Tag: New Jersey

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Business

Best’s Special Report: U.S. Life/Health ratings activity in 2021 mixed as insurers navigate headwinds

OLDWICK, N.J. — (BUSINESS WIRE) — The U.S. life/health (L/H) insurance industry saw a higher number of Credit Rating (rating) upgrades in the first half of 2022 compared with the same prior-year period, with improved capitalization levels a driving force, according to a new AM Best report.

Rating downgrades decreased in the first half of 2022, according to the Best’s Special Report, “U.S. Life/Health Ratings Activity in 2021 Mixed as Insurers Navigate Headwinds,” mainly due to the removal of ratings lift owing to a decline in the strategic importance to the parent due to mergers and acquisitions (M&A). Other main takeaways in the report include:

 

  • In the life/annuity (L/A) segment, 10 ratings were upgraded and three were downgraded in first-half 2022, compared with seven upgrades and seven downgrades in the first half of 2021. For the health segment, AM Best upgraded six ratings and four were downgraded. By comparison, four were upgraded and none were downgraded in the first half of 2021.
  • The percentage of L/H ratings placed under review declined in first-half 2022, to 6.7% from 9.4%. Ratings on six L/A carriers and four health carriers were placed under review during first-half 2022, due mostly to M&A.
  • AM Best assigned three ratings in the first half of 2022, similar to the first half of 2021. More than three-quarters of all L/H rating actions were affirmations.

 

AM Best’s outlook for the U.S. L/A and health market segments is stable. According to the report, and given the pressures of the low interest environment over the last decade, higher interest rates will be welcomed by the L/A insurers—provided the increase is gradual. The majority of the U.S. health insurers have strong levels of risk-adjusted capitalization and good liquidity sufficient to withstand COVID-19 uncertainties ahead.

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=323402.

 

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

Helen Andersen
Industry Analyst
+1 908 439 2200, ext. 5722
helen.andersen@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Categories
Business

AM Best removes from under review with negative implications and affirms credit ratings of members of Vault Insurance Group

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Vault E&S Insurance Company (Little Rock, AR) and Vault Reciprocal Exchange (St. Petersburg, FL), collectively referred to as Vault Insurance Group (Vault). The outlook assigned to these Credit Ratings (ratings) is negative.

The ratings reflect Vault’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings were placed under review with negative implications in April 2022 due to a material deterioration in its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), combined with significant volatility in operating performance.

 

Vault reported material capital erosion during the last nine months of 2021, which was influenced by significant weather losses (e.g., Hurricane Ida), large liabilities losses and reserve strengthening. Full-year results also were influenced by Winter Storm Uri losses and one-time costs related to the separation from Allied World Assurance Company Holdings, Ltd. Subsequent to the ratings being placed under review with negative implications, management implemented effective capital management initiatives that returned risk-adjusted capitalization to the strongest level, as measured by BCAR. These actions included a $35 million capital contribution in the form of a surplus note to the reciprocal exchange and the purchase of increased catastrophe reinsurance coverage at the June renewal. The overall balance sheet strength assessment also considers loss reserve development, which has been favorable through the first six months of 2022, underwriting leverage positions that are currently comparable with the composite averages and a conservative investment portfolio.

 

The negative outlooks reflect continued operating volatility, which has led to consistent underwriting and pretax operating losses on a statutory and adjusted basis since inception. The adjusted basis includes the benefit of earned member contributions from the reciprocal exchange, which are not treated as premium within statutory accounting. The outlooks consider the impact of the recently implemented reinsurance program. While it is anticipated that the reinsurance program will reduce the severity of losses, underlying challenges remain that management is addressing through several corrective actions. The impact of these actions will be monitored as it relates to underlying results. Vault also is expected to manage anticipated growth effectively as it pertains to risk accumulations, the influence of current weather patterns and financial performance.

 

The group continues to expand its geographic footprint rapidly with writings in numerous states. Expansion through admitted and nonadmitted products account for significant premium growth over the past few years. The group remains focused on personal property, with Florida currently its top state. Management is expected to continue to enrich its enterprise risk management program as it grows in new territories, leaning on prudent practices to appropriately account for the risks associated with its growing portfolio.

