Tag: Business

With Birdzi’s Customer Intelligence Platform, the regional grocer will offer customers even greater savings and value across its 20+ stores

 

ISELIN, N.J. — (BUSINESS WIRE) — Birdzi, the supermarket industry’s most comprehensive customer intelligence and engagement ecosystem, today announced Strack & Van Til as the latest retailer to adopt its Customer Intelligence Platform. Upon implementation, the Indiana-based grocer will benefit from greater insights into shopper behavior, leading to higher rates of engagement, loyalty and ultimately, sales.

Strack & Van Til has a wealth of data collected across in-store and online channels, so the grocer sought a partner that would help them gain insights from the data, run targeted campaigns and grow its shopper value on an individualized basis. After considering other providers, the regional grocer selected Birdzi due to its unique breadth of capabilities and approach to customer intelligence.

 

Strack & Van Til will leverage all the capabilities of the Birdzi Customer Intelligence Platform, including a customer dashboard, shopper analytics, digital offer management, and personalized ad flyers and product recommendations. Strack & Van Til will also utilize VISPER, Birdzi’s AI-powered personalization campaign platform capable of leveraging an entire store’s product catalog and customer insights to create specific offers, discounts and communications for each customer.

 

Birdzi’s solution will quickly begin delivering insights to Strack & Van Til. The initial implementation is expected to go live in mid-August, approximately six weeks after the partnership agreement was signed. Additional features will be rolled out in the following months.

 

“We’ve been searching for the right provider to help us make better use of our customer data and we saw other regional grocers benefit significantly from Birdzi’s Customer Intelligence Platform,” said Jeff Strack, CEO, Strack & Van Til. “After working with the Birdzi team, we know we made the right choice. We look forward to offering our shoppers a better customer experience with greater relevancy and savings on the products they want to buy.”

 

Birdzi will also empower Strack & Van Til with its new “KIC score,” a shopper quality index that measures shoppers’ loyalty. KIC scores allow retailers to track the growth of shoppers’ loyalty over time and allows for better visibility into the impact of marketing campaigns. This will enable grocers to run more targeted campaigns and deliver true 1-to-1 engagement. With these tools, Strack & Van Til can be more strategic with marketing campaigns to develop deeper customer loyalty.

 

“We have great respect for Strack & Van Til’s dedication to their customers, and we’re excited to help them utilize customer intelligence data to further strengthen shopper loyalty and engagement,” said Shekar Raman, CEO and co-founder, Birdzi. “Retailers are beginning to realize the measurable ROI and the full range of capabilities that a customer intelligence platform can provide, and it signals a bigger trend towards data-centric personalization in the industry. We’re proud to help regional retailers like Strack & Van Til, Weis Markets, Coborn’s and others become industry leaders in harnessing the power of smart, personalized engagement.”

 

To learn more about Birdzi and its customer engagement platform, contact info@birdzi.com.

 

About Birdzi

Birdzi was founded with a vision to make the shopping experience “Smart, Personal and Seamless” for the shopper, while empowering retailers and brands to easily and intelligently connect with the shopper at the right time and place with the right message. For more information, visit: https://www.birdzi.com.

 

About Strack & Van Til

At the heart of every great community is a great neighborhood grocer. Since 1960 Strack & Van Til has been serving the neighborhoods of Northwest Indiana and Chicago with a friendly smile, helpful service and the finest quality groceries, perishables and freshly prepared foods available. Its goal is to deliver nothing short of complete satisfaction every time a customer comes to visit. Strack & Van Til now operates more than 20 stores across the region under the Strack & Van Til brand and a Town and Country in Valparaiso.

Contacts

Greg Earl

Ketner Group Communications (for Birdzi)

greg@ketnergroup.com

NEWARK, N.J .– (BUSINESS WIRE) — AeroFarms, a Certified B Corporation and leader in indoor vertical farming, today announced that management will be presenting at the CJS Securities 21^st Annual “New Ideas” Summer Virtual Investor Conference on Tuesday, July 13, 2021. The presentation will begin at 9:30 a.m. ET and will be webcast live from the Company’s Investor Relations website at www.aerofarms.com/investors/.

About AeroFarms

Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has grown over 550 varieties and has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.

On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq:SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol “ARFM”. Additional information about the transaction can be viewed here: https://aerofarms.com/investors/.

