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Business

AM Best affirms credit ratings of Scotia Insurance (Barbados) Limited

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+” (Excellent) of Scotia Insurance (Barbados) Limited (SIB) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

 

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

 

SIB is primarily a life reinsurer that ultimately is owned by The Bank of Nova Scotia (Scotiabank). SIB principally reinsures credit insurance policies underwritten by major third-party life insurance carriers on consumer loans originated by Scotiabank’s retail operations throughout Canada. The company has a long history of favorable underwriting results that have continued through 2022. The company is bolstered further by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and an investment portfolio that provides the entity with substantial liquidity due to its short duration. AM Best notes the company manages capital to specific targets and has kept absolute capitalization levels largely flat, and SIB could recapitalize in a stress scenario by adjusting its shareholder dividend payout.

 

These strengths are offset partially by SIB’s dependence on lending product originations within Canada, which are heavily dependent on macro-economic conditions. Going forward, in addition to improving creditor insurance cross-sales on loans through face-to-face interactions between bank customers and agents, Scotiabank is also focusing on growing the digital distribution of products, and the impact of such sales initiatives on SIB’s revenue and operating income will continue to be monitored by AM Best.

 

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

 

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

 

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

Contacts

Stratos Laskarides
Senior Financial Analyst

+1 908 882 1995
stratos.laskarides@ambest.com

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

Edward Kohlberg
Director
+1 908 882 1979
edward.kohlberg@ambest.com

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

Categories
Business

AM Best affirms credit ratings of Scotia Reinsurance Limited

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+” (Excellent) of Scotia Reinsurance Limited (Scotia Re) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

 

The ratings reflect Scotia Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect implicit support from the greater organization.

 

Scotia Re is primarily a life reinsurance subsidiary that assumes non-Canadian business, largely from Mexico, South and Central America, and the Caribbean, sourced through retail operations of the company’s ultimate parent, The Bank of Nova Scotia (Scotiabank). The initial book of business was assumed in 2017 from Scotia Insurance (Barbados) Limited (SIB), which has a long history of favorable underwriting results. The assumed business produced favorable return metrics under Scotia Re after its fifth full year in operation. The company’s balance sheet strength is bolstered further by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), reflecting in part a conservative short duration and highly liquid investment portfolio. AM Best notes the company manages capital to specific targets and has kept absolute capitalization levels largely flat, and Scotia Re could recapitalize in a stress scenario by adjusting its shareholder dividend payout.

 

The ratings reflect one notch of rating enhancement from the company’s sister entity, SIB, based on the transfer of the original block of business in 2017. Scotia Re has the implicit support of Scotiabank, the ultimate parent of both Scotia Re and SIB. Scotiabank can provide financial resources to Scotia Re if ever required.

 

These strengths are offset partially by Scotia Re’s dependence for growth on lending product originations in economies outside of Canada, many of which are deemed to have higher country risk profiles.

 

Creditor insurance premium growth from international business remains dependent on the global economy. Going forward, in addition to growing creditor insurance cross-sales on loans through face-to-face interactions between bank customers and agents, Scotiabank is also focusing on growing the digital distribution of products, and the impact of such sales initiatives on Scotia Re’s revenue and operating income will continue to be monitored by AM Best.

 

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

 

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

 

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

Contacts

Stratos Laskarides
Senior Financial Analyst

+1 908 882 1995
stratos.laskarides@ambest.com

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

Edward Kohlberg
Director
+1 908 882 1979
edward.kohlberg@ambest.com

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

Categories
Business International & World Lifestyle Regulations & Security Science Technology

New research: Only 9% of global organizations avoid network outages in an average quarter

Opengear shares research revealing that 91% of global businesses experience at least one outage quarterly pointing to the need for improved network resilience

 

EDISON, N.J. — (BUSINESS WIRE) — Fewer than one in ten CIOs can claim that they have avoided a network outage, according to new research by Opengear, a Digi International company (NASDAQ, DGII, www.digi.com) and provider of secure and Smart Out of Band management solutions.


This finding is among new research by Opengear of both CIOs and network engineers globally. The scale and frequency of network outages is revealed by 91% of CIOs stating that they experience downtime at least once a quarter.

 

Further survey statistics reveal that network downtime has a significant financial impact for businesses. Figures show that in the US for each minute of disruption, 24% of organizations lose between $2,501 and $5,000. As an average, this figure equates to $4,344 for every minute of downtime incurred.

 

Due to continued network outages and rising economic pressures, 79% of US CIOs now say it’s harder to meet customer expectations in today’s environment, a concern also reflected by 68% of US network engineers.

 

92% of US CIOs have therefore increased their budget over the last 12 months to improve their network resilience, with almost half (44%) dedicating over 50% of their IT budget to infrastructure spend in order to secure their operations.

 

“Our research findings lay bare the challenges that organizations globally are facing with network outages in 2023,” said Gary Marks, President at Opengear.

 

“It’s perhaps unsurprising that CIOs are allocating more investment to network resiliency to ensure that downtime doesn’t occur. The key is where this investment is being targeted. From critical first day deployments and everyday maintenance, to worst day scenarios such as network outages, organizations need always-on access to their critical resources to ensure business continuity. Smart Out of Band technologies can enable remediation of network issues from any location, helping to reinforce business resilience in a difficult economic climate.”

