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Rotunda Capital Partners invests in Door Pro America

Partnership supports growth of market leader in the direct-to-consumer residential install, repair and replacement garage door services industry.

 

BETHESDA, Md. & EVANSTON, Ill. — (BUSINESS WIRE) — Rotunda Capital Partners “(Rotunda)” has invested in Door Pro America “(Door Pro” or the “Company),” a leading direct-to-consumer installer and service provider of residential garage doors with eight strategic locations throughout the United States.

 

Headquartered in Gainesville, Virginia, Door Pro has expanded rapidly through organic growth since its founding in 1998.

 

Currently, Door Pro is one of the largest and most reputable residential garage door service providers in the country, serving customers throughout the U.S. with facilities in Virginia, Maryland, Illinois, Washington, Oregon, New York, New Jersey, and Colorado. Fueled by their market leading reputation, Door Pro is a leading installer of Amarr Garage Doors & Commercial Doors and LiftMaster garage doors and openers and is quickly becoming a premier provider of 24/7 maintenance services, serving the residential repair, replacement and new installation markets.

 

The Company will continue to be led by Co-Presidents Larry Notto and Chris Traxler, who will also maintain an ownership stake alongside Rotunda Capital Partners Fund III. As part of the transaction, the Company has partnered with Jeff Mick, the former President of Amarr Garage Doors & Commercial Doors. Mr. Mick serves as a strategic advisor and member of the Board of Directors.

 

Dan Lipson, a Rotunda Managing Partner, said, “Door Pro is one of the premier national platforms in the residential garage door services industry. The Company has grown rapidly by adding new branch locations throughout the country, all the while maintaining their leading reputation of excellent customer service. We are excited to partner with Larry, Chris and the team to continue to build on the Company’s track record of growth and success.”

 

“Leveraging our significant experience in the residential services space, including our investments in Storm Smart, Canter Power Systems and U.S. Waterproofing, we quickly recognized Door Pro’s growth potential and position as the acquiror of choice for residential garage door service providers looking for growth investments,” added John Fruehwirth, a Managing Partner at Rotunda.

 

Mr. Notto commented, “From my first meeting with the Rotunda team, I knew they would be the best partner to help us take Door Pro to the next level. Their expertise and track record in residential services is extremely impressive, and their expertise in growing founder-owned businesses, especially in the residential services arena, is well recognized. Both Chris and I look forward to partnering with Rotunda and leveraging their experience and resources to grow our company faster than we could have on our own.”

 

Ryan Aprill, Rotunda Principal, added, “Door Pro is another successful example of Rotunda’s differentiated and thematic sourcing approach to partnering with family and founder-owned companies. We have been working with Jeff for some time to identify the right platform in the residential garage door service industry and we believe we have found it in Door Pro. Rotunda is excited to continue scaling the business, both organically and through acquisitions.”

 

The Door Pro investment represents the third platform in Rotunda’s latest fund, Rotunda Capital Partners Fund III, L.P. The Rotunda team included Dan Lipson, John Fruehwirth, Ryan Aprill, Cara Hauan and Karthik Munugala. Benesch Friedlander Coplan & Aronoff LLP served as legal counsel to Rotunda.

 

About Door Pro America

Door Pro America is a leading provider of residential install, repair and replacement garage door services across the U.S. Founded in 1998, Door Pro America has established a reputation for providing the highest quality customer service available in its eight markets, including Virgnia, Maryland, Illinois, Washington, Oregon, New York, New Jersey and Colorado. Door Pro America holds Double Diamond and Premier dealer status with Amarr Garage Doors & Commercial Doors and LiftMaster. More information about Door Pro can be found at www.doorproamerica.com.

 

About Rotunda Capital Partners

Rotunda Capital Partners is an operationally oriented private equity firm focused on transforming family-founder owned companies into dynamic, data-driven platforms able to achieve and manage significant growth. Since its founding in 2009, Rotunda has partnered with management teams to build great businesses within three primary sectors: value-added distribution, asset-light logistics and industrial, business, and residential services. Rotunda strives to achieve replicable results by implementing its Rotunda Performance System to create strategic alignment, develop lean processes and create robust, data-driven infrastructures. For more information, visit www.rotundacapital.com.

