Tag: Business

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Business Culture

Blue Foundry Bancorp announces Kelly Pecoraro will join the company

Seasoned finance executive brings years of leadership, accounting and management experience to the Company

 

RUTHERFORD, N.J.–(BUSINESS WIRE)–Blue Foundry Bancorp (Nasdaq: BLFY) (the “Company”), announced today that Kelly Pecoraro will be joining Blue Foundry Bancorp on May 9, 2022. Subsequently, Ms. Pecoraro is expected to be appointed as the Company’s Executive Vice President and Chief Financial Officer on May 18, 2022 at the May meeting of the Company’s Board of Directors.

James D. Nesci, President and Chief Executive Officer stated, “We are excited to welcome Ms. Pecoraro to Blue Foundry’s executive leadership team. Her years of experience as a finance executive at a large, fast growing regional bank will prove to be invaluable at Blue Foundry.”

 

Ms. Pecoraro comes from Investors Bank where she served as Executive Vice President, Chief Accounting Officer and Comptroller of the $28 billion bank operating in the New York metropolitan area. This month Citizens Financial Group, Inc. completed its acquisition of Investors Bancorp, the holding company of Investors Bank. Prior to joining Investors Bank, Ms. Pecoraro served as an audit professional at KPMG. Ms. Pecoraro is a Certified Public Accountant.

 

Ms. Pecoraro commented, “I am eager to join Blue Foundry’s dynamic, inclusive, and energetic culture. I look forward to leveraging my experiences to support the Company at such an important juncture in their expansive history.”

 

About Blue Foundry Bancorp and Blue Foundry Bank

Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with presence in Bergen, Essex, Hudson, Morris, Passaic and Somerset counties, Blue Foundry Bank is a full-service, progressive bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

 

Forward-Looking Statements

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include conditions related to the global coronavirus pandemic, changes in the interest rate environment, changes in the rate of inflation, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Contacts

James D. Nesci
President and Chief Executive Officer

Blue Foundry Bank

201-972-8900

jnesci@BlueFoundryBank.com

Lindsay Erickson
Tierney Communications

610-331-2354

Lindsay.erickson@tierneyagency.com

Categories
Business Culture

CORRECTING and REPLACING County Market experiences a 500% increase in monthly app downloads after transforming the Penny Pincher coupon book with Birdzi

Birdzi and County Market successfully replaced the costly paper Penny Pincher coupon book with an in-app digital alternative across all store locations

 

ISELIN, N.J. — (BUSINESS WIRE) — Please replace the release dated April 20, 2022, with the following corrected version due to multiple revisions.

The updated release reads:

COUNTY MARKET EXPERIENCES A 500% INCREASE IN MONTHLY APP DOWNLOADS AFTER TRANSFORMING THE PENNY PINCHER COUPON BOOK WITH BIRDZI

 

Birdzi and County Market successfully replaced the costly paper Penny Pincher coupon book with an in-app digital alternative across all store locations

 

Birdzi, the supermarket industry’s most comprehensive customer intelligence and engagement ecosystem, today announced the successful implementation of the digital Penny Pincher at Niemann Foods’ County Market. In order to reduce printing costs and increase shopper engagement, County Market was determined to quickly pivot from the popular paper Penny Pincher coupon book to a more profitable digital format. A month after implementation, the regional grocer witnessed a 400% increase in digital coupon redemption rates and a 300% increase in digitally engaged shoppers, including those that had previously resisted a transition away from paper.

 

To better digitize the in-store experience, County Market turned to its long-standing partner, Birdzi. The regional grocer is engaged with Birdzi for their mobile app, web app, personalized email marketing, and customer segmentation and analytics capabilities.

 

County Market converted their paper-based Penny Pincher coupon book into digital offers using Birdzi’s platform, which also highlights relevant offers for each shopper in the myCountyMarket app. When clipped, these coupons are automatically added to their customer profile and easily activated at checkout. Unlike paper circulars, the success of the digital Penny Pincher campaigns is monitored in real-time via Birdzi’s dashboards, thus allowing County Market to be more strategic and adaptable.

