Tag: Business

AM Best assigns credit ratings to Pedcor Assurance Company

Post author By Michelle Dryden
Post date January 21, 2022
No Comments on AM Best assigns credit ratings to Pedcor Assurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Pedcor Assurance Company (PAC) (Colchester, VT). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect PAC’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 (ERM).

PAC’s balance sheet strength reflects its risk-adjusted capitalization that is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), along with its conservative underwriting and loss reserve leverage measures. Additionally, the company’s balance sheet strength benefits from its conservative investment portfolio and strong liquidity measures, which are enhanced by positive operating cash flow year after year. These positive factors are tempered by the large percentage of the company’s assets in the intercompany loan backs receivables. However, to somewhat mitigate this concern, the company’s parent, Pedcor Financial Bancorp guarantees repayment of these receivables.

PAC’s adequate operating performance assessment reflects the company’s historically favorable operating results, as all its insured properties are managed and/or owned by affiliates of PAC whose interests are aligned closely. However, there are some concerns regarding PAC’s recent entry into credit default insurance, which is a product that insurers against losses on portions of certain commercial loans issued by its affiliated banks. While the notional values on these loans are large relative to PAC’s surplus, defaults are considered remote and the loans are highly collateralized. Based on PAC’s projections over the next five years, the company’s adequate assessment seems appropriate.

As a single-parent captive, the company mission is to provide (re)insurance coverage on properties managed and/or owned by Pedcor Financial Bancorp along with supporting its banking affiliates with its new credit default insurance product. PAC also provides flexibility to its affiliates through a more cost-effective and stable alternative to commercial (re)insurance, particularly in hard market cycles. The company’s geographical reach spans across 19 states, which provides for some favorable geographical diversification. However, the company offers limited lines of coverage, which contributes to PAC’s limited business profile.

The company benefits from an appropriate ERM program that is well-integrated with that of a vertically integrated real estate development, banking and property management enterprise, which should lend itself to better risk identification and risk mitigation.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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 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.

Contacts

Brian O’Larte

Director

+1 908 439 2200, ext. 5138
brian.o’larte@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Daniel J. Ryan
Senior Director
+1 908 439 2200, ext. 5325
daniel.ryan@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Tags Business, New Jersey

Business Lifestyle

Nylabone to donate limited-edition Chew toy proceeds in honor of MGM’s film DOG starring Channing Tatum

Post author By Michelle Dryden
Post date January 21, 2022
1 Comment on Nylabone to donate limited-edition Chew toy proceeds in honor of MGM’s film DOG starring Channing Tatum

NEPTUNE CITY, N.J. — (BUSINESS WIRE) — $CENT–Nylabone, an iconic brand in the Central Garden & Pet portfolio (Nasdaq: CENT) (Nasdaq: CENTA), has created a limited-edition Power Chew toy with a camouflage-inspired design in honor of the upcoming MGM film DOG starring Channing Tatum and co-directed by Tatum and Reid Carolin, and will donate a portion of sales to long-time partner American Humane and its Pups4Patriots™ program, which unites dogs needing homes with military veterans suffering from mental or physical trauma.

DOG is a buddy comedy that follows the misadventures of two former Army Rangers paired against their will on the road trip of a lifetime. Army Ranger Briggs (Channing Tatum) and Lulu (a Belgian Malinois dog) buckle into a 1984 Ford Bronco and race down the Pacific Coast in hopes of making it to a fellow soldier’s funeral on time. Along the way, they’ll drive each other completely crazy, break a small handful of laws, narrowly evade death, and learn to let down their guards in order to have a fighting chance of finding happiness. DOG will be released in theaters on February 18, 2022.

“It is always an honor to support American Humane’s Pups4Patriots program and its mission to bring military veterans and shelter dogs together—creating special life-long bonds,” said Glen S. Axelrod, President and CEO of Nylabone Products. “Through our limited-edition chew toy for DOG, we are thrilled to embrace this fun and meaningful opportunity to help show our deep appreciation for American Humane and all the wonderful work they do.”

Nylabone’s specially made Power Chew toy features a military-style camouflage design and comes in a classic Souper shape. Featuring delicious chicken flavor throughout, this USA-made chew toy will keep extreme chewers happy and busy. It is recommended for dogs over 50 pounds and available for purchase at select retailers.