Contacts

Margaux Valle

Head of Business Development

Rotunda Capital Partners

(240) 2962-1707

PR@rotundacapital.com

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BJ’s One® Mastercard® cardholders can earn double rewards during special event

First-ever four-day event will take place December 7 – 10, 2023, in partnership with Mastercard.

 


MARLBOROUGH, Mass. — (BUSINESS WIRE) — BJ’s Wholesale Club (NYSE: BJ), a leading operator of membership warehouse clubs, announced today an exclusive rewards event that will let BJ’s One Mastercard cardholders earn double rewards Dec.7 – 10, 2023.

 

BJ’s One Mastercard cardholders will earn double rewards on practically everything in-club, online at BJs.com or in the BJ’s app. That means BJ’s One+ Mastercard cardholders will earn 10% back* in rewards1 and BJ’s One Mastercard cardholders will earn 6% back* in rewards1 during the promotion period.

 

Non-cardholders will also have the chance to earn double rewards when they apply and get approved for a BJ’s One Mastercard in advance of the savings event. To apply for a BJ’s One Mastercard, BJ’s members can visit the member services desk at their local club or BJs.com/BJsone.

 

“The BJ’s One Mastercard program offers our members some of the best rewards in retail with well over $100 million in rewards delivered back to our members this year,” said Bill Werner, Executive Vice President, Strategy and Development, BJ’s Wholesale Club. “To thank our cardholders during the holiday season of giving, we have partnered with Mastercard to double our BJ’s One Mastercard rewards on all purchases at BJ’s from December 7th to December 10th. With up to 10% back in rewards on top of our everyday 25% off grocery store prices, there will be no better time for our members to stock-up for the holidays or splurge on that extra special holiday gift.”

 

With no limit on the amount that can be earned during this special event, members can shop for holiday must-haves and everyday grocery essentials. The rewards can really stack up on BJ’s holiday gifting favorites, like an Xbox Series X 1TB Console (earn up to $49 in rewards) and Land Rover 12V Ride-On Vehicle Range Rover Evoque (earn up to $25 in rewards) or maximize holiday meal prep with a KitchenAid KP26M1X Pro 600 Series 6-Quart Bowl-Lift Stand Mixer (earn up to $39 in rewards).

 

No matter how they shop, members can earn double rewards on practically everything with their BJ’s One Mastercard, including in-club shopping, curbside pickup, in-club pickup, same-day delivery,† ExpressPay®,†† and standard delivery from BJs.com.

 

*Offer valid 12/7/23 – 12/10/23 11:59 PM EST for BJ’s One® and BJ’s One+® Credit Card cardholders only. Bonus reward earnings may take up to one month after the promotion period ends to add to pending earnings. 2x bonus earnings will be applied to eligible purchases in-club at BJ’s front-end registers, on BJs.com, or in the BJ’s app during the promotion period (“Eligible Items”). Eligible Items exclude eye exams, shipping, sales tax, bottle deposits, alcoholic beverages, cigarettes and tobacco-related products, lottery tickets, gift cards, propane, BJ’s Gas®, online optical purchases, membership fees and add-ons, warranties and protection plans, BJ’s services provided by third parties (e.g., BJ’s Travel®), and BJ’s B2B and BJ’s Global Sales transactions. BJ’s One® Credit Card cardholders earn 6% back in rewards (instead of 3%) and BJ’s One+® Credit Card cardholders earn 10% back in rewards (instead of 5%), minus any redeemed rewards, returns, refunds, or credit adjustments, on Eligible Items when they pay for these purchases with their BJ’s One® Credit Card or BJ’s One+® Credit Card, as applicable. BJ’s Business Elite® Mastercard® cardholders are excluded and may not participate in this offer. Purchases made using third-party digital wallets (ex. Apple Pay®) are excluded from this offer. The rewards program is provided by BJ’s Wholesale Club, Inc. and its terms may change at any time. For full rewards terms and conditions, please see BJs.com/bjsoneterms and BJs.com/terms. Offer is subject to change at any time without notice.