 

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

Christopher Draghi
Associate Director
+1 908 439 2200, ext. 5043
chris.draghi@ambest.com

Richard Attanasio
Senior Director
+1 908 439 2200, ext. 5432
richard.attanasio@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Culture

Terreno Realty Corporation adds independent director

BELLEVUE, Wash. — (BUSINESS WIRE) — Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced the addition of Gary N. Boston as an independent director effective October 1, 2022, expanding its Board of Directors to eight. Most recently, Mr. Boston was Senior Portfolio Manager of APG Asset Management, a leading global manager of pension assets. Mr. Boston was a Director of Retail Value Inc. (NYSE:RVI) from 2018 until its dissolution in June 2022. Mr. Boston holds a Bachelor of Arts from Duke University and a Masters of Business Administration from the Wharton School of Business.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

 

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Contacts

Jaime Cannon

415-655-4580

Categories
Business

AM Best revises outlooks to positive for Assurant, Inc. and its property/casualty subsidiaries; upgrades credit ratings of its life/health subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long Term ICR) of “a+” (Excellent) of the U.S. property/casualty (P/C) subsidiaries of Assurant, Inc. (Assurant) (headquartered in New York, NY) [NYSE: AIZ]. These companies are collectively referred to as Assurant P&C Group (Assurant P&C). At the same time, AM Best has revised the outlook to positive and affirmed the Long-Term ICR of “bbb+” (Good) and all associated Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of Assurant. AM Best also has affirmed the Short-Term IR. (See below for a detailed list of the companies and Long- and Short-Term IRs).

Concurrently, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a” (Excellent) from “a-” (Excellent) of Assurant’s credit and life/health (L/H) subsidiaries: American Bankers Life Assurant Company of Florida (Miami, FL) and Caribbean American Life Assurance Company (San Juan, PR). The outlook of these Credit Ratings (ratings) is stable.

 

The ratings reflect Assurant P&C’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

 

The revision of the outlooks to positive for Assurant P&C reflects AM Best’s expectation that the group’s operating fundamentals and future capital generation should remain favorable over the intermediate term. The group’s ability to generate strong earnings and cash flow through operations on a pre-dividend basis, along with having a strong parent, Assurant, are considered in the revised outlooks. While these points are important, the revised outlooks are tied mainly to how these earnings translate into better-than-average capital formation at the group level, and at the parent (on a consolidated basis). Although the risk-adjusted capital level at the group is not expected to change, the improved assessment of the group’s balance sheet strength is derived largely from the group’s earnings power and limited variability.

 

AM Best assesses Assurant’s balance sheet strength at very strong, supported by risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), at the strongest level, overall stable reserves and very strong earnings generating capabilities, a majority of which is derived from low-risk businesses such as fee for service products that include most business in the Global Lifestyle segment. Assurant’s property catastrophe exposure, which stems mostly from its lender placed homeowners book in Global Housing, is well-managed, has adequate reinsurance protection, and its share of the total revenue and profits has decreased steadily compared with considerable growth achieved in the Global Lifestyle segment.

 

The ratings of Assurant’s credit L/H insurance companies, American Bankers Life Assurance Company of Florida and Caribbean American Life Assurance Company, reflect their balance sheet strength, which AM Best assesses as strong, as well as their strong operating performance, limited business profile and appropriate ERM.