Through the Pups4Patriots™ program, American Humane works to save lives on both ends of the leash. This organization rescues surrendered shelter dogs and trains them as life-saving service dogs for military veterans struggling with the invisible wounds of war, such as PTSD and traumatic brain injury.

“America’s veterans served us—and now it’s time for us to serve them,” said Dr. Robin Ganzert, President and CEO of American Humane. “American Humane has been first to serve with the U.S. military for more than a century, and we are proud to support all veterans, both two-legged and four-legged, through our Pups4Patriots program and military working dog reunifications. We are so appreciative of Nylabone’s support, in honor of DOG the movie, that will help us continue to save lives both on and off the battlefield.”

Nylabone’s contribution supports Central Garden & Pet’s Impact strategy, which is dedicated to making positive changes through philanthropic work, focusing on community health, employee well-being, and sustainability.

About Nylabone

Nylabone, the leader in safe, healthy chewing since 1955, crafts the highest-quality chew toys, tastiest chew treats, exciting play toys, and most innovative dental solutions in the world. A family-founded company, Nylabone has a history of helping pet parents take the best possible care of their dogs. They are committed to developing world-class solutions for destructive chewing, separation anxiety, dental health, and more, helping dogs live fuller, happier lives. Recommended by veterinarians, Nylabone® products encourage a positive relationship between humans and their furry best friends. To put it simply, Nylabone Chews Best™! For more information, visit www.nylabone.com. Nylabone is a subsidiary of California-based Central Garden & Pet Company and has been the leader in responsible animal care for over 60 years.

About Central Garden & Pet

Central Garden & Pet understands that home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2021 net sales of $3.3 billion, Central is on a mission to lead the future of the pet and garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Pennington, Nylabone, Kaytee, Amdro and Aqueon, strong manufacturing and distribution capabilities and a passionate, entrepreneurial growth culture. Central Garden & Pet is based in Walnut Creek, California and has over 7,000 employees across North America and Europe. For additional information about Central, please visit www.central.com.

About American Humane

American Humane is the country’s first national humane organization. Founded in 1877, American Humane is committed to ensuring the safety, welfare and well-being of animals, and our leadership programs are first to serve in promoting and nurturing the bonds between animals and people. For more information or to support our work, please visit www.americanhumane.org and follow us on Facebook, Twitter and Instagram.

About Metro Goldwyn Mayer:

Metro Goldwyn Mayer (MGM) is a leading entertainment company focused on the production and global distribution of film and television content across all platforms. The company owns one of the world’s deepest libraries of premium film and television content as well as the premium pay television network EPIX, which is available throughout the U.S. via cable, satellite, telco, and digital distributors. In addition, MGM has investments in numerous other television channels, digital platforms, interactive ventures, and is producing premium short-form content for distribution. For more information, visit www.mgm.com.

Contacts

Liz Nunan

(925) 878-9465

lnunan@central.com

Tags Business, New Jersey

Business

Best’s Review pre-releases February content

Post author By Michelle Dryden
Post date January 21, 2022
No Comments on Best’s Review pre-releases February content

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

Hartford Insurance Group is fighting a Minnesota woman’s request to the U.S. Supreme Court to hear her appeal over coverage of medical marijuana treatments, as reported in the article “U.S. Supreme Court Asked to Rule Whether Workers’ Comp Covers Medical Marijuana.”
AM Best analysts discuss how a recovering economy and a business rebound are helping maintain stable outlooks despite COVID-19, inflation pressures and low interest rates in “AM Best: U.S. Market Outlook Stable Despite COVID-19, Inflation, Catastrophe Pressures.”
“Insurance Restructuring Options Take a Giant Leap Forward” explores Allstate Insurance Co.’s unprecedented division plans and the steps they took to ensure its success.
“Staid Annuities Get Star Treatment in Movie About the Importance of Guaranteed Retirement Income” reports on a new documentary that explores the shortcomings of the current retirement system and the alternative provided by annuities.

