Tag: Business

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Art & Life

Local owner partners with Life Hospitality to transform the BeachWalk at Sea Bright into a locally-rooted boutique hotel

The BeachWalk at Sea Bright – nestled between the Navesink River and the Atlantic Ocean in Sea Bright, NJ – will be rebranded to a one-of-a-kind independent hotel in partnership with Life Hospitality, marking the tech-enabled operator’s entrance to the New Jersey hotel market.

NEW YORK–(BUSINESS WIRE)–#hotelindustry—Life Hospitality, the tech-enabled hotel brand and management arm of Life House focused exclusively on independent hotels, announces the addition of 76-key BeachWalk Hotel to its growing portfolio. The property, owned by Sunil Nayak of Innzen Hospitality, is nearing completion of a comprehensive renovation to reposition the asset into a locally-rooted boutique hotel – the first of its kind in the beachside town of Sea Bright, NJ.

Located less than an hour away from Manhattan and tucked between the Atlantic Ocean and the Navesink River, the BeachWalk at Sea Bright is located in the heart of the picturesque three-mile coastal town in Monmouth County, NJ. Innzen Hospitality is nearing completion of an expansion of the existing 37-key property into a boutique hotel that will feature a grand total of 76-keys under a to-be-announced brand upon completion this fall. The new guest rooms will feature panoramic views of the Atlantic Ocean along with access to the property’s private beach, swimming pool, and the hotel’s popular waterfront Tiki Bar, in addition to the property’s 40 dock slips and 80 parking spots.

“After studying the landscape for management of independent hotels in seasonal resort environments, I was impressed by Life Hospitality and their impressive case studies in markets that feature similar seasonal demand patterns as Sea Bright,” said Sunil Nayak. “We look forward to starting a fruitful partnership with Life Hospitality, which we hope to expand to new properties in New Jersey as opportunities arise to acquire similar independent hotels throughout the region”.

Life House was founded by luxury boutique hotel veterans in 2017 and is backed by leading travel and technology investors, such as Thayer Ventures, Tiger Global, JLL Spark, and Ashton Kutcher & Guy Oseary’s Sound Ventures, among others. Life House has rebuilt the complex hotel technology stack from the ground up to create a completely new operational model that allows for a robust, lean operation to hotel owners and a great hospitality service to travelers. Life Hospitality, launched in response to the need for tech-enabled management services from the independent hotel ownership community, leverages a proprietary technology stack that enables its teams to efficiently drive incremental revenue and risk-free cost savings to the bottom line, supporting owners in a tepid demand environment post Covid-19.

“We are excited to support Sunil and the partners with positioning this asset to optimize revenues and achieve outsized bottom line performance as a result of our lean & technology-enabled management platform,” said John Basting, VP Acquisitions at Life House. “Considering the market’s proximity to Manhattan and the greater New York City Metropolitan population, we feel strongly that long-term supply/demand dynamics in the region are favorable and are actively seeking additional projects to collaborate on together across the Jersey Shore”.

About Life Hospitality

Life Hospitality is a New York-based, venture-backed & vertically-integrated hotel management company. The company has built a proprietary technology stack to power a platform that makes hotels more seamless and more profitable for hotel owners and travel more meaningful and more accessible for travelers. In 2018, the company launched its first brand, Life House, which features contextual hotels with narrative, substance, and locally-rooted restaurants and bars.

About Innzen Hospitality

Innzen Hospitality, LLC, headquartered in Monmouth Junction, NJ, has been active in hotel acquisitions and development of franchised and boutique hotels for over 25 years.

Contacts

Bryan Dunn

Head of Growth

Bryan@lifehousehotels.com

Categories
Business

Cross River announces completion of $106 million subordinated debt offering

Additional Proceeds From Private Placement Transaction Will Provide The Company With Opportunistic Capital

FORT LEE, N.J.–(BUSINESS WIRE)–CRB Group, Inc., the parent company of Cross River Bank, today announced the closing of its $106 million private placement of subordinated notes (the “Notes”).

