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Inflation will fuel more small business formation in 2023

Majority of Entrepreneurs Will Maintain Current Job While Starting a Side Hustle

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — Business formation continues to be at historically high levels, with concerns over cost of living and inflation motivating Americans to pursue a small business venture.

 

New research from Intuit QuickBooks shows this trend will continue in 2023 and of those survey respondents who say they plan to start a small business, two thirds (66%) indicate inflation and the need for additional income is behind their decision.

 

These findings and more are highlighted in the QuickBooks New Business Insights report, based on a recent survey of 15,200 U.S. adults commissioned by Intuit (NASDAQ: INTU), the global financial technology platform that makes QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp.

The report also uncovered several geographic trends related to business formation and where small business economic activity in the U.S. flourished in 2022 and is expected to increase in 2023:

 

  • Business formation continued to hover at a historically high level in 2022 with several states leading the pack: The states where the most residents reported starting a new business were Delaware (23%), Hawaii (22%), New Jersey (21%), Virginia (21%), and Maryland (20%).
  • These states are poised to lead the country in small business formation in 2023: The states with the highest number of residents who said they plan to start a business next year are New Jersey (42%), Florida (40%), Hawaii (40%), California (39%), Louisiana (38%), Maryland (38%), Georgia (37%), Nevada (37%), New York (37%), Delaware (37%), and South Carolina (37%).
  • While small business formation is at historically high levels, many of these new ventures will be side hustles: Creating a new small business as a side hustle is continuing to increase in popularity as people look to supplement their income amid inflation. Almost two-thirds (65%) of respondents indicated that they will continue to work for other employers at the same time as managing their new business ventures, suggesting that side hustles are increasing in popularity as people look for more income opportunities, particularly amid inflation.

 

“As we navigate the small business landscape post-pandemic, we’re seeing increased business formation as people look for new revenue sources and opportunities in a changing economy,” said Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group.

 

“With an increase in small business creation, it’s imperative that we support them with the tools they need to successfully run and grow their business, especially as a majority of them lean into ecommerce, online lending solutions, and digital tools to gain customers and manage cash flow.”

 

Technology, and its ability to simplify many aspects of starting and running a business, continues to be a key driver of small business starts.

  • Technology has made it easier than ever to start a business: 45% of those surveyed indicated that the opportunities technology platforms enable is a key reason they decided to start a business.
  • E-commerce opportunities were identified as the strongest growth opportunities: 46% said that they would pursue an e-commerce business as their new business venture and 37% plan to pursue a job in the creator economy, driven by social media apps and services.
  • Accessing funding is top of mind for new business owners: While the majority of those surveyed (73%) indicated they’d use their own money or savings to start their businesses, roughly one in six (17%) said they will look to online lenders as an option, and more than one in five (23%) would consider a traditional bank.

 

This report and additional research and insights from Intuit QuickBooks are available here.

 

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

Source: Intuit Inc.

Contacts

Intuit QuickBooks:

Dan Mahoney

Dan_Mahoney@intuit.com

Jen Garcia

Jeng@accesstheagency.com

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Business Lifestyle

Cherry Hill Mortgage Investment Corporation announces common and preferred dividends for the fourth quarter 2022

FARMINGDALE, N.J. — (BUSINESS WIRE) — Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) today announced that on Dec. 15, 2022, its Board of Directors declared a dividend of $0.27 per share on the Company’s common stock for the fourth quarter of 2022. The dividend will be payable in cash on Jan. 31, 2023 to holders of the common stock of record as of the close of business on Dec. 30, 2022.

 

Additionally, Cherry Hill announced that its Board of Directors has declared a dividend of $0.5125 per share on the Company’s 8.20% Series A Cumulative Redeemable Preferred Stock and a dividend of $0.515625 per share on the Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the fourth quarter of 2022. The dividends will be payable in cash on Jan. 17, 2023 to holders of the applicable Series of Preferred Stock of record as of the close of business on Dec. 30, 2022.

 

About Cherry Hill Mortgage Investment Corporation

Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.

