Tag: Business

AM Best affirms credit ratings of Aegon N.V.’s U.S. Subsidiaries

Post author By Michelle Dryden
Post date October 31, 2021
No Comments on AM Best affirms credit ratings of Aegon N.V.’s U.S. Subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the U.S. life/health subsidiaries of Aegon N.V. (Aegon) (Netherlands) [NYSE: AEG]. Aegon’s U.S. life/health companies are referred to collectively as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of these companies.)

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

AM Best’s expectation is for Aegon USA to maintain its very strong balance sheet strength assessment with the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Some concerns remain with recent moderate volatility and continued pressure on the Aegon USA’s operating performance, which is supported by its underwriting and investment capabilities. The overall business profile remains favorable with having a longer-term strategic focus of building a less capital-intensive book of business, and the expected execution of the overall revised business plan objectives and subsequent transition. Aegon USA remains strategically important to its parent, Aegon.

Aegon USA’s quality of capital is diminished by its historical reliance on special purpose captives used to support unfunded redundant reserves generated from term life and universal life insurance with secondary guarantees, although lately the company has made a strong effort to reduce the overall exposure. Aegon USA has additional access to liquidity as a member of the Federal Home Loan Bank, which together with its access to capital markets provides Aegon USA with substantial financial flexibility. While the asset allocation within Aegon USA’s investment portfolio is typical for the U.S. life industry, there is some continued exposure to higher risk assets.

Aegon USA’s operating performance for the first half of 2021 was positively affected by realized expense savings, higher equity markets and some normalization of claims, which were better than expected. These factors helped increase operating results by approximately 86% on overall segments versus prior year. Aegon USA’s volatility in earnings continues despite divestment of certain run-off blocks of business. While there is some continued volatility in Aegon USA’s operating performance, the U.S. entities maintain an underlying trend of profitability on a statutory and IFRS basis. AM Best notes that Aegon USA’s overall top-line growth has also been inconsistent, with direct premium declining as of late. Additionally, Aegon USA’s return on equity levels have further declined in 2020 from prior year, being below expectations with some volatility.

Aegon USA’s diverse product lines contribute to the company’s earnings, including traditional life, variable life, variable annuities, mutual funds, pensions, and accident and health insurance. There has been an increasingly challenging market environment in the U.S. employee benefits segment. AM Best notes that the company has made a strategic shift to focus on de-emphasizing spread-based products, particularly fixed annuities. As part of the de-risking strategy, certain variable annuities, fixed indexed annuities and long-term care businesses were closed during the first quarter of 2021. Further actions involve a lump-sum offer to buy out certain variable annuities with guaranteed minimum income benefit riders and the expansion of the dynamic hedge program to guaranteed minimum income and death benefit riders in the variable annuities business.

Aegon USA said it will consider options moving forward for the legacy variable annuity block as the economic value will have to make sense. The company currently has no immediate plans to move closed block businesses off the books, with additional potential earnings reductions going forward. AM Best also views variable annuities with living benefit riders as displaying some of the highest risk characteristics, as well as being vulnerable to tail risks, which could lead to an increase in required capital.

Although Aegon USA’s portfolio includes some products viewed as less creditworthy by AM Best, the company benefits from good diversification geographically and by product type. Aegon USA’s business profile remains favorable, with competitive market positions in the U.S. life and annuity arenas supported by a large and diversified distribution system and an integrated worksite strategy that leverages the group’s broad market presence. Although unsuccessful execution of the newly announced strategic initiatives could potentially result in weakened earnings and business profile fundamentals, AM Best will continue to closely monitor the targeted strategic objectives set forth across the whole organization.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with a stable outlook for the following members of the Aegon USA Group:

Transamerica Life Insurance Company
Transamerica Financial Life 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.

Contacts

Igor Bass
Senior Financial Analyst
+1 908 439 2200, ext. 5109
igor.bass@ambest.com

Michael Porcelli

Director

+1 908 439 2200, ext. 5548

michael.porcelli@ambest.com

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

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

Tags Business, New Jersey

Business

AM Best to present market briefing at American property casualty insurers association’s annual meeting

Post author By Michelle Dryden
Post date October 31, 2021
No Comments on AM Best to present market briefing at American property casualty insurers association’s annual meeting

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a market briefing on the state of the U.S. property/casualty insurance industry, as well as an update on the Best’s Performance Assessment for Delegated Underwriting Authority Enterprises (DUAE), in conjunction with the American Property Casualty Insurers Association’s (APCIA) Annual Meeting on Monday, Nov. 1, 2021, in Denver.

Stefan Holzberger, chief rating officer, and Greg Williams, senior director, both of AM Best, will lead the session. Topics to be discussed include market segment outlooks for the personal and commercial lines of business within the U.S. property/casualty segment, as well as financial performance trends. The session also will cover key topics such as the upcoming release of Best’s Performance Assessment for DUAEs. AM Best defines DUAE as a blanket term to capture managing general agents, managing general underwriters, coverholders, program administrators, program underwriters, underwriting agencies, direct authorizations and appointed representatives. The Performance Assessment is a forward-looking, independent and objective non-credit opinion that provides a framework for differentiating among DUAEs in the insurance industry. Also as part of the briefing, the analysts will explain how environment, social and governance (ESG) factors are incorporated into Best’s Credit Ratings. The session begins at 2 p.m. (MDT) in The Vail Room at the Sheraton Denver Downtown Hotel, the same location as the APCIA conference.

The purpose of the APCIA is to advocate for its members’ public policy positions in all 50 states and in the U.S. Congress, as well as to keep members current on the information that is critical to their businesses. The annual APCIA event runs from Oct. 31-Nov. 2. AM Best also is sponsoring the opening cocktail reception on Oct. 31, from 4:30 p.m. to 6 p.m. (MDT) at the Sheraton hotel.

Both events are open to APCIA attendees. To register, or for additional information about the APCIA and the annual conference, please visit the event webpage and agenda or email conferenceinformation@ambest.com.

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

Tags Business, New Jersey

Healthcare Science

New Phase 3 data presented at psych Congress 2021 showed TV-46000/mdc-IRM significantly prolonged time to impending relapse compared to placebo in patients with schizophrenia

Phase 3 RISE study evaluated treatment with TV-46000, a subcutaneous long-acting injectable risperidone formulation

New data showed TV-46000 decreased risk of relapse and increased chance of clinical stability versus placebo in patients with schizophrenia

TEL AVIV, Israel & PARSIPPANY, N.J. — (BUSINESS WIRE) — Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today announced results from the pivotal Phase 3 Risperidone Subcutaneous Extended-release (RISE) study comparing TV-46000/mdc-IRM once monthly (q1m) and TV-46000/mdc-IRM once every two months (q2m) with placebo (1:1:1) in patients with schizophrenia who underwent stabilization on oral risperidone. Results showed treatment with TV-46000 (overall, q1m or q2m) significantly prolonged time to relapse, decreased proportions of patients with impending relapse at week 24 and demonstrated significant increase in proportions maintaining stability. The safety profile of TV-46000, as demonstrated in this study, is consistent with other formulations of risperidone. The most common adverse reactions (≥5% and greater than placebo) were nasopharyngitis, increased weight, and extrapyramidal disorder. These findings, among others, were presented during the poster session at the 2021 Psych Congress Annual Meeting taking place Oct. 29-Nov. 1, 2021 in San Antonio, TX (in addition to virtual participation).

