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Business Lifestyle Regulations & Security

AM Best revises outlooks to stable for Juniata Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Juniata Mutual Insurance Company (JMIC) (McAlisterville, PA).

 

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

 

The revision of the outlooks to stable reflects JMIC’s improved operating performance over the last two years and the continuation of those results through March 31, 2023. In recent years, the company has reported favorable operating returns driven by improved underwriting results and consistent investment income. As a result, pre-tax operating gains and positive net income have been reported for two consecutive years and through first-quarter 2023. These results are due to management’s aggressive actions to stabilize operating results, which included, but are not limited to, re-underwriting of the commercial book of business, an added inflation guard on all policies, strategic rate increases and the non-renewing of policies with multiple claims. Also, JMIC has had lower than normal storm and shock losses, as well as the successful closure of some liability claims. Policyholder surplus did decline approximately 4% at year-end 2022 due to the downturn in the stock market; however, through March 31, 2023 that loss in surplus has been replenished. While the profile of a single state geographically concentrated property writer anticipates some volatility in operating performance, the outlooks contemplate that the magnitude will compare similarly to other adequately assessed companies.

 

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

Joseph Burtone

Director

+1 908 439 2200, ext. 5125

joseph.burtone@ambest.com

Richard Attanasio

Senior Director

+1 908 439 2200, ext. 5432

richard.attanasio@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Categories
Business Lifestyle Science Technology

Fuji Electric launches new MONITOUCH V10 series

EDISON, N.J. — (BUSINESS WIRE) — #HMI — Fuji Electric Corp is excited to announce the launch of the NEW MONITOUCH V10 HMI Series. The V10 joins the MONITOUCH V9, TechnoShot, and X1 series of HMI products available from Fuji Electric Corp. The new MONITOUCH V10 Series offers the high-speed processing of a quad-core CPU, allowing for stable operation and communication on high-load screens, an advanced storage device (eMMC) reducing startup/transfer time and man-hours, and the panel cutout size and functions are fully compatible with existing V series!


The new MONITOUCH V10 focuses on the six basic performance aspects of HMIs: Rendering and Operation, offering the highest screen switching speed and quickest input response time. Start-up and Transfer speed for the shortest power on time and highest screen data transfer speed. Communication speed reduces the read and write time of device data. Custom Code at the highest processing speed for rapid macro command execution. These features benefit designers, operators, and maintenance engineers in every application.

 

Fuji Electric Corp. of America is a wholly owned subsidiary of Fuji Electric Co., Ltd., headquartered in Tokyo, Japan and has been responsible for sales and distribution of the company’s products since 1970. Fuji Electric Co., Ltd. began developing power electronics equipment in 1923, and is a global leader in industrial products ranging from semiconductors, HMIs, contactors, relays, and power generation equipment to AC drives and uninterruptible power supply systems. For more information, please visit https://americas.fujielectric.com/or follow us on LinkedIn and Twitter.

Contacts

Media:

Lisa Pross

Fuji Electric Marketing Manager

FEAmarketing@fujielectric.com

Categories
Business Lifestyle Regulations & Security

AM Best affirms credit ratings of ProAssurance Corporation and core members of ProAssurance Group; upgrades credit ratings of NORCAL Insurance Company and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the core members of ProAssurance Group. Concurrently, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a+” (Excellent) from “a-” (Excellent) of NORCAL Insurance Company (NORCAL) (San Francisco, CA) and its subsidiaries, which are now part of ProAssurance Group. At the same time, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of ProAssurance Corporation (PRA) (headquartered in Birmingham, AL). All companies are indirect subsidiaries of PRA. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies’ ratings.)

The ratings of ProAssurance Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

 

The group’s balance sheet strength assessment continues to reflect the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as the strength of its reserves and quality of investments. The ratings also consider ProAssurance Group’s operating performance, which continues to be adequate as results benefited from the complete reunderwriting of its book of business and its strong rate gains, although loss costs in its medical professional liability (MPL) book of business remain pressured by the impacts of social inflation and the increasing frequency of excess verdicts, as seen in the first quarter of 2023. The ratings also consider the group’s market position as one of the leading MPL insurers in the United States, as well as its diversification across multiple disciplines, geographic areas and in its other lines of business. These ratings also acknowledge the depth and breadth of the group’s ERM programs and policies.

 

The rating upgrades of NORCAL and its subsidiaries reflect their status as members of ProAssurance Group due to the implicit and explicit support provided by the group following management’s integration efforts since its acquisition of NORCAL in 2021. Also considered is NORCAL and its subsidiaries’ strategic importance to the group, common management, and significant earnings contributions.

 

The ratings also benefit from the financial flexibility provided by PRA, the ultimate parent. PRA’s financial leverage is modest, with strong interest coverage, and holds a significant amount of cash and short-term investments outside of the insurance operating companies that are available for use without regulatory approval or other restriction. Nevertheless, the group has reported limited surplus growth over the most recent five-year period due to significant payments of dividends to PRA, which the parent has utilized for company stock repurchases and payment of shareholders’ dividends. Management remains committed to maintaining capital at its rated entities at levels commensurate with their ratings.

 

The stable outlooks for the Long-Term ICRs of ProAssurance Group members reflect the group’s continued strongest level balance sheet strength assessment, supported by effective capital management and financial flexibility afforded by it parent, while ongoing insurance operating initiatives implemented by management are expected to maintain its stable operating performance.