 

Forward-Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, among others, statements relating to the Company’s long-term growth opportunities and strategies, expand its market opportunities and create its own Excess MSRs and its ability to generate sustainable and attractive risk-adjusted returns for stockholders. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2021, and other documents filed by the Company with the Securities and Exchange Commission.

Contacts

Investor Relations

(877) 870 – 7005

InvestorRelations@CHMIreit.com

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Business Lifestyle

AM Best downgrades credit ratings of Wawanesa General Insurance Company (U.S.); affirms Credit Ratings of The Wawanesa Mutual Insurance Company and Wawanesa Life Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has downgraded the Financial Strength Rating (FSR) to B (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Good) from “a-” (Excellent) of Wawanesa General Insurance Company (Wawanesa General) (San Diego, CA). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of The Wawanesa Mutual Insurance Company (Wawanesa Mutual). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Wawanesa Life Insurance Company (Wawanesa Life). The outlook of these ratings is stable. All companies are headquartered in Winnipeg, Manitoba, Canada, unless otherwise specified.

 

The ratings of Wawanesa General reflect its balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The downgrade of the ratings of Wawanesa General reflects the significant decline in policyholder surplus during 2022, which accelerated in third-quarter 2022, resulting from a downturn in operating performance driven by an increase in loss costs due in part to the current inflationary environment. The weakened performance has been significantly impacted by the inability to secure adequate rate increases from California’s department of insurance. Results have also been negatively impacted by $54.1 million in adverse reserve development occurring on prior accident years through Sept. 30, 2022. The ratings will remain under review with negative implications pending further discussions with management as AM Best assesses the ongoing impact of the California automobile marketplace on Wawanesa General.

 

The ratings of Wawanesa Mutual reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The stable outlooks reflect the expectation that Wawanesa Mutual’s rating fundamentals will remain unchanged over the intermediate term. Risk-adjusted capitalization, as measured by BCAR, is expected to remain at the strongest level given the company’s conservative capital management. Although moderately volatile, operating performance is expected to remain adequate, supported by investment earnings that have generally offset underwriting losses and driven organic growth in policyholder surplus.

 

The ratings of Wawanesa Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. Wawanesa Life’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supports the company’s business, investment and insurance risks. In addition, the company maintains a robust Life Insurance Capital Adequacy Test (LICAT) ratio. The stable outlooks reflect the expectation that Wawanesa Life will maintain a balance sheet assessment at the very strong level over the intermediate term with adequate operating results contributing to surplus growth. In addition, the stable outlooks reflect AM Best’s expectations that Wawanesa Life will maintain its strategic importance to Wawanesa Mutual over the intermediate term.

 

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

Gordon McLean
Senior Financial Analyst
+1 908 439 2200, ext. 5304
gordon.mclean@ambest.com

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

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

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

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Business Lifestyle Travel & Leisure

Cenntro Electric Group to unveil Logistar 300 at CES

Class 3 Truck Added to All Electric Commercial Line, to Launch in North America in Q3 2023

 

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV and Alternative Fuel technology company with advanced, market-validated electric commercial vehicles, today announced it will expand its lineup with the addition of a new all electric commercial van, the Logistar 300 (“LS300”), which will make its world premiere at the upcoming 2023 Consumer Electronics Show (CES), taking place January 5-8, 2023 in Las Vegas.


The LS 300 is a Class 3 vehicle and will be available in two variations: as a van and a truck. The range and capacity of the LS300 will make it a strong contender in the commercial EV market for last mile delivery and urban services. The LS300 is equipped with a 118kWh lithium iron phosphate (LFP) battery, a max speed of 75 mph and the range of 273 miles (440 km).

 

The van version features four doors for easy access and the truck variation can be upfitted with different configurations that can meet the needs for multiple applications.

 

Cenntro will assemble the LS300 at its Jacksonville, FL and Freehold, NJ assembly plants. The market demand for this type of vehicle is robust, particularly for last mile delivery markets. The LS300 will launch in North America with production and distribution expected in Q3 2023.