Schizophrenia is a chronic and severe mental disorder¹ characterized by distortions in thinking, perception, emotions, language, sense of self and behavior.² Twenty million people worldwide are affected by schizophrenia¹, often living with considerable disability.² Currently, about 70% of people living with schizophrenia are not receiving appropriate care³ despite the treatability of the illness.²

^“Relapse rates among people living with schizophrenia are quite staggering, ranging between 50 and 92% globally.^4,5It is crucial to provide patients and prescribers with treatment options that have the potential to reduce relapse rates to help manage and stabilize the disease over time,” said Eran Harary, MD, VP Global Head of Specialty R&D at Teva. “Coming off the heels of the recent FDA acceptance of our New Drug Application, we’re proud to be sharing our Phase 3 data at this year’s Psych Congress. We are committed to investigating the full potential of our subcutaneous long-acting injectable (LAI) formulation of risperidone for the treatment of this complex and burdensome illness.”

“When managing schizophrenia, it is crucial to have treatment options that work to reduce the risk of relapse. As researchers, physicians and providers, we must work together to address this,” said John Kane, MD, Professor and Chairman, Department of Psychiatry, The Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and RISE lead investigator. “These latest data from the Phase 3 RISE study are quite encouraging for both patients and providers.”

Efficacy and Safety of Subcutaneous Risperidone Injectable (TV-46000) in Patients With Schizophrenia: A Phase 3, Randomized, Double-Blind, Placebo-Controlled, Relapse Prevention Study (RISE Study)

The Phase 3 RISE study was designed to compare TV-46000 q1m and TV-46000 q2m with placebo (1:1:1 ratio; stage 2) in patients with schizophrenia who underwent stabilization on oral risperidone (stage 1). The primary endpoint was time to impending relapse and secondary endpoints included proportions of patients with impending relapse at week 24 and proportions of patients who maintained stability at week 24. No new safety signals were identified with TV-46000 versus accumulated safety data of oral risperidone and other long-acting risperidone formulations.

Out of 1267 patients screened, 863 were enrolled and 544 were randomized. Time to impending relapse significantly favored TV-46000 (hazard ratio [95% CI]; overall: 0.283 [0.184, 0.435], P<.0001; q1m: 0.200 [0.109, 0.367], P<.0001; q2m: 0.375 [0.227, 0.618], P<.0001) versus placebo. TV-46000 also prolonged time to relapse by 3.5, 5.0 and 2.7 times, respectively, versus placebo. Proportions of patients with impending relapse at week 24 were significantly lower for TV‑46000 (overall: 9%; q1m: 7%; q2m: 11%) versus placebo (28%; P<.0001, P<.0001, P=.0001, respectively). Proportions of patients maintaining stability were significantly higher (83%, 87%, 80% vs 61%; P<.0001, P<.0001, P=.0001, respectively). The safety profile of TV-46000, as observed in this study, is consistent with other formulations of risperidone. The most common adverse reactions (≥5% and greater than placebo) were nasopharyngitis, increased weight, and extrapyramidal disorder.

About TV46000-CNS-30072 (The RISE Study – The Risperidone Subcutaneous Extended-Release Study)

The RISE study was a multicenter, randomized, double-blind, placebo-controlled study to evaluate the efficacy of risperidone extended-release injectable suspension for subcutaneous use as a treatment in patients (ages 13-65 years) with schizophrenia. 544 patients were randomized to receive a subcutaneous injection of TV-46000 once monthly (q1M), once every two months (q2M), or placebo in a 1:1:1 ratio. The primary endpoint was time to impending relapse.

About Schizophrenia

Schizophrenia is a chronic, progressive and severely debilitating mental disorder that affects how one thinks, feels and acts. Patients experience an array of symptoms, which may include delusions, hallucinations, disorganized speech or behavior and impaired cognitive ability. Approximately 1% of the world’s population will develop schizophrenia in their lifetime, and 3.5 million people in the U.S. are currently diagnosed with the condition. Although schizophrenia can occur at any age, the average age of onset tends to be in the late teens to the early 20s for men, and the late 20s to early 30s for women. The long-term course of schizophrenia is marked by episodes of partial or full remission broken by relapses that often occur in the context of psychiatric emergency and require hospitalization. Approximately 80% of patients experience multiple relapses over the first five years of treatment, and each relapse carries a biological risk of loss of function, treatment refractoriness, and changes in brain morphology. Patients are often unaware of their illness and its consequences, contributing to treatment nonadherence, high discontinuation rates, and ultimately, significant direct and indirect healthcare costs from subsequent relapses and hospitalizations.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to the development of risperidone LAI; our ability to successfully compete in the marketplace, including our ability to develop and commercialize biopharmaceutical products, competition for our specialty products, including AUSTEDO^®, AJOVY^® and COPAXONE^®; our ability to achieve expected results from investments in our product pipeline, our ability to develop and commercialize additional pharmaceutical products, and the effectiveness of our patents and other measures to protect our intellectual property rights; our substantial indebtedness; our business and operations in general, including uncertainty regarding the COVID-19 pandemic and its impact on our business, financial condition, operations, cash flows, and liquidity and on the economy in general, our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the COVID-19 pandemic and associated costs therewith, costs and delays resulting from the extensive pharmaceutical regulation to which we are subject or delays in governmental processing time due to travel and work restrictions caused by the COVID-19 pandemic; compliance, regulatory and litigation matters, including failure to comply with complex legal and regulatory environments; other financial and economic risks; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the section captioned “Risk Factors.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

____________________________

¹ GBD 2017 Disease and Injury Incidence and Prevalence Collaborators. Global, regional, and national incidence, prevalence, and years lived with disability for 354 diseases and injuries for 195 countries and territories, 1990–2017: a systematic analysis for the Global Burden of Disease Study 2017. [published correction appears in Lancet. 2019 Jun 22;393 (10910):e44]. Lancet. 2018;392 (10159): 1789-1858.

² World Health Organization. Schizophrenia. www.who.int/news-room/fact-sheets/detail/schizophrenia. Accessed on October 4, 2021.