 

About Opengear

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

 

For more information, visit www.opengear.com/

 

About Digi International

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

Contacts

Opengear U.K. Media Contact
Emily Fishburn

emilyf@whiteoaks.co.uk
+44 (0) 1252 727313

Opengear U.S. Media Contact
Peter Ramsay / Melinda Pham

Global Results Communications

open@globalresultspr.com
+1 949.307.5908

Categories
Business Culture Healthcare Lifestyle Science

Catalent appoints Matti Masanovich Senior Vice President & Chief Financial Officer

SOMERSET, N.J. — (BUSINESS WIRE) — Catalent, Inc. (NYSE: CTLT), the leader in enabling the development and supply of better treatments for patients worldwide, today announced that Matti Masanovich has been named Senior Vice President & Chief Financial Officer, effective July 5, 2023.

 

Prior to joining Catalent, Mr. Masanovich served as Executive Vice President & Chief Financial Officer of Tenneco Automotive until it was acquired by Apollo. Previously he was Chief Financial Officer at Superior Industries International and General Cable Corporation.

 

“Matti is a proven finance leader whose deep experience growing and driving profitability at publicly traded, complex global manufacturing companies is ideally suited to help Catalent reach its next level of performance, including enhanced profitability and value-creation for shareholders,” said Alessandro Maselli, President and Chief Executive Officer of Catalent.

 

“He brings significant expertise and a highly strategic approach that I am confident will make him an invaluable addition to Catalent’s executive leadership team as we continue to seize opportunities in the CDMO space.”

 

Earlier in his career, Mr. Masanovich held finance leadership roles of increasing responsibility in a number of companies in the automotive industry, where he demonstrated a strong history of improvement and profitability and operating efficiency. Mr. Masanovich began his career with PricewaterhouseCoopers LLP. He has Bachelor of Commerce, Finance & Accounting and M.B.A. degrees from the University of Windsor and is a Chartered Accountant in Canada.

 

“Catalent is a dynamic company that operates in a critical, fast-growing sector that has a meaningful impact on helping people live longer, healthier lives. I am impressed with their portfolio of solutions and feel the company has the right capabilities to serve that market, and I am excited to work with Catalent’s talented team to create value for its customers, patients, and shareholders,” said Mr. Masanovich.

 

Mr. Masanovich will have responsibility for all aspects of Catalent’s global financial operations, including financial planning and analysis, controllership, public reporting and investor relations, capital markets activities, bill payment and collection, tax, and treasury. He will also be a member of Catalent’s executive leadership team, the highest level of company management.

 

About Catalent

Catalent, Inc. (NYSE: CTLT), an S&P 500® company, is the global leader in enabling pharma, biotech, and consumer health partners to optimize product development, launch, and full life-cycle supply for patients around the world. With broad and deep scale and expertise in development sciences, delivery technologies, and multi-modality manufacturing, Catalent is a preferred industry partner for personalized medicines, consumer health brand extensions, and blockbuster drugs. Catalent helps accelerate over 1,000 partner programs and launch over 150 new products every year. Its flexible manufacturing platforms at over 50 global sites supply around 80 billion doses of nearly 8,000 products annually. Catalent’s expert workforce of approximately 18,000 includes more than 3,000 scientists and technicians. Headquartered in Somerset, New Jersey, the company generated nearly $5 billion in revenue in its 2022 fiscal year. For more information www.catalent.com.

 

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results or achievements to be materially different from Catalent’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in Catalent’s Annual Report on Form 10-K for the year ended June 30, 2022 (as amended), Catalent’s Quarterly Report on Form 10-Q for the three and nine months ended March 31, 2023, and Catalent’s other filings with the SEC. Forward-looking statements speak only as of the date of this press release and are based on information available to Catalent as of the date of this press release, and Catalent assumes no obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Investor Contact:

Paul Surdez, Catalent, Inc.

(732) 537-6325

investors@catalent.com

Media Contact:

Chris Halling

+44 (0)7580 041073

media@catalent.com

Categories
Business Environment Lifestyle Science Technology

New research: Only 4% of US organizations avoid network outages in an average quarter

Opengear shares research revealing that 96% of US businesses experience at least one outage quarterly, pointing to the need for improved network resilience

 

EDISON, N.J. — (BUSINESS WIRE) — Fewer than one in twenty CIOs can claim that they have avoided a network outage, according to new research by Opengear, a Digi International company (NASDAQ, DGII, www.digi.com) and provider of secure and Smart Out of Band management solutions.


This finding is among new research by Opengear of both CIOs and network engineers in the US. The scale and frequency of network outages is revealed by 96% of CIOs stating that they experience downtime at least once a quarter.

 

Further survey statistics reveal that network downtime has a significant financial impact for businesses. Figures show that for each minute of disruption, 24% of organizations lose between $2,501 and $5,000. As an average, this figure equates to $4,344 for every minute of downtime incurred.

 

Due to continued network outages and rising economic pressures, 79% of CIOs now say it’s harder to meet customer expectations in today’s environment, a concern also reflected by 68% of network engineers.

 

92% of CIOs have therefore increased their budget over the last 12 months to improve their network resilience, with almost half (44%) dedicating over 50% of their IT budget to infrastructure spend in order to secure their operations.