 

“The LS300 is well-positioned to meet the rapidly growing demand in the United States for commercial EVs,” said Peter Wang, Chairman and CEO of Cenntro. “The Logistar 300 is another strong addition to our commercial vehicle lineup, providing fleets and businesses with best-in-class EV technology that supports the most robust operating cycles. The vehicle joins our Logistar Series following the LS100, LS200, LS260, and LS400. Now, we have a full line of commercial EVs in multiple configurations for last mile delivery. We look forward to showcasing the LS300 along with our complete lineup at CES in January.”

 

The LS300 is one of five world premieres that Cenntro will unveil at Booth 5840 in the West Hall where Cenntro will display its complete All Electric Commercial product line. The exhibit will include the full Logistar line which features the versatile, compact cargo van, the LS100, the multi-purpose LS200 available in van or box truck configurations, the segment-defining LS260 van, and the Class 4 LS400 purpose-built for last mile delivery and urban services. Cenntro will also showcase its first hydrogen fuel cell vehicle, the Class 8 LMH864, at CES.

 

For more information or to request a booth meeting, please contact: ir@cenntroauto.com

 

About Cenntro Electric

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

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the SEC, including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.

 

Contacts

Investor Relations Contact:

Chris Tyson

MZ North America

CENN@mzgroup.us
949-491-8235

Categories
Business Lifestyle News Now!

PGIM Investments launches growth, value and multi-asset ETFs

Time-tested, actively managed strategies now available as ETFs


NEWARK, N.J. — (BUSINESS WIRE) — PGIM Investments has launched three actively managed ETFs — the PGIM Jennison Focused Growth ETF (PJFG), the PGIM Jennison Focused Value ETF (PJFV) and the PGIM Portfolio Ballast ETF (PBL).

 

With these launches, PGIM Investments expands its lineup of active ETFs to eight funds. The new funds complement PGIM Investments’ existing suite of actively managed fixed income ETFs.

 

“PGIM continues to expand access to our time-tested investment strategies by bringing them to market in the ETF wrapper. These new funds offer compelling investment strategies, combined with the benefits of the ETF structure, including increased transparency and greater tax-efficiency,” said Stuart Parker, president and CEO of PGIM Investments.

 

FULLY TRANSPARENT GROWTH AND VALUE ETFS

The PGIM Jennison funds are fully transparent ETFs with concentrated, high-conviction portfolios. Jennison’s equity investment approach is rooted in deep, fundamental research and bottom-up security selection. Both funds’ investment strategies are substantially similar to those of their respective mutual fund and institutional strategy counterparts.

 

The PGIM Jennison Focused Growth ETF (PJFG) seeks to provide long-term growth of capital by investing in a focused portfolio of primarily mid- and large-capitalization stocks believed to have strong capital appreciation potential. The Fund’s investment team believes that excess returns can be generated by investing in market-leading companies that create economic value through unique business models, long-duration competitive advantages and catalysts that drive growth rates well above that of the market.

 

The PGIM Jennison Focused Value ETF (PJFV) seeks to provide long-term growth of capital by investing in a focused portfolio of predominantly large-capitalization companies believed to be undervalued compared to their perceived worth. The Fund’s investment team looks for companies that have one or more of the following characteristics: attractive valuation metrics that are unique to that business, high levels of durability and viability of the business, good business models that are being mispriced, high returns on assets and/or equity, high free cash flow yields, management teams that are willing to make changes, and/or something operationally wrong that can be fixed or is temporary.

 

A MULTI-ASSET ETF TO HELP NAVIGATE MARKET VOLATILITY

The PGIM Portfolio Ballast ETF (PBL), seeks to provide long-term capital growth with reduced volatility compared to the equity market. PBL’s long-term goal is to capture 60% of the performance of the S&P 500 on average in appreciating equity markets, and to capture 30% of the performance of the S&P 500 on average in declining equity markets over a market cycle.

 

Like ballast on a ship providing critical stability amid rough waters, the PGIM Portfolio Ballast ETF offers what may be an attractive and uniquely diversifying solution in the face of uncertain and turbulent markets.