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

Contacts

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

Tags Business, New Jersey

Business Technology

Velodyne Lidar named finalist for 2022 SXSW Innovation Awards

Post author By Michelle Dryden
Post date January 21, 2022
No Comments on Velodyne Lidar named finalist for 2022 SXSW Innovation Awards

Velodyne’s Intelligent Infrastructure Solution Recognized for Innovation in Smart Cities, Transportation & Delivery Awards Category

SAN JOSE, Calif. — (BUSINESS WIRE) — #SXSW—Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced its Intelligent Infrastructure Solution was selected as a finalist for the 24th annual SXSW Innovation Awards taking place March 14 during the South by Southwest® (SXSW®) Conference and Festivals. Velodyne’s smart city solution provides traffic monitoring and analytics to improve road safety, efficiency and air quality, and help cities plan for smarter, safer transportation systems.

Velodyne’s Intelligent Infrastructure Solution is a finalist in the Smart Cities, Transportation & Delivery Awards category. The solution is implemented across three continents, with pilots rolled out in Texas, Florida, Nevada, California, New Jersey, Missouri and Canada. These deployments include Austin, Texas, where the city is using the Intelligent Infrastructure Solution to assess traffic conditions and identify proactive safety measures that can be taken to help save lives.

By improving traffic flow and reducing congestion, the Intelligent Infrastructure Solution improves energy efficiency and reduces greenhouse gas emissions for a more sustainable future. In 2021, the solution received a Smart 50 Award presented by Smart Cities Connect to honor the 50 most transformative smart cities projects in the world.

“The SXSW award recognition demonstrates the innovation our Intelligent Infrastructure Solution delivers in transforming infrastructure to make communities smarter and safer today,” said Sally Frykman, Chief Marketing Officer, Velodyne Lidar. “Our breakthrough full stack solution is designed to solve some of the most demanding and pervasive infrastructure problems – predicting, diagnosing and addressing road safety challenges.”

The SXSW Innovation Awards recognize and celebrate the most exciting tech developments in the connected world. The Smart Cities, Transportation & Delivery category honors innovations in eco-friendly or sustainable energy, transportation, delivery and IoT technology, making life in the connected world a smarter, cleaner, greener and more efficient Internet of Everything.

“SXSW is thrilled to honor this year’s most innovative projects and give each finalist the opportunity to showcase their inventions to all SXSW attendees through interactive demos at the Finalist Showcase,” said Hugh Forrest, Chief Programming Officer, SXSW.

Velodyne’s Intelligent Infrastructure Solution

Velodyne’s Intelligent Infrastructure Solution creates a real-time 3D map of roads and intersections, providing precise traffic monitoring and analytics that is not possible with other types of sensors like cameras or radar. The solution stands out in how it improves traffic and crowd flow efficiency, advances sustainability and protects vulnerable road users. It reliably collects data in any lighting or weather condition, supporting year-round operation, while also protecting people’s privacy. The solution advances safety through multimodal analytics that detect various road users including vehicles, pedestrians and cyclists. It can predict, diagnose and address road safety challenges, helping municipalities and other customers make informed decisions to take corrective action. For more information on the Intelligent Infrastructure Solution, contact Velodyne Sales: 669.275.2526, sales@velodyne.com.

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

Forward Looking Statements

This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “can,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Velodyne Investor Relations

InvestorRelations@velodyne.com

Media

Codeword

Liv Allen

velodyne@codewordagency.com

Tags Business, New Jersey

Healthcare Science

Tevogen Bio™ to study potential use of its T cell technology in Epstein-Barr Virus and multiple sclerosis

Post author By Michelle Dryden
Post date January 21, 2022
No Comments on Tevogen Bio™ to study potential use of its T cell technology in Epstein-Barr Virus and multiple sclerosis

METUCHEN, N.J. — (BUSINESS WIRE) — #EBV—Tevogen Bio, a clinical stage biotechnology company specializing in cell and gene therapies in oncology and viral infections, today announced its intention to study its proprietary off-the-shelf T cell technology to develop therapeutic solutions for multiple sclerosis (MS) by developing Epstein-Barr virus (EBV) specific CD8+ cytotoxic T lymphocytes (CTL). Multiple sclerosis is a chronic inflammatory disease of the central nervous system, for which there is currently no definitive cure.

