Tag: Insurance

Best’s Market Segment Report: COVID-19 taking its toll on Canada’s economy and insurance industry

Post author By Michelle Dryden
Post date September 8, 2020
No Comments on Best’s Market Segment Report: COVID-19 taking its toll on Canada’s economy and insurance industry

OLDWICK, N.J.–(BUSINESS WIRE)–Canada’s property/casualty insurance industry thus far has fared better than their life counterparts amid the volatile economic and market dynamics created by the COVID-19 pandemic, according to a AM Best report.

In its Best’s Market Segment Report, titled, “COVID-19 Taking Its Toll on Canada’s Economy and Insurance Industry,” AM Best states that the country’s overall insurance industry remains well-capitalized. However, for Canada’s life insurance industry, top-line growth has been materially affected, as consumers reacted to COVID-19-fueled economic strain, and agents and life insurance representatives transitioned with varying degrees of success to a digital sales environment. Life insurers’ operating earnings also have been impacted because of the market dynamics and asset valuations, and earnings likely will be pressured by the prolonged volatility in the equity markets and low interest rates, leading to lower fee-based revenue as well. In April, AM Best revised its outlook on Canada’s life insurance industry to negative, owing to the significant disruption to the financial markets caused by the COVID-19 outbreak. AM Best remains concerned about companies with higher exposures to commercial mortgage loans, particularly in the hotel and retail segments, as well as office space, given that many companies have been cautious in returning to an office environment.

Canada’s property/casualty companies continue to show that they have the ability to remain profitable and meet the challenges presented by COVID-19, on top of those presented by increasingly volatile weather and climate conditions, fire and seismic activity, as well as economic volatility and competitive and regulatory issues. The personal auto insurance line remains a soft spot, however, as performance deteriorated again in 2019, and experienced a 10-point rise in the loss and loss adjustment expense ratio, reversing two years of improvement. All auto lines remain exposed to loss frequency brought on by factors such as distracted driving and more miles driven. In addition, inflation and a continual increase in loss severity due to rising repair costs are still affecting the auto lines. Early indications are that frequency trends will be down significantly in 2020, as shelter-in-place requirements, business closures, and remote working arrangements have caused a steep decline in miles driven across the country. AM Best maintains a stable outlook on Canada’s property/casualty segment.

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=300880.

A video presentation on this market segment report with AM Best Financial Analyst Brian Lynch and Senior Financial Analyst Anthony McSwieney is available at http://www.ambest.com/v.asp?v=ambcanada920.

AM Best will present its annual Insurance Market Briefing – Canada as two complimentary webinars on Sept. 9-10, 2020. “AM Best’s Canadian Outlook: In the Shadow of COVID-19,” will be held on Sept. 9, from 2-3 p.m. (EDT), and “Canada 2020 Hot Topics Panel Discussion,” will be held on Sept. 10, from 2-3 p.m. (EDT). For more information and for registration, please go to http://www.ambest.com/conferences/imbcanada2020.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Raymond Thomson, CPCU, ARe, ARM, AIAF
Director—P/C
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

Anthony McSwieney
Senior Financial Analyst—L/H
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

Ann Modica
Associate Director, Credit Rating Criteria,
Research and Analytics
+1 908 439 2200, ext. 5209
ann.modica@ambest.com

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

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

Tags #Canada, Best Market Segment Report, Consumers, COVID-19, Economy, industry, Insurance, market, market#Canada

Business

AM Best: Pandemic, economic issues dampen Chile insurance market (AM BestTV)

Post author By Michelle Dryden
Post date August 22, 2020
No Comments on AM Best: Pandemic, economic issues dampen Chile insurance market (AM BestTV)

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of ^AMBestTV, Eli Sanchez, associate director, AM Best, said the rating agency’s negative market segment outlook on Chile’s insurance sector is based on declines in insurance activity, tied to the pandemic and longer-running economic issues. Click on http://www.ambest.com/v.asp?v=chileoutlook_english720 to view the entire program.

Sanchez addressed to what extent COVID-19 is affecting insurers in Chile.

“As of March 2020, there has been a 10% contraction in the overall insurance industry,” said Sanchez. “There was a contraction of around 1.8% last year. AM Best has seen declines, especially in the life side, related to annuities, some accident and health, as well as the property/casualty segment. Additionally, there has been lower economic activity. As of May, the monthly economic indicator contracted by approximately 15%. That puts a lot of pressure on underlying industries that use insurance as a way of protecting its relative assets.”