 

†20 item per transaction limit. Only available for purchases up to $750. Paper coupons not available. Cannot be used to purchase gift cards, alcohol, cigarettes, propane, appliances, fireworks, security-protected items or tires.

 

††BJ’s Same-Day Delivery is not available in all ZIP codes. Log in to your account to confirm availability.

 

1There is no cap to the amount you can earn on eligible purchases with your BJ’s One® Credit Card or BJ’s One+® Credit Card, as applicable, and rewards are yours for the life of the account — they will not expire. Must have a minimum balance of $10 in rewards to redeem. Minimum eligible purchase amount is $10 at BJ’s checkout.

 

Credit card offers are subject to credit approval.

 

The rewards program is provided by BJ’s Wholesale Club, Inc. and its terms may change at any time. For full rewards terms and conditions, please see BJs.com/bjsoneterms and BJs.com/terms.

 

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

 

About BJ’s Wholesale Club Holdings, Inc.

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: “We take care of the families who depend on us.” The company provides a curated assortment of grocery, general merchandise, gasoline and ancillary services to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Headquartered in Marlborough, Massachusetts, the company pioneered the warehouse club model in New England in 1984 and currently operates 239 clubs and 169 BJ’s Gas® locations in 20 states. For more information, please visit us at BJs.com or on Facebook, X (formerly known as Twitter), or Instagram.

 

About Capital One

Capital One Financial Corporation (http://www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $333 billion in deposits and $455.2 billion in total assets as of December 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

 

Visit the Capital One newsroom for more Capital One news.

 

About Mastercard (NYSE: MA) www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Contacts

Media:
Kirk Saville

Head of Corporate Communications

BJ’s Wholesale Club

ksaville@bjs.com
774-512-5597

Briana Keene

Sr. Manager, External Communications

BJ’s Wholesale Club

bkeene@bjs.com
774-512-6802

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AM Best affirms Credit Ratings of NongHyup Property and Casualty Insurance Company Limited

HONG KONG — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NongHyup Property and Casualty Insurance Company Limited (NH P&C) (South Korea). The outlook of these Credit Ratings (ratings) is stable.

 

The ratings reflect NH P&C’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support the company receives from its ultimate parent, National Agricultural Cooperative Federation (NACF).

 

NH P&C’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s solid expansion of retained earnings in recent periods, backed by its no-dividend policy and improved earnings, provided a partial buffer against the negative capital pressure (under IFRS 4) due to the valuation loss on available-for-sale bonds from rapid interest rate hikes in 2022. NH P&C’s financial flexibility is supported by its good accessibility to the capital market underpinned by its previous issuances of subordinated bonds and additional financial support from its immediate parent, NongHyup Financial Group Inc. (NHFG). The company has a conservative investment portfolio consisting mainly of fixed-income assets, with increased focus on asset-liability management to enhance its capital management.

 

AM Best assesses NH P&C’s operating performance as adequate, with a weighted five-year average operating ratio of 96.4% (2018-2022) and a return-on-equity ratio of 6.3%. The year-over-year increase in the company’s net income in 2022 was mainly driven by improved investment returns, supported by stable interest income from its bond portfolio amid the elevated interest rate environment and favourable excess return on alternative investments. Albeit moderately volatile depending on weather events, AM Best expects NH P&C’s prospective underwriting performance to remain supported by growing long-term protection products with favourable margins, coupled with improved profitability of government policy insurance lines.

 

NH P&C is a domestic non-life insurer in South Korea, with a 4.6% market share in terms of gross premiums written in 2022. The company is an exclusive (or major) provider of government policy insurance products for the country’s farmers, such as crop, livestock and agricultural vehicle insurances.

 

In its largest business line of long-term insurance, which NH P&C maintains a modest market share, the company has been gradually expanding protection-type product sales to secure its profitability and aims to diversify into non-cooperative channels, such as general agent and tied-agent channels. However, overall premium growth of the long-term line has remained limited due to strong market competition. Distribution remains highly concentrated in the cooperative channel, which is a network of NACF’s members.

