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Farewell Services Regulations & Security Science

Best’s Insurance Law Podcast addresses how materials science impacts insurance claims

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best’s Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

 

The latest episode features David Reigner, from expert service provider S-E-A, where he discusses why materials are part of every forensic investigation and how this impacts forensic investigations and insurance claims.

 

S-E-A is a qualified member in Best’s Insurance Professional Resources, an insurance industry resource that has featured qualified legal counsel, independent insurance adjusting services and expert service providers since 1929.

 

Listen or subscribe to the Insurance Law Podcast.

 

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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

John Czuba
Managing Editor,
Professional Resources
+1 908 439 2200, ext. 5673
john.czuba@ambest.com

Categories
Business Lifestyle Regulations & Security

AM Best to participate on innovation panel at the InsurTech Hartford Symposium 2023

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best Senior Director Sridhar Manyem will moderate a panel discussion at the InsurTech Hartford Symposium 2023, which will take place on May 2-3, 2023, at Mohegan Sun in Hartford, CT.

 

The session is titled, “Structuring for Innovation – The key roles to have today to bring future value.” Panelists will include Kelsey Cabrera, head of operations, strategy & innovation, Arch Cap Group; Mitchell Kemper, head of Partnership Labs – Solaria Labs, Liberty Mutual Insurance; and Bruno Sardinha, vice president, innovation, Travelers. Manyem is the head of AM Best’s industry research team and his responsibilities include publishing the company’s perspectives on topical issues relating to the insurance industry and possible implications to Best’s Credit Ratings.

 

The 35-minute session is scheduled for 10:50 a.m. (EDT) on Wednesday, May 3. The panel will discuss approaches on how organizational structure and culture can foster innovation, including AM Best’s process of assessing innovation. For more information about the InsurTech Hartford Symposium 2023, please visit the organization’s conference website.

 

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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

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Business Economics Healthcare Lifestyle Perks Regulations & Security Science Travel & Leisure

Johnson & Johnson announces launch of Kenvue Inc. IPO roadshow

NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) today announced that Kenvue Inc. “(Kenvue),” a wholly owned subsidiary of Johnson & Johnson comprising its Consumer Health Business, has launched a roadshow for the initial public offering “(IPO)” of 151,204,000 shares of its common stock.

 

Kenvue expects to grant the underwriters a 30-day option to purchase up to an additional 22,680,600 shares of its common stock to cover over-allotments, if any. The IPO price is currently expected to be between $20.00 and $23.00 per share. Kenvue has applied to list its common stock on the New York Stock Exchange under the symbol “KVUE.”

 

After the completion of the IPO, Johnson & Johnson will own 1,716,160,000 shares of Kenvue’s common stock, representing 91.9% of the total outstanding shares of Kenvue’s common stock (or 90.8% if the underwriters exercise in full their over-allotment option).

 

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting as joint lead book-running managers for the IPO. Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets and UBS Investment Bank are acting as book-running managers for the IPO and BBVA, ING, IMI – Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank are acting as co-managers for the IPO.

 

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The IPO will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the IPO may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities, NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: dg.prospectus_requests@bofa.com.

 

This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

 

About Johnson & Johnson

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

 

Cautions Concerning Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: the timing and details of the IPO, the number of shares to be offered in the IPO, the expected price at which such shares will be offered, the grant of the over-allotment option and whether the underwriters will exercise such option, the number of shares to be held by Johnson & Johnson following the IPO and the expectations relating to the listing of Kenvue’s common stock on the New York Stock Exchange. Readers are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: Johnson & Johnson’s ability to satisfy the necessary conditions to consummate the separation of Kenvue on a timely basis or at all; Johnson & Johnson’s ability to successfully separate Kenvue and realize the anticipated benefits from the separation; Kenvue’s ability to succeed as a standalone publicly traded company; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including unexpected clinical trial results, additional analysis of existing clinical data, uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; the impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of Johnson & Johnson to successfully execute strategic plans, including restructuring plans; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws, global health care reforms and import/export and trade laws; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the section captioned “Cautionary Note Regarding Forward-Looking Statements”, and in Johnson & Johnson’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this press release speaks only as of the date of this press release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Contacts