“We are pleased to announce the successful completion of our subordinated debt offering, which will provide us with opportunistic capital to continue our strategic growth plans and to fuel our commitment to our employees, partners, businesses and consumers,” said Gilles Gade, Founder, President and CEO of Cross River. “This offering was oversubscribed, and we appreciate the strong support and positive response of the investment community.”

The Notes have a maturity date of September 1, 2030 and carry a fixed rate of interest of 6.50% for the first five years. Thereafter, the Notes will pay interest at 3-month SOFR plus 638 basis points, payable quarterly in arrears. The Notes include a right of prepayment without penalty on or after September 1, 2025. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes. Kroll Bond Rating Agency assigned an investment rating of BBB- to the Notes.

The net proceeds from the offering will be used for general corporate purposes, including to support the growth of the company. Cross River’s current offerings include marketplace lending, payments and strategic financing, as well as small business and commercial real estate lending.

Piper Sandler & Co. served as the lead-placement agent and Keefe, Bruyette & Woods and Jefferies LLC. acted as co-placement agents for the private offering. The Company was advised by Hunton Andrews Kurth LLP and the placement agents were advised by Holland & Knight LLP.

About Cross River

Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.

Contacts

Cross River

Eden Hoffman

201 808 7000 x538

ehoffman@crossriver.com

Categories
Business

AM Best downgrades credit ratings of Armed Forces Insurance Exchange

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” from “bbb” of Armed Forces Insurance Exchange (AFIE) (Leavenworth, KS). The outlooks of these Credit Ratings (ratings) has been revised to stable from negative.

The ratings reflect AFIE’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).

AFIE historically had an appropriate ERM program, but AM Best has called the effectiveness of this program into question due to significant volatility in operating results and declining surplus. The further surplus deterioration into 2019 and 2020 as a result of negative operating results supports AM Best’s assessment of AFIE’s ERM as marginal.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

Christopher Sharkey

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

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Categories
Business

Skechers donates a million masks in partnership with United Way of Greater Los Angeles and charities

Masks Will Go to Communities in Need in the United States After Fans Dance to Hit Song “Skechers” by DripReport on TikTok—A Track Shared More Than a Billion Times to Date

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–Skechers got the world dancing for a cause after dropping a TikTok dance challenge set to the track “Skechers” by DripReport that concluded with the lifestyle company donating one million masks to essential workers and communities in need. Skechers is partnering with the United Way of Greater Los Angeles and more charities across the country to deliver the masks directly to those who will most benefit.


The one million masks, which are non-medical, triple-layer surgical style, will be donated to non-profit organizations that typically do not receive PPE from government institutions, with a focus on economic hardship. This includes community and public education centers, health and rehab outreach facilities, plus homeless shelters and food banks in the greater Los Angeles area as well as planned distributions in Chicago, New York City, Detroit and several cities in Florida and New Jersey.

“We’ve been watching TikTok become a driving force that’s keeping so many people connected during this difficult time,” said Robert Greenberg, CEO of Skechers. “After the viral success of DripReport’s ‘Skechers’ on the platform, I knew we had to transform the momentum into a give-back effort—one that ended up involving fans also giving back just by sharing a dance. It’s a beautiful thing, and we’re excited to be working with the United Way and all of our partners on donating a million masks, as we all make a difference together.”

“Throughout the pandemic, two things have flourished: creativity and care,” said Elise Bulk, president and CEO of United Way of Greater Los Angeles. “It’s heartwarming to see fans from around the world express themselves to raise awareness in concert with the charitable efforts of a local business with a global reach like Skechers. As case numbers increase across the Los Angeles area, United Way is proud to partner with Skechers, donating masks where they can protect front-line workers and the most vulnerable people in our community.”

The United Way of Greater Los Angeles will be distributing Skechers masks to shelters, clinics, community centers and food banks throughout the metropolitan region from San Gabriel to Long Beach over the next month. The remaining masks will be distributed to facilities in key vulnerable communities identified and supported by charity partners across the country.