³ Lora A, et al. Service availability and utilization and treatment gap for schizophrenic disorders: a survey in 50 low- and middle-income countries. Bulletin of the World Health Organization. 90 (1), 47-54B. World Health Organization. http://dx.doi.org/10.2471/BLT.11.089284
⁴Cernansky JG, Schuchart EK. Relapse and rehospitalisation rates in patients with schizophrenia: effects of second generation antipsychotics CNS Drugs. 2002;16(7):473–484.

⁵Weret ZS, Mukherjee R. Prevalence of relapse and associated factors in patient with schizophrenia at Amanuel Mental Specialized Hospital, Addis Ababa, Ethiopia: institution based cross sectional study. International Journal of Interdisciplinary and Multidisciplinary Studies. 2014, Vol 2, No.1, 184-192.

Contacts

United States

Kevin C. Mannix (215) 591-8912

Yael Ashman 972 (3) 914-8262

United States
Yonatan Beker (973) 917-0851

Tags Business, New Jersey

Business Lifestyle

Sustainable shoe + apparel brand Allbirds opens new store in New Jersey

Post author By Michelle Dryden
Post date October 29, 2021
No Comments on Sustainable shoe + apparel brand Allbirds opens new store in New Jersey

PARAMUS, N.J. — (BUSINESS WIRE) — Allbirds, a certified B Corp and Delaware public benefit corporation that believes in making shoes and apparel in a better way, opened a new retail store and community center at the Garden State Plaza in Paramus today. It is the brand’s first store in New Jersey and 35th globally, with locations across North America, Asia, and Europe.

The new 3,140 square foot space speaks to the brand’s sustainable focus, which has driven its development and use of natural materials in replacement of petroleum-based synthetic fibres. Displays around the shop call attention to the Merino Wool, Sugarcane, Tree, and other materials that its products are made of. The design of the store itself also evokes the natural world, with custom wood try-on chairs and displays, and uniquely shaped mirrors. Customers can see the carbon footprint of each product clearly displayed – a first for the fashion and footwear industry, and a hallmark of Allbirds’s approach to sustainability.

The new location includes nods to the local community:

Atlantic Ocean, Jersey Shore shoe laces
Unique pin design inspired by the Jersey Shore boardwalk
Limited-edition Allbirds New Jersey reusable tote bags

The store is located at One Garden State Plaza and is open Monday through Thursday 10am-9pm and Friday through Saturday 10am-9:30pm.

About Allbirds

Allbirds believes in making better things in a better way. As a certified B Corp and Public Benefit Corporation, the Environment is a key business stakeholder. Since inception, the brand has been laser focused on combating the proliferation of petroleum-based materials in apparel and footwear. Allbirds’s story began with superfine New Zealand Merino Wool, and has since evolved to include a Eucalyptus Tree fiber knit fabric and a Sugarcane-based EVA foam (SweetFoam). In 2019, Allbirds became 100% carbon neutral through a self-imposed Carbon Tax, and in 2020, the brand began labeling all products with a Carbon Footprint. Allbirds firmly believes that business can accelerate a shift away from high-polluting practices, and help protect the planet for future generations.

Contacts

Claire Bright

Allbirds@sunshinesachs.com
323-822-9300

Tags Business, New Jersey

Business Culture

Top ten 2021 streaming Halloween costume tips for grown-ups

Post author By Michelle Dryden
Post date October 28, 2021
No Comments on Top ten 2021 streaming Halloween costume tips for grown-ups

LOS ANGELES — (BUSINESS WIRE) — #bestcostumes–Here are the best costume choices for grown-up entertainment fans celebrating Halloween. This year the top dress-up picks pay tribute to the year’s proliferation of entertainment choices from streaming shows across every screen that served as a welcome diversion from pandemic life. ClixTV®, a pop cultural barometer, has compiled the costume leaders for your Halloween events.

Squid Game: Masked guard or sweat suited gamer. (Netflix)
Ted Lasso: Mustachioed Wichita football coach Ted Lasso hired to manage an English soccer team. Jason Sudeikis (Apple TV+)
Cruella: The rebellious early days of the notorious, fashionable villain played by Emma Stone. (Disney+)
Jake Paul vs Tyron Woodley: Social media’s bad boy boxing champ Paul or his competitor UFC Champ Tyron Woodley (CBS Sports, Showtime PPV or ClixTV for fighters’ interviews)
Cinderella: Starring Camilla Cabello in the contemporary musical remake. (Amazon Prime Video)
Halloween Kills: Masked monster Michael Myers played by James Jude. Jamie Lee Curtis and Kyle Richards also star. (Theaters and Peacock)
Many Saints of Newark: Cop a New Jersey Mobster attitude as young Tony Soprano played by Michael Gandolfini. He’s the son of the late James Gandolfini who starred in the award-winning original The Sopranos. (Theaters and HBO Max)
Black Widow: Slip into the Avengers’ role of fictitious Natasha Romanoff, the Black Widow, played by Scarlett Johansson (Disney+)
The Crown: Real life royals. (Queen Elizabeth through the years played by Claire Foy and Olivia Colman) (Netflix)
Hamilton: Lin-Manuel Miranda’s hip-hop, jazz and R&B musical from the hit Broadway show of America’s founding fathers. (Disney+)

“Halloween parties this year across America will be a feast of fun, frivolity and entertaining choices. A welcome break from the sobriety of the daily headlines,” observed Los Angeles psychologist, Dr. Karen Dean Fritts, PhD, LMFT. She weighs in on the importance of popular culture in society: “As we observe entertainment choices, both the types and styles of storytelling, it is an important way to take society’s ‘Emotional Temperature.’ It is a needed desire to escape while connecting deeply by having a collective entertainment experience.”

ClixTV, committed to making what to-watch a fun, fast, and free experience, is available on every platform in 120 million over-the-top (OTT) television homes.

“Our team had a Halloween ball worthy of Cruella and Cinderella putting together our new list of costume suggestions for streaming entertainment fans searching for a new look this year on the killer characters of the top films and episodic series on Roku, Apple TV, LG and Samsung Smart TV’s, Amazon Fire and other streaming services,” said Stacy Jolna, ClixTV Founder and Chief Marketing Officer, who is dressing for Halloween as James Bond. “ClixTV features behind-the-scenes and “sneak peeks” of leading video streamers as well as emerging entertainment talent in unique comedy, global adventure, cool cooking, “Celebrity Sweat” fit tips, eSports tricks and much more.”

Adds Dr. Karen Dean Fritts, “The decades may change, technology may deliver a large buffet of entertainment, but human nature and the desire for storytelling that delivers momentary escapism remains a constant. Entertainment through storytelling, music and art is a vital human need. It enables people to shift focus, restore, refuel, and regulates our system. Allowing ourselves to ‘take a delicious deep breath and fully enjoy’ the buffet is a healthy form of self-care. We can more readily return to the daily realities of LIFE more refreshed and revitalized.”