 

PBL’s underlying strategy is substantially similar to the U.S. Market Participation Strategy (MPS) — an institutional strategy with a live 30-year track record and more than $1 billion of client capital as of Oct. 31, 2022. Both MPS and PBL are managed by PGIM Quantitative Solutions, the quantitative and multi-asset specialist of PGIM.

 

ABOUT PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

 

ABOUT JENNISON ASSOCIATES LLC

Founded in 1969, Jennison Associates offers a range of equity and fixed income investment strategies. Its equity expertise spans styles, geographies, and market capitalizations. Its fixed income capability includes investment-grade active and structured strategies of various durations. Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. As of Sept. 30, 2022, Jennison managed $164 billion in client assets. For more information, please visit jennison.com.

 

ABOUT PGIM QUANTITATIVE SOLUTIONS

PGIM Quantitative Solutions is the quantitative equity, systematic macro, and multi-asset specialist of PGIM. For more than 45 years, PGIM Quant Solutions has helped investors around the world solve their unique needs by leveraging the power of technology and data as well as advanced academic research. PGIM Quant Solutions manages portfolios across equities, multi-asset and liquid alternatives and also offers defined contribution solutions. As of Sept. 30, 2022, PGIM Quant Solutions managed $81 billion in client assets. For more information, please visit pgimquantitativesolutions.com.

 

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.2 trillion in assets under management as of Sept. 30, 2022. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

 

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

 

Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

 

Investing in mutual funds and ETFs involves risks. Some funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost and it is possible to lose money.

 

Funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and FINRA member firm. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is a wholly owned subsidiary of PGIM. Both are Prudential Financial companies. © 2022 Prudential Financial, Inc. and its related entities. Jennison, PGIM Quantitative Solutions, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

 

1065505-00001-00

Contacts

MEDIA
Kylie Scott

+1 973 902 2503

kylie.scott@pgim.com

Categories
Culture Healthcare Lifestyle Technology Travel & Leisure

Aetrex Albert 3DFit and Foot.com named CES 2023 Innovation Award Honoree

Aetrex will debut its Albert 3DFit foot scanning technology and Foot.com 3D Data Portal for retailers at Booth #54953

 

TEANECK, N.J. — (BUSINESS WIRE) — Named a CES 2023 Innovation Award Honoree for the second year in a row, Aetrex Inc., a global market leader in foot scanning technology and orthotics will debut the honorable mention technology, the Albert 3DFit and Foot.com Data Portal, at this year’s show from Jan. 5-8 in Las Vegas.


The Albert 3DFit is Aetrex’s newest scanner. It uses four state-of-the-art Intel® RealSense™ 3D Depth Cameras to capture complete, accurate foot measurements in 10 seconds, including length, width, girth and more, all down to 1 millimeter of accuracy. The data is then converted into a 3D model of the foot, utilizing over 3.5 million data points. Once a scan is collected, Aetrex’s proprietary FitGenius™ AI platform analyzes the unique foot data to provide the best-fitting footwear recommendations by brand, style and size, helping customers find the perfect fit whether shopping in store or online.

 

The Foot.com Data Portal is a dedicated platform to help shoe manufacturers around the world create better fitting footwear. It collects and filters hundreds of thousands of unique, global, anonymous 3D foot scans from Aetrex’s Albert 3DFit and Albert 2 Pro. By arming footwear research and development teams with 3D data, the portal takes the guesswork out of footwear design, resulting in more anatomically-correct lasts. Through the website, users can easily filter and access the most accurate, complete 3D foot data broken down by gender, region, foot size and more.

 

“Online footwear sales have one of the highest return rates at 30-40%. Aetrex Technology provides retailers with a suite of solutions, including our advanced 3D foot scanners, AI footwear recommendations with our online FitGenius platform, and the new Foot.com Data Portal. With the breadth of these products, we can provide retailers and brands a variety of options to choose from to tackle today’s online fitting challenges,” said Larry Schwartz, CEO of Aetrex.