 

As a wholly owned subsidiary of NHFG, which is the financial arm of NACF and one of the largest financial groups in South Korea, NH P&C is strategically important to NACF, given its role as the exclusive provider of government policy insurance products to cooperative members. AM Best also recognises various forms of explicit support, such as capital support from NHFG, as well as direct reinsurance support and full expense reimbursement from the government for its crop insurance line.

 

Negative rating actions could occur if there is a sustained deteriorating trend in NH P&C’s operating performance. Negative rating actions could also arise if the level of support or the company’s strategic importance to NACF is reduced to a degree that no longer supports the current level of enhancement. Positive rating actions could occur if NH P&C’s business profile improves in a sustainable manner, for example, through successful channel diversification that results in a materially enhanced market presence without deterioration in its risk-adjusted capitalisation and operating profitability. Positive rating actions could also occur if the company’s balance sheet strength fundamentals demonstrate sustained improvement.

 

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

 

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 Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

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

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Seokjae Lee
Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chanyoung Lee
Director, Analytics
+852 2857 3404
chanyoung.lee@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Zycus’ AI Council charts the course of Generative AI in procurement

Merlin Assist – Gen AI chatbot awarded Innovative Solution of the Year by CPO100

 

PRINCETON, N.J. — (BUSINESS WIRE) — Zycus, a pioneer in Cognitive Procurement Software, proudly announces the continued success of its AI Council, uniting CPOs representing over $0.5 trillion of annual spends, and leading analysts to propel AI advancements in Source-to-Pay (S2P).

 

The recent session focused on Gen-AI use cases.

Innovative Leap with Merlin Assist

At the heart of these advancements is Merlin Assist, an AI-powered chatbot integrated with Microsoft Teams, offering a singular, streamlined interface for procurement activities. Enriched with the capability to utilize any Generative AI LLM, like OpenAI / ChatGPT or Bard AI, Merlin Assist is poised to redefine business engagement within procurement. Incidentally, Merlin Assist – Gen AI chatbot was awarded the most “Innovative Solution of the year” by CPO100 at their 2nd annual conclave held in Dubai.

 

Aatish Dedhia, Founder & CEO of Zycus, emphasizes, “Merlin Assist is more than a technological innovation; it’s a paradigm shift in procurement. Integrating Generative AI into our platform empowers users to navigate procurement processes with unprecedented ease and intelligence. We have always believed AI is the new UI, and Gen-AI truly makes it possible.”

 

Council’s Collaborative Triumphs

The AI Council, comprising prominent leaders Hervé Le Faou (Heineken), Brian Roche (Westfield Insurance), Daniele Landi (Danone), Piotr Teodorczyk (Suntory Holdings), Florence Tinsley-Roy (PwC), Robert Andersen (NewsCorp), Shyamala Chalakudi (Hewlett Packard Enterprise), Chris Sawchuk (The Hackett Group), and Kishore Pejavara (Delta Air Lines), among others, prioritized key Gen-AI use cases for the source-to-pay process. The members voted on the 20+ Gen-AI uses cases demonstrated live by Zycus which were developed over the past 4 months based on specific inputs from AI Council meet held in June 2023.

 

Top voted priorities include:

  • RFP generation,
  • Category strategy development,
  • Contract summary creation, and
  • Supplier discovery.

These use cases address current challenges and pave the way for strategic advancements in procurement.

 

Path to General Availability

While thousands of end users across key Zycus clients across the USA & Europe are currently using the Beta version of Merlin Assist, the Gen-AI powered Merlin Assist is scheduled for general availability by early next year. This early adoption is a testament to the significant impact Merlin Assist is anticipated to have across various industries.

 

About Zycus:

Zycus is the pioneer in Cognitive Procurement software and has been a trusted partner of choice for large global enterprises for two decades. Zycus has been consistently recognized by Gartner, Forrester, and other analysts for its Source-to-Pay integrated suite. Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks and empowers procurement and AP officers to focus on strategic projects; offers data-driven actionable insights for quicker and smarter decisions, and its conversational AI offers a B2C type user-experience to the end-users.