Investor Relations:
Jessica Moore (Johnson & Johnson)

investor-relations@its.jnj.com

Tina Romani (Kenvue)

Kenvue_IR@kenvue.com

Categories
Art & Life Business Culture Economics

B&G Foods announces date of first quarter 2023 earnings conference call

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) announced today that it intends to issue a press release with first quarter 2023 financial results after the market close on Thursday, May 4, 2023.

 

B&G Foods has scheduled a conference call at 4:30 p.m. ET that same day to discuss the results. Hosting the call will be Casey Keller, President and Chief Executive Officer and Bruce Wacha, Executive Vice President of Finance and Chief Financial Officer.

 

The earnings press release and live audio webcast of the conference call can be accessed at www.bgfoods.com/investor-relations. A replay of the webcast will be available following the conference call through the same link.

 

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

Categories
Digital - AI & Apps Government International & World Lifestyle News Now! Travel & Leisure

Boingo Wireless CEO Mike Finley named to New York’s ‘Power Players in Aviation’ list

Finley Recognized among Prestigious List of Innovators, Changemakers and Thought Leaders in New York’s Aviation Industry

 

NEW YORK — (BUSINESS WIRE) — #WirelessSimplifiedBoingo Wireless, a total connectivity provider of distributed antenna systems (DAS), Wi-Fi and private networks, today announced that its CEO Mike Finley has been named to the amNY, PoliticsNY and Airport Voice 2023 Power Players in Aviation list.

 

The list, researched and published by Schneps Media, recognizes influential government officials and business leaders dedicated to bettering New York metropolitan area airports. Boingo was honored for delivering world-class cellular and Wi-Fi connectivity at major airports including John F. Kennedy (JFK), LaGuardia (LGA) and Newark Liberty International (EWR).

 

For more than 20 years, Boingo’s cellular and Wi-Fi networks have enhanced the passenger experience and improved operations for New York’s transportation hubs, supporting the Port Authority of New York and New Jersey, and Metropolitan Transportation Authority, among others. Boingo specializes in managing all 5G technologies across carrier cellular networks and Wi-Fi to streamline airport operations, enhance network security and reliably connect passengers and airport staff.

 

“Boingo’s converged wireless networks are an important part to New York’s aviation industry. No matter the 5G technology, we can deploy it to efficiently connect a wide range of airport services through one central and neutral provider,” said Boingo CEO Mike Finley.

 

“Our high-performing networks directly contribute to the positive reputation and recognition of New York and New Jersey’s airports. It’s an honor to be featured in this Power Players list and Boingo remains committed to helping our New York partners continually innovate and deliver the best possible airport experience.”

 

Boingo proudly connects people, business and operations at New York’s transit hubs, tunnels, airports, retail locations, office buildings and high-rise developments. At JFK, LGA and EWR, Boingo’s neutral host, converged networks work behind the scenes to reliably power passenger mobile tickets, streaming services, ride share apps and more, as well as create efficiencies with connected airport operations such as baggage tracking, digital signage, mobile concessions and airside maintenance.

 

Most recently, Boingo launched a converged 5G-enabled network featuring Wi-Fi 6, DAS and private LTE at EWR’s brand-new Terminal A. The network infrastructure enables fast, seamless connectivity for passengers and reliable internet for critical airport operations.

 

“Our Power Players in Aviation list was carefully curated to illuminate the innovators and leaders positively impacting New York’s complex and ever-evolving airports. Under Mike Finley’s leadership, Boingo Wireless plays a pivotal role in enhancing the passenger experience with next generation technology,” said Jill Carvajal, managing director of business development at Schneps Media.