 

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

  • ProAssurance Casualty Company
  • ProAssurance Indemnity Company, Inc.
  • ProAssurance Specialty Insurance Company
  • Medmarc Casualty Insurance Company
  • ProAssurance Insurance Company of America
  • ProAssurance American Mutual, A Risk Retention Group
  • Allied Eastern Indemnity Company
  • Eastern Advantage Assurance Company
  • Eastern Alliance Insurance Company

 

The FSR has been upgraded to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a+” (Excellent) from “a-” (Excellent) with stable outlooks for the following new members of ProAssurance Group:

  • NORCAL Insurance Company
  • NORCAL Specialty Insurance Company
  • Medicus Insurance Company
  • FD Insurance Company
  • Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company

 

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

ProAssurance Corporation

–“bbb+” (Good) on $250 million 5.30% 10-year senior unsecured notes, due 2023

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

ProAssurance Corporation

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

— “bbb” (Good) on senior subordinated debt

— “bbb-” (Good) on preferred stock

 

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

Vicky Riggs
Associate Director
+1 908 439 2200, ext. 5039
vicky.riggs@ambest.com

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

Sharon Marks
Director
+1 908 439 2200, ext. 5477
sharon.marks@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Environment Lifestyle Local News

Universal Display Corporation to showcase phosphorescent OLED advances and Organic Vapor Jet Printing milestone achievements at SID Display Week 2023

Showcasing RGB PHOLED narrow emission lineshape and first-ever seven-layer printed PHOLED device with comparable performance to VTE

 

EWING, N.J. — (BUSINESS WIRE) — $OLED #OLEDUniversal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that it will showcase the Company’s latest advances in phosphorescent OLED (PHOLED) and organic vapor jet printing (OVJP) at the Society for Information Display (SID) Display Week 2023 International Symposium, Seminar and Exhibition being held from May 21-26.

 

At Booth #828 in the Los Angeles Convention Center, UDC will exhibit its latest advancement in red, green and blue PHOLEDs with narrow emission spectral lineshape. The importance of narrow lineshape is to continue the advancement of increasing energy efficiency in addition to achieving enhanced color gamut. UDC will also unveil to the public for the first time that its OVJP system printed on a 200mm x 500mm Corning® Astra™ Glass substrate. The Company will also showcase the first-ever fully printed seven-layer (HIL/HTL/EBL/EML/HBL/ETL/EIL), 80 PPI, green commercial-level PHOLED device fabricated by our R&D OVJP system that has comparable device performance with vacuum thermal evaporation (VTE).

 

“Innovation and invention are at the core of UDC’s DNA and we are continuing to build on our core competencies and pioneering work in phosphorescent materials and OLED technologies,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. “We are pleased to share our latest leading-edge phosphorescent material data and showcase significant milestone achievements with our groundbreaking organic vapor jet printing system at SID Display Week. Scaling our dry printing technology to gen 4 while continuing to construct the building blocks of our alpha system and unveiling the first-ever fully printed PHOLED stack, consisting of 7 layers sequentially deposited with our OVJP platform, are important and exciting steps toward commercializing our trailblazing highly-efficient, cost-effective, high throughput manufacturing platform. Come visit our booth to learn more about our advances for the OLED industry.”

 

SID Display Week’s Symposium will include a variety of technical and business events, including:

  • Session 16: Integrated Sensors (Active Matrix Devices), where Dr. Mike Hack of Universal Display will be the Session Co-Chair on Tuesday, May 23rd at 2:00 PM PT.
  • Session 41: OLED Materials II (OLEDs), where Dr. Nicholas Thompson of Universal Display will be the Session Co-Chair on Wednesday, May 24th at 10:40 AM PT.
  • Session 42: Automotive Image Quality (Automotive/Vehicular Displays and HMI Technologies), where Dr. Eric Margulies of Universal Display will be the Session Co-Chair on Wednesday, May 24th at 10:40 AM PT.
  • SID/DSCC Business Conference, where Dr. Mike Hack will participate in the Emerging display Technologies I session. Dr. Hack will provide an update on UDC’s Groundbreaking Advances for the OLED Industry on Wednesday, May 24th at 4:30 PM PT.
  • Session 65: OLED Physics II (OLEDs), where Dr. Nicholas Thompson of Universal Display will be the Session Chair on Thursday, May 25th at 10:40 AM PT.

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

Follow Universal Display Corporation

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(OLED-C)

Contacts

Universal Display:
Darice Liu

investor@oled.com
media@oled.com
+1 609-964-5123

Categories
Art & Life Business Foodies/Tastylicious Lifestyle Perks

NEW Welch’s® ZERO SUGAR Fruity Bites brings 100% deliciousness to treat lovers without the sugar

PIM Brands unveils its first Zero-Sugar snacks at Chicago Sweets & Snacks Expo

 

PARK RIDGE, N.J. — (BUSINESS WIRE) — New Welch’s® ZERO SUGAR Fruity Bites will be unveiled at Sweets & Snacks Expo, and is the latest innovation from PIM Brands, makers of Welch’s® Fruit Snacks, America’s #1 Brand in all trade classes.


Welch’s® ZERO SUGAR Fruity Bites are chewy, fruity, delicious, and 100% sugar-free, with 25% fewer calories than the original Welch’s® Fruit Snacks but all the great taste. The new treats are fat-free, gluten-free, aspartame-free, and contain no preservatives.

 

With four in ten shoppers looking for low/sugar-free products, up 4 percentage points versus a year ago,1 new Welch’s® ZERO SUGAR comes as both consumer preference for sugar-free snacks, and the sugar-free snack market are increasing.