The #MillionMaskChallenge campaign started with announcements by some of the most influential TikTokers including Addison Rae, Loren Gray, Spencer X, Maiko, Avani and the Croes Brothers among others with a combined following of more than 350 million. They asked their fans to create a video dancing to the hit viral track “Skechers” by DripReport, and for every “Skechers” dance shared, the Company agreed to donate up to a million Skechers face masks to essential workers and organizations within communities in need. A congratulatory video from the influencers can be seen here.

“From the start, I wanted to turn this moment into a movement,” said DripReport, who signed with Arista Records earlier this year for the official release of “Skechers”—his first original track. “Part of my goal with the track was to show you can make whatever you wear cool and share a message about self-confidence over material things. When I originally released ‘Skechers’ in January, the world was in a different place. After the track blew up, I love that Skechers and I succeeded in making it stand for so much more.”

The “Skechers” track by DripReport has been nothing short of a phenomenon. “Skechers” spent five weeks on top of the Spotify US Viral Chart—breaking a record set by Lil Nas X’s “Old Town Road.” Rolling Stone declared it “the most-streamed song in history about…sneakers” and it went on to be shared more than a billion times on TikTok with millions creating and sharing their own dances. GRAMMY®-nominated rapper, singer and songwriter Tyga dropped his own remix of the track in May and DripReport also released his own remix with an animated music video that heavily features Skechers. DripReport first appeared as an Instagram page for sharing remixes of popular hip-hop songs, and eventually grew in popularity with hundreds of millions of views on YouTube and social media for his content.

About Skechers USA, Inc.

Based in Manhattan Beach, California, Skechers (NYSE: SKX) designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 170 countries and territories via department and specialty stores, and direct to consumers through 3,615 Company- and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.

About United Way of Greater Los Angeles

United Way of Greater Los Angeles is a nonprofit organization fighting to end poverty by preparing students for high school graduation, college, and the workforce, housing our homeless neighbors, and guiding hard-working families towards economic mobility. United Way identifies the root causes of poverty and works strategically to solve them by building alliances across all sectors, funding targeted programs and advocating for change. For more information, visit UnitedWayLA.org and EveryoneInLA.org.

This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2019 and its quarterly report on Form 10-Q for the three months ended June 30, 2020. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

Contacts

Jennifer Clay

Skechers USA, Inc.

310.937.1326

Julie Cozort

United Way of Greater Los Angeles

jcozort@unitedwayla.org

Categories
Business

AM Best affirms credit ratings of American International Group, Inc. and most subsidiaries; downgrades Issuer Credit Ratings of life/health subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG]. AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of its property/casualty insurance subsidiaries (collectively referred to as AIG PC). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has downgraded the Long-Term ICR to “a” from “a+” and affirmed the FSR of A (Excellent) for the members of the AIG Life & Retirement Group (AIG L&R). The outlook of the Long-Term ICR has been revised to stable from negative, while the outlook of the FSR is stable. (Please see below for a detailed listing of the companies and ratings.)

AIG’s ratings reflect its consolidated risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), which is an improvement from the very strong level seen in the 2019 review period. Additionally, consolidated risk-adjusted capital is likely to improve now that the Fortitude Reinsurance Company Ltd. (Fortitude RE) transaction has closed. While the closing of Fortitude RE brought with it significant write-downs during 2020, these write-downs did not impact the general insurance or life and retirement statutory entities, and cash flow is still expected to be positive. Overall, AM Best views this transaction as positive for AIG as it sheds longer-tail risk liabilities, along with potentially riskier, longer-duration assets paired with those reserves. Access to the capital markets and significant liquidity at the holding company level also aids the balance sheet. An offsetting factor in the balance sheet strength assessment is the increase in financial leverage and a lower interest coverage ratio expected for 2020.

AIG’s historical operating performance has been hampered by significant losses in general insurance, but the company has made strides in refining its risk profile and AM Best expects further improvement. AIG’s business profile is global, with a distinctly diverse set of property/casualty and life and annuity products, a broad distribution network and significant market share on many of its lines of business.