 

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

 

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might,” “will,” “estimate,” “continue,” “contemplate,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, including those regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q, final prospectus dated November 25, 2020 and preliminary proxy statement/prospectus dated July 8, 2021 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Investor Relations:

Jeff Sonnek

ICR

Jeff.Sonnek@icrinc.com
1-646-277-1263

Media Relations:

Marc Oshima

AeroFarms

MarcOshima@AeroFarms.com
1-917-673-4602

• KERENDIA is indicated to slow chronic kidney disease progression, reduce the risk of kidney failure, heart attack, heart failure hospitalization and cardiovascular death in adult patients with chronic kidney disease associated with type 2 diabetes¹
• First and only nonsteroidal mineralocorticoid receptor antagonist (MRA) approved for adults with chronic kidney disease associated with type 2 diabetes¹
• Despite guideline-directed therapies, many people with chronic kidney disease associated with type 2 diabetes are at risk for chronic kidney disease progression and cardiovascular events^2,3,4,5

 

 

WHIPPANY, N.J. — (BUSINESS WIRE) — Bayer announced today the United States (U.S.) Food and Drug Administration (FDA) has approved KERENDIA^® (finerenone), a first-in-class nonsteroidal mineralocorticoid receptor antagonist (MRA) indicated to reduce the risk of sustained eGFR decline, kidney failure, cardiovascular death, non-fatal myocardial infarction (MI) and hospitalization for heart failure in adult patients with chronic kidney disease (CKD) associated with type 2 diabetes (T2D).¹ The approval is based on the results of the pivotal Phase III FIDELIO-DKD trial data that demonstrated positive kidney and cardiovascular outcomes in patients with CKD associated with T2D, published in the New England Journal of Medicine in October 2020, and follows priority review designation granted by the FDA.^1,6

“The patient population included in the trial that supported the approval of KERENDIA were at risk of chronic kidney disease progression despite receiving standard of care treatment to control blood pressure and blood glucose,”^1,6 said George Bakris, M.D., University of Chicago and lead FIDELIO-DKD study investigator. “In people with chronic kidney disease associated with type 2 diabetes, physicians now have a new treatment to provide kidney protection.”^1,3,6

The KERENDIA label contains a Warning and Precaution that KERENDIA can cause hyperkalemia.¹ For more information, see “Important Safety Information” below.

Despite guideline-directed therapies, many people with CKD associated with T2D are at risk for CKD progression and cardiovascular events.^2,3,4,5 Type 2 diabetes is the leading cause of end stage kidney disease, when patients may need dialysis or a kidney transplant to stay alive.^7,8,9 Blacks or African Americans and Hispanic Americans have higher rates of kidney failure than their non-Hispanic white counterparts.¹⁰

KERENDIA works by blocking overactivation of the mineralocorticoid receptor (MR). Mineralocorticoid receptor overactivation is thought to contribute to fibrosis and inflammation.¹ Fibrosis and inflammation can contribute to permanent structural kidney damage.^4,11

“KERENDIA is the first and only nonsteroidal mineralocorticoid receptor antagonist proven to significantly slow chronic kidney disease progression and reduce cardiovascular risk in people with chronic kidney disease associated with type 2 diabetes,”^1,6 said Amit Sharma, M..D, Vice President of Cardiovascular and Renal, Bayer U.S. Medical Affairs. “We are excited to bring this new kidney-focused treatment to people living with this condition.”¹

“Chronic kidney disease associated with type 2 diabetes can have such a debilitating impact on patients’ lives.¹⁰ Unfortunately, this disease is far reaching, as up to 40 percent of all patients with type 2 diabetes develop chronic kidney disease,”¹² said Kevin Longino, CEO, National Kidney Foundation, and a kidney transplant patient. “It is important for physicians and patients to have new treatment options that can slow chronic kidney disease progression.”

KERENDIA is expected to be available in the U.S. beginning the end of July 2021. Finerenone has also been submitted for marketing authorization in the European Union.