 

“Our research findings lay bare the challenges that organizations in the US are facing with network outages in 2023,” said Gary Marks, President at Opengear. “It’s perhaps unsurprising that CIOs are allocating more investment to network resiliency to ensure that downtime doesn’t occur. The key is where this investment is being targeted. From critical first day deployments and everyday maintenance, to worst day scenarios such as network outages, organizations need always-on access to their critical resources to ensure business continuity. Smart Out of Band technologies can enable remediation of network issues from any location, helping to reinforce business resilience in a difficult economic climate.”

 

About Opengear

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

 

About Digi International

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

Contacts

Opengear U.K. Media Contact
Emily Fishburn

emilyf@whiteoaks.co.uk
+44 (0) 1252 727313

Opengear U.S. Media Contact
Peter Ramsay / Melinda Pham

Global Results Communications

open@globalresultspr.com
+1 949.307.5908

Categories
Business Culture Environment Lifestyle Programs & Events Science

New Jersey Resources hosts inaugural Shareholder Appreciation Day and presents the New Jersey Resources Innovation Award

Christopher Chen named inaugural recipient

 

WALL, N.J. — (BUSINESS WIRE) — New Jersey Resources Corporation (NYSE: NJR) today hosted its inaugural Shareholder Appreciation Day. This event provided existing shareholders with the opportunity to meet senior management and to interact with leaders across the company’s various business units.

Steve Westhoven, President and CEO of New Jersey Resources said, “Today’s Shareholder Appreciation Day is an opportunity for us to say thank you to our shareholders for their investment and confidence in New Jersey Resources. At every level of our company, we are committed to rewarding that trust.”

 

At the event, Mr. Westhoven presented the company’s first-ever New Jersey Resources Innovation Award to Christopher Chen, Manager of Business Development at New Jersey Natural Gas (NJNG), the principal subsidiary of NJR. In his role for the company, Mr. Chen led the development of the first Green Hydrogen Blending Facility in New Jersey and on the East Coast. This cutting-edge pilot project blends carbon-free hydrogen into NJNG’s distribution network to help decarbonize the energy it delivers to customers.

 

“We created the New Jersey Resources Innovation Award to recognize those who personify a commitment to developing transformative solutions that benefit our company, customers and the communities we serve,” said Mr. Westhoven.

 

“We are pleased to present our first ever Innovation Award to Chris Chen. Chris and his team conceptualized, designed and successfully built our hydrogen facility during a pandemic. Since its launch, it has been actively delivering green hydrogen into our customers’ homes. It Is people like Chris that reflect and embody the way New Jersey Resources is leading through innovation.”

 

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 7,700 miles of natural gas transportation and distribution infrastructure to serve over 570,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 440 megawatts, providing residential and commercial customers with low-carbon solutions.
  • 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.
  • Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • 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 over 1,300 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:
Mike Kinney

732-938-1031

mkinney@njresoruces.com

Investors:
Adam Prior

732-938-1145

aprior@njresources.com

Categories
Art & Life Business Economics Education Regulations & Security

Kirby McInerney LLP continues investigation of shareholder claims against John Wiley & Sons, Inc.

NEW YORK — (BUSINESS WIRE) — $WLY #classaction — The law firm of Kirby McInerney LLP is investigating potential claims against John Wiley & Sons, Inc. “(John Wiley” or the “Company)” (NYSE: WLY). The investigation concerns whether John Wiley and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

 

John Wiley publishes print and electronic products, with headquarters in New Jersey.

 

On March 9, 2023, the Company announced its third quarter financial results for 2023, as part of which it disclosed problems at its subsidiary, Hindawi. According to the Company, “[o]ur third quarter results and revised full year outlook are clearly below [] expectations” and “[w]hile our core business and markets are strong, we’ve been challenged this year by unpredictable market headwinds and an unplanned publishing pause at Hindawi.” John Wiley added, “Research was down 4% as reported, or down 2% at constant currency and excluding acquisitions, primarily due to a pause in the Hindawi special issues publishing program. The program was suspended temporarily due to the presence in certain special issues of compromised articles. As a result, Hindawi revenue declined $9 million versus the prior year, offsetting growth in other open access publishing programs.” On this news, the price of John Wiley shares declined by $7.48 per share, or approximately 17.35%, from $43.11 per share to close at $35.63 on March 9, 2023.

 

If you purchased or otherwise acquired John Wiley securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

 

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Kirby McInerney LLP

Thomas W. Elrod, Esq.

212-699-1180

https://www.kmllp.com
investigations@kmllp.com

Categories
Business Healthcare Lifestyle Local News Science

Bristol Myers Squibb’s Breyanzi (lisocabtagene maraleucel) Delivers Deep and Durable Responses in Relapsed or Refractory Follicular Lymphoma and Mantle Cell Lymphoma in TRANSCEND Clinical Trials Presented at ICML 2023

In TRANSCEND FL,97%of patients with relapsed or refractory follicular lymphoma treated with Breyanzi achieved a response, with 94% achieving a complete response, and 81.9% of responders in ongoing response at 12 months

 

In TRANSCEND NHL 001, 86.5% of patients in the relapsed or refractory mantle cell lymphoma cohort achieved a response, with 74.3% achieving a complete response

 

Breyanzi showed a manageable safety profile, with no new safety signals and low rates of severe cytokine release syndrome and neurologic events in both studies

 