The ratings of AIG PC reflect the group’s balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM).

AIG PC’s risk-adjusted capital position improved in 2019, reflective of a material reduction in net loss reserves as the group continues to pay down claims for older accident years. The group’s balance sheet strength continues to benefit from reinsurance support from highly rated companies. Offsetting these positive factors is the continued reduction in surplus levels that have decreased in each of the past five years, as well as the group’s high gross underwriting leverage, which has risen in recent years as a result of increased use of reinsurance to curb volatility and increase underwriting profitability.

AM Best views AIG PC’s operating performance as marginal. The group has been materially impacted over the last five years by underwriting losses and a reduction in investment income, leading to a five-year operating ratio of 102.1 that continues to lag the commercial casualty composite performance over the same time period by a considerable margin. However, AM Best notes that the group’s operating performance has demonstrated a steadily improving trend for the past three calendar years, attributable to numerous underwriting and risk management initiatives, as well as positive pricing momentum in most key business lines. The potential for further improvement in the near term is reduced by uncertainty related to the COVID-19 pandemic, which could dampen growth opportunities, increase underwriting losses and creates the possibility of investment impairments.

The ratings of AIG L&R ratings reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its strong operating performance, favorable business profile and appropriate ERM.

The Long-Term ICR downgrade reflects a revision in AM Best’s assessment of the AIG L&R’s operating performance to strong from very strong. AM Best believes the group’s more-recent returns, and prospective returns, will be more in line with its strong rated peers, driven by intense competition within the annuity segment and record low interest rates, both of which are likely to continue to drive spread income and fee income lower. In addition, the low interest rate environment is likely to negatively impact the top and bottom lines within the individual and group annuity segments.

AIG L&R’s balance sheet assessment remains stable at adequate, and its year-over-year risk-adjusted capital position remains virtually unchanged at year-end 2019. The risk-adjusted capital position benefits from the large modified coinsurance agreement with Fortitude RE, which reduces much of the risk from the longer-term structured settlements book of business. AIG L&R has had a high dividend payout ratio back to the parent due in large part to a series of de-risking practices, which has lowered the need for additional capital, but overall capital and surplus growth has been limited. Going forward, the parent holding company may become less reliant on AIG L&R dividends due its recent sale of Fortitude RE, increased liquidity and improving performance within its general insurance segment. AIG L&R’s ratings also reflect its favorable business profile with a diverse set of product offerings and national reach with its robust distribution network.

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed with stable outlooks for the following subsidiaries of AIG, which are collectively referred to as the AIG Property Casualty Insurance Group:

  • National Union Fire Insurance Company of Pittsburgh, PA
  • American Home Assurance Company
  • Lexington Insurance Company
  • Commerce and Industry Insurance Company
  • AIG Property Casualty Company
  • The Insurance Company of the State of Pennsylvania
  • New Hampshire Insurance Company
  • Illinois National Insurance Company
  • AIG Specialty Insurance Company
  • AIU Insurance Company
  • AIG Assurance Company
  • AIG Insurance Company – Puerto Rico
  • AIG Insurance Company of Canada
  • AIG Insurance Hong Kong Limited
  • Granite State Insurance Company
  • Tudor Insurance Company
  • Stratford Insurance Company
  • Western World Insurance Company
  • Blackboard Specialty Insurance Company
  • Blackboard Insurance Company
  • American International Group UK Limited
  • American International Reinsurance Company, Ltd.
  • AIG Asia Pacific Insurance Pte. Ltd.
  • Validus Reinsurance, Ltd.
  • Validus Reinsurance (Switzerland) Ltd.