 

The rating upgrades reflect the importance of the Assurant Lifestyle L&H Group entities to serve as Assurant’s fully licensed life, accident, and health insurance company for credit insurance and related business despite being a small piece of overall Assurant business and premiums written. The entities receive implicit support, and are integrated fully into the organization’s operations and strategic plans. The credit insurance business adds to overall product diversity for Assurant.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with the outlooks revised to positive from stable for the following P/C subsidiaries of Assurant, Inc.:

  • American Bankers Insurance Company of Florida
  • American Security Insurance Company
  • Standard Guaranty Insurance Company
  • Caribbean American Property Insurance Company
  • Voyager Indemnity Insurance Company
  • Virginia Surety Company, Inc.
  • Reliable Lloyds Insurance Company

The following Short-Term IR has been affirmed:

Assurant, Inc.—

— AMB-1 (Outstanding) on commercial paper

The following Long-Term IRs have been affirmed, with the outlooks revised to positive from stable:

Assurant, Inc.—

— “bbb+” (Good) on USD 300 million 4.90% senior unsecured bonds, due 2028

— “bbb+” (Good) on USD 300 million 4.20% senior unsecured bonds, due 2023 (USD 225 million outstanding)

— “bbb+” (Good) on USD 350 million 3.70% senior unsecured bonds, due 2030

— “bbb+” (Good) on USD 475 million 6.75% senior unsecured bonds, due 2034 (USD 275 million outstanding)

— “bbb” (Good) on USD 400 million 7.00% subordinated bonds, due 2048

— “bbb” (Good) on USD 250 million 5.25% subordinated bonds, due 2061

The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed, with the outlooks revised to positive from stable:

Assurant, Inc.—

— “bbb+” (Good) on senior unsecured

— “bbb” (Good) on subordinated debt

— “bbb-” (Good) on preferred stock

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

Jieqiu Fan
Senior Financial Analyst
+1 908 439 2200, ext. 5372
jieqiu.fan@ambest.com

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

Jeffrey Lane
Senior Financial Analyst
+1 908 439 2200, ext. 5567
jeffrey.lane@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Lifestyle Regulations & Security Science

Semperis adds community tool for cyber defenders to its arsenal, focused on defining a privileged perimeter around Tier 0 assets

Semperis’ Forest Druid ushers in the next generation of attack path management—and it’s not about attack paths

 

HOBOKEN, N.J. — (BUSINESS WIRE) — Semperis, a pioneer of identity-driven cyber resilience for enterprises, announced on Thursday the availability of Forest Druid, a first-of-its-kind Tier 0 attack path discovery tool for Active Directory environments.

 

Forest Druid takes an inside-out approach to attack path management, which saves time and resources by prioritizing the most sensitive assets first. Forest Druid discovers vulnerable Tier 0 assets—that otherwise go unseen and unprotected—and allows for speedy remediation. Forest Druid is the latest of several free tools released by Semperis, the most popular to date being Purple Knight, a hybrid Active Directory cybersecurity assessment tool used by more than 10,000 enterprises.


“Defenders know you can’t protect what you can’t see,” said Semperis CEO Mickey Bresman. “Semperis’ incident response support is in high demand, so we see firsthand the alarming pattern of attacks exploiting unknown and unsecured Tier 0 assets in Active Directory. Forest Druid visualizes Tier 0 assets in Active Directory and shines a spotlight on all the lingering ownership relationships to these entities, helping to dramatically reduce unnecessary privileges, which are responsible for most of the attack paths leading to your most sensitive assets. The Tier 0 discovery capabilities in Forest Druid, combined with Purple Knight’s comprehensive assessment of indicators of exposure and compromise, form an extremely powerful resource for defenders.”

 

In a typical organization’s Active Directory, there are countless attack paths an adversary can take to arrive at domain dominance. The problem is clear—excessive privileges. However, sifting through every group and user relationship is an impossible task for defenders. Instead of focusing on the most common attack paths, Forest Druid enables organizations to define a privileged perimeter and cut down on risky relationships at the source—the Tier 0 assets and surrounding entities attackers can exploit to gain more permissions.

 

“Traditional attack path tools, which analyze the most common paths to domain dominance from the outside-in, work well for attackers but aren’t as practical for defenders,” said Semperis Senior Director of Security Products, Ran Harel. “Forest Druid’s ability to defend from the inside-out, starting with defining the privileged perimeter, is optimal for defenders. After all, the most common attack paths aren’t always the most dangerous ones. It’s all about effectively securing Tier 0 critical assets, and the attack paths are secondary.”