 

According to a Comprehensive Research Report by Marketing Research Future (MRFR), the global market for sugar-free treats is projected to increase by 6.9%, reaching almost $7 billion by 2030.2

 

“We’re excited to expand our product offerings with Welch’s® ZERO SUGAR Fruity Bites,” said Nicole Luisi, Senior Brand Manager, Welch’s® Fruit Snacks. “With this new innovation, fans of our iconic fruit snacks with specific dietary preferences or restrictions can again enjoy that same delicious taste and texture they have grown to love, giving them a deliciously fruity snack without any compromise.”

 

Consumers will begin to find Welch’s® ZERO SUGAR at their favorite retailers and on Amazon.com, in Mixed Fruit, Berries ‘n Cherries, and Island Fruits varieties, priced at approximately $3.99 for 3 oz. peg bags with other packaging formats also to roll out later in the year into early 2024.

 

PIM Brands, Inc. is unveiling Welch’s® ZERO SUGAR Fruity Bites this week at the Sweets & Snacks Expo being held in Chicago where attendees will have the chance to taste the new product at the PIM Brands booth #11704

 

About PIM Brands Inc.

PIM Brands, Inc. is the world’s largest maker of Real Fruit Snacks and related treats and is also one of the world’s largest makers of chocolate and non-chocolate confections. Currently ranked as #26 on Candy Industry Magazine’s “Global Top 100” confectionery companies in the world and #10 in North America by Candy Industry Magazine, PIM Brands, Inc. is also ranked by Crain’s Business as one of the New York Metro Area’s 100 largest privately owned companies, and by NJBIZ as one of the State’s largest privately held employers.

 

PIM Brands, Inc. has also been named as one of the fastest-growing Consumer Packaged Goods (CPG) companies in the U.S.A. by The Boston Consulting Group (BCG) and Information Resources, Inc. (IRI) six times in the last decade.

 

Millions of times each day all across the world, consumers enjoy PIM’s vast array of loved brands including Welch’s®Fruit Snacks, Welch’s®Juicefuls®Juicy Fruit Snacks, Welch’s®Fruit ‘n Yogurt™ Snacks, Welch’s®Fruit Rolls, Welch’s®ZERO SUGAR Fruity Bites, Sun-Maid®Chocolate Raisins, Toggi®Fine European Chocolate Wafers, Tuxedos®Chocolate Almonds, Original Gummi FunMix®, Sour Jacks®Sour Candies, Slice®Fruit On the-Go™Fruit Bars, Nuclear SQWorms®Sour Gummi Worms and many more.

 

PIM’s subsidiaries and affiliates include PIM Brands LLC, PIM Brands Canada, PIM Brands Mexico S DE RL DE CV, PIM Brands Iberica, SL, PIM Brands UK, Ltd, PIM Brands Hindustani Private Limited, PIM Global Holdings LLC, PIM Consumer Health LLC, Pharma In Motion LLC and Farmer’s Choice Food Brands.

 

For additional information, please visit www.pimbrands.com or contact ABMC at PimBrands@abmc-us.com

 

1 FMCG Gurus, Top Ten Trends For 2023, January 2023

2 https://www.marketresearchfuture.com/reports/sugar-free-gummies-market-8513

 

Contacts

Alison Brod Marketing & Communications

Annie Worthington

pimbrands@abmc-us.com

Categories
Business Economics Lifestyle Regulations & Security Technology Travel & Leisure

Cenntro announces receipt of Nasdaq noncompliance notice regarding late filing of quarterly report on Form 10-Q

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) “(Cenntro” or “the Company),” a leading EV technology company with advanced, market-validated electric commercial vehicles, announced today that it received a written notice (the “Notice)” from The Nasdaq Stock Market LLC “(Nasdaq)” that the Company has remained noncompliant with Nasdaq Listing Rule 5250(c)(1) (the “Rule)” as a result of its failure to file both its annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K),” and quarterly report for the fiscal quarter ended March 31, 2023 (the “Q1 Form 10-Q)” with the Securities and Exchange Commission (the “SEC)” by the required due dates.

 

This Notice has no immediate effect on the listing of the Company’s shares on Nasdaq.

 

The Notice regarding the Company’s Q1 Form 10-Q was supplemental to the written notice received from Nasdaq on April 25, 2023 (the “Original Notice”). Under Nasdaq Rules, the Company has 60 calendar days from receipt of the Original Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception of up to 180 calendar days from the due date of the 2022 Form 10-K and Q1 Form 10-Q or until October 16, 2023, to regain compliance. The Company is currently engaged with its new auditor to formulate a plan and the related audit work to regain compliance with the rule. If the Company remains noncompliant with the Rule at the end of the 180-day extension period, the Company’s shares of common stock will be subject to delisting from Nasdaq.

 

About Cenntro Electric Group

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations, and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the Securities and Exchange Commission (the “SEC),” including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F/A filed with the SEC on August 5, 2022 and which may be viewed at www.sec.gov.