The Long-Term ICRs have been downgraded to “a” from “a+” and the FSR of A (Excellent) affirmed, with the outlook of the Long-Term ICR revised to stable from negative and the FSR outlook maintained as stable, for the following operating subsidiaries of AIG, which are collectively referred to as the AIG Life & Retirement Group:

  • AGC Life Insurance Company
  • American General Life Insurance Company
  • United States Life Insurance Company in the City of New York
  • The Variable Annuity Life Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

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

Erik Miller
Associate Director—L/H
+1 908 439 2200, ext. 5187
erik.miller@ambest.com

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

Categories
Business

AM Best affirms credit ratings of Fidelity Life Association, A Legal Reserve Life Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Fidelity Life Association, A Legal Reserve Life Insurance Company (FLA) (Chicago, IL). The outlook of these Credit Ratings (ratings) is stable. FLA is a wholly owned subsidiary of Vericity, Inc. (Vericity or the Company).

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

FLA has maintained the strongest level of risk-adjusted capitalization, even though total capital and surplus has been declining for the past couple of years. Reinsurance leverage remains high against industry trends, as the company continues to utilize reserve financing as part of its capital structure. While AM Best considers the operating performance results to be adequate, operating performance in 2019 was impacted by a portion of non-recurring costs associated with the initial public offering. Direct premiums written remained strong and have been increasing steadily, with somewhat improved return on equity from prior years, but still lags behind the industry average.

On Aug. 7, 2019, Vericity completed the initial public offering of its common stock, and as a result of the conversion, it became the holding company for converted Members Mutual Holding Company and its indirect subsidiaries, including Fidelity Life Association and eFinancial, LLC, and began trading on the Nasdaq Capital Market under the symbol VERY. The completed Subscription Rights Conversion raised $148.8 million. A majority of the net premiums written are associated with ordinary life products and tend to have higher lapses than the industry average. The Company’s strategic alliance with affinity partners has added client growth, creating an opportunity for value-added capital deployment.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Igor Bass

Financial Analyst

+1 908 439 2200, ext. 5109

igor.bass@ambest.com

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

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

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

Categories
Business

Susan Hardwick elected to the board of directors of New Jersey Resources

WALL, N.J.–(BUSINESS WIRE)–The board of directors of New Jersey Resources (NYSE: NJR) today announced the unanimous election of Susan Hardwick to the board. Ms. Hardwick currently serves as executive vice president and chief financial officer (CFO) of American Water, the largest publicly traded water and wastewater utility company in the United States.

“Susan Hardwick is an accomplished leader with extensive industry and financial expertise, as well as deep knowledge of environmental, sustainability and governance issues that are a priority for our business and critical to our long-term success,” said Steve Westhoven, president and CEO of New Jersey Resources. “She is a welcome addition to our board of directors.”

“New Jersey Resources’ diverse and experienced board becomes even stronger with the addition of Susan Hardwick and her thoughtful, independent oversight,” said Donald Correll, chairman of the board of New Jersey Resources. “Along with her wealth of experience from her years in the utility and financial sectors, Susan also brings with her an important perspective rooted in public service and commitment to our communities.”

As executive vice president and CFO at American Water, Ms. Hardwick is responsible for the development and execution of business and financial strategy for the company’s regulated utility and market-based businesses. She also oversees all accounting and finance functions, including treasury, external reporting, budgeting and financial modeling, enterprise risk management, investor relations as well as customer operations and regulatory services.

Prior to joining American Water, she served as executive vice president and CFO at Vectren Corporation. As a member of the executive leadership team, she led the development and execution of business and financial strategy for the energy holding company and its regulated utility and nonutility subsidiaries.

Ms. Hardwick earned a bachelor of science degree in accounting from Indiana University. She is a certified public accountant, a member of the American Institute of CPAs, and has held numerous leadership and committee roles with the American Gas Association and the Edison Electric Institute.