 

Forest Druid is initially being distributed through an approved network of partners, who have all rigorously tested the tool and can help organizations understand the implications of their unique results. Organizations who prefer not to work with a partner can submit an early access request form and the Semperis team will be in touch.

 

For more information about Forest Druid’s Tier 0 attack path discovery capabilities, check out the resources below.

If you have any questions, feel free to reach out to pk-community@semperis.com.

 

About Semperis

For security teams charged with defending hybrid and multi-cloud environments, Semperis ensures the integrity and availability of critical enterprise directory services at every step in the cyber kill chain and cuts recovery time by 90%. Purpose-built for securing hybrid Active Directory environments, Semperis’ patented technology protects over 50 million identities from cyberattacks, data breaches, and operational errors. The world’s leading organizations trust Semperis to spot directory vulnerabilities, intercept cyberattacks in progress, and quickly recover from ransomware and other data integrity emergencies. Semperis is headquartered in Hoboken, New Jersey, and operates internationally, with its research and development team distributed throughout the United States, Canada, and Israel.

 

Semperis hosts the award-winning Hybrid Identity Protection conference and podcast series (www.hipconf.com) and built the free hybrid Active Directory security assessment tool, Purple Knight (www.purple-knight.com). The company has received the highest level of industry accolades, recently named to Inc. Magazine’s list of best workplaces for 2022 and ranked the fastest-growing cybersecurity company in America by the Financial Times. Semperis is a Microsoft Enterprise Cloud Alliance and Co-Sell partner.

 

Twitter https://twitter.com/SemperisTech
LinkedIn https://www.linkedin.com/company/semperis
Facebook https://www.facebook.com/SemperisTech
YouTube https://www.youtube.com/channel/UCycrWXhxOTaUQ0sidlyN9SA

Contacts

PR
Ashley Crutchfield

fama PR for Semperis

semperis@famapr.com
617-986-5025

Categories
Business Environment Lifestyle Science

Bird secures permit extensions, expands to new U.S. cities

U.S. Cities from San Diego to Newark Extend Shared e-Mobility Programs with Bird before Students Return to Campus for Fall Semester

 

MIAMI — (BUSINESS WIRE) — #micromobility—Bird Global, Inc. (NYSE:BRDS), a leader in environmentally-friendly electric transportation, today announced that cities including San Diego, California, Memphis, Tennessee, and Newark, New Jersey, as well as Durham, North Carolina and Louisville, Kentucky, will extend their shared e-mobility programs with Bird. The company today also announced it will soon return to Minneapolis, Minnesota, as well as expand to Bradenton, Florida, Knoxville, Tennessee, the University of Oregon and Eugene, Oregon, and UNC Wilmington, North Carolina, before students return to college campuses for the fall semester.


Bird partners with cities and universities to offer students, residents and visitors eco-friendly transportation alternatives in more than 450 communities globally. Growing interest from higher education institutions to provide students and surrounding communities with access to shared micro-EVs such as e-scooters and e-bikes highlights continued demand for affordable, efficient and low-emission transportation.

 

“Bird is honored to be the trusted micromobility partner to more than 130 universities nationwide,” said Brian Buccella, Senior Vice President of Global Policy, Bird. “We are committed to delivering shared e-mobility programs that address last-mile needs for students, residents and visitors alike.”

 

About Bird

Bird is an electric vehicle company dedicated to bringing affordable, environmentally-friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird is rapidly expanding. Today, it provides fleets of shared micro-electric vehicles to riders in more than 450 cities globally and makes its products available for purchase at www.bird.co and also via leading retailers and distribution partners. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.

 

Contacts

Investor
Karen Tan

investor@bird.co

Media
press@bird.co

Categories
Business Lifestyle Science

Propelify Innovation Festival 2022 empowers thousands of business leaders & startup entrepreneurs with tools, knowledge and advice to turn Ideas into action

 One-Day Event Features an All-Star Speaker Line-Up that Addresses Today’s Most Excitable Topics, Plus Startup Booths, Fireworks, & Investor Pitches

 

HOBOKEN, N.J. — (BUSINESS WIRE) — Propelify Innovation Festival, powered by TechUnited:NJ, returns October 6, 2022 at Maxwell Place Park in Hoboken, NJ. Founders, C-Suite leaders, and industry experts take the stage to share their insider insights and innovators unite to celebrate what’s new and create what’s next with inspiration, education and interactive experiences. The event celebrates innovation and entrepreneurship, giving thousands of attendees a unique opportunity to connect, learn, and propel their businesses.