 

“Our mission is to become the world’s ultimate source for 3D foot data, helping retailers and brands around the world create better fit experiences for their customers.”

 

Aetrex is a technology-first company, operating the largest technology team in the industry with AI and computer vision engineers fully involved in product development. Since 2002, Aetrex has placed over 10-thousand-foot scanners worldwide that have completed more than 40 million unique foot scans. Aetrex partners include BOA, Burton, Marathon Sports, Sun & Ski Sports, The North Face, and more.

 

CES 2023 attendees can experience the Albert 3DFit at Aetrex’s booth and access their scan data via a QR code. Visitors who get their feet scanned will receive a 50% off coupon to purchase Aetrex Orthotics on aetrex.com. The Foot.com Data Portal will also be available for demonstration.

 

To learn more about Aetrex’s technology suite, please visit booth #54953 at CES 2023 or www.aetrex.com.

 

About Aetrex

Aetrex, Inc. is widely recognized as a global leader in foot scanning technology, orthotics and comfort and wellness footwear. Aetrex has developed state-of-the-art foot scanning devices, including Albert, Albert 2 Pro and Albert 3DFit (2022 and 2023 CES Innovation Award Honorees), Albert Pressure and iStep, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 10,000 scanners worldwide that have performed more than 40 million unique customer foot scans, currently averaging more than 2.5 million scans a year.

 

The company is renowned for its over-the-counter orthotics – the world’s #1 premium foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, visit www.aetrex.com.

Contacts

Media
Rajira Hernandez

Matter Communications

978-225-8082

aetrex@matternow.com

Categories
Business Digital - AI & Apps Lifestyle Science Technology

KBP Brands tests new SMS and mobile wallet program at select KFC restaurants

OVERLAND PARK, Kan. — (BUSINESS WIRE) — KFC franchisee KBP Brands, one of the largest and fastest-growing QSR franchises in the country, today announced it has partnered with Vibes, the technology leader powering seamless mobile brand experiences, to test a SMS and mobile wallet program at 162 participating KBP-owned Kentucky Fried Chicken restaurants in Texas, New York (Buffalo), New Jersey, Oklahoma and Arkansas. This program enables the ability to meet consumers where they are most active: their mobile devices.

KBP Brands sought to equip local markets with innovative tools to win customers effectively and provide strong, trackable results. KBP Brands turned to Vibes to boost consumer engagement, increase in-store traffic and grow loyalty at its KFC restaurants through the delivery of timely, personalized messages.

 

KBP Brands can now instantly reach consumers through SMS and mobile wallet by sending targeted messages to local audiences based on price, demographic and regional competition. Restaurants can also offer unique promotions to customers, rewarding them for repeat visits or for opting into the SMS program. For example, those who opt-in to the KBP Brands text program from a mobile device receive an instant text alert offer and new offers weekly. To opt-in to the KBP Brands text program, simply text the word “DEALS” to “25899”. A complete list of participating locations can be found here.

 

“The text messaging program fills a gap in our local marketing toolkits, serving as an efficient mechanism to deliver relevant and timely offers to individuals. A broad value at a national level can be a challenge, especially by geographic area. We wanted the ability to activate compelling messaging quickly based on our restaurants’ unique needs,” said Tonya Mangels, vice president of marketing activation, KBP Brands. “The quick-service restaurant industry is highly competitive, and SMS marketing is a cost-effective tool that will help us both attract new customers and retain current customers.”

 

On average, brands see immediate rapid subscriber growth with a 98% retention rate and a 40x ROI with mobile messaging programs. KBP Brands will benefit from being able to deliver SMS messages at scale within a highly specific timeframe. With Vibes, KBP Brands can provide KFC customers real-time updates at the right place and right time, ranging from local store changes such as hours of operation to menu tests and limited-time-only deals, encouraging customers to visit and repeat business.