She has also served in leadership positions on numerous community-based organizations, including the Board of Family Promise, Inc., the Philadelphia Chamber of Commerce, St. Vincent Evansville Medical Center, Fifth Third Bank and the Evansville Museum of Arts. She was also appointed by the governor of Indiana to the state’s Arts Commission, where she served two terms.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of nearly 350 megawatts, providing residential and commercial customers with low-carbon solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

Follow us on Twitter @NJNaturalGas

“Like” us on facebook.com/NewJerseyNaturalGas

Contacts

Media:
Michael Kinney

732-938-1031

mkinney@njresources.com

Investors:
Dennis Puma

732-938-1229

dpuma@njresources.com

Categories
Business

KODAK ALERT: Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed against Eastman Kodak Company and encourages investors with losses in excess of $150,000 to contact the firm

NEW YORK–(BUSINESS WIRE)–#EastmanKodakCompany–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased Eastman Kodak Company (NYSE: KODK) common stock between July 27, 2020 and August 7, 2020 (the “Class Period”). Investors have until October 13, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

The securities class action concerns several matters, including the suspicious timing of insider trading activity in connection with Kodak’s July 28, 2020 announcement that it had reached an agreement with the U.S. government to receive a $765 million loan to produce pharmaceutical ingredients.

As news of the deal broke, Kodak, which had been trading under $2 per share, skyrocketed, and within two days, the stock was trading around $60 per share, with 284 million shares changing hands. Just prior to the announcement of the loan, insiders purchased or were granted over 2 million shares of Kodak stock.

More specifically, the day before the deal was announced, the company granted CEO James Continenza options for 1.75 million shares, just under 29% of which vested immediately. As a result of the suspicious timing of the announcement, lawmakers have asked federal regulators to investigate securities transactions made by the company and its executives around the time Kodak learned it could receive the government loan, and the SEC has announced an investigation. On August 7, 2020, the U.S. International Development Finance Corporation said it was holding up the payout of the loan as regulators look into insider trading activity.

On this News the Company’s stock price declined $4.15, or 28%, from $14.88 per share on August 7, 2020, to $10.73 per share on August 10, 2020.

The complaint, filed on August 13, 2020, alleges that during the Class Period defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated the prices of Kodak’s securities and operated as a fraud or deceit on Class Period purchasers of Kodak’s securities by failing to disclose to investors that the company’s financial results were materially misleading and misrepresented material information. When defendants’ misrepresentations and fraudulent conduct were disclosed and became apparent to the market, the prices of Kodak’s securities fell precipitously as the prior inflation came out of the Company’s stock price.

If you purchased Kodak common stock during the Class Period and suffered a loss in excess of $150,000, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Melissa Fortunato, Esq.

Marion Passmore, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com

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Business

AM Best affirms credit ratings of State Farm Mutual Automobile Insurance Company and most of its subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” of State Farm Mutual Automobile Insurance Company (State Farm Mutual) and its affiliates, State Farm Fire and Casualty Company and State Farm County Mutual Insurance Company of Texas (Richardson, TX). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of HiRoad Assurance Company (HiRoad). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Dover Bay Specialty Insurance Company (Dover Bay). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of State Farm Florida Insurance Company (State Farm Florida) (Winter Haven, FL). The outlook of these Credit Ratings (ratings) is stable. AM Best has also affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of State Farm General Insurance Company. The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of State Farm Indemnity Company (State Farm Indemnity). The outlook of these ratings is positive. Concurrently, AM Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of “aa+” of State Farm Life Insurance Company and State Farm Life and Accident Assurance Company (together referred to as State Farm Life). The outlook of these ratings is stable.

At the same time, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICR to “a” from “a-” of State Farm Lloyds (Richardson, TX). The outlook of these ratings has been revised to stable from positive. All companies are headquartered in Bloomington, IL, except where specified.

The ratings of State Farm Mutual reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM).

Additionally, the ratings reflect State Farm Mutual’s strong net income generation despite challenging market conditions in recent years, and AM Best’s expectation that the company will continue to generate solid earnings and maintain excellent risk-adjusted capitalization, despite the currently high state of economic uncertainty in the United States. State Farm Mutual, its subsidiary and affiliated property/casualty and life insurance companies, comprise the largest personal lines insurance organization in the United States based on direct premiums written and the second largest in terms of policyholders’ surplus. The State Farm group remains the leading provider of private passenger automobile and homeowners’ insurance in the United States. The organization’s personal lines products are complemented by other lines of business such as commercial multi-peril, commercial auto liability, workers’ compensation and several other lines. The ratings of the subsidiaries and affiliates of State Farm Mutual benefit from shared services, common management, cross selling of products and services, common distribution and brand name recognition. These positive rating aspects are offset in part by the State Farm group’s underwriting variability, above-average exposure to equity market volatility and susceptibility to weather-related catastrophes.