Results from TRANSCEND FL and TRANSCEND NHL 001 further underscore Breyanzi’s potential best-in-class and best-in-disease profile for a CD19-directed CAR T cell therapy in lymphomas

 

PRINCETON, N.J. — (BUSINESS WIRE) — $BMY #17ICMLBristol Myers Squibb (NYSE: BMY) announced the first disclosure of primary analysis results from two pivotal studies, TRANSCEND FL, an open-label, global, multicenter, Phase 2, single-arm study evaluating Breyanzi (lisocabtagene maraleucel; liso-cel) in patients with relapsed or refractory follicular lymphoma (FL) and the relapsed or refractory mantle cell lymphoma (MCL) cohort of TRANSCEND NHL 001, an open-label, multicenter, Phase 1, single-arm, seamless-design study evaluating Breyanzi. These data were presented in late-breaking oral presentations at the 2023 International Conference on Malignant Lymphoma (ICML) on Saturday, June 17.

“With Breyanzi, we’re dedicated to delivering a CAR T cell therapy with a differentiated profile to transform outcomes for some of the most difficult-to-treat lymphomas,” said Anne Kerber, senior vice president, head of Cell Therapy Development, Bristol Myers Squibb. “Based on results from TRANSCEND FL and TRANSCEND NHL 001, Breyanzi continues to demonstrate the ability to elicit significant deep and durable responses alongside a manageable safety profile, potentially addressing areas of high unmet need and reinforcing our commitment to advancing innovative solutions for the broadest array of hematologic malignancies of any CD19-directed CAR T cell therapy.”

 

Results from the TRANSCEND FL and TRANSCEND NHL 001 studies will be discussed with health authorities. Bristol Myers Squibb thanks the patients and investigators involved in the TRANSCEND clinical trials.

 

Results from TRANSCEND FL

TRANSCEND FL, the largest clinical trial to date to evaluate a CAR T cell therapy in patients with relapsed or refractory indolent non-Hodgkin lymphoma, including FL, enrolled adults with relapsed or refractory disease treated with Breyanzi in the second-line and third-line plus setting. Patients received treatment with Breyanzi at a target dose of 100 x 106 CAR-positive viable T cells.

 

In efficacy evaluable patients with relapsed or refractory FL treated with Breyanzi in the third-line plus setting (n=101), the overall response rate (ORR) was 97% (95% CI: 91.6-99.4; one-sided p<0.0001), with 94% of patients achieving a complete response (CR; 95% CI: 87.5-97.8; one-sided p<0.0001). Responses were durable with a median duration of response not reached at a median follow-up of 16.6 months. At 12 months, 81.9% of responders had an ongoing response. Median progression-free survival (PFS) was also not reached at a median follow-up of 17.5 months, with 12-month PFS achieved in 80.7% of patients.

 

With a median on-study follow-up of 18.9 months in the safety set (n=130), which included patients treated in the second-line plus setting, Breyanzi exhibited a manageable safety profile, with no new safety signals observed and low rates of severe cytokine release syndrome (CRS) and neurologic events (NE). Any grade CRS occurred in 58% of patients, with Grade 3 CRS occurring in 1% of patients and no Grade 4/5 CRS reported. Any grade NEs were reported in 15% of patients, with Grade 3 NEs occurring in 2% of patients and no Grade 4/5 NEs reported.

 

Historically, outcomes are poor for patients with relapsed or refractory FL. Despite high initial response rates to front-line treatment, the majority of patients experience multiple relapses and prognosis often worsens with subsequent relapses. Additionally, the durability of response with available treatment options decreases with each subsequent line of therapy. There are currently no curative options.

 

“In the treatment of relapsed or refractory follicular lymphoma, there are few options that offer significant and lasting responses, particularly for patients with high-risk disease features and those who experience early disease progression after front-line therapy,” said Franck Morschhauser, M.D., Ph.D., lead investigator and Professor of Hematology at Centre Hospitalier Universitaire de Lille, Groupe de Recherche sur les forms Injectables et les Technologies Associées, Lille, France. “In TRANSCEND FL, the overall and complete response rates achieved with liso-cel were very high, and appear mostly durable at 12 months, and, importantly, the safety profile was favorable. This data shows the potential of liso-cel as a promising treatment option for patients with relapsed or refractory follicular lymphoma.”

 

Results from TRANSCEND NHL 001 in MCL

The MCL cohort of TRANSCEND NHL 001 enrolled adults with relapsed or refractory disease after two or more prior lines of therapy, including a BTK inhibitor. These patients were treated with Breyanzi at dose levels of either 50 x 106 or 100 x 106 CAR-positive viable T cells.

 

With a median on-study follow-up of 16.1 months, the ORR in patients evaluated for efficacy in the primary analysis set (n=74) was 86.5% (95% CI: 76.5-93.3; one-sided p<0.0001), with 74.3% of patients achieving a CR (95% CI: 62.8-83.8; one-sided p<0.0001).

 

In the safety set (n=88), Breyanzi was well-tolerated and no new safety signals were observed. Any grade CRS occurred in 61% of patients, with Grade 3/4 CRS occurring in 1% of patients and no Grade 5 CRS reported. Any grade NEs were reported in 31% of patients, with Grade 3/4 NEs occurring in 9% of patients and no Grade 5 NEs reported.