About KERENDIA

INDICATION:

• KERENDIA is indicated to reduce the risk of sustained eGFR decline, end-stage kidney disease, cardiovascular death, non-fatal myocardial infarction, and hospitalization for heart failure in adult patients with chronic kidney disease (CKD) associated with type 2 diabetes (T2D).¹

IMPORTANT SAFETY INFORMATION

CONTRAINDICATIONS:

• Concomitant use with strong CYP3A4 inhibitors¹
• Patients with adrenal insufficiency¹

WARNINGS AND PRECAUTIONS:

• Hyperkalemia: KERENDIA can cause hyperkalemia. The risk for developing hyperkalemia increases with decreasing kidney function and is greater in patients with higher baseline potassium levels or other risk factors for hyperkalemia. Measure serum potassium and eGFR in all patients before initiation of treatment with KERENDIA and dose accordingly. Do not initiate KERENDIA if serum potassium is > 5.0 mEq/L.¹

Measure serum potassium periodically during treatment with KERENDIA and adjust dose accordingly. More frequent monitoring may be necessary for patients at risk for hyperkalemia, including those on concomitant medications that impair potassium excretion or increase serum potassium.¹

MOST COMMON ADVERSE REACTIONS:

Adverse reactions reported in ≥ 1% of patients on KERENDIA and more frequently than placebo: hyperkalemia (18.3% vs. 9%), hypotension (4.8% vs. 3.4%), and hyponatremia (1.4% vs. 0.7%)¹

DRUG INTERACTIONS:

• Strong CYP3A4 Inhibitors: Concomitant use of KERENDIA with strong CYP3A4 inhibitors is contraindicated. Avoid concomitant intake of grapefruit or grapefruit juice.¹
• Moderate and Weak CYP3A4 Inhibitors: Monitor serum potassium during drug initiation or dosage adjustment of either KERENDIA or the moderate or weak CYP3A4 inhibitor and adjust KERENDIA dosage as appropriate.¹
• Strong and Moderate CYP3A4 Inducers: Avoid concomitant use of KERENDIA with strong or moderate CYP3A4 inducers.¹

USE IN SPECIFIC POPULATIONS:

• Lactation: Avoid breastfeeding during treatment with KERENDIA and for 1 day after treatment.¹
• Hepatic Impairment: Avoid use of KERENDIA in patients with severe hepatic impairment (Child Pugh C) and consider additional serum potassium monitoring with moderate hepatic impairment (Child Pugh B).¹

Please read the Prescribing Information for KERENDIA.

FIDELIO-DKD Clinical Trial Results

The approval of KERENDIA is supported by FIDELIO-DKD trial, which is part of the Phase III program for finerenone in CKD associated with T2D.

The FIDELIO-DKD study was a randomized, double-blind, placebo-controlled, multicenter study in adult patients with CKD associated with T2D, defined as either having an UACR of 30 to 300 mg/g, eGFR 25 to 60 mL/min/1.73 m² and diabetic retinopathy, or as having an UACR of ≥300 mg/g and an eGFR of 25 to 75 mL/min/1.73 m².¹ The trial excluded patients with known significant non-diabetic kidney disease and a clinical diagnosis of chronic heart failure with reduced ejection fraction and persistent symptoms (NYHA class II to IV).¹ All patients were to have a serum potassium ≤4.8 mEq/L at screening and be receiving standard of care background therapy, including a maximum tolerated labeled dose of an angiotensin-converting enzyme inhibitor (ACEi) or angiotensin receptor blocker (ARB).¹ A total of 5,674 patients were randomized to receive KERENDIA (N=2833) or placebo (N=2841) and were followed for a median of 2.6 years.¹ The mean age of the study population was 66 years, and 70% of patients were male.¹ The trial population was 63% White, 25% Asian, and 5% Black.¹

KERENDIA reduced the incidence of the primary composite endpoint of a sustained decline in eGFR of ≥40%, kidney failure, or renal death (HR 0.82, 95% CI 0.73-0.93, p=0.001).¹ The treatment effect reflected a reduction in a sustained decline in eGFR of ≥40% and progression to kidney failure.¹ There were few renal deaths during the trial.¹

KERENDIA also reduced the incidence of the composite endpoint of cardiovascular death, non-fatal MI, non-fatal stroke or hospitalization for heart failure (HR 0.86, 95% CI 0.75-0.99, p=0.034).¹ The treatment effect reflected a reduction in cardiovascular death, non-fatal MI, and hospitalization for heart failure.¹

Adverse reactions that occurred more commonly on KERENDIA than on placebo, and in at least 1% of patients treated with KERENDIA were hyperkalemia (18.3% vs. 9%), hypotension (4.8% vs. 3.4%), and hyponatremia (1.4% vs. 0.7%).¹

Please see Prescribing Information for KERENDIA^® (finerenone) HERE.