Contacts

Arnish Shah

Associate Director – Marketing

Zycus Inc.

arnish.shah@zycus.com

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ExtensisHR certified as a Great Place To Work®

Third certification continues a legacy of exceptional company culture

 

WOODBRIDGE, N.J.–(BUSINESS WIRE)–#HR—ExtensisHR, a nationally recognized Professional Employer Organization (PEO) and HR Outsourcing (HRO) services provider, is proud to announce it has earned another Great Place To Work® Certification™.

 

This prestigious award is based entirely on current employee feedback and underscores the company’s commitment to fostering an outstanding work environment. This year, 93% of team members stated ExtensisHR is a great place to work—almost 40 points higher than the average U.S. company.

 

Great Place To Work® is the global authority on workplace culture, employee experience, and leadership behaviors proven to deliver market-leading revenue, employee retention, and increased innovation. This is the third time ExtensisHR has been Great Place To Work® certified. When asked to describe why ExtensisHR is a great workplace, employees frequently used the words “team,” “people,” and “service.”

 

ExtensisHR’s overall scores are noted on its Great Place To Work® profile, with highlights including:

  • 97% of employees said when you join the company, you are made to feel welcome.
  • 94% reported they are proud to tell others they work at ExtensisHR.
  • 93% stated management is competent at running the business.
  • 95% of employees celebrate special events at the company.
  • 93% of people at ExtensisHR are given a lot of responsibility.

 

“Our success as a company is intrinsically linked to the enthusiasm and passion of our employees,” said David Pearson, ExtensisHR’s SVP of People and Culture. “ExtensisHR remains dedicated to upholding the values that have earned us this distinction and will continue investing in our employees, ensuring we maintain our status as an employer of choice and providing a supportive community where everyone can thrive.”

 

ExtensisHR boasts a proud history of garnering acclaim for its company culture, having received numerous honors in the past, including:

 

“Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience,” says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. “By successfully earning this recognition, it is evident that ExtensisHR stands out as one of the top companies to work for, providing a great workplace environment for its employees.”

 

A Great Place To Work® Certification™ is a testament to ExtensisHR’s ongoing efforts to create a workplace that promotes collaboration, innovation, and personal and professional growth. The company’s commitment to its employees is reflected through comprehensive benefits packages, career development opportunities, and a corporate culture that values diversity, equity, and inclusion. Interested candidates are invited to explore open job opportunities here.

 

About ExtensisHR

Founded in 1997, ExtensisHR is a leading national Certified Professional Employer Organization (PEO) and HR Outsourcing (HRO) solution provider, focused on delivering exceptional customer service. We specialize in tailored HR solutions for small- and medium-sized businesses, with a comprehensive portfolio including human resources, benefits, payroll, Work Anywhere® technology, risk and compliance, employee management, recruiting, and more. For additional information or to become a broker partner, visit: www.extensishr.com, or follow us on LinkedIn, X (formerly Twitter), Facebook, and YouTube.

 

About Great Place To Work Certification™

Great Place To Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place To Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified.

 

About Great Place To Work®

As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces™ List. Learn more at greatplacetowork.com and follow Great Place To Work on LinkedIn, Twitter, Facebook and Instagram.

Contacts

Stephanie Clark

sclark@extensishr.com

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Aetrex launches FitStarter technology platform to offer retailers immediate footwear fitting solution

Integrating the Heeluxe SmartLast system with Aetrex’s 3D foot scanning technology, retailers can provide fit recommendations to consumers upon program implementation

 

TEANECK, N.J. — (BUSINESS WIRE) — Aetrex, Inc. (“Aetrex”), a global market leader in foot scanning technology and data-driven orthotics and comfort footwear, today announced FitStarter, a personalized footwear recommendation platform designed to help retailers improve their shoe fitting service for shoppers, reduce returns and increase customer satisfaction.

 

Developed in partnership with the premier shoe fit testing company Heeluxe, FitStarter is an accurate, turnkey starting point to Aetrex’s AI-powered shoe match-making platform, FitGenius. Retailers can easily add FitStarter to their existing Albert 3D foot scanner (Albert 2 Pro or Albert 3DFit) software.