 

There are currently no curative options for MCL and relapse is common, with many patients developing resistance to initial treatment. With each additional line of therapy, both response rates and duration of response tend to decrease, and prognosis worsens.

 

“Despite advances in treatment, there remains a critical unmet need for additional therapies that offer deep and durable responses in patients with high-risk, aggressive relapsed or refractory mantle cell lymphoma,” said Michael Wang, M.D., lead investigator and Professor, Department of Lymphoma and Myeloma, Division of Cancer Medicine, University of Texas MD Anderson Cancer Center, Houston, Texas. “Liso-cel offers the potential for complete responses with a one-time infusion and a manageable safety profile, representing a potential new treatment option for these patients.”

 

About TRANSCEND FL

TRANSCEND FL (NCT04245839) is an open-label, global, multicenter, Phase 2, single-arm study to determine the efficacy and safety of Breyanzi in patients with relapsed or refractory indolent B-cell non-Hodgkin lymphoma, including follicular lymphoma and marginal zone lymphoma. The primary outcome measure is overall response rate. Secondary outcome measures include complete response rate, duration of response, and progression-free survival.

 

About TRANSCEND NHL 001

TRANSCEND NHL 001 (NCT02631044) is an open-label, multicenter, pivotal, Phase 1, single-arm, seamless-design study to determine the safety, pharmacokinetics and antitumor activity of Breyanzi in patients with relapsed or refractory B-cell non-Hodgkin lymphoma, including diffuse large B-cell lymphoma, high-grade B-cell lymphoma, primary mediastinal B-cell lymphoma, follicular lymphoma Grade 3B and mantle cell lymphoma. The primary outcome measures are treatment-related adverse events, dose-limiting toxicities and overall response rate. Secondary outcome measures include complete response rate, duration of response and progression-free survival.

 

About FL

Follicular lymphoma (FL) is the second most common, slow-growing form of non-Hodgkin lymphoma (NHL), accounting for 20 to 30 percent of all NHL cases. Most patients with FL are over 50 years of age when they are diagnosed. FL develops when white blood cells cluster together to form lumps in a person’s lymph nodes or organs. It is characterized by periods of remission and relapse, and the disease becomes more difficult to treat after relapse or disease progression.

 

About MCL

Mantle cell lymphoma (MCL) is an aggressive, rare form of non-Hodgkin lymphoma (NHL), representing roughly 3% of all NHL cases. MCL originates from cells in the “mantle zone” of the lymph node. MCL occurs more frequently in older adults with an average age at diagnosis in the mid-60s, and it is more often found in males than in females. In MCL, relapse after initial treatment is common, and for most, the disease eventually progresses or returns.

 

About Breyanzi

Breyanzi is a CD19-directed CAR T cell therapy with a 4-1BB costimulatory domain, which enhances the expansion and persistence of the CAR T cells. Breyanzi is made from a patient’s own T cells, which are collected and genetically reengineered to become CAR T cells that are then delivered via infusion as a one-time treatment. Breyanzi is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with large B-cell lymphoma (LBCL), including diffuse large B-cell lymphoma (DLBCL), not otherwise specified (including DLBCL arising from indolent lymphoma), high-grade B-cell lymphoma, primary mediastinal LBCL, and follicular lymphoma grade 3B who have refractory disease to first-line chemoimmunotherapy or relapse within 12 months of first-line chemoimmunotherapy, or refractory disease to first-line chemoimmunotherapy or relapse after first-line chemoimmunotherapy and are not eligible for hematopoietic stem cell transplant due to comorbidities or age, or relapsed or refractory disease after two or more lines of systemic therapy. Breyanzi is not indicated for the treatment of patients with primary central nervous system lymphoma.

 

Please see the Important Safety Information section below, including Boxed WARNINGS for Breyanzi regarding cytokine release syndrome and neurotoxicity.

Breyanzi is also approved in Japan and Europe for the second-line treatment of relapsed or refractory LBCL, and in Japan, Europe, Switzerland, and Canada for relapsed and refractory LBCL after two or more lines of systemic therapy. Bristol Myers Squibb’s clinical development program for Breyanzi includes clinical studies in earlier lines of treatment for patients with relapsed or refractory LBCL and other types of lymphoma and leukemia. For more information, visit clinicaltrials.gov.

 

U.S. Important Safety Information and Indication

BREYANZI is a CD19-directed genetically modified autologous T cell immunotherapy indicated for the treatment of adult patients with large B-cell lymphoma (LBCL), including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (including DLBCL arising from indolent lymphoma), high-grade B cell lymphoma, primary mediastinal large B-cell lymphoma, and follicular lymphoma grade 3B, who have:

  • refractory disease to first-line chemoimmunotherapy or relapse within 12 months of first-line chemoimmunotherapy; or
  • refractory disease to first-line chemoimmunotherapy or relapse after first-line chemoimmunotherapy and are not eligible for hematopoietic stem cell transplantation (HSCT) due to comorbidities or age; or
  • relapsed or refractory disease after two or more lines of systemic therapy.

 

Limitations of Use: BREYANZI is not indicated for the treatment of patients with primary central nervous system lymphoma.