 

Boingo also has been recognized for its philanthropic endeavors, such as its support of the New York Hall of Science (NYSCI), which fosters a creative and accessible environment for youth to learn to use science, technology, engineering, and math to tackle complex 21st century challenges.

 

About Boingo Wireless

Boingo Wireless, Inc. simplifies complex wireless challenges to connect people, business and things. Boingo designs, builds and manages converged, neutral host public and private networks at major venues around the world. Boingo’s vast footprint of distributed antenna systems (DAS), Wi-Fi, small cells and macro towers securely powers innovation and connectivity in airports, transit stations, stadiums, military bases, hospitals, commercial properties and enterprises worldwide. Learn more at boingo.com.

Contacts

Melody Walker

VP, Marketing Communications

mwalker@boingo.com
(424) 256-7036

Categories
Business Lifestyle Regulations & Security Special/Sponsored Content

AM Best affirms Performance Assessment of Cargo Risk Corporation

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Cargo Risk Corporation (CargoCorp) (Miami, FL). The outlook of the assessment is stable.

 

The assessment reflects CargoCorp’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.

 

CargoCorp is a managing general agent (MGA) specializing in providing capacity for marine cargo lines in the Latin American market. Since writing its first program in 2015, CargoCorp has proven its underwriting expertise by producing profitable business for its carrier partners. CargoCorp’s underwriting capabilities further benefit from its experienced underwriting staff. Embedded in the underwriting process is use of an internal and proprietary software system that provides the company with extensively detailed assessments of risk for real-time feedback for insureds with potential exposures. The limited track record of several of its programs is considered a partially offsetting factor.

 

CargoCorp’s governance and internal controls are strong given its size and scale. CargoCorp has designed and implemented a robust internal audit process to ensure that the company’s policies and procedures are aligned with its strategic objectives. The company has an experienced board of directors that features internal and external members. Key person risk exists, but processes are in place to moderate the impact should an issue occur.

 

CargoCorp’s financial condition is supported by a trend of consistently profitable earnings and continued positive net worth. The company is privately held. Operations are oriented as a small business with hands-on management. Stability of income benefits from the range of programs underwritten by the company.

 

The company is staffed more than appropriately for its size and scale with extensive industry experience in marine cargo. Its organizational structure is compact for ease of communication and efficient work processes. Many processes are retained in-house to ensure consistency and provide flexibility. CargoCorp experienced elevated staff turnover this last year, a moderate offsetting factor to this component.

 

CargoCorp’s portfolio of programs has progressed since its founding. The company offers a range of programs in its target market of marine cargo and affiliated coverage in Latin America. Management continues to monitor growth opportunities in new markets, as well as maintain relationships with well-rated capacity providers.

 

This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. 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

Riley Parnham
Financial Analyst
+1 908 439 2200, ext. 5495
riley.parnham@ambest.com

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

Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com

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

Categories
Healthcare International & World Lifestyle Science

Quizartinib NDA review for patients with newly diagnosed FLT3-ITD positive AML extended by FDA

TOKYO & BASKING RIDGE, N.J. — (BUSINESS WIRE) — Daiichi Sankyo (TSE: 4568) today announced that the U.S. Food and Drug Administration (FDA) has extended the review period for the New Drug Application (NDA) of quizartinib in combination with standard cytarabine and anthracycline induction and standard cytarabine consolidation chemotherapy, and as continuation monotherapy following consolidation, for the treatment of adult patients with newly diagnosed acute myeloid leukemia (AML) that is FLT3-ITD positive.

 

The FDA has extended the Prescription Drug User Fee Act (PDUFA) action date by three months to July 24, 2023 to allow additional time to review requested updates to the proposed Risk Evaluation and Mitigation Strategies (REMS) included in this application. No additional efficacy or safety data has been requested.