“Recent studies on multiple sclerosis have suggested a probable link between latent infection with EBV and later onset of the inflammation that degrades the myelin sheath and causes multiple sclerosis,” said Neal Flomenberg, M.D., Chairman of Tevogen’s Scientific Advisory Board. “We look to apply our significant expertise in off-the-shelf allogeneic SARS-CoV-2 specific CD8+ cytotoxic T lymphocytes (CTLs) to explore EBV specific CTL therapy as a possible means of addressing the unmet needs of MS patients,” Flomenberg added.

“Anyone that knows someone who has been impacted by this debilitating disease understands the importance of advancing science to develop pathways to alleviate the suffering from MS,” said Tevogen CEO Ryan Saadi, M.D., M.P.H. “I’m hopeful that our disruptive T cell technology will eventually offer accessible immunotherapies to millions suffering from viral infections, cancers and other diseases with high unmet need.”

About Tevogen’s Investigational T Cell Therapy for COVID-19

Tevogen’s investigational T cell therapy for COVID-19, TVGN-489, is currently undergoing proof of concept clinical trial at Jefferson University Hospitals in Philadelphia. Trial details are available at Clinical Trials – Tevogen.

TVGN-489 is a highly purified, SARS-CoV-2-specific cytotoxic CD8+ T lymphocyte product, which detects targets spread across the entire viral genome. These targeted CTLs are expected to recognize and kill off virally infected cells, allowing the body to replace them with healthy, uninfected cells. TVGN-489 demonstrated strong activity against SARS-CoV-2 targets in preclinical studies.

About Tevogen Bio

Tevogen Bio is driven by a team of distinguished scientists and highly experienced biopharmaceutical leaders who have successfully developed and commercialized multiple franchises. Tevogen’s leadership believes that accessible personalized immunotherapies are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation in the post-pandemic world.

Forward Looking Statements

This press release contains certain forward-looking statements relating to Tevogen Bio™ Inc.’s (the “Company”) development and patient access of its innovations in infectious diseases and oncology. These statements are based on management’s current expectations and beliefs as of the date of this release and are subject to a number of factors which involve known and unknown risks, delays, uncertainties and other factors not under the company’s control which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. These factors include results of current or pending clinical trials, risks associated with intellectual property protection, financial projections, sales, pricing and actions by the FDA/EMA. The Company undertakes no obligation to update the forward-looking statements or any of the information in this release, or provide additional information, and expressly disclaims any and all liability and make no representations or warranties in connection herewith or with respect to any omissions herefrom.

Contacts

Media:

Katelyn Joyce

Corporate Communications Lead

Katelyn.joyce@tevogen.com

Tags Business, New Jersey

Business

AM Best affirms credit ratings of First Guard Insurance Company

Post author By Michelle Dryden
Post date January 21, 2022
No Comments on AM Best affirms credit ratings of First Guard Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH].

The ratings reflect First Guard’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings consider First Guard’s strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by low underwriting and investment leverage, significant surplus growth in recent years, consistently profitable and stable long-term operating performance and conservative underwriting discipline. The ratings also reflect the company’s extensive expertise in the trucking physical damage market segment and a strong experienced management team that has committed to writing a geographically diverse book of business. Partially offsetting these positive rating factors is First Guard’s narrow product focus within the commercial automobile line of business. First Guard’s ERM process is focused on risk identification and mitigation strategies with input from senior management and the board of directors.

Contacts

Maxwell Gilberg
Financial Analyst
+1 908 439 2200, ext. 5684
maxwell.gilberg@ambest.com

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

Michelle Baurkot
Director
+1 908 439 2200, ext. 5314
michelle.baurkot@ambest.com

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

Tags Business, New Jersey

Business Culture

New Year, same concerns: Despite increased optimism, skilled worker shortage will continue to impact infrastructure work in 2022

Civil contractors are optimistic about 2022; however, over half expect difficulty meeting schedule and budget demands due to skilled worker shortage

HAMILTON, N.J. — (BUSINESS WIRE) — The latest issue of the Civil Quarterly (TCQ) reveals that civil contractors are more optimistic about the construction economy in their sector in 2022. However, the study also shows that worker shortages will have a major impact on construction and civil contractors going forward.