 

Contacts

Investor Relations Contact:
MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:

PR@cenntroauto.com
IR@cenntroauto.com

Categories
Healthcare Lifestyle Programs & Events Science

Teva to present data demonstrating UZEDY™ (risperidone) extended-release injectable suspension significantly prolonged time to impending relapse for adults with schizophrenia at the American Psychiatric Association’s 2023 Annual Meeting

  • UZEDY significantly reduced the risk of relapse by up to 80% and prolonged the time to impending relapse by up to 5.0 times while having a similar safety profile to other formulations of risperidone1,2
  • The U.S. Food and Drug Administration (FDA) approved UZEDY on April 28, 2023 for the treatment of schizophrenia in adults as a subcutaneous injection every one or two months using a pre-filled syringe
  • Symposia on IMPACT-TD scale for tardive dyskinesia (TD) progression measurement and clinical education tool for schizophrenia, S.C.O.P.E., are also to be presented

 

TEL AVIV, Israel & PARSIPPANY, N.J. — (BUSINESS WIRE) — Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA),today announced that four studies across its neuroscience portfolio will be presented during the American Psychiatric Association’s (APA) 2023 Annual Meeting taking place on May 20-24, 2023. Abstracts include data for UZEDY (risperidone) extended-release injectable suspension for subcutaneous use, which was recently approved by the FDA for the treatment of schizophrenia in adults. Additional abstracts being presented include data on characteristics that impact TD diagnosis and machine-learning to identify unique patient segments for TD. TD is a chronic movement disorder that affects one in four people who take certain mental health treatments.3-5

Of the data being presented, Teva will share findings from two trials that supported the FDA approval of UZEDY, the RISE Study (The Risperidone Subcutaneous Extended-Release Study) and the SHINE Study (A Study to Test TV-46000 for Maintenance Treatment of Schizophrenia).6,7 The RISE data demonstrated that UZEDY significantly prolonged time to impending relapse by 5.0 (once-monthly dosing) and 2.7 (once-every-two-months dosing) times versus placebo in patients with schizophrenia.2 Additionally, the SHINE data confirmed the safety profile of UZEDY is consistent with other formulations of risperidone.2

 

“We’re pleased to present the foundational data that supported the FDA’s approval of UZEDY,an important new treatment option for adults with schizophrenia,” said Eric Hughes, MD, PhD, Executive Vice President of Global R&D and Chief Medical Officer at Teva. “We know schizophrenia patients experience a number of challenges when it comes to this condition, and are optimistic that UZEDY can help address the unmet needs of patients, their caregivers, and physicians.”

 

Findings from the RISE and SHINE studies demonstrate that UZEDY is efficacious with the known safety profile of risperidone. The innovative long-acting formulation of UZEDY allows for both absorption and sustained release after subcutaneous injection and is available with a range of dosing options. UZEDY utilizes SteadyTeq™, a copolymer technology proprietary to MedinCell, that controls the rate and duration of risperidone release. With this delivery system, therapeutic blood concentrations are reached within 6-24 hours of a single dose.1

 

In addition to the data, Teva will also be holding a symposium on the newly developed IMPACT-TD scale, featuring Richard Jackson, MD, Assistant Clinical Adjunct Professor, University of Michigan School of Medicine Department of Psychiatry, that may help better measure disease progression of those living with TD by taking a holistic approach to tracking social, vocational, psychological and psychiatric challenges the condition poses over time. A symposium on S.C.O.P.E. featuring John Kane, MD, Professor and Chairman, Department of Psychiatry, The Donald and Barbara Zucker School of Medicine at Hofstra/Northwell, will also be presented – an educational tool for schizophrenia that helps teach physicians about common myths and misconceptions, manage frequent clinical dilemmas and identify the latest therapeutic options.

 

This year’s annual APA meeting is being offered both in person and virtually. Abstracts can be accessed here.

 

The full set of data sponsored by Teva includes:

Symposium: Saturday, May 20, 2:00 PM – 3:00 PM PT

  • Guiding the S.C.O.P.E. of schizophrenia care forward through interactive digital education for clinicians

Symposium: Monday, May 22, 12:15 PM – 12:45 PM PT

  • IMPACT-TD scale: A novel tool to assess the true story of the impact of TD in our patients

Poster Session 12: Tuesday, May 23, 1:30 PM – 3:00 PM PT

  • (De novo) Use of Machine-Learning to Identify Unique Patient Segments Within the Tardive Dyskinesia Population (5040)
  • (De novo) Assessment of Underdiagnosis of Tardive Dyskinesia (TD) by Geographic Region, Social Determinants, and Other Patient Characteristics (4939)

Poster Session 13: Tuesday, May 23, 3:45 PM – 5:15 PM PT

  • (De novo) TV-46000, a Long-Acting Subcutaneous Antipsychotic (LASCA) in Schizophrenia: Phase 3 Study (RISE) and Long-Term Safety and Tolerability Study (SHINE) (5523)
  • (De novo) Myths, Misconceptions, and Clinical Dilemmas Surrounding the Use of Long-acting Injectable Antipsychotic Agents for Treatment of Schizophrenia (4779)

About Tardive Dyskinesia (TD)

Tardive dyskinesia (TD) is a highly debilitating, chronic movement disorder that affects one in four people who take certain mental health treatments and is characterized by uncontrollable, abnormal, and repetitive movements of the face, torso, and/or other body parts, which may be disruptive and negatively impact individuals.3-5

 

About Schizophrenia

Schizophrenia is a chronic, progressive and severely debilitating mental disorder that affects how one thinks, feels and acts.8 Patients experience an array of symptoms, which may include delusions, hallucinations, disorganized speech or behavior and impaired cognitive ability.8-10 Approximately 1% of the world’s population will develop schizophrenia in their lifetime, and 3.5 million people in the U.S. are currently diagnosed with the condition.9,10 Although schizophrenia can occur at any age, the average age of onset tends to be in the late teens to the early 20s for men, and the late 20s to early 30s for women.8 The long-term course of schizophrenia is marked by episodes of partial or full remission broken by relapses that often occur in the context of psychiatric emergency and require hospitalization.8 Approximately 80% of patients experience multiple relapses over the first five years of treatment, and each relapse carries a biological risk of loss of function, treatment refractoriness, and changes in brain morphology.11-13 Patients are often unaware of their illness and its consequences, contributing to treatment nonadherence, high discontinuation rates, and ultimately, significant direct and indirect healthcare costs from subsequent relapses and hospitalizations.8-13

 

About UZEDY

UZEDY (risperidone) extended-release injectable suspension, for subcutaneous use, is indicated for the treatment of schizophrenia in adults. In clinical trials, UZEDY reduced the risk of relapse by up to 80%.1 UZEDY administers risperidone through copolymer technology under license from MedinCell that allows for absorption and sustained release after subcutaneous injection. UZEDY is the only long-acting, subcutaneous formulation of risperidone available in both one- and two-month dosing intervals.1 For full prescribing information, visit https://www.uzedy.com/globalassets/uzedy/prescribing-information.pdf.