 

“We’re excited to help KBP Brands extend engagement with KFC customers in a personal, connected and authentic way,” said Alex Campbell, CIO and co-founder, Vibes. “Mobile offers one of the fastest ways to connect directly with a customer, and it will allow KBP Brands to meet individuals wherever they are in the consumer journey.”

 

ABOUT KBP BRANDS

KBP Brands is one of the largest franchisees in North America, operating ~1,000 restaurants across 31 states. Visit www.KBPbrands.com.

 

ABOUT VIBES

Vibes helps brands like Ralph Lauren, Kohl’s, Redbox, Chipotle, Sephora, Ascena Brands and LEGO to grow, activate and optimize consumer relationships with timely, relevant, high-volume mobile messaging at a global scale. The company’s intelligent mobile experience platform enables marketers and consumer loyalty professionals to connect with consumers using a unified native platform of SMS, MMS, dynamic wallet, mobile push notifications, app inbox and performance analytics, to become the backbone for these brands’ overall digital engagement strategies. Gartner recognized Vibes as a Leader in its 2019 and 2020 Gartner Magic Quadrant for Mobile Marketing Platforms.

Contacts

Will Gregory

Gregory Public Relations (for KBP)

will@willgregorypr.com
(816) 645-6116

Maya Halabi

Ketner Group Communications (for Vibes)

maya@ketnergroup.com

Categories
Business Lifestyle

Keystone Insurers Group announces New Jersey Agents Alliance (NJAA) to merge into independent agency network

NORTHUMBERLAND, Pa. — (BUSINESS WIRE) — #BetterTogether — Keystone Insurers Group (Keystone), the fourth largest insurance agency network, announced Monday that it has entered into definitive agreement to merge New Jersey Agents Alliance (NJAA) into its nationally ranked network.

 

While the terms of the transaction were not disclosed, Keystone has confirmed NJAA’s 22 members unanimously approved the agreement and Bob Mazey has accepted a position on Keystone’s Executive Leadership Team. Keystone President & CEO David E. Boedker, Sr. and NJAA Founder and President Bob Mazey made the announcement.

“The decision to make this move was designed to secure our members long-term position in the marketplace for generations to come,” Mazey remarked. “The culture of our two organizations could not be more aligned, with an unwavering commitment to the continued prosperity of the independent agent model. Keystone’s world class platform provides unique advantages that help agencies realize greater success while remaining independently owned and operated.”

 

As merger and acquisition activity continues to reshape the insurance distribution landscape, it is essential for agencies that wish to remain independently owned, align themselves with a nationally recognized organization that delivers much more than premium aggregation.

 

“The changes in our industry have made it more challenging for independent agencies to remain competitive and serve their communities,” added Boedker. “Keystone was founded by independent agents on the principle of strengthening their businesses together. That mission has not changed in our almost 40 years of business. This venture is a testament to the commitment and passion of both Keystone and NJAA. We’re excited to welcome Bob and the NJAA agencies to our network and look forward to demonstrating just how independence works better together.”

 

About Keystone Insurers Group (Keystone) — Keystone started in 1983 when four independent insurance agencies teamed up to pool their experience and expertise. This small group believed that agencies could be stronger and more successful if they linked arms — a passion and spirit that continues. Growing to almost 300 independent agency partners in 18 states, Keystone provides its agents with a community of like-minded agencies, industry expertise and access to specialized products for their clients. Keystone is ranked number four on Insurance Journal’s 2021 list of Top 20 Property/Casualty Agency Partnerships. For more information, go to www.keystoneinsgrp.com.

Contacts

Beth Bedisky

(570) 473-2828

bbedisky@keystoneinsgrp.com

Categories
Business Lifestyle Sports & Gaming

Rush Street Interactive expands Latin American presence as it opens two new state-of-art offices in Colombia

BOGOTA, Colombia — (BUSINESS WIRE) — Rush Street Interactive, Inc. (“RSI”) (NYSE: RSI), a leading online betting and gaming operator of the RushBet brand in Colombia and Mexico, has opened two new state-of-the-art offices in Bogota and Medellin to support RSI’s continued expansion of its Latin America presence and the growth of the RushBet brand.