ClixTV Leadership Team

Edward M. Sullivan is ClixTV founder and CEO. He is a recipient of multiple Emmy Awards and Telly’s for his entertainment industry marketing and branding as head of Pittard-Sullivan, which launched and re-launched over 200 channels worldwide, including CBS, ABC, Fox, HBO, Discovery Communications, and DirecTV. Sullivan was a catalyst in driving viewers to specific programs and networks for distributors, studios, content creators, and advertisers. His company also worked closely with Jolna developing the brand and network-like interface for personal video recorder company TiVo and Microsoft’s WebTV.

Stacy Jolna, founder and Chief Marketing Officer, is the recipient of multiple News & Documentary Emmy Awards, the Cannes Lion and the Peabody Award. He has worked at the crossroads of media and technology for three decades. As a founding executive team member of TiVo, another successful industry disrupter, Jolna helped propel the company from concept to successful IPO and billion dollar market capitalization. He served as Chief Marketing Officer building the iconic TiVo brand and running point on investments by nearly every major media company. He served as SVP and General Manager of News Corp/TV Guide’s Digital TV Group. A successful broadcast journalism executive prior to going digital, at Time Warner/CNN he was Senior V.P. and Senior Executive Producer for Special Reports and launched award-winning “CNN Presents.”

Patricia Sullivan, founder and Chief Creative Officer, is an award-winning entertainment industry entrepreneur who built several production and post-production companies from concept to multi-million dollar exits. A veteran Hollywood producer, her innovative productions helped launch networks and TV shows globally. Patricia has created movie trailers driving opening weekend box office revenues beyond the $100 million mark for studios such as Disney. Patricia’s work has been honored with top awards including ATAS (Emmy), NY Film Festival, Monitor, Belding, BDA, Houston Film Festival, Gracie and Telly.

Bill Bradham, founder and Business Development Officer, is a veteran business advisor and strategist, successfully counseling over 250 small, medium and large companies. Counseling Protron Electronics, the Company drove revenues of $800 million in worldwide sales in its first fiscal year. Proficient in knowledge of how to grow a company’s business via effective market research, marketing, branding and sales programs, Bill builds teams, negotiates and raises funds. Bradham has negotiated over $13 billion in business contracts, raised over $600 million for various business ventures, and over $130 million for various national charitable causes.

About ClixTV®

ClixTV is a multi-platform streaming company at the crossroads of entertainment, e-commerce and technology. It is free and available on every screen, including over 80 PLEX channels. It is in 120 million homes via over-the-top (OTT) and reaches 100 million online viewers monthly, and millions of viewers on ClixTV.com as well as millions of users on its apps on Android and IOS. ClixTV excels in short-form, bite-sized video episodes featuring social media influencers, celebrity athletes, chefs, comedians, eSports commentators, adventurers, and more. It’s range of content spans Hot Trends, Extreme Sports, Fashion & Lifestyle, Travel & Adventure, Funny, Food & Wellness, Fitness, Kids Stuff, and more. ClixTV is also a promotional champion of top series and movies on major streaming platforms, making it simpler for viewers to find what they want to watch and subscribe to leading streaming services. ClixTV is an immersive, direct-to-consumer brand experience where viewers can watch, shop and earn ClixTV cash rewards redeemable for brand products or for charities they support.

Contacts

Debra Sharon Davis
President
Davis Communications Group, Inc.
ddavis@davcominc.com
Mobile: 818 519 2089
Office: 818 710 8198

Tags Business, New Jersey

Business

1st Colonial Bancorp, Inc. reports earnings of $2.2 million for the third quarter of 2021, a 67% increase over the same period in 2020

Income Statement Highlights include:

Net interest income was $6.0 million for the third quarter of 2021, an increase of 31% over the same period in 2020.
Net interest margin for the quarter ended September 30, 2021 was 3.56%, an increase of 46 basis points, or 15%, over the same period in 2020.
Third quarter revenues were $8.5 million, an increase of $2.2 million, or 34%, from the same period in 2020.
Non-interest income grew 45% to $2.5 million for the quarter ended September 30, 2021, compared to $1.7 million for the same period in 2020.
For the quarter ended September 30, 2021, diluted earnings per share were $0.44, an increase of 64% over the same period in 2020.
Pre-tax, pre-loan loss provision earnings for the third quarter of 2021 were $3.5 million, an increase of $1.3 million, or 61%, from $2.2 million for the third quarter of 2020.
The efficiency ratio for the third quarter of 2021 improved to 59% from 65% for the third quarter of 2020. The efficiency ratio represents the ratio of non-interest expenses divided by the sum of net-interest income and non-interest income.

Balance Sheet Highlights include:

Total assets as of September 30, 2021 grew $48.1 million to $684.2 million from $636.1 million as of December 31, 2020.
Total loans as of September 30, 2021 increased $90.1 million to $513.2 million from $423.1 million as of December 31, 2020.
Total deposits as of September 30, 2021 grew $45.1 million to $610.9 million from $565.8 million as of December 31, 2020.
Tangible book value per share increased 15% to $11.88 as of September 30, 2021 from $10.35 as of September 30, 2020. Tangible book value per share was $10.82 as of December 31, 2020.
For the third quarter of 2021, annualized return on average assets was 1.24% and annualized return on average equity was 15.36%
Non-performing assets declined 17% to $4.0 million as of September 30, 2021 compared to $4.8 million as of December 31, 2020.

CHERRY HILL, N.J. — (BUSINESS WIRE) — 1st Colonial Bancorp, Inc. (FCOB), holding company of 1^st Colonial Community Bank, today reported net income of $2.2 million, or $0.44 per diluted share, for the three months ended September 30, 2021, compared to net income of $1.3 million, or $0.27 per diluted share, for the three months ended September 30, 2020. For the nine months ended September 30, 2021, net income was $5.5 million, or $1.11 per diluted share, compared to $2.5 million, or $0.51 per diluted share, for the same period in 2020.

Robert White, President and Chief Executive Officer, commented, “We are pleased to announce solid financial results for the quarter, reflecting our team’s commitment to growing and expanding client relationships. This was evident in our non-PPP loan growth of $86.1 million and deposit growth of $45.1 million, which helped us achieve our quarterly results. We continue to see momentum in our residential and commercial pipelines, including SBA lending activities, which significantly contributed to our quarterly performance.

“Our continued investment in our Company has fueled the growth in our team, as well as significant technology enhancements, which support our long-term growth strategy.”