 

INDICATION AND USAGE

UZEDY (risperidone) extended-release injectable suspension for subcutaneous use is indicated for the treatment of schizophrenia in adults.

IMPORTANT SAFETY INFORMATION

WARNING: INCREASED MORTALITY IN ELDERLY PATIENTS WITH DEMENTIA-RELATED PSYCHOSIS

Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. UZEDY is not approved for use in patients with dementia-related psychosis and has not been studied in this patient population.

CONTRAINDICATIONS: UZEDY is contraindicated in patients with a known hypersensitivity to risperidone, its metabolite, paliperidone, or to any of its components. Hypersensitivity reactions, including anaphylactic reactions and angioedema, have been reported in patients treated with risperidone or paliperidone.

WARNINGS AND PRECAUTIONS

Cerebrovascular Adverse Reactions: In trials of elderly patients with dementia-related psychosis, there was a significantly higher incidence of cerebrovascular adverse events (e.g., stroke, transient ischemic attack), including fatalities, in patients treated with oral risperidone compared to placebo. UZEDY is not approved for use in patients with dementia-related psychosis.

Neuroleptic Malignant Syndrome (NMS): NMS, a potentially fatal symptom complex, has been reported in association with antipsychotic drugs. Clinical manifestations of NMS are hyperpyrexia, muscle rigidity, altered mental status including delirium, and autonomic instability (irregular pulse or blood pressure, tachycardia, diaphoresis, and cardiac dysrhythmia). Additional signs may include elevated creatine phosphokinase, myoglobinuria (rhabdomyolysis), and acute renal failure. If NMS is suspected, immediately discontinue UZEDY and provide symptomatic treatment and monitoring.

Tardive Dyskinesia (TD): TD, a syndrome consisting of potentially irreversible, involuntary, dyskinetic movements, may develop in patients treated with antipsychotic drugs. Although the prevalence of the syndrome appears to be highest among the elderly, especially elderly women, it is impossible to predict which patients will develop the syndrome. Whether antipsychotic drug products differ in their potential to cause TD is unknown.

The risk of developing TD and the likelihood that it will become irreversible are believed to increase with the duration of treatment and the cumulative dose. The syndrome can develop, after relatively brief treatment periods, even at low doses. It may also occur after discontinuation. TD may remit, partially or completely, if antipsychotic treatment is discontinued. Antipsychotic treatment, itself, however, may suppress (or partially suppress) the signs and symptoms of the syndrome, possibly masking the underlying process. The effect that symptomatic suppression has upon the long-term course of the syndrome is unknown.

If signs and symptoms of TD appear in a patient treated with UZEDY, drug discontinuation should be considered. However, some patients may require treatment with UZEDY despite the presence of the syndrome. In patients who do require chronic treatment, use the lowest dose and the shortest duration of treatment producing a satisfactory clinical response. Periodically reassess the need for continued treatment.

Metabolic Changes: Atypical antipsychotic drugs have been associated with metabolic changes that may increase cardiovascular/cerebrovascular risk. These metabolic changes include hyperglycemia, dyslipidemia, and body weight gain. While all of the drugs in the class have been shown to produce some metabolic changes, each drug has its own specific risk profile.

Hyperglycemia and diabetes mellitus (DM), in some cases extreme and associated with ketoacidosis or hyperosmolar coma or death, have been reported in patients treated with atypical antipsychotics, including risperidone. Patients with an established diagnosis of DM who are started on atypical antipsychotics, including UZEDY, should be monitored regularly for worsening of glucose control. Patients with risk factors for DM (e.g., obesity, family history of diabetes) who are starting treatment with atypical antipsychotics, including UZEDY, should undergo fasting blood glucose (FBG) testing at the beginning of treatment and periodically during treatment. Any patient treated with atypical antipsychotics, including UZEDY, should be monitored for symptoms of hyperglycemia including polydipsia, polyuria, polyphagia, and weakness. Patients who develop symptoms of hyperglycemia during treatment with atypical antipsychotics, including UZEDY, should undergo FBG testing. In some cases, hyperglycemia has resolved when the atypical antipsychotic, including risperidone, was discontinued; however, some patients required continuation of antidiabetic treatment despite discontinuation of risperidone.

Dyslipidemia has been observed in patients treated with atypical antipsychotics.

Weight gain has been observed with atypical antipsychotic use. Monitoring weight is recommended.

Hyperprolactinemia: As with other drugs that antagonize dopamine D2 receptors, risperidone elevates prolactin levels and the elevation persists during chronic administration. Risperidone is associated with higher levels of prolactin elevation than other antipsychotic agents.