 

We are continuing to work with the FDA to facilitate completion of their review of the quizartinib new drug application in order to bring this important medicine to patients as soon as possible,” said Mark Rutstein, MD, Global Head, Oncology Clinical Development, Daiichi Sankyo. “Quizartinib was shown to improve overall survival when added to standard chemotherapy and continued as monotherapy and has potential to change the standard of care for patients with newly diagnosed FLT3-ITD positive AML.”

 

The NDA is based on results from the QuANTUM-First trial, which demonstrated that quizartinib combined with standard cytarabine and anthracycline induction and standard cytarabine consolidation chemotherapy, and continued as monotherapy following consolidation, resulted in a statistically significant and clinically meaningful improvement in overall survival in adult patients with newly diagnosed FLT3-ITD positive AML compared to chemotherapy alone. The results of QuANTUM-First were presented at the 2022 European Hematology Association (EHA) Congress.1

 

The safety of quizartinib combined with intensive chemotherapy and as continuation monotherapy in QuANTUM-First was generally manageable with no new safety signals observed. The incidence of grade ≥3 QT prolongation events was low, with uncommon ventricular arrythmia events. Overall, the risk of QT prolongation was manageable with ECG monitoring, quizartinib dose modification and correction/elimination of additional risk factors.

 

About QuANTUM-First

QuANTUM-First is a randomized, double-blind, placebo-controlled global phase 3 study evaluating quizartinib in combination with standard cytarabine and anthracycline induction and standard cytarabine consolidation chemotherapy, and as continuation monotherapy following consolidation, in adult patients aged 18-75 with newly diagnosed FLT3-ITD positive AML. Patients were randomized 1:1 into two treatment groups to receive quizartinib or placebo combined with anthracycline- and cytarabine-based regimens. Eligible patients, including those who underwent hematopoietic stem cell transplant (HSCT), continued with quizartinib or placebo for up to 36 cycles.

 

The primary study endpoint was overall survival. Secondary endpoints include event-free survival, post-induction rates of complete remission (CR) and composite complete remission (CRc), and the percentage of patients who achieve CR or CRc with FLT3-ITD minimal residual disease negativity. Safety and pharmacokinetics, along with exploratory efficacy and biomarker endpoints, also were evaluated. QuANTUM-First enrolled 539 patients at 193 study sites across Asia, Europe, North America, Oceania and South America. For more information, visit ClinicalTrials.gov.

 

About FLT3-ITD Positive Acute Myeloid Leukemia

More than 474,500 new cases of leukemia were reported globally in 2020 with more than 311,500 deaths.2 AML accounts for 23.1% of total leukemia cases worldwide and is most common in adults.3,4 In the U.S., an estimated 20,380 new cases of AML will be diagnosed in 2023 with the five-year survival rate reported at 30.5%.4,5

 

A number of gene mutations have been identified in AML, and FLT3 (FMS-like tyrosine kinase 3) mutations are the most common, observed in up to 37% of all newly diagnosed patients.6,7 Approximately 80% of FLT3 mutations in AML are FLT3-ITD (internal tandem duplications), an oncogenic driver mutation that presents with a high leukemic burden.7,6 Patients with FLT3-ITD positive AML tend to have a particularly unfavorable prognosis including increased risk of relapse and shorter overall survival.6 The five-year survival rate for patients with FLT3-ITD positive AML has been reported at approximately 20%.8

 

The conventional treatment for fit patients with newly diagnosed AML is intensive induction and consolidation chemotherapy, with or without targeted therapy, and HSCT for eligible patients.9

 

About Quizartinib

Quizartinib is an oral, highly potent type II FLT3 inhibitor that selectively targets FLT3-ITD mutations and has been specifically developed for patients with FLT3-ITD positive AML.6

 

Regulatory applications for quizartinib in newly diagnosed FLT3-ITD positive AML are currently under review in Europe, Japan and the U.S. based on the results of the QuANTUM-First trial. The FDA has granted Priority Review and Fast Track Designation to quizartinib for the treatment of adult patients with newly diagnosed AML that is FLT3-ITD positive in combination with standard cytarabine and anthracycline induction and cytarabine consolidation chemotherapy. Orphan Drug Designation has been granted to quizartinib for the treatment of AML in Europe, Japan and the U.S.