Chile is having economic problems that the pandemic has exacerbated. Sanchez spoke about how COVID-19 has affected insurers’ ability to grow.

“With lower global economic activity, there have been tensions, specifically commercial tensions between China and the United States. These countries are important partners for Chile. These tensions have created a lot of flight to quality, which have threaten the Chilean peso. In addition, with the tensions in trade, copper prices have come down. That limits a lot of the growth that could happen in the country, which in turn affects a lot that could happen in the demand for insurance.”

To view this video in Spanish, please go to http://www.ambest.com/v.asp?v=chileoutlook_spanish720.

To access the related market segment report, titled, “Market Segment Outlook: Chile Insurance,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=532765.

Recent ^AMBestTV coverage includes:

AM Best: Cyber Insurance Profitability Challenged by New Risks: AM Best analysts say standalone cyber insurance premiums are growing as companies reduce silent cyber risk: http://www.ambest.com/v.asp?v=ambcyber720.
BDO Director: Companies Should Review Hurricane Response Plans: The COVID-19 pandemic adds a layer of complexity to hurricane response plans, said James MacDonnell, director of crisis management/ business continuity at BDO, an advisory firm: http://www.ambest.com/v.asp?v=macdonnell820.
ITC Conference Expands to Month Long ‘Celebration of Insurtech Innovation’: InsureTech Connect is launching ‘ITC September to Remember’ leading up to its flagship global conference, said Mee-Jung Jang, president, InsureTech Connect: http://www.ambest.com/v.asp?v=itc820.
Allianz: Docked Cruise Ships in Hurricane-Prone Areas Are ‘Hot Spots’ to Watch: Cruise ships grounded due to the pandemic are among risks requiring “constant vigilance,” said Andrew Kinsey, senior marine risk consultant, Allianz Global Corporate & Specialty: http://www.ambest.com/v.asp?v=covidshipping820.

^AMBestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html. View ^AMBestTV episodes at www.ambest.tv.

Contacts

Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Tags #Issues, #Pandemic, #Peso, #Risks, AM Best, AM BestTV, Chile, China, COVID-19, economic, Insurance, prices, prices#Issues

Business

AM BestTV presents ‘An Industry Transformed’: Digitally native, not by choice

Post author By Michelle Dryden
Post date August 17, 2020
No Comments on AM BestTV presents ‘An Industry Transformed’: Digitally native, not by choice

OLDWICK, N.J.–(BUSINESS WIRE)–Top industry leaders share their thoughts about the pandemic and its impact on the insurance industry in the four-part series, “An Industry Transformed.”

Insurers are learning how to operate, distribute and respond in an all-digital environment. In this segment, a panel discusses the lessons insurers learned during the shutdown, and how they are reshaping operations, sales, product delivery and customer interactions. Watch now: www.ambest.com/ambtv/digital.

Panelists include:

Bill Pieroni, president and chief executive officer, ACORD;
Sean Ringsted, executive vice president, chief risk officer and chief digital officer, Chubb Group; and
Tanguy Catlin, senior partner, McKinsey & Company.

Contacts

Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Tags #Choice, #Pandemic, #Shutdown, #Transformed, AM BestTV, Bill Pieroni, Digitally, industry, Insurance, native, native#Choice

Business

Majesco taps NetSuite to modernize operations as it powers the future of insurance

Post author By Michelle Dryden
Post date August 14, 2020
No Comments on Majesco taps NetSuite to modernize operations as it powers the future of insurance

Leading cloud software company for insurance companies increases scalability and operational efficiencies with NetSuite

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has implemented Oracle NetSuite to help transform its core business operations and better serve its customers and internal departments. With NetSuite, Majesco will be able to streamline its day-to-day operations, improve decision making and enhance its overall employee experience.

“We’re thrilled about the modern capabilities NetSuite will provide to our entire organization. Having one unified cloud-based platform will improve business operations across our sales, finance, procurement, product delivery, and support organizations,” noted Adam Elster, CEO of Majesco. “We selected NetSuite as it enables us to standardize operations, enhance business insights and serve our customers more efficiently.”

Majesco is partnering with the insurance industry to create a future that is agile, nimble and, fast. Its cloud-based solutions modernize and transform P&C and L&A and Group insurance businesses to better meet the demands of their next generation customers. To support its continued growth, Majesco plans to use NetSuite to increase transparency and efficiency across its core business operations. Majesco plans to leverage the order management, project management, resource management, project accounting, timesheet management, procurement, billing management, and reporting capabilities within NetSuite.