 

BOXED WARNING: CYTOKINE RELEASE SYNDROME and NEUROLOGIC TOXICITIES

  • Cytokine Release Syndrome (CRS), including fatal or life-threatening reactions, occurred in patients receiving BREYANZI. Do not administer BREYANZI to patients with active infection or inflammatory disorders. Treat severe or life-threatening CRS with tocilizumab with or without corticosteroids.
  • Neurologic toxicities, including fatal or life-threatening reactions, occurred in patients receiving BREYANZI, including concurrently with CRS, after CRS resolution or in the absence of CRS. Monitor for neurologic events after treatment with BREYANZI. Provide supportive care and/or corticosteroids as needed.
  • BREYANZI is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the BREYANZI REMS.

 

Cytokine Release Syndrome (CRS)

Cytokine release syndrome (CRS), including fatal or life-threatening reactions, occurred following treatment with BREYANZI. Among patients receiving BREYANZI for LBCL (N=418), CRS occurred in 46% (190/418), including ≥ Grade 3 CRS (Lee grading system) in 3.1% of patients.

 

In patients receiving BREYANZI after two or more lines of therapy for LBCL, CRS occurred in 46% (122/268), including ≥ Grade 3 CRS in 4.1% of patients. One patient had fatal CRS and 2 had ongoing CRS at time of death. The median time to onset was 5 days (range: 1 to 15 days). CRS resolved in 98% with a median duration of 5 days (range: 1 to 17 days).

 

In patients receiving BREYANZI after one line of therapy for LBCL, CRS occurred in 45% (68/150), including Grade 3 CRS in 1.3% of patients. The median time to onset was 4 days (range: 1 to 63 days). CRS resolved in all patients with a median duration of 4 days (range: 1 to 16 days).

 

The most common manifestations of CRS (≥10%) included fever (94%), hypotension (42%), tachycardia (28%), chills (23%), hypoxia (16%), and headache (12%).

 

Serious events that may be associated with CRS include cardiac arrhythmias (including atrial fibrillation and ventricular tachycardia), cardiac arrest, cardiac failure, diffuse alveolar damage, renal insufficiency, capillary leak syndrome, hypotension, hypoxia, and hemophagocytic lymphohistiocytosis/macrophage activation syndrome (HLH/MAS).

 

Ensure that 2 doses of tocilizumab are available prior to infusion of BREYANZI.

Of the 418 patients who received BREYANZI for LBCL, 23% received tocilizumab and/or a corticosteroid for CRS, including 10% who received tocilizumab only and 2.2% who received corticosteroids only.

 

Neurologic Toxicities

Neurologic toxicities that were fatal or life-threatening, including immune effector cell-associated neurotoxicity syndrome (ICANS), occurred following treatment with BREYANZI. Serious events including cerebral edema and seizures occurred with BREYANZI. Fatal and serious cases of leukoencephalopathy, some attributable to fludarabine, also occurred.

 

In patients receiving BREYANZI after two or more lines of therapy for LBCL, CAR T cell-associated neurologic toxicities occurred in 35% (95/268), including ≥ Grade 3 in 12% of patients. Three patients had fatal neurologic toxicity and 7 had ongoing neurologic toxicity at time of death. The median time to onset of neurotoxicity was 8 days (range: 1 to 46 days). Neurologic toxicities resolved in 85% with a median duration of 12 days (range: 1 to 87 days).

 

In patients receiving BREYANZI after one line of therapy for LBCL, CAR T cell-associated neurologic toxicities occurred in 27% (41/150) of patients, including Grade 3 cases in 7% of patients. The median time to onset of neurologic toxicities was 8 days (range: 1 to 63 days). The median duration of neurologic toxicity was 6 days (range: 1 to 119 days).

 

In all patients combined receiving BREYANZI for LBCL, neurologic toxicities occurred in 33% (136/418), including ≥ Grade 3 cases in 10% of patients. The median time to onset was 8 days (range: 1 to 63), with 87% of cases developing by 16 days. Neurologic toxicities resolved in 85% of patients with a median duration of 11 days (range: 1 to 119 days). Of patients developing neurotoxicity, 77% (105/136) also developed CRS. The most common neurologic toxicities (≥ 5%) included encephalopathy (20%), tremor (13%), aphasia (8%), headache (6%), dizziness (6%), and delirium (5%).

 

CRS and Neurologic Toxicities Monitoring

Monitor patients daily for at least 7 days following BREYANZI infusion at a REMS-certified healthcare facility for signs and symptoms of CRS and neurologic toxicities and assess for other causes of neurological symptoms. Monitor patients for signs and symptoms of CRS and neurologic toxicities for at least 4 weeks after infusion and treat promptly. At the first sign of CRS, institute treatment with supportive care, tocilizumab, or tocilizumab and corticosteroids as indicated. Manage neurologic toxicity with supportive care and/or corticosteroid as needed. Counsel patients to seek immediate medical attention should signs or symptoms of CRS or neurologic toxicity occur at any time.

 

BREYANZI REMS

Because of the risk of CRS and neurologic toxicities, BREYANZI is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the BREYANZI REMS. The required components of the BREYANZI REMS are:

  • Healthcare facilities that dispense and administer BREYANZI must be enrolled and comply with the REMS requirements.
  • Certified healthcare facilities must have on-site, immediate access to tocilizumab.
  • Ensure that a minimum of 2 doses of tocilizumab are available for each patient for infusion within 2 hours after BREYANZI infusion, if needed for treatment of CRS.
  • Certified healthcare facilities must ensure that healthcare providers who prescribe, dispense, or administer BREYANZI are trained on the management of CRS and neurologic toxicities.