 

To support FitStarter, Aetrex is establishing multiple Fit Labs to analyze shoes submitted by participating retailers each season. A member of the Aetrex Technology team will analyze the shoes using the patented Hank Jr Shoe Fitting SmartLast system developed by Heeluxe, which leverages pressure sensor technology. Within days, retailers will have footwear and fit recommendations available within their Aetrex Albert software. Once Aetrex collects shoe data within the Fit Lab, the FitStarter platform will analyze each customer’s unique 3D foot scan data collected in store alongside the Fit Lab data to provide immediate, personalized fitting recommendations.

 

“While FitGenius remains our gold standard fit recommendation offering for retailers, not every retailer has the capacity to quickly collect the required 5,000 foot scan data points necessary to feed the AI platform,” said Larry Schwartz, CEO of Aetrex.

 

“With FitStarter, retailers can provide accurate shoe fit recommendations from day-one of installation while also collecting the foot scan data points needed to upgrade to the premium FitGenius AI.”

 

The FitStarter program provides in-store shoppers with personalized fit recommendations, while FitGenius has the capability to provide ideal footwear recommendations to consumers both in store and online. After a shopper completes an Aetrex 3D foot scan at a participating retail location, FitStarter will rank the retailer’s footwear inventory based on the likelihood of a good fit for that individual from excellent to poor. It will also display a graphic of the consumer’s selected shoe, highlighting areas that fit well and potential areas of pressure. FitStarter also considers the shopper’s preference for shoe fit, ranging from snug to roomy.

 

“Like Aetrex, Hank Jr Shoe Fitting is focused on data-driven technology solutions to improve footwear fit and design, bringing natural synergy to our partnership,” said Dr. Geoffrey Gray, founder of Heeluxe and Hank Jr Shoe Fitting, Inc.

 

“This partnership allows us to bring our shoe data and testing process to the masses in an effort to help shoppers around the world get into the right fitting footwear on the first try, quickly and easily.”

 

FitStarter will be available to existing and interested Aetrex foot scanning partners on January 1, 2024 on a service subscription model. To learn more about FitStarter and all Aetrex technology offerings, visit aetrex.com.

 

About Aetrex

Aetrex, Inc. is widely recognized as a global leader in foot scanning technology and data-driven orthotics and comfort footwear. Aetrex has developed state-of-the-art foot scanning devices, including Albert, Albert 2 Pro and Albert 3DFit (2022 and 2023 CES Innovation Award Honorees), Albert Pressure and iStep, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 12,000 scanners worldwide that have performed more than 50 million unique customer foot scans, currently averaging more than 2.5 million scans a year.

 

The company is renowned for its over-the-counter orthotics – the worlds #1 premium foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, visit www.aetrex.com.

Contacts

Media
Simone Migliori

aetrex@matternow.com
617-874-5484

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New Research: 97% of US CIOs identify cybersecurity as a current major threat to their organization

EDISON, N.J. — (BUSINESS WIRE) — According to new research released by Opengear, a Digi International company (NASDAQ, DGII, www.digi.com) and provider of secure and Smart Out of Band management solutions, a staggering 97% of U.S.-based CIOs surveyed expressed serious concerns about at least one cybersecurity threat.

 

This comprehensive survey encompassed responses from 502 CIOs and 510 network engineers in the U.S., U.K., France, Germany, and Australia. The primary cybersecurity concerns highlighted in the research included malware (42%), spam and phishing (34%), social engineering (31%), and insider threats (30%). Remarkably, malware also emerged as a significant threat for 42% of the surveyed network engineers.


While only 23% of U.S. CIOs reported distributed denial-of-service (DDoS) attacks as a threat, 38% of network engineers reported a higher level of concern for this specific type of attack, most likely due to their close proximity to the network. To add to these concerns, U.S. engineers said that insufficient investments are enhancing the risk of cyberattacks and/or downtime (59%). This suggests that lack of budget spent on software upgrades and network upgrades, for example, leaves organizations more vulnerable to attack and has the potential to affect business continuity, which is a high priority for 97% of CIOs in the U.S. and 88% of CIOs globally.