 

With Birdzi’s partnership, County Market’s digital Penny Pincher greatly improved critical metrics for a fraction of the cost of paper circulars. In only one month, the results of the switch to digital included:

 

  • An over 300% increase in the number of digitally engaged customers compared to the previous highest number of digitally engaged customers
  • A 500% increase in monthly app downloads and web registrations
  • 80% of shoppers who clipped and activated an offer redeemed it with a purchase
  • A 45% overall redemption rate for the digital coupons, a 400% increase compared to previous digital coupon redemption rates

 

“County Market did an exceptional job encouraging customers to try the digital Penny Pincher,” said Shekar Raman, CEO and co-founder, Birdzi. “As a result, County Market immediately earned lifts in loyalty and engagement. Over time, they will gain invaluable data and customer intelligence that can be used to better cater to the needs of their shoppers and improve profitability.”

 

In Dec. 2021, County Market began the transition to digital by consistently offering 2-5 digital coupons on the store’s app for two months. Additionally, the grocer used signage, flyers and bag stuffers to educate and encourage customers to download the app. QR codes were placed next to select items; if scanned, these QR codes launched the app and took customers to the related coupon. Finally, all in-store associates were trained to use the platform so they could support customers. By March 2022, County Market had implemented the digital Penny Pincher campaign in all forty-two stores.

 

“We were impressed by our shoppers’ willingness to switch to digital Penny Pincher,” said Avry Brown, consumer engagement manager, Niemann Foods, Inc. “With Birdzi, we witnessed an over 400% increase in digital coupon redemption rates compared to previous digital coupon trials in just the first month. Birdzi has been an essential partner for us as we enhance the customer journey for both our in-store and online customers.”

 

To learn more about how Birdzi is revolutionizing the weekly ad circular, visit www.birdzi.com.

 

About Birdzi

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

Contacts

Jenna Gibson

Ketner Group Communications (for Birdzi)

jenna.gibson@ketnergroup.com

Categories
Business Culture

B&G Foods announces date of first quarter 2022 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 2022 financial results after the market close on Thursday, May 5, 2022. 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 Back to Nature, 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
Business

AM Best places Credit Ratings of Gulf Guaranty Life Insurance Company under review with negative implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Gulf Guaranty Life Insurance Company (Gulf Guaranty Life) (Flowood, MS).

This Credit Rating (rating) action reflects a significant deterioration of Gulf Guaranty Life’s capital and surplus and risk-adjusted capitalization at year-end 2021, driven by an operating loss. The decline in the company’s financial performance resulted from higher claim expenses in the fourth quarter of 2021 and a material increase to reserves primarily for claims in Gulf Guaranty Life’s core limited benefit medical business. The ratings will remain under review pending reserve development toward mid-2022 and potential measures management is implementing to curb premium growth. Given the small size of the company’s absolute capital and surplus, even modest fluctuations in capital and surplus and premium may materially impact risk-adjusted capitalization.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Doniella Pliss

Director
+1 908 439 2200, ext. 5104
doniella.pliss@ambest.com

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

Brian Virostek
Financial Analyst
+1 908 439 2200, ext. 5531
brian.virostek@ambest.com

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

Categories
Business

Best’s Review examines interest rates, new InsurTech Corridor in May previews

OLDWICK, N.J. — (BUSINESS WIRE) — Best’s Review has released the following preview content of next month’s issue:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

 

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 © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com

Categories
Business Sports & Gaming

MaximBet and Charlie Blackmon team up for first-ever partnership between active baseball player and sports betting brand

Landmark deal includes personal appearances, special promotions, responsible gaming initiatives, “money can’t buy” experiences and access to custom gear from SolesbySir

 

DENVER — (BUSINESS WIRE) — MaximBet, the lifestyle sports betting and online casino brand, announced today that it has signed Colorado Rockies star Charlie Blackmon to sports betting’s first-ever partnership deal with an active pro baseball player.


Blackmon, a four-time MLB All-Star and the second longest tenured player in Rockies history, becomes MaximBet’s first active professional athlete ambassador from the four major U.S. sports. The outfielder, known as “Chuck Nazty,” will be featured by MaximBet in upcoming marketing campaigns, fan events, promotions and social media content.

 

“As I learned more about MaximBet, I knew this absolutely was the right brand for me,” said Blackmon. “MaximBet has really attached itself to the local Colorado community, and I cannot wait to have some fun with MaximBet and surprising fans with incredible ‘money can’t buy’ experiences all season.”