 

Further information is available at www.BreyanziREMS.com, or contact Bristol-Myers Squibb at 1-888-423-5436.

 

Hypersensitivity Reactions

Allergic reactions may occur with the infusion of BREYANZI. Serious hypersensitivity reactions, including anaphylaxis, may be due to dimethyl sulfoxide (DMSO).

 

Serious Infections

Severe infections, including life-threatening or fatal infections, have occurred in patients after BREYANZI infusion.

In patients receiving BREYANZI for LBCL, infections of any grade occurred in 36% with Grade 3 or higher infections occurring in 12% of all patients. Grade 3 or higher infections with an unspecified pathogen occurred in 7%, bacterial infections occurred in 4.3%, viral infections in 1.9% and fungal infections in 0.5%.

Febrile neutropenia developed after BREYANZI infusion in 8% of patients with LBCL. Febrile neutropenia may be concurrent with CRS. In the event of febrile neutropenia, evaluate for infection and manage with broad spectrum antibiotics, fluids, and other supportive care as medically indicated.

Monitor patients for signs and symptoms of infection before and after BREYANZI administration and treat appropriately. Administer prophylactic antimicrobials according to standard institutional guidelines.

Avoid administration of BREYANZI in patients with clinically significant active systemic infections.

Viral reactivation: Hepatitis B virus (HBV) reactivation, in some cases resulting in fulminant hepatitis, hepatic failure, and death, can occur in patients treated with drugs directed against B cells.

In patients who received BREYANZI for LBCL, 15 of the 16 patients with a prior history of HBV were treated with concurrent antiviral suppressive therapy. Perform screening for HBV, HCV, and HIV in accordance with clinical guidelines before collection of cells for manufacturing. In patients with prior history of HBV, consider concurrent antiviral suppressive therapy to prevent HBV reactivation per standard guidelines.

 

Prolonged Cytopenias

Patients may exhibit cytopenias not resolved for several weeks following lymphodepleting chemotherapy and BREYANZI infusion.

Grade 3 or higher cytopenias persisted at Day 29 following BREYANZI infusion in 36% of patients with LBCL and included thrombocytopenia in 28%, neutropenia in 21%, and anemia in 6%.

Monitor complete blood counts prior to and after BREYANZI administration.

 

Hypogammaglobulinemia

B-cell aplasia and hypogammaglobulinemia can occur in patients receiving treatment with BREYANZI.

In patients receiving BREYANZI for LBCL, hypogammaglobulinemia was reported as an adverse reaction in 11% of patients. Hypogammaglobulinemia, either as an adverse reaction or laboratory IgG level below 500 mg/dL after infusion, was reported in 28% of patients.

Monitor immunoglobulin levels after treatment with BREYANZI and manage using infection precautions, antibiotic prophylaxis, and immunoglobulin replacement as clinically indicated.

Live vaccines: The safety of immunization with live viral vaccines during or following BREYANZI treatment has not been studied. Vaccination with live virus vaccines is not recommended for at least 6 weeks prior to the start of lymphodepleting chemotherapy, during BREYANZI treatment, and until immune recovery following treatment with BREYANZI.

 

Secondary Malignancies

Patients treated with BREYANZI may develop secondary malignancies. Monitor lifelong for secondary malignancies. In the event that a secondary malignancy occurs, contact Bristol-Myers Squibb at 1-888-805-4555 for reporting and to obtain instructions on collection of patient samples for testing.

 

Effects on Ability to Drive and Use Machines

Due to the potential for neurologic events, including altered mental status or seizures, patients receiving BREYANZI are at risk for developing altered or decreased consciousness or impaired coordination in the 8 weeks following BREYANZI administration. Advise patients to refrain from driving and engaging in hazardous occupations or activities, such as operating heavy or potentially dangerous machinery, for at least 8 weeks.

 

Adverse Reactions

The most common nonlaboratory adverse reactions (incidence ≥ 30%) are fever, CRS, fatigue, musculoskeletal pain, and nausea.

The most common Grade 3-4 laboratory abnormalities (≥ 30%) include lymphocyte count decrease, neutrophil count decrease, platelet count decrease, and hemoglobin decrease.

 

Please see full Prescribing Information, including Boxed WARNINGS and Medication Guide.

Bristol Myers Squibb: Creating a Better Future for People with Cancer

Bristol Myers Squibb is inspired by a single vision—transforming patients’ lives through science. The goal of the company’s cancer research is to deliver medicines that offer each patient a better, healthier life and to make cure a possibility. Building on a legacy across a broad range of cancers that have changed survival expectations for many, Bristol Myers Squibb researchers are exploring new frontiers in personalized medicine, and through innovative digital platforms, are turning data into insights that sharpen their focus. Deep scientific expertise, cutting-edge capabilities and discovery platforms enable the company to look at cancer from every angle. Cancer can have a relentless grasp on many parts of a patient’s life, and Bristol Myers Squibb is committed to taking actions to address all aspects of care, from diagnosis to survivorship. Because as a leader in cancer care, Bristol Myers Squibb is working to empower all people with cancer to have a better future.

 

Learn more about the science behind cell therapy and ongoing research at Bristol Myers Squibb here.