 

Quizartinib is approved for use in Japan for the treatment of adult patients with relapsed/refractory AML that is FLT3-ITD positive, as detected by an approved test. Quizartinib is an investigational medicine in all countries outside of Japan. The quizartinib clinical development program includes a phase 1/2 trial in pediatric and young adult patients with relapsed/refractory FLT3-ITD positive AML in Europe and North America and several phase 1/2 combination studies as part of a strategic collaboration with The University of Texas MD Anderson Cancer Center.

 

About Daiichi Sankyo

Daiichi Sankyo is dedicated to creating new modalities and innovative medicines by leveraging our world-class science and technology for our purpose “to contribute to the enrichment of quality of life around the world.” In addition to our current portfolio of medicines for cancer and cardiovascular disease, Daiichi Sankyo is primarily focused on developing novel therapies for people with cancer as well as other diseases with high unmet medical needs. With more than 100 years of scientific expertise and a presence in more than 20 countries, Daiichi Sankyo and its 16,000 employees around the world draw upon a rich legacy of innovation to realize our 2030 Vision to become an “Innovative Global Healthcare Company Contributing to the Sustainable Development of Society.” For more information, please visit: www.daiichisankyo.com.

 

References

1 Erba H et al. EHA Library. Presidential Symposium. 06/11/22; 356965; S100

2 Global Cancer Observatory. Population Fact Sheet: World. Updated March 2021.

3 Dong Y et al. Exp Hematol Oncol. 2020;9:14.

4 American Cancer Society: Key Statistics for Acute Myeloid Leukemia. Updated January 2023.

5 National Cancer Institute SEER Program. Cancer Stat Facts: Acute Myeloid Leukemia
6 Daver N et al. Leukemia. (2019) 33:299–312.

7 Patel JP et al N Engl J Med. 2012 Mar 22;366(12):1079-89.

8 Frohling et al. Blood. (2002) 100 (13): 4372–4380.

9 Daver et al. Blood Cancer J. 2020;10(10):107.

Contacts

Media Contacts:

Global/US:
Jennifer Brennan

Daiichi Sankyo, Inc.

jbrennan2@dsi.com
+1 908 900 3183 (mobile)

Japan:
Koji Ogiwara

Daiichi Sankyo Co., Ltd.

ogiwara.koji.ay@daiichisankyo.co.jp
+81 3 6225 1126 (office)

Investor Relations Contact:
DaiichiSankyoIR@daiichisankyo.co.jp

Categories
Business Lifestyle Regulations & Security Special/Sponsored Content

AM Best downgrades Credit Ratings of members of Columbian Financial Group; revises under review status to negative

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has downgraded the Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Ratings to “bb-” (Fair) from “bb+” (Fair) of Columbian Mutual Life Insurance Company (Columbian) (Binghamton, NY) and Columbian Life Insurance Company (Chicago, IL), collectively referred to as Columbian Financial Group (CFG). Concurrently, AM Best has maintained the under review status for these Credit Ratings (ratings) and revised the implications status to negative from developing.

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

 

The rating downgrades reflect a decline in CFG’s overall balance sheet strength to an assessed level of weak from an adequate assessment, relating to a significant decline in the company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), in the fourth quarter of 2022 well below targeted levels, driven by reserve increases from an unclaimed property review. The company also incurred operating losses primarily related to continued adverse mortality experience from the effects of the COVID-19 pandemic on the senior market, and declining net premium written.