The report, produced by Dodge Construction Network in partnership with Infotech, Hexagon, Command Alkon and Digital Construction Works (DCW), is based on a quarterly survey of civil contractors and engineers conducted in November 2021. The findings show that nearly three-quarters (73%) of civil contractors are highly confident about finding work in 2022, and around half expect their businesses to experience revenue and profit margin increases in 2022.

However, the report also reveals an increasing concern about the skilled worker shortage In civil construction. Nearly three-quarters (72%) of contractors expect a high degree of difficulty when finding skilled workers, a dramatic increase over the 58% who reported that concern one year ago. Even more strikingly, 89% believe that the cost of workers will increase in the first half of 2022 — far more than those reporting that one year ago (66%). These labor issues will have major impacts on the sector:

54% of civil contractors report that the difficulty in finding workers is impacting their ability to meet project schedule requirements
53% report that the increased cost of those workers makes it difficult for them to meet budgets on their projects

As workloads increase in wake of the Infrastructure Investment and Jobs Act, these findings clearly demonstrate that some projects may take longer and be done at a premium price due to the growing concern about worker shortages.

The study also captured contractors’ insights into worker recruitment and retention:

Most contractors believe that good benefits and a reputation for high pay are the best ways to recruit workers, with a greater emphasis on high pay to help recruit workers under 30 years of age.
Respondents also believe the best way to increase the skilled labor force is to increase enrollment in technical high schools/vocational training.
The study shows there is no consistent way in which civil contractors recruit workers, but the top three means used are traditional advertisements, working with industry organizations and working with local trade unions. Of these, the most effective is working with local trade unions.

In addition to examining business conditions and worker recruitment, the study also looked at sustainability in this sector. The data shows that green construction is still an emerging practice for civil contractors, with only 25% reporting that they have used a green standard or rating system on their projects in the last five years. The most common green practices employed on civil projects currently include green stormwater and waste management and local material/product procurement, which are each used by more than one third of the contractors.

Currently, the findings suggest that civil engineers are more engaged with sustainability than civil contractors. Nearly one third of civil engineers (31%) have used a green standard or rating system for their projects in the last five years. Over 40% of civil engineers use their top three green practices — green stormwater management, lifecycle cost analysis and creating a construction environmental management plan — and many do so without these practices being mandated by the project owners. In addition, over half (55%) of civil engineers believe that demonstrating that they can build sustainably gives them a competitive advantage, far more than contractors (29%).

The Civil Quarterly provides a quarterly snapshot of the current business health of contractors operating in this dynamic environment and explores trends in the industry: the report is the result of a partnership with Founding partner Infotech^®, Platinum partner Hexagon and Gold partners Command Alkon and Digital Construction Works. It is based on original research collected from civil contractors and engineers and is available for free download to help all those who have a stake in the U.S. civil construction industry. Future editions will continue to address a wide range of related topics providing a comprehensive view of this complex and ever-changing segment of the construction economy. Click here to download a copy: https://www.infotechinc.com/thecivilquarterly/.

About Dodge Construction Network: Dodge Construction Network leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. The company powers four longstanding and trusted industry solutions—Dodge Data & Analytics, The Blue Book Network, Sweets, and IMS—to connect the dots across the entire commercial construction ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, Dodge Construction Network ensures that construction professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, Dodge Construction Network is the catalyst for modern commercial construction. To learn more, visit construction.com.

About Infotech®: Info Tech, Inc., DBA Infotech (Infotech) is a leading SaaS solutions provider for the infrastructure construction industry. Informed by DOT relationships and decades of experience, Infotech develops software solutions that bridge the gaps between owners, consultants, contractors, and other project stakeholders. Whether it be tools for construction administration and inspection or secure online bidding, all of Infotech’s solutions are built to increase transparency, productivity and the availability of data. Infotech is the developer of Appia^®, Bid Express^®, and Doc Express^®, as well as the official contractor for AASHTOWare Project™. For more information, visit infotechinc.com.

About Hexagon: Hexagon is a global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications. Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future.

Hexagon (Nasdaq Stockholm: HEXA B) has approximately 21,000 employees in 50 countries and net sales of approximately 3.8bn EUR. Learn more at hexagon.com and follow us @HexagonAB.

