipped with dual voltage TEFC motor and the housing position is field adjustable to fit installation requirements.


The FDC series offers a complete lineup of energy efficient, UL-certified and RoHS compliant Turbo Blower models that are ideal for a wide variety of industrial applications including Cooling, Blow-off, drying, Wastewater treatment, and more.

 

“The FDC Series offers customers the same level of high reliability, performance, and quality that they expect from Fuji Electric,” said Bill Maier, National Sales Manager for FEA’s Ring Compressor & Blower Department. “We have responded to the market requirement for Direct Driven High Flow Devices.”

 

The VFZ Series, now available for shipment to customers from Fuji Electric’s warehouse location New Jersey, is comprised of Direct Driven Turbo Blowers with a maximum pressure of 30 in. H2O, and a maximum capacity of 5850 SCFM. Featuring direct motors from 1 HP to 20 HP and available voltages of 115 single phase, 230 single phase, 230/460 3-phase (dependent upon motor size), these new models utilize Premium Efficiency motors. This lineup joins Fuji Electric’s portfolio of Regenerative Blowers, High Pressure Blowers, Turbo Style Blowers, and Vacuum systems.

 

About Fuji Electric Corp. of America

Fuji Electric Corp. of America is a wholly owned subsidiary of Fuji Electric Co., Ltd., headquartered in Tokyo, Japan and has been responsible for sales and distribution of the company’s products since 1970. Fuji Electric Co., Ltd. began developing power electronics equipment in 1923, and is a global leader in industrial products ranging from semiconductors, HMIs, contactors, relays, and power generation equipment to AC drives and uninterruptible power supply systems. For more information, please visit https://americas.fujielectric.com/ or follow us on LinkedIn and Twitter.

Contacts

Business Contact:
Bill Maier

National Sales Manager, Ring Compressor & Blower Dept.

Fuji Electric Corp. of America

973-727-1372

bmaier@fujielectric.com

Categories
Business

AM Best to host briefing on 2022 outlooks for U.S. insurance, global reinsurance markets

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best leading analysts will review the state of U.S. insurance industry’s major segments and the global reinsurance industry, as well as what the rating agency foresees in 2022, in an online briefing scheduled for Thursday, Dec. 9, 2021 at 2:00 p.m.(EST).

The one-hour event follows the publication of AM Best’s annual market segment outlook reports on the personal and commercial lines segments of the property/casualty (P/C) industry, the life/annuity and health industries and the global reinsurance market. Key factors driving AM Best’s 2022 outlooks will be discussed, including the impact of interest rates, the hardening pricing environment, the post-pandemic economic recovery, rising litigation costs and capacity.

 

To register for the complimentary briefing, please go to www.ambest.com/conferences/USMB2022.

 

Panelists for the briefing, all of AM Best, include:

  • Stefan Holzberger, chief rating officer (moderator);
  • John Andre, managing director (P/C personal lines);
  • Jackie Lentz, director (P/C commercial lines);
  • Michael Porcelli, senior director (life/annuity);
  • Sally Rosen, senior director (health); and
  • Carlos Wong-Fupuy, senior director (global reinsurance).

 

Attendees can submit questions during registration or by emailing webinars@ambest.com. In addition, members of the news media will be presenting questions to the panel. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

 

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

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

Best’s Special Report: Key LIBOR transition dates loom on Horizon

OLDWICK, N.J. — (BUSINESS WIRE) — As the London Interbank Offered Rate (LIBOR) is phased out as a benchmark for short-term interest rates, insurers are weighing their options and cautiously entering instruments and hedges based on the Secured Overnight Financing Rate (SOFR), due to the unknowns and limited liquidity, according to an AM Best report.

The Best’s Special Report, titled, “Key LIBOR Transition Dates on the Horizon,” notes that insurers are facing numerous challenges in the transition period away from LIBOR, and are continuing to identify LIBOR exposures as key dates approach. With the changeover, insurer debt structures could be impacted, especially those with floating-rate obligations currently tied to LIBOR. Although SOFR has been identified as the replacement for the U.S. dollar-based LIBOR rate, non-LIBOR rate alternatives also are being considered by companies, including Ameribor rates. The key difference between SOFR and Ameribor, according to the report, is that the latter is generated from unsecured transactions, which may result in rates that more accurately reflect the cost of funds.

 

The report states that one of the most significant risks that will emerge when LIBOR is transitioned to other reference rates is the potential for litigation. Some fallback provisions require the use of alternative bank reference rates in the event LIBOR is no longer available. Issues may arise if the parties involved have not agreed to replacement reference rates. Fallback provisions requiring discretionary recalculations of reference rates also may also lead to litigation, as finding rates reasonably comparable to LIBOR may be difficult. Legislative efforts are under way to minimize litigation risk, potentially establishing recommended benchmark replacement rates as reasonable substitutes for LIBOR. However, the adoption of safe-harbor benchmarks also could face court challenges.

 

Exposure to LIBOR liabilities is lower in the United States than in the United Kingdom, where significant levels of insurers’ reserve liabilities are LIBOR-based. Key issues for insurers will be the nature of fallback provisions, term structures for new reference rates, market liquidity, capital requirements and consistent supervisory guidance to eliminate cross-border issues. According to a March decision by the U.K. Financial Conduct Authority, which is overseeing the transition, LIBOR rates will cease to be published after Dec. 31, 2021, in the case of euros, Swiss francs, Japanese yen, British pounds and one-week and two-month U.S. dollar tenors. The deadline for remaining U.S. dollar tenors is June 30, 2023.

 

To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=314774.

 

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.

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