 

The ratings were put under review shortly after CFG’s announcement on June 29, 2021, that its board of directors had approved a strategic transaction with Constellation Insurance Holdings, Inc. (Constellation) that includes the sponsored demutualization of Columbian to a stock company with the issuance of all newly issued stock to Constellation. Constellation is an insurance holding company backed by two large Canadian institutional investors primarily engaged in the management of pension plans, Caisse de Dépôt et Placement du Québec and Ontario Teachers’ Pension Plan Board. The transaction would provide for Constellation to invest up to $100 million to fund cash payments to eligible policyholders and significantly strengthen Columbian’s capitalization. The acquisition of Columbian by Constellation would provide Columbian needed capital support from a substantially larger organization while maintaining its brand, management team and headquarters. Despite an expected positive impact on capital from the planned transaction with Constellation, the anticipated closing date has been pushed back several times due to delays in obtaining regulatory approvals. The negative implications reflect AM Best’s concerns around the potential for continued losses and the level of capital going forward, especially should the transaction not occur. The ratings will remain under review with negative implications until the transaction approvals are finalized, the transaction closes, and AM Best evaluates the overall impact.

 

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
+1 908 439 2200, ext. 5613
stratos.laskarides@ambest.com

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

Edward Kohlberg
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@ambest.com

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

Categories
Business Lifestyle Regulations & Security Science Technology

Engineering Solutions and Meadowgate Technologies combine to create hybrid IT leader serving national security sector

Maryland companies join forces to deliver full-service hybrid technology capabilities

 

ANNAPOLIS JUNCTION, Md. — (BUSINESS WIRE) — Maryland companies Engineering Solutions LLC (ESi) and Meadowgate Technologies LLC today announced they are combining to create a market leader in hybrid technology solutions and professional services for the national security community.

 

The new company will be led by Meadowgate CEO Tom Lash, a former national security leader at AWS’ Federal Division, who joined Meadowgate earlier this year. He is spearheading a strategy to build a business aligned with growing customer demand for the unique operational agility and security that advanced hybrid solutions can deliver.

“This combination is a pivotal move in our hybrid technology strategy,” said Lash. “ESi’s technical expertise, specialist professional services, and profound understanding of the mission objectives of their customers blend exceptionally well with the product knowledge and systems integration expertise of the Meadowgate team. We are particularly excited at the potential this creates for collaboration on new hybrid product and service innovations through our Integration Lab, working alongside our customers and partners in industry. We can’t wait to get started.”

 

By harnessing complementary skills, experience and capabilities, ESi and Meadowgate are creating a full-service hybrid solutions client experience ranging from technology evaluation to systems integration and through-life services support. The new company will offer technology consulting, product procurement and integration, solution development, systems engineering, enterprise resiliency and hybrid workload development, migration, and management.

  • ESi, established in 1998 and based in Hanover, Maryland, has grown its professional services team to over 100 cleared, highly educated and certified specialists skilled in software and system engineering, information technology management, enterprise resiliency, and SIGINT operations and analysis for the intelligence community. The company is dedicated to supporting the national security mission, with a longstanding reputation for delivering technical and execution excellence for its valued customers. Building on ESi’s success as a prime contractor, the firm brings a significant pipeline of new business to the combined organization to drive future growth.
  • Meadowgate is an award-winning business that’s been delivering trusted computing products and services to the federal government since 2006. It has a successful track record of enabling complex federal missions by providing high-performance computing solutions. The company’s growth strategy centers on aligning offerings and talent with the national security community’s growing demand for scalable systems architectures and capabilities that enable seamless movement of data and workloads within hybrid environments. Meadowgate’s Integration Lab will be the R&D hub for the combined company, where the teams come together to apply their collective mission and technical understanding to design and develop new hybrid solutions that improve mission outcomes.

 

Ray Gomes, founder and CEO of ESi, who has announced his intention to retire, will remain with the combined business as a strategic adviser. ESi’s executive team, including Chief Operations Officer Amy Steinberg, Vice President of Programs Eddie Harless and Executive Vice President of Corporate Services David Thompson, will join the leadership team of the combined company.