Operating Results

Net Interest Income

Net interest income for the three months ended September 30, 2021 and 2020 was $6.0 million and $4.6 million, respectively. The $1.4 million increase in net interest income was primarily attributable to a $1.2 million increase in interest income coupled with a $208 thousand decrease in interest expense. Interest income on average loans increased $1.3 million quarter over quarter. The growth in interest income included an $829 thousand increase in loan origination income from the SBA’s Paycheck Protection Program (“PPP”) and was due to accelerated loan forgiveness payments. Interest expense was impacted by a $320 thousand decline in interest expense related to average interest-bearing deposits and a $112 thousand increase in interest expense on average borrowings. An increase in non-interest bearing and lower cost deposit products coupled with interest rate reductions led to the improvement in deposit interest expense. Interest on average borrowings grew due to the subordinated debt issued by the Company in the third quarter of 2020.

For the first nine months of 2021, net interest income grew $2.5 million, or 18.9%, to $15.8 million from $13.3 million for the same period in 2020. The increase in net interest income was primarily attributable to a $1.5 million increase in interest income accompanied by a $977 thousand decrease in interest expense. For 2021, interest income from average loans increased $1.8 million while interest income from average cash and cash equivalents and average investments declined $181 thousand and $156 thousand, respectively. PPP loan origination income increased $1.3 million year over year. Average outstanding loan balances grew $42.3 million, or 9.9%. Total interest expense was affected by a $1.5 million decline in interest expense related to average interest-bearing deposits and a $494 thousand increase in interest expense on average borrowings due to the subordinated debt.

Approximately $1.4 million in net PPP origination fees remains to be recognized over the contractual term, which is predominately 60 months. The earnout period may be accelerated based on the timing of the forgiveness of the PPP loans by the SBA. No new PPP loans may be made, as the program ended on May 31, 2021.

The net interest margin was 3.56% for the third quarter of 2021 compared to 3.11% for the third quarter of 2020, and was 3.27% for the nine months ended September 30, 2021, compared to 3.06% for the nine months ended September 30, 2020. The improvement in net interest margin year-over-year was mostly related to the 11.5% growth in interest-earning assets. Additionally, the average rate paid on liabilities declined from 0.92% for the first nine months of 2020 to 0.59% for the first nine months of 2021.

Loan Loss Provision

For the three and nine months ended September 30, 2021, we recorded provision to the allowance for loan losses (“allowance”) of $600 thousand and $1.0 million, respectively, compared to $341 thousand and $1.8 million for the three and nine months ended September 30, 2020, respectively. For the nine months ended September 30, 2021, net charge-offs were $266 thousand compared to $2.6 million in net charge-offs for the same period in 2020. The net charge-offs for 2020 included $1.8 million in specific reserves on impaired loans. The allowance as a percentage of total loans was 1.24% as of September 30, 2021 compared to 1.33% as of December 31, 2020 and 1.34% as of September 30, 2020.

Non-interest Income

Non-interest income for the third quarter of 2021 was $2.5 million, an increase of $772 thousand, or 44.7%, from $1.7 million for the third quarter of 2020. During the third quarter of 2021 we earned $629 thousand in gains on the sale of SBA loans compared to $79 thousand for the third quarter of 2020. The third quarter of 2021 also includes a non-taxable bank owned life insurance (“BOLI”) death benefit of $387 thousand related to a former employee. Income from the origination and sales of residential mortgages was $1.2 million for the third quarter in 2021 and declined $74 thousand from $1.3 million for the same period in 2020. While residential mortgage originations increased 12% quarter over quarter, we chose to retain 17% more in our loan portfolio compared to the third quarter of 2020.

For the nine months ended September 30, 2021, non-interest income was $7.4 million, an increase of $3.5 million, or 91.3%, from $3.8 million for the same period in 2020. Income from the origination and sales of residential mortgages grew $1.7 million, or 60.5%, from $2.9 million for the first three quarters of 2020 to $4.6 million for the first three quarters in 2021 due to growth of $52.6 million in the volume of loans sold during the 2021 period. For the first nine months of 2021, we earned $1.6 million in gains on the sale of SBA loans compared to $79 thousand for the same period in 2020. As mentioned previously, in 2021 we recorded a non-taxable BOLI death benefit of $387 thousand.

Non-interest Expense

Non-interest expense was $5.0 million for the three months ended September 30, 2021, an increase of $850 thousand, or 20.5%, from $4.2 million for the comparable period in 2020. Personnel expenses increased $667 thousand, or 26.4%, during this period. Throughout 2021, we made key investments in highly experienced revenue producers and operational team members as we executed upon our strategic plan. On March 29, 2021, we expanded into southeastern Pennsylvania when we opened a new full-service branch in Limerick.

Non-interest expense was $14.5 million for the nine months ended September 30, 2021, an increase of $2.5 million, or 21.2%, from $12.0 million for the comparable period in 2020. The increase was mainly related to planned growth in personnel expenses, primarily attributable to our market expansion.

Income Taxes

For the three and nine months ended September 30, 2021, income tax expense was $759 thousand and $2.1 million, respectively, compared to $513 thousand and $840 thousand for the three and nine months ended September 30, 2020, respectively.

Financial Condition

Assets

As of September 30, 2021, total assets were $684.2 million and grew $48.2 million, or 7.6%, from $636.1 million as of December 31, 2020.

Total loans were $513.2 million as of September 30, 2021, an increase of $90.0 million, or 21.3%, from $423.1 million as of December 31, 2020. We used cash flows from the investment portfolio to partly fund our loan growth. Commercial loans grew $39.6 million and residential mortgages and consumer loans grew $46.5 million. Loans held for sale were $21.9 million as of September 30, 2021 and December 31, 2020.

During 2021, we originated $48.3 million in new PPP loans. As of September 30, 2021, PPP loans outstanding were $31.5 million, an increase of $3.9 million from $27.6 million as of December 31, 2020. We have been successful in receiving the forgiveness payments from the SBA.

Liabilities

Total deposits were $610.9 million as of September 30, 2021, an increase of $45.1 million, or 8.0%, from $565.8 million as of December 31, 2020. Interest-checking accounts, certificates of deposit including brokered deposits, and demand deposits increased $28.2 million, $21.2 million, and $4.9 million, respectively, while savings accounts decreased $9.6 million. Short-term borrowings declined $2.3 million due to the termination of repurchase agreements.

Shareholder’s Equity

Total shareholders’ equity was $57.4 million as of September 30, 2021, an increase of $3.7 million, or 7.0%, from $53.7 million as of December 31, 2020. Tangible book value per share increased $1.06, or 9.8%, from $10.82 as of December 31, 2020, to $11.88 as of September 30, 2021.

During the first quarter of 2021, we announced the adoption of a stock repurchase program, which authorized management to repurchase up to 3% of the Company’s outstanding shares of common stock, with a total cost not to exceed $1.4 million. The repurchase program was completed during the second quarter. We repurchased 141,720 shares for a total cost of $1.4 million through a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934.