 

“The skills shortage and insufficient investment in networks are two factors that have combined to encourage cybercriminals to breach businesses,” said Gary Marks, President at Opengear. “Smart Out of Band solutions enable organizations to manage their networks at all times from local and remote sites, even during an outage. Network engineers can make smarter, real-time decisions to achieve consistent network resilience and unparalleled visibility, with security and encryption features ensuring that management policies remain continually enforced.”

 

Continued technology investment is essential to enable engineers to safeguard networks during cyberattacks. The latest research further highlights a concerning trend, indicating that 27% of U.S. network engineers are actively contemplating leaving their current roles due to inadequate funding — an alarming contrast to the global average of 21%.

 

About Opengear

Opengear, a Digi International company, delivers secure, resilient access and automation to support critical IT infrastructure on the First Day, Every Day and Worst Day. Through presence and proximity, Opengear solutions enable provisioning, orchestration, and remote management of network devices through innovative software and appliances. Opengear solutions are trusted by global organizations across financial, digital communications, retail, and manufacturing sectors. The company is headquartered in New Jersey, with an R&D center in Brisbane, Australia.

 

For more information, visit www.opengear.com/

 

About Digi International

Digi International (NASDAQ: DGII) is a leading global provider of business and mission-critical Internet of Things (IoT) connectivity products and solutions. We help our customers create next-generation connected products and solutions to deploy, monitor, and manage critical communications infrastructures and compliance standards in demanding environments with high levels of security, relentless reliability, and bulletproof performance. Founded in 1985, the company has helped customers connect more than 100 million things – and counting. For more information, visit www.digi.com, or call 877-912-3444 (U.S.) or 952-912-3444 (International).

 

Contacts

Opengear U.S. Media Contact
Peter Ramsay

open@globalresultspr.com
+1 949 608 0276

Opengear UK Media Contact
Kate Hellig

kateh@whiteoaks.co.uk
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AM Best assigns Credit Ratings to CM Select Insurance Company under new ownership

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to CM Select Insurance Company (CM Select) (Merrill, WI), which is under new ownership.

 

The outlook assigned to CM Select’s Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of CM Select Insurance Company (Merrill, WI); ratings that were influenced by CM Select’s prior ownership.

 

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

 

AM Best expects CM Select to maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which supports prospective growth in the company’s underwriting risks. The company’s business plan consists of writing commercial products for small and medium business, including serving the religious and non-profit market, primarily business owner policies in Texas and various states, and expanding into minority and veteran-owned markets over the next five years. CM Select will continue to leverage Church Mutual Insurance Group’s (Church Mutual) agency force while expanding into adjacent markets. While the company adopted its risk framework and underwriting guidelines from Church Mutual, the concentration of property-related business and reinsurance dependence remain core risk factors.

 

CM Select is now owned by MGT Partners LLC, which provides an element of financial support as it contributed capital to support growth initiatives at the time of the acquisition with additional capital available to support future growth. Further, strategic support comes in the form of risk and operational oversight from the board of directors with extensive insurance experience. The ratings and outlooks consider transitional and service agreements between CM Select and Church Mutual, along with a 100% reinsurance agreement on all legacy business, including new and renewal religious and non-profit-related business. The company anticipates placing external reinsurance ahead of writing retained business in 2024.

 

At the time of the withdrawal, CM Select Insurance Company’s prior ratings were under review with negative implications following the announcement that MGT Partners LLC would be acquiring CM Select Insurance Company from Church Mutual earlier in the year. MGT Partners LLC completed the acquisition of CM Select Insurance Company on Oct. 1, 2023, and the closing has resulted in AM Best withdrawing the entity’s ratings. While AM Best’s policy is for a final rating to be completed along with the withdrawal, a final rating was not able to be completed since it is no longer able to be rated under the prior structure.

 

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 Performance Assessments, 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Quentin Harris
Senior Financial Analyst
+1 908 882 1816
quentin.harris@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chris Draghi
Associate Director
+ 1 908 882 1749
chris.draghi@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Culture Economics Lifestyle Perspectives Regulations & Security

AM Best affirms Credit Ratings of Farmers New World Life Insurance Company and Farmers Reinsurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Farmers New World Life Insurance Company (FNWL) (Bellevue, WA).