About Command Alkon: As the provider of the leading Supplier Collaboration Platform for Heavy Work, Command Alkon solutions deliver supply chain digital collaboration across the heavy construction community. CONNEX, a technology platform built for the industry, enables business partners to automate and integrate business process, capture real-time visibility into heavy material orders and deliveries, and share knowledge to promote certainty of outcomes. Command Alkon is headquartered in Birmingham, Alabama and has offices in locations around the globe. For more information, visit commandalkon.com.

About Digital Construction Works: Digital Construction Works (DCW) is a leading industry application and technology integration services and solution company. We help owner-operators and constructors accelerate the adoption and use of digital workflows, incorporate digital twins of assets, implement best practices, and, if needed, include the right combination of fit-for-purpose third-party technology to improve construction planning, design-build, operations, and project outcomes. We take current disparate third-party applications and integrate them so they all work together, and they can be managed in a single, secure, integrated platform with project insights. Learn more: www.digitalconstructionworks.com

Contacts

Cailey Henderson
dodge@104west.com

Tags Business, New Jersey

Business Lifestyle

Jet Edge to establish Teterboro Airport base with signature aviation

Post author By Michelle Dryden
Post date January 20, 2022
No Comments on Jet Edge to establish Teterboro Airport base with signature aviation

Agreement will provide a dedicated base for AdvantEdge aircraft owners in New York City and provide enhanced pre-flight experience for Jet Edge program members.

LOS ANGELES — (BUSINESS WIRE) — Signature Aviation, the world’s largest network of Fixed Base Operations (FBOs), and Jet Edge International, a leader in full-service global private aviation, have signed an agreement to occupy Signature’s East facility at Teterboro Airport (TEB) in New Jersey. The New York City area base will grant Jet Edge charter program members, aircraft owners, and its fleet access to dedicated hangar and maintenance space at one of the world’s busiest private aviation airports.

A re-envisioned FBO interior is part of a long-term agreement for a 44,000 sq. ft. portion of Signature Teterboro East’s Hangar 202, as well as associated office and workshop space. The introduction of the New York area base will enhance Jet Edge’s offerings in one of the most significant business aviation markets worldwide, guaranteeing consistency and privacy for passengers embarking via one of its private aircraft, in addition to providing benefits for Jet Edge AdvantEdge plane owners.

“We are delighted to welcome Jet Edge to its new home at Signature Teterboro East,” expressed Virasb Vahidi, Chief Revenue Officer of Signature Aviation. “Signature is focused on offering exceptional experiences and essential support services to business and private aviation customers. Our large-scale infrastructure footprint is a key enabler of travel and our expertise in private aviation handling and real estate is a catalyst for driving mutual value with our partners. We look forward to working with Jet Edge in one of our key geographic markets.”

Bill Papariella, CEO of Jet Edge, adds “The New York metropolitan area has been the largest market trailing 3 years for Jet Edge and compliments our already established Signature facility in Los Angeles. New York will be a strategic focus for Jet Edge in 2022 and beyond. We couldn’t be more excited to partner with Signature to provide our clients coast to coast access to a dedicated facilities at Teterboro and Van Nuys.”

Jet Edge anticipates occupying its new leasehold in Q4 2022. For more information, please visit www.signatureaviation.com

About Signature Aviation

Signature Aviation is one of the world’s preeminent global aviation companies offering exceptional experiences and essential support services to business and private aviation customers. The company’s large-scale infrastructure footprint enables travel and is a critical global economic driver. Signature operates an industry-leading network of private aviation terminals, with over 200 locations covering key destinations in 27 countries across five continents. The United States is the company’s largest market with operations at 38 of the top 50 busiest airports. The company also offers over 11 million square feet of multi-use office and hangar real estate, providing unique network-wide benefits and advantages to customers who base their aircraft at a Signature location. For more information, please visit www.signatureaviation.com

About Jet Edge

Jet Edge is a leader in full-service global private aviation. As an integrated super-midsize and large cabin management operator and maintenance provider, Jet Edge services aircraft owners and charter flyers with a world-class operational platform. Jet Edge extends individual clients and corporations 365-day-a-year access to one of the most well-appointed aircraft fleets in the world. Backed by unparalleled award-winning safety programs and overseen by a leadership team with wide-ranging experience in commercial and private aviation operations and management, Jet Edge delivers excellence in aircraft management, charter management, on-demand charter, aircraft sales, and maintenance. More information can be found at www.flyjetedge.com.