Asset Quality

1^st Colonial’s non-performing assets as of September 30, 2021, were $4.0 million and included $3.8 million in non-accrual loans and $125 thousand in other real estate owned (OREO). Non-performing assets were $4.8 million as of December 31, 2020 and were comprised of non-performing loans. During the third quarter non-accrual loans totaling $527 thousand paid off with no principal loss and we recorded a charge-off related to one legacy residential construction loan that was classified as non-performing in 2020. We continue to manage this credit through the legal process and believe we will see full resolution and disposition in early 2022.

The ratio of non-performing assets to total assets as of September 30, 2021, was 0.58% compared to 0.75% as of December 31, 2020. As of September 30, 2021, the allowance was $6.4 million, or 1.24% of total loans. The allowance was $5.6 million, or 1.33% of total loans as of December 31, 2020. The allowance to non-accrual loans was 166.2% as of September 30, 2021, compared to 117.3% as of December 31, 2020.

Income Statement and Other Highlights:

Highlights as of September 30, 2021 and 2020 and December 31, 2020 and a comparison of the three and nine months ended September 30, 2021 to the three and nine months ended September 30, 2020 include the following:


1^st COLONIAL BANCORP, INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited, dollars in thousands, except per share data)

	For the three months				For the nine months
	ended September 30,				ended September 30,
		2021		2020		2021		2020
Interest income	$	6,792	$	5,584	$	18,132	$	16,595
Interest expense		758		966		2,301		3,278
Net Interest Income		6,034		4,618		15,831		13,317
Provision for loan losses		600		341		1,015		1,800
Net interest income after provision for loan losses		5,434		4,277		14,816		11,517
Non-interest income		2,499		1,727		7,357		3,846
Non-interest expense		5,005		4,155		14,517		11,978
Income before taxes		2,928		1,849		7,656		3,385
Income tax expense		759		513		2,124		840
Net Income	$	2,169	$	1,336	$	5,532	$	2,545
Earnings Per Share – Basic	$	0.45	$	0.27	$	1.13	$	0.51
Earnings Per Share – Diluted	$	0.44	$	0.27	$	1.11	$	0.51

SELECTED PERFORMANCE RATIOS:


	For the three months ended September 30,						For the nine months ended September 30,
		2021			2020			2021			2020
Annualized Return on Average Assets		1.24	%		0.87	%		1.10	%		0.57	%
Annualized Return on Average Equity		15.36	%		10.49	%		13.56	%		6.87	%
Book value per share	$	11.88		$	10.35		$	11.88		$	10.35

	As of September 30, 2021		As of December 31, 2020
Bank Capital Ratios:
Tier 1 Leverage	9.57	%	9.60	%
Total Risk Based Capital	15.80	%	17.54	%
Common Equity Tier 1	14.54	%	16.29	%


1^st COLONIAL BANCORP, INC.
CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)	As of September 30, 2021			As of December 31, 2020
Cash and cash equivalents	$	20,702		$	37,040
Total investments		109,146			137,027
Mortgage loans held for sale		21,910			21,859
Total loans		513,173			423,147
Less Allowance for loan losses		(6,373	)		(5,624	)
Loans and leases, net		506,800			417,523
Bank owned life insurance		14,062			14,739
Premises and equipment, net		1,187			769
Other real estate owned, net		125			–
Accrued interest receivable		1,737			1,811
Other assets		8,560			5,288
Total Assets	$	684,229		$	636,056

Total deposits	$	610,913		$	565,820
Other borrowings		–			2,325
Subordinated debt		10,431			10,404
Other liabilities		5,453			3,821
Total Liabilities		626,797			582,370
Total Shareholders’ Equity		57,432			53,686
Total Liabilities and Equity	$	684,229		$	636,056


1^st COLONIAL BANCORP, INC.
NET INTEREST INCOME AND MARGIN TABLES
(Unaudited, in thousands, except percentages)

	For the three months ended						For the three months ended
	September 30, 2021						September 30, 2020
	Average Balance		Interest		Yield		Average Balance		Interest		Yield/Rate
Cash and cash equivalents	$	35,198	$	12	0.14	%	$	50,543	$	13	0.10	%
Investment securities		115,481		337	1.16	%		94,884		440	1.84	%
Mortgage loans held for sale		16,970		114	2.67	%		16,636		113	2.70	%
Loans		504,623		6,329	4.98	%		429,521		5,018	4.65	%
Total interest-earning assets		672,272		6,792	4.01	%		591,584		5,584	3.76	%
Non-interest earning assets		22,512						19,791
Total average assets	$	694,784					$	611,375

Interest-bearing deposits
Interest checking accounts	$	266,261	$	95	0.14	%	$	234,733	$	242	0.41	%
Savings and money market deposits		113,710		83	0.29	%		117,797		112	0.38	%
Time deposits		155,864		383	0.97	%		117,578		527	1.78	%
Total interest-bearing deposits		535,835		561	0.42	%		470,108		881	0.75	%
Borrowings		10,529		197	7.42	%		6,380		85	5.30	%
Total interest-bearing liabilities		546,364		758	0.55	%		476,488		966	0.81	%
Non-interest bearing deposits		88,187						80,475
Other liabilities		4,194						3,752
Total average liabilities		638,745						560,715
Shareholders’ equity		56,039						50,660
Total average liabilities and equity	$	694,784					$	611,375
Net interest income			$	6,034					$	4,618
Net interest margin					3.56	%					3.11	%
Net interest spread					3.46	%					2.95	%


1^st COLONIAL BANCORP, INC.
NET INTEREST INCOME AND MARGIN TABLES – Continued
(Unaudited, in thousands, except percentages)

	For the nine months ended						For the nine months ended
	September 30, 2021						September 30, 2020
	Average Balance		Interest		Yield		Average Balance		Interest		Yield/Rate
Cash and cash equivalents	$	32,694	$	27	0.11	%	$	47,696	$	209	0.59	%
Investment securities		125,872		1,214	1.29	%		94,774		1,370	1.93	%
Mortgage loans held for sale		19,860		363	2.44	%		11,543		241	2.79	%
Loans		469,814		16,528	4.70	%		427,522		14,775	4.62	%
Total interest-earning assets		648,240		18,132	3.74	%		581,535		16,595	3.81	%
Non-interest earning assets		22,093						19,377
Total average assets	$	670,333					$	600,912

Interest-bearing deposits
Interest checking accounts	$	261,085	$	324	0.17	%	$	240,798	$	1,020	0.57	%
Savings and money market deposits		117,248		254	0.29	%		97,399		283	0.39	%
Time deposits		131,583		1,131	1.15	%		131,766		1,877	1.90	%
Total interest-bearing deposits		509,916		1,709	0.45	%		469,963		3,180	0.90	%
Borrowings		12,051		592	6.57	%		3,679		98	3.56	%
Total interest-bearing liabilities		521,967		2,301	0.59	%		473,642		3,278	0.92	%
Non-interest bearing deposits		89,830						74,210
Other liabilities		3,975						3,607
Total average liabilities		615,772						551,459
Shareholders’ equity		54,561						49,453
Total average liabilities and equity	$	670,333					$	600,912
Net interest income			$	15,831					$	13,317
Net interest margin					3.27	%					3.06	%
Net interest spread					3.15	%					2.89	%

GAAP to NON-GAAP RECONCILIATION

(Unaudited, dollars in thousands, except per share data)

Pre-tax, pre-loan loss provision earnings are determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) and is considered a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful because it enhances the ability of management and investors to evaluate and compare our operating results from period to period.