 

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Farmers Reinsurance Company (Farmers Re) (Woodland Hills, CA). The outlook of these Credit Ratings (ratings) is stable.

The ratings of FNWL reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also recognize the continued strategic value that FNWL provides to its ultimate parent, Zurich Insurance Group Ltd.

 

FNWL’s ratings are supported by its risk-adjusted capitalization being maintained at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), a history of positive operating earnings, and material contributions to the overall group from new business value and operating profits. The company’s previously announced reinsurance agreement with Resolution Life Group Holdings Ltd. will allow a strategy shift going forward, enabling it to focus on a simplified product portfolio that is easier to sell and has shorter cycle times.

 

The ratings of Farmers Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect the company’s strategic importance to Zurich Insurance Group Ltd.

 

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 Performance Assessments, 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Thomas Keelan
Financial Analyst
+1 908 882 1925
thomas.keelan@ambest.com

Edin Imsirovic
Director
+1 908 882 1903
edin.imsirovic@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Culture Economics Lifestyle Perspectives Regulations & Security

AM Best removes from under review with negative implications and affirms credit ratings of Clear Blue Insurance Group members

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of the members of Clear Blue Insurance Group (Clear Blue) (Guaynabo, Puerto Rico).

 

The outlook assigned to these Credit Ratings (ratings) is stable. See below for a detailed listing of members and ratings.

The ratings of Clear Blue reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

Clear Blue’s ratings were placed under review with negative implications on July 25, 2023, as a result of the uncertainty surrounding Clear Blue’s ability to rely on certain letters of credit, posted to back reinsurance placed by Clear Blue with certain reinsurers in Vesttoo-related transactions. Of particular concern was the potential balance sheet implications, in addition to the execution and timing risk associated with replacing capacity or letters of credit.

 

Over the past few months, Clear Blue has successfully moved active programs to either new reinsurers or reinsurers on its existing panels took higher percentages. All of these contracts have been signed and are fully collateralized. All “run-off” programs which remain in place are collateralized by funds held in cash from written premium. However, additional collateral on these programs above the funds held has not been replaced.

 

Clear Blue did take a $33 million temporary reduction in surplus in its second quarter 2023 filings due to the commission strain on unearned premiums. However, the impact decreased to $16.36 million in third quarter 2023 filings and is expected to gradually decline over the next few quarters before disappearing by mid-2024. In addition to the temporary implications, the lack of replacement collateral on the “run-off” programs resulted in a $10.7 million write down of recoverables that resulted in an underwriting loss of the same amount in third quarter 2023. The lack of replacement collateral also exposes Clear Blue to adverse development on these run-off programs.

 

To solidify its balance sheet, Clear Blue was recently infused with $25 million, $15 million of which was funded by a line of credit at the holding company and an additional $10 million funded by an equity infusion from Pine Brook. Given these capital initiatives, Clear Blue’s ability to replace capacity on active programs and the relatively modest financial losses, AM Best continues to assess the company’s balance sheet strength level as very strong.

 

From an ERM perspective, AM Best notes it has become evident through documents associated with Vesttoo’s bankruptcy filing that fraud was at the heart of this episode. In response to this fraud, Clear Blue has implemented more rigorous procedures around securing, documenting and confirming letters of credit. AM Best believes these actions to be appropriate.

 

The performance of the retained run-off programs remains uncertain and could potentially impact Clear Blue financially and operationally. The stable outlook that has been assigned reflects AM Best’s view that the actions taken by Clear Blue should continue to mitigate the potential negative impacts. However, if this view were to change, AM Best may need to take negative rating action.

 

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been removed from under review with negative implications with a stable outlook assigned for the following property/casualty subsidiaries of Clear Blue:

  • Clear Blue Insurance Company
  • Clear Blue Specialty Insurance Company
  • Highlander Specialty Insurance Company
  • Rock Ridge 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 Performance Assessments, 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gordon McLean
Senior Financial Analyst
+1 908 882 2109
gordon.mclean@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

christopher.sharkey@ambest.com

Gregory Williams
Senior Director
+1 908 882 2434
greg.williams@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com