Contacts

For Jet Edge

Dan Weikel

dweikel@ibpmedia.com
Jet Edge Imagery

Matthew Carroll

Signature Aviation

+1 240 388 6208

matthew.carroll@signatureflight.com

Tags Business, New Jersey

Business

ShipMonk acquires Ruby Has Fulfillment to support DTC brands and e-commerce retailers’ record growth, becomes largest global 3PL services provider for SMBs

Combined company bolsters enterprise capabilities for e-commerce retailers of all sizes and expands network domestically and internationally

FORT LAUDERDALE, Fla. & BAY SHORE, N.Y. — (BUSINESS WIRE) — ShipMonk, a leading provider of e-commerce fulfillment and technology solutions, today announced its acquisition of Ruby Has Fulfillment, a leading third-party logistics (3PL) technology company. The acquisition furthers ShipMonk’s efforts to expand operations throughout the United States and internationally to Canada and the U.K. and deepens enterprise-class fulfillment capabilities to serve growing direct-to-consumer (DTC) brands.

“Our growth has been driven by our ability to deliver excellent customer experiences for our clients with our e-commerce and software capabilities. Ruby Has Fulfillment is an ideal addition to the ShipMonk platform, blending substantial investments in service and technology to complement and enhance our core offering for B2B and larger clients,” said Jan Bednar, ShipMonk’s founder and CEO. “As e-commerce businesses boom across every vertical, we are scaling our services to keep pace and deliver the level of quality and reliability our clients rely on and expect for their customers. That’s true whether a business is bootstrapped and just getting started, or an existing enterprise-scale business with high volume and customized operational needs.”

With the Ruby Has acquisition, ShipMonk adds:

Eight fulfillment centers spanning New York, Nevada, New Jersey, Kentucky, California, Canada and the U.K. With ShipMonk’s existing locations in Florida, California, Pennsylvania and Mexico, ShipMonk currently operates 11 distribution centers
Over 1.3 million square feet of warehouse space, bringing ShipMonk’s global footprint to more than 2.4 million square feet.
More than 700 new employees. ShipMonk’s workforce has more than doubled since January 2021, including 3,000+ employees, providing stability in an otherwise challenging supply chain and warehouse environment with ongoing labor shortages.
Complete North American reach from Canada to the U.S. and Mexico, with best-in-class, affordable 2-day shipping service for all domestic zones.
Goods Manufacturing Process (GMP) compliance-ready, with sites registered as FDA food facilities, medical device facility classes 1 and 2, and wholesale food licensed operations.
Expanded customer support that includes dedicated client success managers, on-site teams, and proven process for responsiveness and quality service, including a new ticketing system, quarterly reviews, advisory councils, as well as B2B and larger client support.
Dedicated fulfillment solutions allowing for more advanced brand guidelines and value added services like engraving, embroidery, etching, and returns refurbishment.
Fulfillment automation and robotics systems that have successfully proven cost and velocity efficiency.

“Our shared future is one of considerable promise. With the addition of Ruby Has, the ShipMonk organization is the undisputed leader in the market, delivering the most value to merchants,” said Rafael Zakinov, founder and CEO of Ruby Has, who will assume the role of Chief Product Officer at ShipMonk. “Our combined workforces and compelling and competitive offerings position our company and our customers for success in a business environment that is rapidly scaling to demand. We have the team, technology, service and reach to grow with our clients.”

Today, ShipMonk serves a growing roster of more than 2,000 B2C businesses, including BrüMate, Liquid IV, FEAT, and Glamnetic. Ruby Has’ robust client base, including Brooklinen, The Ridge, and Overtime, expands Shipmonk’s client roster in service of both larger enterprises as well as established B2B brands. Ruby Has Sure Sort™ technology joins ShipMonk’s warehouse technology suite. The combined 3PL fulfillment offering pairs expanded Electronic Data Interchange (EDI) retail capabilities with dedicated fulfillment center setups to provide the custom flexibility that enterprise-class operations often require.