 

“I am delighted that the team at ESi will be a cornerstone of this exciting growth strategy,” said Gomes.

 

“As I step aside as ESi CEO, it has been my priority to ensure that the company has the best possible opportunity to build on its success for the long term within an employee-focused culture. Coming together with Meadowgate to create a business at the nexus of technology and the mission opens new paths to growth and strengthens our value to customers, presenting more opportunities for the team to shine. I look forward to seeing the company thrive at the forefront of building the hybrid solutions of the future.”

 

ESi and Meadowgate will continue to be customer facing under their respective brand names. At the same time, the combined company leadership, drawn from the existing ESi and Meadowgate executive teams, will be working together to begin the formal integration process and determine the future brand for the new company.

 

KippsDeSanto & Co. acted as the exclusive financial adviser to ESi on this combination.

 

About Engineering Solutions

Engineering Solutions LLC (ESi) supports customers that safeguard our country. ESi is dedicated to serving America’s national security mission by providing technical and execution excellence to intelligence community customers in the areas of software and systems engineering, IT management, enterprise resiliency, and SIGINT operations and analysis. Achieving success for critical missions since 1998, ESi is based in Hanover, Maryland. www.enginsol.com

 

About Meadowgate Technologies

Meadowgate Technologies LLC delivers advanced, trusted IT solutions and products to national security customers and partners. The company specializes in systems engineering, consulting and product procurement to meet the unique needs of each federal agency or industry customer. Established in 2006, Meadowgate is based in Annapolis Junction, Maryland, with offices in Trenton, New Jersey. www.meadowgate.us

Contacts

Kristina Messner

kristina@messnermediagroup.com
703-716-3181

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Ten schools named National Finalists in Samsung’s Solve for Tomorrow STEM competition

Students’ Creative Solutions to Community Issues Earn Each Finalist School $50,000 in Samsung Technology & Supplies

 

RIDGEFIELD PARK, N.J. — (BUSINESS WIRE) — Samsung Electronics America today named 10 National Finalist schools from among this year’s 50 State Winners in the 13th annual Samsung Solve for Tomorrow competition. Each National Finalist will receive a prize package of $50,000 in Samsung technology and supplies.

 

Solve for Tomorrow challenges public school students in grades 6-12 to use science, technology, engineering, and math (STEM) skills to create positive change in their communities. The students behind the Finalists’ innovative projects, which address reducing food waste and insecurity, helping unhoused refugees, subway safety, accessibility, and water quality, will pitch their ideas on May 15, 2023 to a panel of judges at a live event in Washington, D.C. Three schools will then be chosen as National Winners and receive $100,000 in prizes.

 

“After three years of COVID disruptions that impacted students and educators alike, it’s been incredibly rewarding to see our Samsung Solve for Tomorrow competition play a part in re-energizing the ingenuity and creativity that had been hobbled by remote learning and isolation for STEM students,” said Ann Woo, Senior Director, Corporate Citizenship, Samsung Electronics America. “The cooperative, hands-on, problem-solving focus of the Solve for Tomorrow challenge provided a spark for students looking to channel their energies to tackle issues that they see in their communities. These National Finalist students, teachers, and schools exhibit what we call STEMpathy – the use of STEM to help fix the issues they see affecting their friends and neighbors, people they EMPATHIZE with.”

 

All 50 State Winners in the prior round of the Solve for Tomorrow competition produced a three-minute video describing their project, the local community issue it addresses, and their proposed STEM-based solution. The National Finalists were selected based on their videos. Between now and May 15, 2023, the general public can vote online for one Community Choice Winner from among the pool of 10 National Finalists, who will win an additional $10,000 prize package. To choose your favorite Solve for Tomorrow Community Choice STEM solution, check out the Finalists’ videos, which can be viewed here:

 

SCHOOL

CITY/STATE

COMMUNITY ISSUE & STEM SOLUTION

Brandywine High School

Wilmington, DE

AACU Switch – AACU Switch eliminates cost barriers by creating an affordable alternative to assistive tech devices for people with independent living disabilities, costing a fraction of the market standard.