In addition, NetSuite will provide Majesco with the visibility, control and agility required to support its growth and help its customers capture new market opportunities. For example, NetSuite will enable Majesco to unify information across its business, increase automation, and enhance efficiency and accountability. As a result, Majesco is perfectly positioned to continue leading the charge for a new era of insurance.

“Like many of our customers, Majesco is leading the way forward in its industry, being the first to provide cloud-based products to change the way it conducts business and better serve a market,” said Sam Levy, SVP of Sales, Oracle NetSuite. “By implementing NetSuite, Majesco will be able to react quickly to new business opportunities, while continuing to offer leading services to its customers.”

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Tags #Oracle, #Platform, Business, Cloud-based, Global, Insurance, Majesco, NetSuite, Operations, sales, sales#Oracle

Business

Majesco enters into amended agreement to be acquired by Thoma Bravo

Post author By Michelle Dryden
Post date August 8, 2020
No Comments on Majesco enters into amended agreement to be acquired by Thoma Bravo

Majesco shareholders to receive $16.00 in cash per share

Transaction provides a significant cash premium to Majesco shareholders

Transaction Expected to Close by the End of 2020

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has signed an amended definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at $729 million. Following the closing of the transaction, Majesco will operate as a privately held company.

Under the amendment, Thoma Bravo will acquire all of Majesco’s outstanding shares for $16.00 per share. The price represents a premium of approximately 113% over Majesco’s average closing price of $7.52 during the 30-trading day period ended July 17, 2020.

The proposed merger is subject to the approval of Majesco shareholders and the approval of the shareholders of Majesco’s parent company, Majesco Limited. Majesco’s and Majesco Limited’s Boards of Directors have unanimously approved the merger and recommend that their respective shareholders approve the merger. Majesco Limited’s promoter shareholders have entered into a voting agreement to vote in favor of a transaction with Thoma Bravo and against a competing transaction, which remains in place for a 7-month period following any termination of the transaction documents. Majesco will solicit written consents from its shareholders to approve the Merger Agreement and expects to distribute the consent solicitation statement in August 2020.

The increased offer from Thoma Bravo and the amendment followed Majesco’s receipt of an unsolicited acquisition proposal from an unaffiliated third party.

Completion of the merger is not subject to a financing condition but is subject to the accuracy of the representations and warranties, performance of the covenants and other agreements included in the Merger Agreement and customary closing conditions for a transaction of this type, including regulatory approvals in the US and India. Assuming satisfaction of those conditions, the Company expects the merger to close by the end of 2020.

Nomura Securities International, Inc. is acting as financial advisor to Majesco, and Sheppard, Mullin, Richter & Hampton LLP and Khaitan & Co are acting as legal advisors to Majesco and Majesco Limited, respectively. Kirkland & Ellis LLP and Trilegal are acting as legal advisor to Thoma Bravo.

About Majesco

About Thoma Bravo

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $45 billion in capital commitments, Thoma Bravo partners with a Company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.

Cautionary Language Concerning Forward-Looking Statements

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the incurrence of unexpected costs, liabilities or delays relating to the merger; the failure to satisfy the conditions to the merger, including regulatory approvals; and the failure to obtain the requisite approval by the shareholders of Majesco Limited.

Important Additional Information:

In connection with the proposed merger, Majesco will file a consent solicitation statement and other relevant documents concerning the proposed merger with the SEC. The consent solicitation statement and other materials filed with the SEC will contain important information regarding the merger, including, among other things, the recommendation of Majesco’s board of directors with respect to the merger. SHAREHOLDERS ARE URGED TO READ THE CONSENT SOLICITATION STATEMENT AND OTHER CONSENT MATERIALS THAT MAJESCO FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You will be able to obtain the consent solicitation statement, as well as other filings containing information about Majesco, free of charge, at the website maintained by the SEC at www.sec.gov. Copies of the consent solicitation statement and other filings made by Majesco with the SEC can also be obtained, free of charge, by directing a request to Majesco, 412 Mount Kemble Ave., Suite 110C, Morristown, NJ 07960, Attention: Corporate Secretary.

Participants in the Solicitation:

Majesco and its executive officers and directors may be deemed, under SEC rules, to be participants in the solicitation of consents from Majesco’s shareholders with respect to the proposed merger. Information regarding the executive officers and directors of Majesco and their respective ownership of Majesco common stock is included in the Proxy Statement for Majesco’s 2020 Annual Meeting of Stockholders (the “2020 Proxy Statement”), filed with the SEC on July 29, 2020. To the extent that holdings of Majesco’s securities have changed since the amounts printed in the 2020 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of the potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the consent solicitation statement and other materials to be filed with SEC in connection with the proposed merger.