These new capabilities complement an already substantial service offering to clients, regardless of the size or needs of their business. ShipMonk’s platform allows merchants at any growth stage to scale more quickly by delegating the challenges of managing end-to-end order fulfillment, inventory management, and post-purchase customer cycles (order tracking, returns and refurbs). For larger customers, Ruby Has brings dedicated space, processes, and technology for individual brands to the ShipMonk platform. This modernized fulfillment allows orders to be picked and packed separately by a consistent team delivering high quality processing and efficiency.

Over the past 18 months, ShipMonk has raised $355 million in funding to accelerate its strategic growth and expansion to serve existing and new customers internationally. In October, the company established ShipMonk Mexico through its acquisition of El Mar Mexico. Together with the acquisition of Ruby Has, ShipMonk now has North American operations from Mississauga, Ontario, Canada, to Tecate, Mexico. These locations north and south of U.S. borders enable ShipMonk to better leverage U.S. Customs and Border Patrol’s (CBP) Section 321, which legally bypasses taxing on the majority of U.S. shipments, eliminating tariffs and import duties.

The Ruby Has acquisition closed in November 2021. ShipMonk plans to continue its international expansion, including opening a European warehouse in 2022.

Solomon Partners served as financial advisor to Ruby Has for this deal.

ABOUT SHIPMONK

From its inception in 2014, ShipMonk has operated with a singular guiding principle: to help small and medium-sized e-commerce businesses scale by offering technology-driven fulfillment solutions that enable business founders to devote more time to the things that matter most in their businesses. Put simply, ShipMonk helps e-commerce companies stress less and grow more. Headquartered in Fort Lauderdale, FL, ShipMonk has more than 2,500 employees across facilities in Fort Lauderdale, FL, Pittston, PA, Los Angeles, CA, Bay Shore, NY, Las Vegas, NV, Dayton, NJ, Louisville, KY, Mississauga, Ontario, Canada, Tecate, Mexico, the United Kingdom and Prague, Czech Republic. More information is available at www.shipmonk.com.

ABOUT RUBY HAS FULFILLMENT

Ruby Has Fulfillment is one of the fastest-growing e-commerce fulfillment and logistics providers for direct-to-consumer brands and retailers. With a strategically located international footprint of distribution centers in the United States, Canada, and the U.K., Ruby Has Fulfillment is a company in hyper-growth. The logistics leader has been ranked by Crain’s Fast 50 since 2018 and Inc. 5000 for six consecutive years. It leads the 3PL industry with cutting-edge technology, seamless integration, and an uncompromising commitment to quality that empowers e-commerce brands to scale with efficiency and speed. For more information visit www.RubyHas.com.

Contacts

Dan Gdowski

VP of Marketing

dan@shipmonk.com

Tags Business, New Jersey

Business

AM Best withdraws credit ratings of certain members of Farmers Insurance Group

Post author By Michelle Dryden
Post date January 19, 2022
No Comments on AM Best withdraws credit ratings of certain members of Farmers Insurance Group

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has withdrawn the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of 21st Century Indemnity Insurance Company (Harrisburg, PA), 21st Century Pacific Insurance Company (Denver, CO) and 21st Century Auto Insurance Company of New Jersey (West Trenton, NJ), which were previous members of Farmers Insurance Group.

AM Best has withdrawn these Credit Ratings (ratings) as the companies are not currently risk-bearing entities, nor are they currently part of any reinsurance or pooling agreement that would warrant rating support from another entity. AM Best currently does not conduct ratings on non-risk-bearing entities. If these entities were to become risk-bearing entities again, they would be eligible to participate in AM Best’s interactive rating process.

These companies were acquired by Everspan Insurance Company, which is a member of the Everspan Group and currently holds an FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent), on Jan. 1, 2022, as clean dormant shells.

Contacts

Edin Imsirovic

Associate Director

+1 908 439 2200, ext. 5740

edin.imsirovic@ambest.com

Robert Raber

Director

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

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Communications

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

Tags Business, New Jersey