About Bayer’s Commitment in Cardiovascular and Kidney Diseases

Bayer is an innovation leader in the area of cardiovascular diseases, with a long-standing commitment to delivering science for a better life by advancing a portfolio of innovative treatments. The heart and the kidneys are closely linked in health and disease, and Bayer is working in a wide range of therapeutic areas on new treatment approaches for cardiovascular and kidney diseases with high unmet medical needs. The cardiology franchise at Bayer already includes a number of products and several other compounds in various stages of preclinical and clinical development. Together, these products reflect the company’s approach to research, which prioritizes targets and pathways with the potential to impact the way that cardiovascular diseases are treated.

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.com.

Please see Prescribing Information for KERENDIA^® (finerenone) HERE.

Find more information at www.pharma.bayer.com
Our online press service is just a click away: www.bayer.us/en/newsroom
Follow us on Facebook: http://www.facebook.com/pharma.bayer
Follow us on Twitter: https://twitter.com/BayerUS

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

References

1. KERENDIA (finerenone) [prescribing information]. Whippany, NJ: Bayer HealthCare Pharmaceuticals, Inc.; July 2021.

2. Standards of medical care in diabetes – 2021. Diabetes Care. 2021;44(1):1-244. https://care.diabetesjournals.org/content/diacare/suppl/2020/12/09/44.Supplement_1.DC1/DC_44_S1_final_copyright_stamped.pdf
3. KDIGO 2012 clinical practice guideline for the evaluation and management of chronic kidney disease. Kidney Int Suppl. 2013;3:5-14. https://kdigo.org/wp-content/uploads/2017/02/KDIGO_2012_CKD_GL.pdf
4. Thomas MC, Brownlee M, Susztak K, et al. Diabetic kidney disease. Nat Rev Dis Primers. 2015;1:15018. doi:10.1038/nrdp.2015.18

5. Anders HJ, Huber TB, Isermann B, Schiffer M. CKD in diabetes: diabetic kidney disease versus nondiabetic kidney disease. Nat Rev Nephrol. 2018;14(6):361-377. doi:10.1038/s41581-018-0001-y

6. Bakris GL, Agarwal R, Anker SD, et al. Effect of finerenone on chronic kidney disease outcomes in type 2 diabetes. N Engl J Med. 2020;383(23):2219-2229. doi:10.1056/NEJMoa2025845

7. Center for Disease Control and Prevention. National diabetes statistics report 2020: estimates of diabetes and its burden in the United States. Accessed July 9, 2021. https://www.cdc.gov/diabetes/pdfs/data/statistics/national-diabetes-statistics-report.pdf
8. United States Renal Data System. Incidence, prevalence, patient characteristics, and treatment modalities. Accessed July 9, 2021. https://adr.usrds.org/2020/end-stage-renal-disease/1-incidence-prevalence-patient-characteristics-and-treatment-modalities
9. American Kidney Fund—Stages of CKD. Accessed May 11, 2021. https://www.kidneyfund.org/kidney-disease/chronic-kidney-disease-ckd/stages-of-chronic-kidney-disease/
10. Center for Disease Control and Prevention. Chronic kidney disease in the United States, 2021. 2021. Accessed June 28, 2021. https://www.cdc.gov/kidneydisease/pdf/Chronic-Kidney-Disease-in-the-US-2021-h.pdf
11. Alicic RZ, Rooney MT, Tuttle KR. Diabetic kidney disease: challenges, progress, and possibilities. Clin J Am Soc Nephrol. 2017;12(12):2032-2045. doi:10.2215/CJN.11491116

12. Bailey R, et al. Chronic kidney disease in US adults with type 2 diabetes: an updated national estimate of prevalence based on Kidney Disease: Improving Global Outcomes (KDIGO) staging. BMC Res Notes. 2014;7(1):415. doi:10.1186/1756-0500-7-415

Contacts

Media Contact:
Patti Fernandez, Tel. +1 845.300.4091

E-Mail: pfernandez@spectrumscience.com

OLDWICK, N.J. — (BUSINESS WIRE) — 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 property/casualty (P/C) subsidiaries of CNA Financial Corporation (CNAF) [NYSE: CNA], collectively known as CNA Insurance Companies (CNA). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of CNAF. Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of the members of Western Surety Group. The outlook of these Credit Ratings (ratings) is stable. All above named companies are headquartered in Chicago, IL. (See below for a detailed listing of the companies and ratings.)

The ratings of CNA, which is considered the lead rating unit in the CNAF enterprise, reflect its 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 (ERM). The ratings also acknowledge the historical financial support provided by CNA’s ultimate parent, Loews Corporation.