Orthostatic Hypotension and Syncope: UZEDY may induce orthostatic hypotension associated with dizziness, tachycardia, and in some patients, syncope. UZEDY should be used with particular caution in patients with known cardiovascular disease, cerebrovascular disease, and conditions which would predispose patients to hypotension and in the elderly and patients with renal or hepatic impairment. Monitoring of orthostatic vital signs should be considered in all such patients, and a dose reduction should be considered if hypotension occurs. Clinically significant hypotension has been observed with concomitant use of oral risperidone and antihypertensive medication.

Falls: Antipsychotics, including UZEDY, may cause somnolence, postural hypotension, motor and sensory instability, which may lead to falls and, consequently, fractures or other fall-related injuries. Somnolence, postural hypotension, motor and sensory instability have been reported with the use of risperidone. For patients, particularly the elderly, with diseases, conditions, or medications that could exacerbate these effects, assess the risk of falls when initiating antipsychotic treatment and recurrently for patients on long-term antipsychotic therapy.

Leukopenia, Neutropenia, and Agranulocytosis have been reported with antipsychotic agents, including risperidone. In patients with a pre-existing history of a clinically significant low white blood cell count (WBC) or absolute neutrophil count (ANC) or a history of drug-induced leukopenia or neutropenia, perform a complete blood count (CBC) frequently during the first few months of therapy. In such patients, consider discontinuation of UZEDY at the first sign of a clinically significant decline in WBC in the absence of other causative factors. Monitor patients with clinically significant neutropenia for fever or other symptoms or signs of infection and treat promptly if such symptoms or signs occur. Discontinue UZEDY in patients with ANC < 1000/mm3) and follow their WBC until recovery.

Potential for Cognitive and Motor Impairment: UZEDY, like other antipsychotics, may cause somnolence and has the potential to impair judgement, thinking, and motor skills. Somnolence was a commonly reported adverse reaction associated with oral risperidone treatment. Caution patients about operating hazardous machinery, including motor vehicles, until they are reasonably certain that treatment with UZEDY does not affect them adversely.

Seizures During premarketing studies of oral risperidone in adult patients with schizophrenia, seizures occurred in 0.3% of patients (9 out of 2,607 patients), two in association with hyponatremia. Use UZEDY cautiously in patients with a history of seizures or other conditions that potentially lower the seizure threshold.

Dysphagia: Esophageal dysmotility and aspiration have been associated with antipsychotic drug use. Antipsychotic drugs, including UZEDY, should be used cautiously in patients at risk for aspiration.

Priapism has been reported during postmarketing surveillance for other risperidone products. A case of priapism was reported in premarket studies of UZEDY. Severe priapism may require surgical intervention.

Body temperature regulation. Disruption of the body’s ability to reduce core body temperature has been attributed to antipsychotic agents. Both hyperthermia and hypothermia have been reported in association with oral risperidone use. Strenuous exercise, exposure to extreme heat, dehydration, and anticholinergic medications may contribute to an elevation in core body temperature; use UZEDY with caution in patients who experience these conditions.

ADVERSE REACTIONS

The most common adverse reactions with risperidone (≥5% and greater than placebo) were parkinsonism, akathisia, dystonia, tremor, sedation, dizziness, anxiety, blurred vision, nausea, vomiting, upper abdominal pain, stomach discomfort, dyspepsia, diarrhea, salivary hypersecretion, constipation, dry mouth, increased appetite, increased weight, fatigue, rash, nasal congestion, upper respiratory tract infection, nasopharyngitis, and pharyngolaryngeal pain.

The most common injection site reactions with UZEDY (≥5% and greater than placebo) were pruritus and nodule.

DRUG INTERACTIONS

  • Carbamazepine and other strong CYP3A4 inducers decrease plasma concentrations of risperidone.
  • Fluoxetine, paroxetine, and other strong CYP2D6 inhibitors increase risperidone plasma concentration.
  • Due to additive pharmacologic effects, the concomitant use of centrally-acting drugs, including alcohol, may increase nervous system disorders.
  • UZEDY may enhance the hypotensive effects of other therapeutic agents with this potential.
  • UZEDY may antagonize the pharmacologic effects of dopamine agonists.
  • Concomitant use with methylphenidate, when there is change in dosage of either medication, may increase the risk of extrapyramidal symptoms (EPS)

USE IN SPECIFIC POPULATIONS

Pregnancy: May cause EPS and/or withdrawal symptoms in neonates with third trimester exposure. There is a pregnancy exposure registry that monitors pregnancy outcomes in women exposed to atypical antipsychotics, including UZEDY, during pregnancy. Healthcare providers are encouraged to register patients by contacting the National Pregnancy Registry for Atypical Antipsychotics at 1-866-961-2388 or online at http://womensmentalhealth.org/clinicaland-research-programs/pregnancyregistry/.

Lactation: Infants exposed to risperidone through breastmilk should be monitored for excess sedation, failure to thrive, jitteriness, and EPS.

Fertility: UZEDY may cause a reversible reduction in fertility in females.

Pediatric Use: Safety and effectiveness of UZEDY have not been established in pediatric patients.

Renal or Hepatic Impairment: Carefully titrate on oral risperidone up to at least 2 mg daily before initiating treatment with UZEDY.

Patients with Parkinson’s disease or dementia with Lewy bodies can experience increased sensitivity to UZEDY. Manifestations and features are consistent with NMS.

Please see the full Prescribing Information for UZEDY, including Boxed WARNING.