 

Blackmon ranks second all-time in hits, games played and at-bats for the Rockies and is third in runs scored and total bases in team history. The 2017 NL Batting Champion was selected in the second round of the 2008 draft by the Rockies and has played his entire career in Colorado.

 

“Charlie is one of the most revered Rockies players of all time, and his style and career success makes him a perfect fit for MaximBet,” said Daniel Graetzer, CEO, MaximBet. “We are thrilled to welcome Charlie to the MaximBet family. We look forward to him hitting it out of the ballpark for us as we continue to grow in Colorado and across the country.”

 

As part of the partnership, MaximBet is also collaborating with iconic, custom artist, SolesbySir, to design one-of-a-kind baseball and personal interest items for Blackmon. SolesbySir, whose real name is Marcus Rivero, crafted a custom co-branded Rawlings glove, Nike cleats and New Era Rockies hat and, given Blackmon’s love of fishing, he minted a personalized tackle bag, fisherman’s scissors and cooler for the new MaximBet ambassador.

 

Not only that, MaximBet and Rivero will be gifting select new account holders their own custom items from the SolesbySir Collection. Customers who sign up by April 30 are eligible to receive the free swag. Winners will receive their custom gear within 2-4 weeks.

 

In addition, MaximBet is offering new customers a $500 Risk Free Bet on any game.

 

Currently live in Colorado, MaximBet is owned and operated by Carousel Group and in partnership with Maxim, the premier lifestyle brand. The company recently announced plans to debut in Indiana and Iowa next, and it has additional market access in New Jersey, Ohio, Pennsylvania, along with several other markets, including the province of Ontario in Canada. Details for those markets will be announced soon.

 

Last year, MaximBet became the first sports betting company to enter a Name, Image and Likeness (NIL) deal with college athletes. The groundbreaking deal offered all 21+ female student-athletes in Colorado, at Division I, II or III colleges, endorsement opportunities that included social media content, event appearances and free merchandise.

 

As MaximBet continues to expand in new areas, responsible gaming remains a key focus. MaximBet is proud to provide resources to help customers play responsibly. For the latest news on MaximBet, please follow the company on Twitter at @MaximBetUSA.

 

About MaximBet

MaximBet, which is owned and operated by Carousel Group and in partnership with Maxim Magazine, is an immersive entertainment and lifestyle experience, bringing the best in online betting and the coolest real-world experiences all onto one platform. MaximBet will give players incredible real-life and virtual access to celebrities, athletes, and influencers, and let guests truly live the Maxim lifestyle wherever they live and play. MaximBet is an Approved Gaming Operator of Major League Baseball (MLB) and the National Basketball Association (NBA).

Contacts

Jason Michael

Elasticity

314.323.1425

Categories
Business Lifestyle

Founders Federal Credit Union completes successful migration to Corelation, cites IMM’s eSign conversion services as pivotal to success

Credit union eliminates 22% of member-facing documents, boosts efficiencies across organization and improves member experience

 

RAHWAY, N.J. — (BUSINESS WIRE) — #DigitalTransformation—IMM, the only eSignature provider specializing in eSignature and digital transaction solutions exclusively for financial institutions, announced today its conversion services was instrumental in the successful migration of long-time client, Lancaster, S.C.-based Founders Federal Credit Union, to a new core processing platform, Corelation. The credit union cited the seamless integration of its eSignature platform, IMM eSign, with its Corelation Keystone platform, as the critical element that enabled such a successful migration.

Founders initially partnered with IMM more than 10 years ago. The credit union considers IMM an extension of its team and credits the eSignature provider’s in-depth knowledge of credit union operations and industry expertise for the smooth transition during the core conversion process. Knowing that IMM is the only eSignature provider specializing in digital transaction solutions exclusively for financial institutions reinforced Founders decision that every key objective would be addressed. The credit union leveraged IMM’s experienced team throughout the migration process, ensuring its critical eSignature platform was easily migrated and integrated into the new Keystone operating environment.

 

Founders’ CTO, Bob Bender, said, “We wanted to provide a digital-first advantage to our members, and Corelation provided that functionality. However, it was paramount that we did not lose any of our digital capabilities we had already implemented with IMM’s eSignature solutions. Together with IMM, we immediately implemented more efficient procedures and operations. For example, prior to the conversion, we had five resources dedicated to back-office operations, and we were able to reduce that to one, allowing the other four individuals to focus on better serving our members. The history we have with IMM bolstered our confidence that it would be a seamless transition. We worked with more than one hundred IT vendors through this conversion, and IMM’s partnership has been one of the best, if not the best. IMM knew what we needed to do to be successful.”