In the heart of Bogota, RSI has opened a new 8,000-square-foot office to serve as the headquarters for its Latin America operations team. The office’s cutting-edge design embodies RSI’s culture of innovation and reflects the fun nature of the gaming industry: a full multimedia wall for watching live sports surrounds the office space; an actual basketball court functions as the marketing team’s space; conference rooms are designed like poker rooms; a production set simulates a stadium; lamps throughout the building resemble casino cards; and the cafeteria is a replica of RushBet’s sports bars.

 

In Medellin’s famed El Poblado neighborhood, RSI has expanded its technology hub to house a team of the area’s top tech talent to support RSI’s global technology platform. RSI chose Medellin due to its growing tech talent, which is supported by the local government’s substantial investment in its “Valle de Software” initiative to create a software valley by attracting IT businesses and training students from its best Latin American universities to become future professionals in IT fields. Moreover, the region has a solid business base with more than 163,000 companies in different economic sectors, which provides RSI with a vast network of partners and suppliers.

 

Opening these new offices is an important step for RSI as it continues to execute its development plans in Colombia, Mexico, and in the future throughout other markets in Latin America.

 

“We are investing in the region’s future and recognize the importance of earning the trust and respect of the communities where we operate,” said Richard Schwartz, Chief Executive Officer at RSI. “It’s important to have the brightest and strongest local teams to execute RSI’s ambitious growth strategy.” RSI was the first U.S.-based online operator to launch in Colombia and has grown to become one of its top three market leaders. Notably, Rush Street Interactive has partnered with many of the leading media companies, banks, retailers, and sports leagues with strong influences in the region, including recently expanding its exclusive partnership with LaLiga from only Colombia to now include all of South America.

 

“These new state-of-the art offices further exemplify our innovation and continued investment in Latin America and the future growth we expect in the region,” added Schwartz. “It was important for us to invest in creating world-class facilities to continue to attract and retain top industry talent, who play a vital role in RSI’s ongoing growth in Latin America.”

 

Link to video of RSI’s Bogota Headquarters: https://youtu.be/7WVdMgwIrOk

 

About Rush Street Interactive

RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in thirteen U.S. states: Pennsylvania, Illinois, New Jersey, New York, Connecticut, Michigan, Indiana, Virginia, Colorado, Iowa, West Virginia, Arizona and Louisiana, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2022 EGR North America Awards Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.

 

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RSI’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RSI’s expectations about its opening, use and purposes of its two Colombian offices, growth plans and opportunities and ability to attract employees. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI’s control and are difficult to predict. Factors that may cause such differences include, without limitation, changes in applicable laws or regulations, unanticipated product or service delays, and other risks and uncertainties indicated from time to time in RSI’s most recent Annual Report on Form 10-K, including those under “Risk Factors” therein, and in RSI’s other filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Contacts

RSI Media:
Lisa Johnson

Lisa Johnson Communications

lisa@lisajohnsoncommunications.com

Categories
Business Lifestyle

AM Best assigns Credit Ratings to IdeaLife Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to IdeaLife Insurance Company (IdeaLife) (Stamford, CT). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect IdeaLife’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the level of support provided to the company by General Re Life Corporation (GRL).

 

IdeaLife has reinsured only one significant block of ordinary life new business over the past several years. The company’s initial activities were confined primarily to the reinsurance of ordinary term and graded premium whole life insurance of which a portion was ceded subsequently to GRL. While IdeaLife receives the financial support of its parent through reinsurance agreements, the company’s existing life, annuity and Medicare supplement books of business are in run-off. GRL continues to provide support to IdeaLife in order for the entity to be available for opportunities for new production or accept potential future blocks of life or health business if needed. Given internal plans for IdeaLife shared by company management with AM Best analysts, IdeaLife is considered a strategically important subsidiary of GRL and hence receives rating enhancement.

 

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

Kevin Varvaro
Financial Analyst
+1 908 439 2200, ext. 5487
kevin.varvaro@ambest.com

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

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

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