Contacts

Media:
Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

Laura.Tillotson@majesco.com

Tags CloudInsurer, Data, Insurance, Majesco, Merger, Shareholders, Solicitation, Thoma Bravo, Thoma BravoCloudInsurer

Business

AM Best places credit ratings of Third Point Reinsurance Ltd. and its subsidiaries under review with developing implications

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Third Point Reinsurance Company Ltd. (Bermuda) and Third Point Reinsurance (USA) Ltd. (Bermuda). AM Best also has placed under review with developing implications the Long-Term ICRs of “bbb-” of Third Point Re (USA) Holdings, Inc. (TP USA) (Wilmington, DE) and its ultimate holding company, Third Point Reinsurance Ltd. (TPRE) [NYSE: TPRE] (Bermuda). Concurrently, AM Best has placed under review with developing implications the Long-Term Issue Credit Rating of “bbb-” on the $115 million 7% fixed senior unsecured notes due 2025 of TP USA.

The under review rating action follows the group’s announcement that TPRE has entered into a definitive agreement to acquire Sirius International Insurance Group, Ltd. (SIIG) (Bermuda) [NASDAQ: SG] at a transaction value of approximately $788 million. TPRE will finance the transaction through a combination of cash-on-hand and equity issued to Sirius Group shareholders. SIIG currently has $685 million of debt that will remain outstanding and $223 million of preferred shares, which will be redeemed as part of the transaction.

AM Best will continue to hold discussions with TPRE management and monitor the group’s balance sheet strength, operating performance, business profile and enterprise risk management. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.

The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the SIIG acquisition, including potential benefits to TPRE’s group business profile following the close of the transaction. The addition of the SIIG business is expected to add approximately $1.9 billion to TPRE’s $600 million in gross premium written. The additional business not only adds size, which is expected to enhance TPRE’s market profile and add scale, but augments business diversification as SIIG has a larger global presence and has insurance operations in addition to its reinsurance platform.

TPRE’s balance sheet strength is expected to remain at a very strong level despite the acquisition of Sirius, which maintains a higher level of financial and underwriting leverage and a significant amount of safety reserves moderating the fungibility of capital. Risk-adjusted capital should benefit further as TPRE’s already reduced concentration in alternative investments will be a significantly smaller portion of total invested assets of the combined entity; AM Best expects that a significant majority share of investments will be composed of investment-grade, fixed-income securities and equities that will act as a portfolio ballast.

This transaction includes a significant ownership interest in TPRE by China Minsheng Investment Group Corp., Ltd. (CMIG), which is expected to acquire approximately a 35% stake in TPRE. CMIG has a significantly weaker credit quality than Third Point Re and has lacked transparency when dealing with AM Best. The risk involved with CMIG ownership is moderated by its limited voting control, which will be less than 10% of the voting shares. CMIG currently owns 96% of Sirius.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

Contacts

Darian Ryan, CPA

Senior Financial Analyst

+1 908 439 2200, ext. 5449

darian.ryan@ambest.com

Steve Chirico, CPA

Director

+1 908 439 2200, ext. 5087

steve.chirico@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Tags #Credit, #Ratings, AM Best, Business, Financial, Insurance, Investment, Review, Subsidiaries, Third Point Reinsurance Ltd., Third Point Reinsurance Ltd.#Credit

Business

City of Atlanta selects Prudential Retirement to oversee more than $330M in assets

Post author By Michelle Dryden
Post date July 21, 2020
No Comments on City of Atlanta selects Prudential Retirement to oversee more than $330M in assets

NEWARK, N.J.–(BUSINESS WIRE)–$PRU–The city of Atlanta, the ninth-largest metropolitan area in the nation, chose Prudential Retirement as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Prudential will oversee $337 million in retirement assets, which will cover 8,600 government employees as of June 1, 2020. The partnership adds to Prudential’s public sector portfolio, which oversees $49.3 billion across 225 plans for 827,259 participants.

According to John Gaffney, deputy chief finance officer for the city of Atlanta, Prudential was selected for its efficient model, investment flexibility and cost savings. “The city of Atlanta wants to deliver retirement plans that help our dedicated workers build and secure their financial stability,” said Gaffney. “Prudential is the right partner to ensure our plans are optimized for long-term success.”