Strawberry Crest High School

Dover, FL

Human Health Band – The Human Health Band is a wearable sensor with an app that allows coaches to monitor athlete’s body temperatures and prevent heat related death.

Richmond Hill Middle School

Richmond, GA

Safe Sleep – Safe Sleep’s purpose is to detect sudden increases in heart rate during a PTSD nightmare. This will trigger a companion app to play breathing exercises.

Bloomington High School South

Bloomington, IN

Temp Mural – Temp Mural reduces the impact of global warming by engineering mural art using highly reflective, climate-positive barium sulfate paint.

Merrimack Valley High School

Penacook, NH

Shelby – Shelby combats rising phosphorus levels in bodies of water with a turtle-shaped battery-powered robot with mechanical and chemical filters.

Santa Teresa High School

Santa Teresa, NM

The Living Lumbre – The Living Lumbre is a smart solar-powered heated mat in response to the large flow of refugees who have ended up homeless in our community.

Doral Academy of Northern Nevada

Reno, NV

Food Waste App – The Food Waste App diminishes food waste/insecurity and reduce greenhouse gas emissions by connecting food producers with people to convert produce into meals.

Liberty Avenue Middle School

Brooklyn, NY

Subsave – Subsave is an alert sensor within an app that will work along with the MTA help points to support commuters by discreetly reporting either a 911 emergency to police or a mental health emergency to mobile mental health responders.

Porter High School (Autumn D.)

Porter, TX

HiveHub – HiveHub is a state-of-the-art beehive monitoring system capable of recording the hive traffic, climate, and activity, all the while giving live feedback through the user-friendly app.

Greenbrier East High School

Lewisburg, WV

Mining Sensor – Mining Sensor assists with and expedites locating and rescuing lost cavers by sending a digital signal from the cavers to the surface.

 

“It was a difficult process for the judges to winnow down the full set of fifty State Winners to our ten National Finalists,” added Woo. “All the Samsung Solve for Tomorrow teams showed tremendous determination to help their communities. They worked hard on their projects and video presentations. And we believe that all State Winner teams deserve to be seen and celebrated as the talented and compassionate STEM heroes they truly are.”

 

Up next in the Samsung Solve for Tomorrow competition:

  • The 10 National Finalists will head to a live Pitch Event on May 15 in Washington, D.C. Judges will then select three National Winners, who will each receive $100,000 in prizes.
  • One of the 50 State Winners will be honored as our Sustainability Innovation Award Winner, receiving an added $50,000 prize package of eco-conscious classroom technology.
  • Of the 10 National Finalists, one will be named Community Choice Winner through online public voting, receiving an additional $10,000 in Samsung technology. To participate, simply view the student-created videos on the Samsung Solve for Tomorrow website and cast your vote. Voting is permitted once a day until 11:59 p.m. EDT on May 15, 2023.
  • Samsung employees will name one team this year’s Employee Choice Winner. That honor earns the winning school an added $10,000 of Samsung technology on top of their national winnings.

 

Across all award categories in Solve for Tomorrow, more than $2 million* in Samsung technology and classroom supplies will be distributed in the 2022-23 competition.

 

As part of Samsung’s guiding vision of ‘Together for Tomorrow! Enabling People’, Solve for Tomorrow launched in 2010 to encourage innovative thinking, creative problem-solving, and teamwork to address the most pressing issues impacting society. To date, Samsung Solve for Tomorrow has awarded $24 million in classroom technology and materials to 2,791 public schools in the United States.

 

To learn more about the national STEM competition, please visit www.samsung.com/solve or follow us on Instagram or Facebook.

*$2 million prize is based on an estimated retail value.

Contacts

Media: Nancy Zakhary, SamsungSFT@relev8.co