The ratings of State Farm Lloyds reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The rating upgrades of State Farm Lloyds recognize its consistently excellent risk-adjusted capitalization and that the company’s underwriting and net leverage ratios have stabilized at levels that are significantly improved relative to levels reported several years ago.

The ratings of State Farm General reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift, as defined within Best’s Credit Rating Methodology (BCRM), from its parent, State Farm Mutual.

The negative outlook for State Farm General’s Long-Term ICR considers deteriorating operating performance and capital erosion observed in 2017 and 2018, when the company was significantly impacted by California wildfire losses. AM Best notes that the company reported much improved results and surplus generation in 2019 and through the first quarter of 2020. If these favorable trends are sustained over the next 12-24 months, the Long-Term ICR outlook could be revised to stable.

The ratings of State Farm Indemnity reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its marginal operating performance, neutral business profile and appropriate ERM. The positive outlook for State Farm Indemnity’s ratings recognizing favorable trends in underwriting results for the past few years. AM Best notes that State Farm has announced significant rate decreases for personal auto insurance in New Jersey, which comprises the entirety of Indemnity’s business. These ratings could be upgraded if the company sustains its improved underwriting performance while maintaining its strongest level of risk-adjusted capitalization. The outlooks could be revised to stable from positive if the company’s operating performance deteriorates from current levels.

The ratings of HiRoad reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM. The ratings also reflect lift, as defined within Best’s Credit Rating Methodology (BCRM), from its parent, State Farm Mutual.

The ratings of Dover Bay reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual.

The ratings of State Farm Florida reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual.

The ratings of State Farm Life reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual

Additionally, the ratings of State Farm Life benefit from strong brand-name recognition, sustained competitive advantages derived from an affiliated exclusive agency field force, and a diverse product portfolio of individual ordinary life and fixed annuity products. Further, State Farm Life finances its statutorily required excess reserves (Regulation XXX) related to term life insurance through capital rather than externally through either domestic captives or offshore reinsurers. The amount of these excess reserves is sizeable and viewed favorably by AM Best, as it qualitatively enhances the group’s strong risk-adjusted capitalization ratios. Partially offsetting rating factors are ongoing spread compression within its annuity block, losses within its supplementary contracts line of business and exposure to life business with significant minimum guarantee rates.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 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

Raymond Thomson, CPCU, ARe, ARM

Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.com

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

Jim Peavy

Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

WBI Bull|Bear Trend Switch US 1000 SMA received a 5-star 10-year Morningstar Rating™

RED BANK, N.J.–(BUSINESS WIRE)–#ActiveInvesting—WBI Investments today announced that the WBI Bull|Bear Trend Switch US 1000 separately managed account has been recognized with a 5-star Morningstar Rating™ for the 10-year period ending June 30, 2020 out of 124 funds in the Tactical Allocation Category. According to Morningstar, the top 10% of products in each product category receive 5 stars.

“With so much uncertainty in markets earlier this year, many investors were looking for a financial bunker to hide in. But as markets begin to rise, investor FOMO or ‘fear of missing out’ has everyone craving that return,” said Matt Schreiber, Co-CEO of WBI Investments. “We believe it’s time for a switch into WBI’s Trend Switch US 1000 product that was positioned conservatively in US short-term treasuries leading up to the ‘coronacrash’ allowing the strategy to protect capital. In early June our signals switched to put risk back on and the strategy has moved to large-cap equities in an effort to capture the rebounding return.”