	For the three months				For the nine months
	ended September 30,				ended September 30,
	2021		2020		2021		2020
Net Income (GAAP)	$	2,169	$	1,336	$	5,532	$	2,545
Add back provision for loan losses		600		341		1,015		1,800
Add back income tax expense		759		513		2,124		840
Pre-tax, pre-provision earnings (non-GAAP)	$	3,528	$	2,190	$	8,671	$	5,185
Adjusted Earnings Per Share – Diluted (non-GAAP)	$	0.72	$	0.44	$	1.74	$	1.04

1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank has branches in Westville, New Jersey and Limerick, Pennsylvania. The bank also has a loan production office in Haddonfield, New Jersey and administrative offices in Cherry Hill, New Jersey. To learn more, call (877) 785-8550 or visit www.1stcolonial.com.

This release contains forward-looking statements that are not historical facts and include statements about management’s strategies and expectations about our business. There are risks and uncertainties that may cause our actual results and performance to be materially different from results indicated by these forward-looking statements. Factors that might cause a difference include the extent of the adverse impact of the current global coronavirus outbreak on our customers, prospects and business, as well as the impact of any future pandemics or other natural disasters; economic conditions; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; unanticipated loan losses, inability to close loans in our pipeline, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; an inability to dispose of real estate owned; changes in interest rates, changes in FDIC assessments, deposit flows, loan demand, and real estate values; changes in relationships with major customers; operational risks, including the risk of fraud by employees, customers or outsiders; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.

Contacts

Mary Kay Shea, 856‑885-2391

Tags Business, New Jersey

Business News Now!

Buckle CEO and co-founder to deliver customer keynote at Guidewire Connections 2021

Post author By Michelle Dryden
Post date October 27, 2021
No Comments on Buckle CEO and co-founder to deliver customer keynote at Guidewire Connections 2021

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

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

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

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

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

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

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

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

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

About Guidewire

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

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

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

About Buckle

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

All trademarks recognized.

Contacts

Media Contact:

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com

Tags Business, New Jersey

Business Education

Wiley expands its reach globally to deliver career-connected education

Post author By Michelle Dryden
Post date October 27, 2021
No Comments on Wiley expands its reach globally to deliver career-connected education

Global Leader in Education Adds More than 15 New Online Programs Over the Last Year in Markets including the United Kingdom, Middle East, India and Australia

HOBOKEN, N.J. — (BUSINESS WIRE) — Wiley (NYSE:JWA), a global leader in research and education, today announced continued momentum in its strategy to deliver career-connected education with significant growth in global markets demanding online and hybrid education that connects people directly with career outcomes. Over the last year, Wiley has expanded multiple university partnerships and introduced more than 15 new graduate and post-secondary programs in fields like computer science, engineering, data analytics and cybersecurity.

The momentum comes as higher education institutions across the globe accelerate and augment their online offerings, following the transformative impact of the pandemic.

“We are thrilled to partner with such a wide range of universities worldwide to help them both build and tailor their online programs to meet the demand for jobs that are driving our global economy forward,” said Todd Zipper, President of Wiley Education Services. “The COVID-19 pandemic has prompted universities to accelerate their use of online learning, and for many, that has proven to be a significant challenge. Accordingly, we’re seeing an increase in institutions seeking out our expertise to help support their growth not only in online learning, but in career-connected education more broadly.”

Wiley Enters New Markets to Help Higher-Ed Institutions Adapt to Online Learning

Tel Aviv University

Tel Aviv University has signed an eight-year partnership with Wiley Education Services in a deal that positions the university to become a leading provider of online educational offerings. Wiley will help the university launch its first fully online MBA through Tel Aviv’s prestigious Coller School of Management and provide a holistic set of marketing, academic and student services to the university, including recruitment, enrollment and retention supports.

Lebanese American University

Lebanese American University (LAU), with campuses in Beirut and Byblos, Lebanon, has contracted with Wiley Education Services to launch eight graduate programs in business, computer science, engineering, healthcare and education. LAU will utilize a full suite of Wiley’s University Services, including market research, student recruitment, course design and delivery, and corporate partnership development.

Wiley Expands Existing Global Partnerships to Help Universities Increase Program Offerings Aligned to High-Demand Careers

PwC’s Academy Middle East

Wiley has expanded its partnership with PwC’s Academy Middle East to support 20,000 finance and accounting professionals with both in-person and online Chartered Financial Analyst (CFA) exam review courses in the Middle East Region.

University of Birmingham

Wiley Education Services has expanded its portfolio of program offerings in partnership with the University of Birmingham in Birmingham, England through the launch of three programs: Master of Science (MSc) in Bioinformatics, MBA in Clinical Leadership, and Postgraduate Certificate (PG Cert) in Design for Learning Environments.

RMIT Online

RMIT Online (officially, the Royal Melbourne Institute of Technology) in Melbourne, Australia, has partnered with Wiley Education Services for a variety of academic services on a fee-for-service basis. To date, RMIT Online has developed postgraduate course and short courses in areas like Blockchain, IoT/5G and Cryptofinance with Wiley’s support. Wiley is providing expertise to facilitate course development workshops and build quality, industry-connected courses to support new offerings including Graduate Certificate in Accounting Advisory and Technology as well as Graduate Diploma of Psychology.

La Trobe University

La Trobe University in Melbourne, Victoria, Australia, has expanded its partnership with Wiley Education Services to utilize its University Services to power multiple master’s degree programs and short courses in areas including Cybersecurity, Data Science, Artificial Intelligence, Business Analytics and Information Technology.

University of West Alabama and Istanbul Aydin University

Current Wiley partner school the University of West Alabama has expanded its partnership with Wiley Education Services to create an international dual-degree program with Istanbul Aydin University for its existing Bachelor’s of Business Administration program, allowing Istanbul University students to be concurrently enrolled online in that program while pursuing an additional degree on campus.