 

Founders maximized IMM’s e-document conversion capabilities and developed a workflow that created new efficiencies in data conversion which eliminated 22% of the member-facing paper documents Founders had previously relied on for day-to-day operations. IMM not only provided a conversion service that consistently produced zero errors, but it also significantly cut back on time. Founders can now produce precise documentation for members, accelerating the overall process. Even more, IMM’s e-delivery knowledge helped Founders to augment its staff, allowing them to take on much more complex workloads since IMM spearheaded all conversion and project management tasks, ensuring a smooth transition.

 

Michael Ball, SVP at IMM, said, “IMM values our client relationships, and the long-term partnership with Founders exemplifies perfectly why our clients turn to us for their digital transformation needs. Our conversion services team has a strong reputation for going the extra mile to help our clients through what can often be a very stressful process. They manage every implementation with extra care, paying attention to the smallest details so they can meet the key objectives. Ultimately, our years of knowledge and experience in working with credit unions enabled our joint success in this core conversion.”

 

The organizations have grown and evolved together. IMM has observed Founders accomplish its objectives from paper reduction, to increased employee productivity, to substantial cost reductions in the overall process. IMM’s ability to interface with virtually any core, LOS, or imaging system allows both credit union employees and its members to maintain the eSignature experience when back-office vendors or lending systems change. This helped ease Founders’ transition to its new system and created additional connection points for the credit union to leverage IMM’s full array of eTransaction automation solutions.

 

About IMM

For 25 years, IMM has been the premier provider of eSignature and Digital Transaction solutions designed exclusively for financial institutions. Today, more than 1,500 banks and credit unions use IMM’s eSignature and Digital Transaction Management solutions across the Institution to elevate consumer experiences while streamlining back-office processes in a comprehensive, end-to-end digital processing environment.

 

For more information, visit www.immonline.com or call 1.800.836.4750. Follow us on LinkedIn, Facebook and Twitter.

 

About Founders Federal Credit Union

The credit union, one of the largest and most innovative in the nation, was founded in 1950 in Fort Mill, South Carolina to provide financial services to the employees of Springs Industries, Inc. Founders serves over 220,000 members and has more than 30 locations. The credit union has nearly $2.6 billion in assets. More information about Founders Federal Credit Union can be found online at https://www.foundersfcu.com/.

Contacts

Anna Stanley / Adrie Morales

anna@williammills.com / adrie@williammills.com
251.517.7857 / 678.781.7227

Categories
Business Lifestyle

New Fiserv core platform enhancements tackle key client challenges

From planning and design to ongoing evaluation and feedback, Fiserv clients provide invaluable direction on new core experience

 

BROOKFIELD, Wis. — (BUSINESS WIRE) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling enhanced customer servicing, training, deployment flexibility and staffing with the launch of a new user experience for the Premier core platform.

Over 50 clients have been involved with the design and development process since the start of the project through both panels and advisory councils, providing direct feedback via testing and monthly meetings. “Our entire team had the opportunity to work extensively with the product team to test the new experience,” said Crystal Wichita, COO at Cornhusker Bank. “We had people from retail, loans, operations and IT participating in the process.”

 

A new navigation experience improves the speed at which clients can service their customers due to enhanced search functionality and the addition of bookmarks for key accounts. “With Premier, we are able to get to the information we need faster and with fewer clicks,” said Abby Sedlak, Loan Operations Quality Specialist Supervisor at TBK Bank. “The search feature will improve the customer experience due to not having to view multiple screens to get to the necessary information.”

 

The new Premier redesign will reduce the amount of time required to train new employees. “Bank staff will be able to help our customers faster and with fewer errors,” said Wichita. ”When a new employee starts, we always provide hands-on training within the core system. The Premier redesign is now more intuitive, which speeds training time, reduces the need for clicks and ultimately saves time. It matches our mantra – work smarter, not harder.”