The ratings of the CNA Insurance Companies – whose lead member is Continental Casualty Company – recognize the excellent level of risk-adjusted capitalization the company maintains, the group’s consistently profitable operating results, and its firmly established position as a leading U.S. writer of commercial and specialty lines. In addition, the ratings recognize CNA’s favorable operating platform, which demonstrates considerable geographic and product line scope, strong service capabilities and diversified distribution channel with well-established agency relationships. The group’s specialty insurance segment remains the primary engine of profitability and internal capital generation, while commercial insurance operations have steadily improved through significant underwriting and expense management initiatives. The ratings also consider the group’s continued focus on ERM and acknowledge the historical financial support provided by the Loews Corporation.

Partially offsetting these positive rating factors is the intermittent adverse impact of CNA’s discontinued long-term care program that continues to serve as a drag on CNAF’s overall profitability, and exposes its surplus and risk-adjusted capitalization to significant potential volatility. Additionally, occasional catastrophe losses may impact underwriting margins over the near term. CNA’s was exposed to a cyber-related intrusion in 1Q/2021, but AM Best expects that the overall impact of the intrusion will remain modest, both operationally and financially.

The ratings of Western Surety Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM.

Western Surety Group’s ratings reflect its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), consistently favorable loss reserve position and modest levels of underwriting leverage. Additionally, Western Surety Group has reported consistently profitable underwriting and operating performance, and a strong market position in the contract and miscellaneous surety bond markets. Slightly offsetting these positive rating factors is Western Surety Group’s narrow product focus in the highly competitive surety market environment, which may put pressure on underwriting margins over the near term.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following P/C members of the CNA Insurance Companies:

• American Casualty Company of Reading, Pennsylvania
• Columbia Casualty Company
• Continental Casualty Company
• The Continental Insurance Company of New Jersey
• The Continental Insurance Company
• National Fire Insurance Company of Hartford
• North Rock Insurance Company Limited
• Transportation Insurance Company
• Valley Forge Insurance Company

and for the following members of the Western Surety Group:

• Surety Bonding Company of America
• Universal Surety of America
• Western Surety Company

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

CNA Financial Corporation —

— “bbb+” (Good) on $243 million 7.25% senior unsecured debentures, due 2023

— “bbb+” (Good) on $550 million 3.95% senior unsecured notes, due 2024

— “bbb+” (Good) on $500 million 4.5% senior unsecured notes, due 2026

— “bbb+” (Good) on $500 million 3.45% senior unsecured notes, due 2027

— “bbb+” (Good) on $500 million 3.9% senior unsecured notes, due 2029

— “bbb+” (Good) on 500 million 2.05% senior unsecured notes, due 2030

The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed with stable outlooks:

CNA Financial Corporation —

–“bbb+” (Good) on senior unsecured debt

–“bbb” (Good) on senior subordinated debt

–“bbb-” (Good) on junior subordinated debt

–“bbb-” (Good) on preferred stock

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

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

Contacts

Gregory Dickerson
Associate Director
+1 908 439 2200, ext. 5161
gregory.dickerson@ambest.com

Michael Lagomarsino
Senior Director
+1 908 439 2200, ext. 5810
michael.lagomarsino@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

Expanding Across the Leafy Greens Category to Meet Customer Demand

 

NEWARK, N.J. — (BUSINESS WIRE) — AeroFarms, a Certified B Corporation and leader in indoor vertical farming, today announced that it is expanding its line of leafy greens to include 5 new items: Baby Bok Choy-The New Spinach^TM, Micro Arugula, Micro Broccoli, Micro Kale, and Micro Rainbow Mix.

AeroFarms® award-winning retail brand of leafy greens is prized for its elevated flavor and is grown using proprietary aeroponics and indoor vertical farming technologies, which yield annual productivity up to 390 times greater than traditional field farming, while using up to 95% less water and zero pesticides.

 

There has been increased consumer interest in Asian greens and Future Fusebiquity – as outlined in Datassential’s Food Bytes 2021 Food Trends – that takes new generation products and combines them with well-known dishes. AeroFarms Baby Bok Choy-The New Spinach^TM is reimagining how to create a better spinach experience that is juicier, more flavorful, and even more nutrient dense with an ANDI (Aggregate Nutrient Density Index) score of 865 vs. spinach at 707, and it can be enjoyed in just about any spinach recipe for an updated new take on the dish.