Since 1992, the Bull|Bear Trend Switch 1000 separately managed account, designed to alternate or switch between a risk on (equities) or risk off (short-term treasuries) positions, has helped investors navigate the roller coaster of market gains and losses. The model signals that dictate the holdings are based on macroeconomic factors, corporate fundamentals, technical indicators and price momentum. The goal of the strategy is to avoid periods of high risk in equities but participate in market rallies when risk is low.

The Bull|Bear Trend Switch 1000 SMA detected outsized risk in the markets since August 27, 2018 and took a defensive position in Treasuries. During the first quarter of 2020, the strategy was down 0.4% versus the Russell 1000 Index return of -20.2%. The strategy remained in a defensive position until June 8, 2020 when WBI’s proprietary trend signals indicated the strategy should assume a risk on position and move to equities. Since its inception in 1992, the Bull|Bear Trend Switch 1000 SMA has produced an annualized return of 5.75%, net of fee, versus 9.79% of the Russell 1000 Index. Over the same period Trend Switch 1000 had a beta of 0.56 and a down capture ratio of 58.38%.

“While the strategy has not outperformed the Russell 1000 Index since inception, it was able to take half the risk and generated more than half the return,” added Schreiber. “We believe it was a nice alternative to being overallocated with too much risk, or under-allocated in highly conservative investments. The strategy has allowed investors to move fluidly from risk on to risk off, generate attractive returns, and experience less volatility over time.”

The WBI Bull|Bear Trend Switch US 1000 SMA received a 4-star Morningstar Rating™ overall for the period ending June 30, 2020 out of 310 funds.

About WBI

WBI Investments is a privately-owned investment management firm located in Red Bank, New Jersey. For over three decades, WBI’s goal has been to help investors achieve their retirement goals by aiming to reduce risk to capital and produce attractive returns so they can stay comfortably invested.

IMPORTANT INFORMATION

Past performance does not guarantee future results. This is not an offer to buy or sell any security. No security or strategy, including those referred to directly or indirectly, is suitable for all accounts or profitable all of the time and there is always the possibility of loss. You should not assume that any discussion or information provided here serves as a substitute for personalized investment advice from WBI or any other investment professional. If you have questions regarding the applicability of specific issues discussed to your individual situation, please consult with WBI or your chosen professional advisor. This information is compiled from sources believed to be reliable, accuracy cannot be guaranteed. WBI’s advisory operations, services, and fees are in the Form ADV, available upon request.

Market conditions may call for the strategy to remain in any of the possible exposure allocations for an extended period of time. At times, market conditions and the particular Portfolio Strategy, may call for an allocation of 100% to cash or cash equivalents. If the portfolio strategy invests all or a substantial portion of its assets in cash or cash equivalents for extended periods of time, including when it is investing for temporary defensive purposes, it could reduce the strategy’s potential return as the limited returns of cash or cash equivalents may lag other investment instruments in a strong market.

Net of Fee Performance is net of the maximum WBI investment management fee and includes reinvestment of dividends and other earnings. WBI uses a model fee approach which consists of netting down 100 bps from gross returns on a monthly basis.

Other strategies may have different results.

Russell 1000 TR Index: measures the performance of 1,000 largest U.S. companies where dividends are reinvested automatically. Down Capture Ratio: used to evaluate how well a manager performed relative to an index during periods when the index is down.

© 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life sub-accounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. WBI Bull|Bear Trend Switch US 1000 was rated against the following numbers of Tactical Allocation funds over the following time periods: 310 funds in the last three years, 248 funds in the last five years, and 124 funds in the last 10 years. Past performance is no guarantee of future results.

Fees for separate accounts can vary widely and are negotiated between the asset manager, the separate account program sponsor or advisor, and the investor. Morningstar has chosen to present gross-of-fees performance (before fees have been taken out) to compare separate accounts. Net-of-fees calculations often deduct the highest theoretical fees that an investor may pay.

You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of WBI Investments, Inc.

© 2020 WBI

Contacts

Media:
Ann Schreiber

Chief Marketing Officer

WBI Investments, LLC

800-772-5810