 

The new Premier experience includes technologies that allow for continuous enhancements and the release of new and upgraded features on a regular basis. The new interface is built on React, a JavaScript library, and uses REST services that provide greater agility and flexibility. Updates can be deployed quickly and seamlessly. The underlying technology leverages an open platform that provides the ability to package and run applications in loosely isolated environments called containers and enables the separation of applications from infrastructure. A second platform orchestrates the deploying and scaling of these containers, which improves overall stability and allows for application self-healing.

 

Because Premier is designed with modern components used by major consumer websites, it will take less time for new employees to acclimate to their digital work environment. “The search functionality of the new Premier experience is intuitive for users,” said Chris Ritchey, Business Application Specialist at Kearny Bank. “It’s a similar experience to using Amazon or Target.”

 

“The look and feel of the new experience are very familiar, as if we have used it before,” Sedlak added. “It’s a perk when you are trying to attract new employees if you can show them a system that is modern and sleek and works on a range of devices.”

 

“The way our clients operate is constantly evolving and we wanted the technology we provide them to reflect those changes,” said Jim Cross, senior vice president and general manager of Bank Solutions at Fiserv. “The new Premier navigational experience will soon enable more than 1,000 financial institutions and over 145,000 bank employees to serve their customers in a faster, more intuitive way.”

 

About Cornhusker Bank

Cornhusker Bank is headquartered in Lincoln, Nebraska and has been a member of the community for more than 100 years. The bank has assets of $867.5 million and 6 branches throughout Nebraska. For more information about Cornhusker Bank, please visit https://www.cornhuskerbank.com.

 

About TBK Bank

TBK Bank, SSB, Member FDIC, is a subsidiary of Triumph Bancorp, Inc. (Nasdaq: TBK) and is headquartered in Dallas, Texas. The bank has assets of $6 billion and offers consumer and commercial banking products from 62 branches throughout Colorado, Kansas, New Mexico, Iowa, Illinois and Texas. https://www.tbkbank.com

 

About Kearny Bank

Founded in 1884 as a New Jersey building & loan association, Kearny Bank now serves communities throughout New Jersey, Brooklyn, New York and Staten Island, New York. The bank is headquartered in Fairfield, New Jersey and has assets of over $7.2 billion. For more information about Kearny Bank, please visit https://www.kearnybank.com/.

 

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud- based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

FISV-G

Contacts

Media Relations:
Ann Cave

Vice President, External Communications

Fiserv, Inc.

+1 678-325-9435

ann.cave@fiserv.com

Categories
Business

AM Best revises outlooks to positive, affirms credit ratings to Hamilton Re, Ltd. and Hamilton Insurance Designated Activity Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Hamilton Re, Ltd. (Hamilton Re) (Pembroke, Bermuda) and Hamilton Insurance Designated Activity Company (Dublin, Ireland), each a wholly owned subsidiary of Hamilton Insurance Group, Ltd. (Pembroke, Bermuda) (collectively referred to as Hamilton).

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

 

The very strong balance sheet strength assessment is supported by Hamilton’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Recent strategic shifts that have been executed by the company, including a transition toward a more diversified underwriting portfolio, have helped moderate the performance volatility that previously weighed on Hamilton’s balance sheet strength. However, Hamilton’s balance sheet strength assessment of very strong also reflects its relatively high-risk investment strategy on a portion of its invested assets, which is controlled by Two Sigma Investments, LP, an SEC-registered investment adviser.

 

The operating performance assessment of adequate is supported by Hamilton’s investment returns and a favorable trend in underwriting results more recently, although the group has not yet achieved underwriting profitability. Underwriting improvements have stemmed from the group’s diversification efforts and the favorable rate environment, as well as the re-underwriting measures taken on the casualty book of business and the completed integration of the Pembroke acquisition. The business profile assessment of neutral is supported by Hamilton’s continued expansion of its diversified global insurance and reinsurance platform. Risk management capabilities are considered appropriate and in line with the group’s risk profile.