About Wiley

Wiley is a global leader in research and education, unlocking human potential by enabling discovery, powering education, and shaping workforces. For over 200 years, Wiley has fueled the world’s knowledge ecosystem. Today, our high-impact content, platforms, and services help researchers, learners, institutions, and corporations achieve their goals in an ever-changing world. Visit us at Wiley.com, like us on Facebook and follow us on Twitter and LinkedIn.

Tag: All Corporate News

Contacts

Media:

Lauren Curlett, +1 302 632 3661

lcurlett@wiley.com

Wiley Investors:

Brian Campbell, +1 201 748 6874

brian.campbell@wiley.com

Tags Business, New Jersey

Business News Now!

Best’s Commentary: Global minimum tax proposal could create tax headaches for certain insurers

Post author By Michelle Dryden
Post date October 26, 2021
No Comments on Best’s Commentary: Global minimum tax proposal could create tax headaches for certain insurers

OLDWICK, N.J. — (BUSINESS WIRE) — Given the accounting differences for global insurance companies in different jurisdictions and compared with other industries, a new global minimum tax on certain multinational companies creates the potential for double taxation on such insurance companies, according to a new AM Best commentary.

An Organization for Economic Cooperation and Development (OECD) proposal includes a new minimum tax rate of 15% that would apply to companies, including insurers, with revenue above 750 million euros. In its Best’s Commentary, “OECD Announces Agreement Toward Global Minimum Tax,” AM Best states that the application of this new stipulation could be challenging for insurers with longer-duration coverages, as profits may not be realized at the point of sale, unlike other industries. The use of deferred tax balances by insurers allows for timing differences between accounting regimes. The insurance industry has sent comments to the OECD recommending that such deferred taxes be taken into account when determining the effective tax rate. Without such consideration, insurers could see double taxation and would not be treated on par with other industries.

The impact will depend on the final nature of the laws passed by respective governments, exemptions that some protective governments may seek to sustain their competitive advantage and accounting interpretations.

To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=313975.

Contacts

George Hansen
Senior Industry Research Analyst
+1 908 439 2200, ext. 5469
george.hansen@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

Tags Business, New Jersey

Business Technology

Cross River bolsters its commitment to expanding financial services and economic inclusion to underserved communities

Post author By Michelle Dryden
Post date October 26, 2021
No Comments on Cross River bolsters its commitment to expanding financial services and economic inclusion to underserved communities

Contribution will further the work of the HOPE Inside network and bring financial literacy coaching and education to Cross River’s Teaneck, NJ and Brooklyn, NY branches

Cross River also expands partnership with The Memorial Foundation, sponsoring the Martin Luther King, Jr. Memorial Social Justice Fellowship Program for 50 distinguished Fellows who are leading change in their communities

FORT LEE, N.J. — (BUSINESS WIRE) — Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced, as part of its Making Waves with Cross River program, expanded partnerships with both Operation HOPE and The Memorial Foundation in order to bring access to financial resources and increased economic inclusion to communities across the country.

“Our partners at Operation HOPE and The Memorial Foundation have dedicated themselves to empowering individuals and communities to deliver a more inclusive future for all,” said Gilles Gade, Founder, President, and CEO of Cross River. “For Cross River, giving back comes first, and we are grateful for the opportunity to double down on our commitment.”

Cross River and Operation HOPE have been partners for more than five years, and now, the two will expand their community-based approach to financial wellness, specifically through HOPE Inside, an award-winning model of community uplift at another location. HOPE Inside brings coaches to bank branches, providing in-person and virtual financial coaching, educational content, and solutions through financial dignity programming to empower individuals with the financial knowledge and tools they need.

Throughout the COVID-19 pandemic, Cross River and Operation HOPE partnered to provide resources to individuals and community partners, which included virtual financial literacy courses, small business development workshops, and the joint Entrepreneur Training Program (“ETP”), from which over 100 entrepreneurs have already graduated. Having seen the success of these programs in its Brooklyn, New York branch footprint, Cross River and Operation HOPE are now expanding these programs to Cross River’s Teaneck, New Jersey branch to deliver these life-changing services to more individuals to help them solve every day financial challenges and create a more secure future.

“For so many Americans, these are trying times. Through our partnership with Cross River we are providing critical virtual financial literacy and coaching services to help them navigate the economic impacts of COVID-19,” said John Hope Bryant, Founder, Chairman, and Chief Executive Officer of Operation HOPE. “We remain committed to equipping individuals and business owners with sustainable tools that allow them to tackle their unique financial challenges—and ultimately thrive.”

Cross River also announced an expanded partnership with The Memorial Foundation to support the Martin Luther King, Jr. Memorial Social Justice Fellowship Program, which unites like-minded emerging leaders from across the nation who share an unwavering commitment to social justice and who have embraced opportunities to advance change through leadership. Fellows possess a strong entrepreneurial spirit with a focus on improving the conditions of underserved communities and are empowered to build an intentional coalition of support with leaders across the nation, explore high impact practices that impart change, and develop an understanding of leadership and advocacy for long-term, sustainable community advancement. Last Wednesday, the Foundation hosted its anniversary gala in Washington titled “Moving the Dream Forward …Forever a Stone of Hope,” celebrating the foundation’s inaugural class of social justice fellows.

“As we celebrate our 10th anniversary and the work of Martin Luther King, we are also celebrating the foundation’s inaugural class of social justice fellows, our leaders of the future,” said Harry Johnson Sr., President and CEO of The Memorial Foundation. “Dr. King represented justice, opportunity, and most importantly, change, and we are immensely grateful to our community partners like Cross River for their unwavering support in continuing his mission.”

These two initiatives are part of Making Waves with Cross River, a campaign dedicated to small businesses and entrepreneurs. Coming off the success of Cross River’s 2020-2021 Paycheck Protection Program (PPP), the campaign is specifically focused on supporting diverse small businesses and empowering entrepreneurs who are serving their communities and creating jobs. It encompasses a number of initiatives in conjunction with community partners including grant programs, fellowships, events, and small business support.

To learn more, and to get involved, please visit www.crossriver.com/making-waves.

About Cross River

Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.

About Operation HOPE

Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: www.OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook and Instagram.

About The Memorial Foundation

Located in Washington, D.C., The Memorial Foundation, Inc. exists to promote awareness of the Martin Luther King, Jr. Memorial and its tenets of democracy, justice, hope, and love. The 501C3 nonprofit organization also supports the general upkeep of the Memorial, which as the 5th most-visited memorial on the National Mall sees more than 3 million visitors per year. Learn more at www.thememorialfoundation.org.

Contacts

Media:

Cross River

Eden Hoffman

Phone: 201-808-7000 x538

ehoffman@crossriver.com

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