About Teva

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to the development and commercial success of UZEDY (risperidone) extended-release injectable suspension for the treatment of schizophrenia; our ability to successfully compete in the marketplace, including our ability to develop and commercialize competition for our innovative medicines, our ability to achieve expected results from investments in our product pipeline, our ability to develop and commercialize additional pharmaceutical products, and the effectiveness of our patents and other measures to protect our intellectual property rights; our substantial indebtedness; our business and operations in general, including, the impact of global economic conditions and other macroeconomic developments and the governmental and societal responses thereto, and costs and delays resulting from the extensive pharmaceutical regulation to which we are subject; compliance, regulatory and litigation matters, including failure to comply with complex legal and regulatory environments; other financial and economic risks; and other factors discussed in our Quarterly Report on Form 10-Q for the first quarter of 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022, including in the section captioned “Risk Factors.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

________________________

1 UZEDY™ (risperidone) extended-release injectable suspension, for subcutaneous injection Current Prescribing Information. Parsippany, NJ. Teva Neuroscience, Inc.

2 Kane J, Sharon N. TV-46000, a Long-Acting Subcutaneous Antipsychotic (LASCA) in Schizophrenia: Phase 3 Study (RISE) and Long-Term Safety and Tolerability Study (SHINE). American Psychiatric Association’s 2023 Annual Meeting; 2023. May 20-24. Hybrid congress.

3 Warikoo N, Schwartz T, Citrome L. Tardive dyskinesia. In: Schwartz TL, Megna J, Topel ME, eds. Antipsychotic Drugs. Hauppauge, NY: Nova Science Publishers. 2013:235-258.

4 Waln O, Jankovic J. An Update on Tardive Dyskinesia: From Phenomenology to Treatment. Tremor Other Hyperkinet Mov. 2013;3:1-11.

5 Tardive dyskinesia. National Alliance on Mental Illness website. https://www.nami.org/Learn-More/Treatment/Mental-Health-Medications/Tardive-Dyskinesia. Accessed May 4, 2023.

6 “A Multicenter, Randomized, Double-Blind, Placebo-Controlled Study to Evaluate the Efficacy, Safety, and Tolerability of Risperidone Extended-Release Injectable Suspension (TV-46000) for Subcutaneous Use as Maintenance Treatment in Adult and Adolescent Patients With Schizophrenia. ClinicalTrials.gov, U.S. National Institutes of Health, 2018 (NCT03503318).

Contacts

IR Contacts
Ran Meir +1 (267) 468-4475

Yael Ashman, +972 (3) 914 8262

Sanjeev Sharma +1 (973) 658 2700

PR Contacts
Kelley Dougherty +1 (973) 832-2810

Eden Klein +972 (3) 906 2645

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11:11 Systems recognized for Channel leadership, growth and momentum

CRN honors 11:11 Systems’ channel leadership in the 2023 Women of the Channel and Channel Chiefs lists and sixth consecutive 5-star rating in its Partner Program Guide

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — 11:11 Systems (“11:11”), a managed infrastructure solutions provider, announced Thursday that the company and its channel leaders have been recognized for the growth and success of its channel program. CRN®, a brand of The Channel Company, has named Heather Bouvier, Kendale Miller, Jacquelyn Gonzalez, Natasha Nassiroghli and Chrystina Turner to its Women of the Channel list for 2023. This distinguished list honors the incredible accomplishments of female leaders in the IT channel.

 

Every year, CRN recognizes women from vendor, distributor, and solution provider organizations whose expertise and vision are leaving a noticeable and commendable mark on the technology industry.

 

The CRN 2023 Women of the Channel honorees bring their creativity, strategic thinking and leadership to bear in a variety of roles and responsibilities, but all are turning their unique talents toward driving success for their partners and customers. With this recognition, CRN honors these women for their unwavering dedication and commitment to furthering channel excellence.

 

“We are ecstatic to announce this year’s honorees and shine a light on these women for their significant achievements, knowing that what they’ve accomplished has paved the way for continued success within the IT channel,” said Blaine Raddon, CEO of The Channel Company.

 

“The channel is stronger because of them, and we look forward to seeing what they do next.”

 

As the number and complexity of cybersecurity threats continue to grow, the risk of cybercrime remains a persistent threat to organizations. The surge in cybercrime incidents, particularly ransomware attacks, is leading IT leaders to take proactive measures to protect their organization’s mission critical data. As a result, companies are increasingly relying on 11:11 Systems for securing and protecting their organization’s data, no matter where it lives.

 

This demand for 11:11 Systems solutions has resulted in CRN recognizing 11:11 Systems’ partner program as one of the most distinguished partner programs among managed services and cyber resiliency suppliers in the IT channel with its sixth consecutive 5-Star rating in its 2023 Partner Program Guide. For the fourth year, CRN has also named Koorosh Khashayar, 11:11 Systems senior vice president of global channels, to its list of 2023 Channel Chiefs. Khashayar’s leadership has been instrumental in strategically aligning the channel programs acquired by 11:11 Systems and expanding its channel portfolio with innovative solutions that help partners seamlessly provide cloud, connectivity and security services to address their customers’ needs.

 

“Our unwavering commitment to the channel and the talented women within it is stronger than ever. Our goal is to provide innovative solutions that help our partners truly make a difference in their business,” said Khashayar. “We continue to invest significantly in our partner community by expanding our in-depth managed services training and enablement programs, introducing new security and connectivity solutions, offering new certifications and establishing a dedicated partner development team. We are honored to receive recognition from CRN for these global initiatives. At 11:11 Systems, we are committed to helping our global partners achieve their goals, grow their businesses and exceed their customer’s expectations.”

 

Learn more about 11:11 System’s partner program here: https://1111systems.com/partners/partners-overview/

 

The 2023 Women of the Channel list will be featured in the June issue of CRN Magazine, with online at www.CRN.com/WOTC.