 

The positive outlooks reflect AM Best’s expectation that Hamilton will maintain its improving trend of profitability and continue generating earnings that are accretive to the group’s balance sheet strength. Positive rating actions could result if the group continues to display an improving trend of underwriting profitability, along with continued stable and accretive investment performance, thereby lessening the performance volatility that has weighed on the balance sheet strength assessment. The ratings could be affected negatively by turmoil in the capital markets that severely impacts the group’s risk-adjusted capitalization or investment performance.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Clare Finnegan

Senior Financial Analyst

+1 908 439 2200, ext. 5165

clare.finnegan@ambest.com

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

Steven M Chirico, CPA
Director
+1 908 439 2200, ext. 5087

steven.chirico@ambest.com

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

Categories
Business Culture

CompoSecure CEO named winner of Manufacturing Leadership Awards

Jon Wilk Recognized as a Digital Transformation Leader

 

SOMERSET, N.J. — (BUSINESS WIRE) — $CMPO #BusinessAwards—CompoSecure, Inc. (Nasdaq: CMPO), a leading provider of premium financial payment cards and a cryptocurrency storage and security solution provider, today announced that President and CEO Jon Wilk was named a winner of the 2022 Manufacturing Leadership Awards for his outstanding achievement in the Digital Transformation Leadership category. Winners will be celebrated at the Manufacturing Leadership Awards Gala on June 29, 2022, in Marco Island, Florida.

“Our company was built and continues to be driven by our ability to innovate. We’ve led the creation and growth of the metal card form factor through our expertise in material science. We’ve been at the forefront of emerging payment technology, and now we are accelerating innovation in digital asset and authentication technology,” said Wilk. “It’s an honor to be recognized for the impact CompoSecure is having within the industry and I share this award with all of our employees.”

 

As a 20-year veteran in the banking and payments industry, Wilk helped transform CompoSecure into a leader within the fintech industry by accelerating adoption of its contactless metal payment cards. In 2021, CompoSecure introduced Arculus, the next generation of cryptocurrency cold storage and security solutions for digital assets.

 

Winners of the Manufacturing Leadership awards are among the industry’s most forward-thinking leaders who are essential to ushering in manufacturing’s digital era and serve as role models for their peers. Leaders in digital transformation demonstrate excellence in their commitment to digital technology and drive transformational changes within their companies. Details about the awards are available at https://www.manufacturingleadershipcouncil.com/leadership-awards/.

 

About CompoSecure and Arculus

Founded in 2000, CompoSecure is a pioneer and category leader in premium payment cards and a provider of cryptocurrency and digital asset storage and security solutions. The company focuses on serving the affluent customers of payment card issuers worldwide using proprietary production methods that meet the highest standards of quality and security. The company offers secure, innovative, and durable proprietary products that implement leading-edge engineering capabilities and security. CompoSecure’s mission is to increase clients’ brand equity in the marketplace by offering products and solutions which differentiate the brands they represent, thus elevating cardholder experience. For more information, please visit www.composecure.com. ArculusTM was created with the mission to promote cryptocurrency adoption by making it safe, simple and secure for the average person to store, buy, swap, send and receive cryptocurrency. With a strong background in security hardware and financial payments, the ArculusTM solution was developed to allow people to use a familiar payment card form factor to manage their cryptocurrency. For more information, please visit www.GetArculus.com.

 

About the Manufacturing Leadership Awards

The Manufacturing Leadership Awards honor manufacturing companies and individual manufacturing leaders that are shaping the future of global manufacturing through digital transformation. Winning projects and individual manufacturing leaders have demonstrated achievement in one of a wide range of categories, and are chosen by a panel of expert judges for results that have delivered clear and compelling value, return on investment, and other tangible outcomes. The highest-scoring High Achiever in each project category, 2022 Manufacturers of the Year, and 2022 Manufacturing Leader of the Year will be unveiled at the Manufacturing Leadership Awards Gala on June 29, 2022.

 

For more information on the Manufacturing Leadership Awards, please go to https://www.manufacturingleadershipcouncil.com/leadership-awards/.

 

About the Manufacturing Leadership Council

Founded in 2008 and now a division of the National Association of Manufacturers, the Manufacturing Leadership Council’s mission is to help manufacturing companies transition to the digital model of manufacturing by focusing on the technological, organizational, and leadership dimensions of change. With more than 3,300 senior-level members from many of the world’s leading manufacturing companies, the MLC focuses on the intersection of advanced digital technologies, growth and improvement opportunities in operations, and changes to leadership and organizational structures as manufacturing enterprises pursue their journey to Manufacturing 4.0.

 

www.manufacturingleadershipcouncil.com

Contacts

Samantha Short

sshort@olmsteadwilliams.com
310.824.9000