As the retirement industry continues to navigate uncertainty in response to COVID-19, Prudential’s strength – which has weathered crises including two world wars, the 1918 Spanish influenza, the Great Depression, 9/11 and the global financial crisis of 2008 – coupled with its long-term strategic view provides much needed support and reassurance for plan sponsors.

“Prudential is committed to innovative plan designs that meet the needs of plan sponsors and participants, particularly during these unprecedented times,” says Michael Domingos, senior vice president and head of sales and strategic relationships at Prudential Retirement. “We are thrilled to share this expertise with the city of Atlanta and help its employees maintain financial wellness.”

For more information, visit www.prudential.com/employers/retirement.

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation recordkeeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.6 million participants and annuitants. Prudential Retirement has $466 billion in retirement account values as of March 31, 2020. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

1038140-00001-00

Contacts

MEDIA:

Anjelica Sena. 973-802-6930

anjelica.sena@prudential.com

Tags Asset, City of Atlanta, COVID-19, Delivers, Great Depression, Insurance, Metropolitan, Plans, Portfolio, Prudential Retirement, Public Sector, Public SectorAsset

Business

Tegra118’s RetireUp adds Protective Life Insurance Company to growing roster of insurance carriers

Post author By Michelle Dryden
Post date July 21, 2020
No Comments on Tegra118’s RetireUp adds Protective Life Insurance Company to growing roster of insurance carriers

Builds momentum in solving for retirement and lifetime income needs by continuing to add products from top-tier insurance carriers on its comprehensive platform

WARREN, N.J.–(BUSINESS WIRE)–Tegra118, a top provider of wealth and asset management technology solutions, announced that its recently acquired RetireUp business has added Protective^® Income Builder indexed annuity from Protective Life Insurance Company to its extensive lineup of modeled products available on its RetireUp Pro platform.

Tegra118’s leading RetireUp Pro platform allows financial professionals to transform complex concepts into simple numbers engaging visuals and real-life “what if” scenarios. With its ability to model insurance products at the actuarial level directly within the client’s portfolio, Tegra118’s RetireUp Pro enables financial professionals to easily demonstrate the potential benefits of incorporating annuities into a retirement plan for a holistic and personalized approach to the overall financial planning process.

“Tegra118’s RetireUp Pro is a vital tool to help engage clients in the financial planning process, simplify retirement income planning and provide a more personalized approach,” said Jim Wagner, Senior Vice President and Chief Distribution Office, Protective Life. “Including our products on a dynamic platform that enables financial professionals to look at the interconnectivity of risk and retirement to better advise their clients aligns well with our mission of helping people protect their tomorrow so they can embrace today.”

“Protective’s alliance with Tegra118’s RetireUp helps elevate the advisor-client conversation by providing a best-in-class income product,” said Michael Roth, the new Head of Retirement at Tegra118. “Solving for lifetime income in retirement is a complex problem that is unique to each retiree and our technology solves this by continuously adding innovative retirement solutions and modelling them through a user interface that is easy to understand.”

“We’re excited to work with Protective and bring their high-quality income and annuity products on our platform,” said Cheryl Nash, Chief Executive Officer, Tegra118. “One of the ways we demonstrate value to our clients is by working with the highest-rated insurance companies to give financial professionals even greater options in creating personalized, customized income solutions. Protective’s products meet that criteria and help demonstrate the benefits of adding annuities to a financial plan.”

RetireUp’s nimble and efficient software and simulations make it easy for financial professionals to assess a client’s needs for specific lifetime income products by translating complex financial concepts into easy-to-understand “big-picture” visuals, enabling them to help investors become active participants in their own financial futures.

About Protective Life Corporation

Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s administrative office is located in Birmingham, Alabama, and its 3,000+ employees are located in offices across the United States. As of December 31, 2019, Protective had assets of approximately $120 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

About Tegra118

Tegra118 is an industry leading provider of software solutions to the wealth and asset management industry with a vast network of broker-dealers, asset managers, and custodians and trading interfaces. Its technology platform provides portfolio management, trading, accounting, rebalancing and reporting for managed accounts. Tegra118 also provides modular, goals-based financial planning, performance reporting and fee billing software for financial advisors and asset managers using modern API-based open technology. Tegra118 is committed to delivering powerful solutions that set a new standard for how people interact with, manage, and grow their wealth.

Tegra118 is a Motive Partners company, a specialist private equity firm with offices in New York City and London, focused on technology-enabled business and financial services companies. For more information, please visit www.tegra118.com.

Contacts

Media Relations:
Tricia Viola

Vice President, Marketing

Tegra118

201 253 3389

tricia.viola@fiserv.com

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