 

ABOUT 11:11 SYSTEMS

11:11 Systems is a managed infrastructure solutions provider that holistically addresses the challenges of next-generation managed cloud, connectivity and security requirements. The 11:11 model empowers customers and partners to “Rethink Connected,” which includes integrated services that deliver increased performance, optimization and savings. Learn more at 1111Systems.com.

Contacts

Rolyn Parker

news@1111systems.com

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AM Best revises outlooks to negative for McMillian-Warner Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).

These Credit Ratings (ratings) reflect MWM’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

 

The revised outlooks reflect deterioration in MWM’s key balance sheet strength metrics, mainly in the form of reduced surplus, declining levels of overall risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and weakening balance sheet metrics. The company’s policyholder surplus declined by nearly 20% in 2022, driven by ongoing volatility on the underwriting side and supplemented by unrealized losses from the equity portfolio given its elevated common stock leverage. Ultimately, this volatility has generated an elevated reliance on reinsurance, rising underwriting and reserve leverage measures and declining levels of liquidity in MWM’s balance sheet.

 

Though management is focused on managing its exposures effectively and refining its book of business, MWM’s ability to support its current book, along with a growing personal automobile book of business, may be hindered over the near-term with its declining levels of risk-adjusted capitalization. Moreover, reinsurance market conditions may continue to present challenges for MWM in placing its program in a manner consistent with prior years, leading to potential higher retentions and lower limits, as the company experienced in 2022. Should further deterioration occur, the ratings may be downgraded.

 

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

Lauren Magro
Financial Analyst
+1 908 439 2200, ext. 5181
lauren.magro@ambest.com

Christopher Sharkey
Associate Director, 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

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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Business Culture Economics Lifestyle Programs & Events

ezCater brings Wawa’s signature Sizzli® sandwich and hoagies to workplaces across the Mid-Atlantic and Florida

Businesses can now order Wawa Catering from all 1,000 stores through the ezCater marketplace

 

BOSTON — (BUSINESS WIRE) — ezCater, the most trusted provider of corporate food solutions, and Wawa Inc.  announced Tuesday, the launch of all Wawa locations on the ezCater marketplace. Now, workplaces can order Wawa’s signature breakfast sandwiches, like the Sizzli®, and hoagies, from 1,000 store locations across Pennsylvania, Delaware, New Jersey, Maryland, Virginia, Florida, and Washington, D.C.


​“Thanks to this new partnership with ezCater, we now have the ability to reach more business customers with our fresh offers, perfect for breakfast, meetings, and corporate events,” said Steve Hackett, Director of Digital Experience, Wawa.

 

“We see this as a great way to provide even more convenience to the business community.”

 

In a recent survey, ezCater found that 67% of workers believe that skipping breakfast negatively affects their productivity in the workplace. Still, 60% of them skip breakfast two or more days per week, creating a big opportunity for employers to improve productivity by providing breakfast. With ezCater, Wawa can now reach these valuable business customers investing in food for work. Their catering menu includes a variety of breakfast, coffee, and lunch items, which come individually packaged or in trays, depending on the workplace’s needs.

 

“Our customers count on us to provide a variety of reliable caterers for all of their food for work needs, whether that’s for breakfast meetings, daily employee lunches, or anything in between,” said Mike O’Hanlon, Chief Partnership Officer, ezCater.

 

“Wawa’s iconic lunch staples and breakfast options like the Sizzli® make them fan-favorites. We’re so excited to now be able to offer Wawa Catering to ezCater customers.”

 

ezCater has more than 100,000 restaurants and caterers on its platform, from local independent restaurants to national chains. With its extensive expertise in corporate food solutions, ezCater helps its restaurant partners manage, analyze, and grow their catering businesses. To learn more about the ezCater Catering Growth Platform, visit www.ezcater.com/grow.

 

To place a catering order from Wawa, visit www.ezcater.com/brand/wawa-1.

 

Methodology

In March of 2023, ezCater surveyed 500 workers nationwide, that work onsite in a business office or hybrid, to analyze the role breakfast has on employee health, productivity, and satisfaction.

 

About ezCater

ezCater is the most trusted provider of corporate food solutions. With a network of more than 100,000 restaurants across the US on its platform, ezCater provides flexible and scalable food solutions for everything from recurring employee meals to one-off events such as sales calls and board meetings. ezCater is purpose-built for food for work and supported by best-in-class customer service, enabling companies to centralize and manage their food spend in a single, customizable platform. To explore corporate food solutions or place a catering order, visit www.ezcater.com.

 

About Wawa, Inc.

Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Toward the end of the 19th Century, owner George Wood took an interest in dairy farming and the family began a small processing plant in Wawa, PA in 1902. The milk business was a huge success, due to its quality, cleanliness and “certified” process. As home delivery of milk declined in the early 1960s, Grahame Wood, George’s grandson, opened the first Wawa Food Market in 1964 as an outlet for dairy products. Today, Wawa is your all day, every day stop for freshly prepared foods, beverages, coffee, fuel services and surcharge-free ATMs. Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. The stores offer a large fresh foodservice selection, including Wawa brands such as custom prepared hoagies, freshly-brewed coffee, hot breakfast sandwiches, specialty beverages and an assortment of soups, sides and snacks. Forbes.com Ranks Wawa as #24 of America’s Largest Private Companies in 2021 and #12 on Forbes 100 Halo List in 2022. For more information, visit us on www.wawa.com or follow us on Facebook, Twitter, Instagram, TikTok, and Snapchat at @wawa.