 

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com

Contacts

Bristol Myers Squibb

Media Inquiries:
media@bms.com

Investors:
investor.relations@bms.com

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Categories
Business Lifestyle Regulations & Security

Best’s Market Segment Report: First hard market cycle in US cyber insurance segment brings return to profitability

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion and improving loss ratios given greater attention to underwriting discipline, according to a new AM Best report.

 

The Best’s Market Segment Report, “US Cyber: First Hard Market Cycle Brings a Return to Profitability,” notes that direct premiums written (DPW) has tripled in the past three years with surging demand, far outpacing that of the broader commercial lines industry by a wide margin. Calendar-year results improved dramatically in 2022 following two straight difficult years, as insurers benefited from continued rate increases, tighter underwriting and a decrease in ransomware attacks. Compared with 2021, the loss ratio fell 23 percentage points to 43% on standalone policies, and 18 percentage points to 48% on packaged policies.

 

“Underwriters have used every item in the proverbial toolbox to manage exposures. In addition to the rate increases, underwriters have cut limits, increased insureds’ own retention and improved risk selection,” said Christopher Graham, senior industry analyst, industry research and analytics, AM Best. “With the cyber universe expanding and becoming more complex with artificial intelligence creating new exposures and ransomware attacks returning to prominence in 2023, the demand for cyber coverage will only increase.”

 

According to the report, the cyber insurance market continues to shift away from packaged policies, with standalone ones now the preferred policy among larger insureds. More than 70% of cyber premium is written on standalone policies, with the 2022 total standalone DPW exceeding all 2021 cyber insurance premium. AM Best views this trend as welcome news for the industry, as it may reduce disputes and litigation costs.

 

In another market shift, surplus lines writers now account for a majority of cyber insurance premium, the report states. From the time the NAIC started collecting data on cyber insurance in 2015 until the hard market of 2020, surplus lines companies held a relatively steady 25% share of the cyber market. However, since then, cyber premium written by surplus lines insurers increased by more than 500%, now representing nearly 60% of total cyber market premium.

 

Even with the decline in ransomware claims during 2022, first-party claims remain close to 75% of the nearly 27,000 reported claims as business e-mail compromise claims increased. The number of third-party liability claims is also still significant, and these claims will have some tail in development. In addition, war risk exclusions vary by company, with some carriers sticking with traditional war exclusions and others accepting certain war exposures.

 

“Systemic risk is an ongoing concern. Property catastrophes typically affect a limited geographic area, but a cyber catastrophe, as we saw with NotPetya, can go worldwide,” said Fred Eslami, associate director, AM Best. “As the definition of war becomes broader, so may the exclusion as well, which could lead to insureds with less coverage. Ultimately, the coverage provided to insureds may be decided by the risk appetite of the insurer, and to a certain extent, the coverage that reinsurers are willing to provide.”

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=332501.

 

A panel of AM Best analysts and other industry experts will discuss trends and challenges in the cyber insurance market, including the rise of artificial intelligence and the return of ransomware attacks, in an analytical briefing set for 11 a.m. (EDT) today, June 13, 2023. To view the briefing, please visit http://www.ambest.com/conferences/Cyber2023/index.html

 

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

 

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

Contacts

Christopher Graham
Senior Industry Analyst,
Industry Research and Analytics
+1 908 882 1807
christopher.graham@ambest.com

Fred Eslami
Associate Director
+1 908 882 1759
fred.eslami@ambest.com

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

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

Categories
Business Lifestyle Regulations & Security

AM Best affirms credit ratings of Everspan Indemnity Insurance Company and its affiliates

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Everspan Indemnity Insurance Company (Scottsdale, AZ) and its affiliates, collectively referred to as Everspan Group. The outlook of these Credit Ratings (ratings) is stable. See below for a listing of companies and ratings.

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

 

The balance sheet strength assessment recognizes risk-adjusted capital supportive of the group’s current and future exposures over its initial five-year startup period. Capital was provided by Ambac Financial Group, Inc. [NYSE: AMBC]. AM Best assesses Everspan Group’s operating performance as adequate based on execution and implementation of its business plan during its formative stages. The group began actively writing premium during the second quarter of 2021. AM Best views the group’s business profile as limited. This encompasses the group’s position as a specialty program writer with significant risk retention, framed within the competitive space for participating fronting type carriers. The group provides services for a diverse mix of managing general agents aligned with highly select reinsurance partners. The enterprise retains a strategic level of net premium of select programs. The group’s ERM captures a clearly defined risk appetite structure; it addresses the heightened risks inherent in its business profile and was designed by its extensively experienced management team.

 

Negative rating actions could occur if risk-adjusted capital is short of needs, actual operating results fall adversely outside the initial projections, the enterprise is unable to gain traction within the parameters of its business profile, or risk appetite and tolerance levels prove to be inadequate for the group’s profile.

 

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with stable outlooks for the members of Everspan Group:

  • Everspan Indemnity Insurance Company
  • Everspan Insurance Company
  • Consolidated National Insurance Company
  • Greenwood Insurance Company
  • 21st Century Auto Insurance Company of New Jersey
  • Providence Washington Insurance Company

 

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

 

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

 

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

Contacts

Robert Raber
Director
+1 908 882 2261
robert.raber@ambest.com

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

christopher.sharkey@ambest.com

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

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