 

Microgreens were recognized by The Today Show as one of the top health trends for 2021, and AeroFarms has been expanding this category at retail since 2019. Responding to consumer demand, AeroFarms has added Micro Arugula, Micro Broccoli, Micro Kale, and Micro Rainbow Mix to its core line of Micro Spicy Mix and Micro Super Mix. Produced year-round at the highest quality, AeroFarms microgreens offer great visual and flavor excitement, elevating the home cook into a chef. In addition, AeroFarms microgreens provide higher nutrient density than their mature green counterparts, offering a powerful way to provide a potent boost of vitamins, minerals, and phytonutrients.

 

AeroFarms starts by selecting the most flavorful varietals of microgreens and baby greens, then perfects them in its proprietary indoor vertical farms for optimal quality, yield, color, nutrition, texture, and taste. In fact, AeroFarms has trademarked Vertical Farming, Elevated Flavor™ to highlight to consumers not only where and how their food is grown, but also more importantly, the key growing benefits that AeroFarms uniquely brings to the market, setting a new culinary standard with millions of data points to prove it.

 

AeroFarms is able to grow its kale to be sweeter and its arugula to be perfectly peppery, and the Company has developed its signature FlavorSpectrum™ to represent the breadth of flavors and hundreds of varieties of leafy greens that it is able to grow. AeroFarms’ team of experts from horticulturists to engineers to data scientists to nutritionists paired each specific tasting note with a representative color to bring the FlavorSpectrum™ philosophy to life. Across its leafy greens packaging line, the cool blue tones represent sweet and mellow notes, while the intense reds represent bold and zesty flavors.

 

All AeroFarms leafy greens are safely grown indoors in New Jersey at one of AeroFarms’ state-of-the art commercial indoor vertical farms that is certified for USDA Good Agricultural Practices, SQF Level 2 Good Manufacturing Practices, Non-GMO Project Verification, and OU Kosher. AeroFarms leafy greens are completely pesticide free, and ready-to-eat without any need to wash, providing a major benefit to consumers looking for safety and convenience. AeroFarms leafy greens are available at major customers such as Amazon Fresh, Baldor Specialty Foods, FreshDirect, Morton Williams, ShopRite, Walmart, and Whole Foods.

 

“Our Company is committed to partnering with our retail partners to expand the entire category of leafy greens and drive consumption with our sustainably grown produce that is winning on taste,” said David Rosenberg, Co-Founder and Chief Executive Officer of AeroFarms. “We are excited to expand our line of microgreens, which we believe can move from just a garnish to center of the plate given their exceptional taste — microgreens can be enjoyed all of the time!”

 

About AeroFarms

Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.

 

On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol “ARFM”. Additional information about the transaction can be viewed here: https://aerofarms.com/investors/

 

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

 

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might,” “will,” “estimate,” “continue,” “contemplate,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q, final prospectus dated November 25, 2020 and preliminary proxy statement/prospectus dated May 10, 2021 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

AeroFarms

Investor Relations:

Jeff Sonnek ICR

Jeff.Sonnek@icrinc.com
1-646-277-1263

Media Relations:

Marc Oshima
AeroFarms

MarcOshima@AeroFarms.com
1-917-673-4602

SINGAPORE — (BUSINESS WIRE) — #insurance—AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Partners Life Limited (Partners Life) (New Zealand).

These Credit Ratings (ratings) were placed under review with developing implications on 18 December 2020, following the announcement that Partners Life had entered into an agreement with National Australia Bank Limited to acquire its New Zealand life insurance business, including BNZ Life Insurance Limited. The transaction also includes the establishment of an exclusive 10-year agreement for the referral of Bank of New Zealand customers with life insurance needs to Partners Life. The total transaction consideration is NZD 290 million (USD 208 million).

 

The ratings have been maintained under review with developing implications, as the transaction, which is subject to customary closing conditions, including regulatory and other approvals, is now expected to be completed by the end of March 2022.

 

The under review with developing implications status reflects the need for AM Best to assess fully the financial and operational impacts of the acquisition and the funding structure on Partners Life’s rating fundamentals, including on its balance sheet strength and business profile.

 

The ratings will remain under review pending completion of the transaction and until AM Best can complete its assessment of Partners Life’s post-acquisition credit rating fundamentals.

 

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

 

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

 

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

Contacts

Sin Yee Chuah
Financial Analyst
+65 6303 5022
sinyee.chuah@ambest.com

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

Alex Rafferty, ACA
Associate Director, Analytics
+44 20 7397 0312
alex.rafferty@ambest.com

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