 

“Whether you’re an entrepreneur looking to scale your business, an investor looking for access to early stage tech before it makes headlines, an innovator looking to grow your career in tech, or if you’re part of an enterprise searching for new ways to innovate and leverage technology, Propelify is where ideas are propelled into action. Plus, it’s fun.” said Propelify Founder and TechUnited CEO Aaron Price.

 

Entrepreneurship and innovation are the focus of Propelify’s Stage of Wisdom: tackling topics including climate change, diversity, smart cities, communication, wellness and venture capital. This year, the event will introduce the Stage of Finspiration presented by Cross River Bank, which will dive into fintech innovations, emerging technologies, the metaverse, Web3 and more.

 

The event will feature a range of industry leaders, including:

  • Jeff Hoffman, Cofounder, Priceline
  • Amanda Cassatt, Serotonin Cofounder & CEO; Mojito Cofounder & President
  • Dr Dan Karlin, CMO MindMed
  • Douglas Rushkoff, Best Selling Author and host of Team Human Podcast
  • Katica Roy, Founder, Pipeline Equity
  • Nora Apsel, Founder and CEO, Morty
  • Ben Sun, Founder, Primary Ventures
  • Y-Vonne Hutchinson, CEO and Founder, ReadySet
  • Vinit Bharara, Co-Founder and CEO at Mojo
  • Clara Krivoy, Partner, Head of Digital Commerce Group, Brown Rudnick
  • Click Here for full speaker list

 

“The Propelify Innovation Festival unites innovators who are building the future, continuing the legacy of innovation rooted in New Jersey.” said Governor Phil Murphy. “We’re thrilled that TechUnited:NJ leads the way to welcome some of the most inspired companies, entrepreneurs and innovators to New Jersey who propel ideas into action.”

 

The winners of 2022 TechUnited:BetterX Challenges will also be announced at Propelify, awarding innovative entrepreneurs $100,000 in cash, as well as instrumental mentorship opportunities. This year’s competition includes the following challenge statements:

 

 

The BetterX Challenges are also supported by Samsung, Verizon Business, & Cross River Bank.

 

About Propelify

The Propelify Innovation Festival empowers innovators and entrepreneurs to advance their businesses and careers. Over the years, the Propelify Innovation Festival has welcomed over 40,000 attendees, hundreds of exhibitors, and world-renowned speakers like Arianna Huffington, Gary Vaynerchuk, James Altucher, Beth Comstock, Gov. Phil Murphy, and more. The gathering features talks, tech, drones, investors, VR, AI, startup competitions, music, food, and drinks, earning a recognition from Forbes as “The SXSW of the Northeast.”

 

About TechUnited

TechUnited:NJ is a membership-driven, non-profit organization that offers opportunities for tech-enabled companies and entrepreneurs to connect, collaborate, and grow to propel the future of New Jersey and beyond through events, mentorship, content creation, and more.

 

Contacts

Press Contact
Niki Turkington niki@techunited.co

Categories
Business Environment

American Water’s Melanie Kennedy recognized by Philadelphia Business Journal with Diversity in Business Award

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility company, announced that Melanie Kennedy, Executive Vice President and Chief Human Resources Officer, was recognized by the Philadelphia Business Journal as a Diversity in Business Award honoree. The award recognizes diverse leaders that have demonstrated success in their respective fields and through philanthropic endeavors.

“I want to congratulate Melanie on this well-deserved recognition,” said Susan Hardwick, president and CEO of American Water. “Melanie, as a key leader, embodies American Water’s continued commitment to inclusion, diversity, and equity.”

 

Kennedy is responsible for overall human resources strategy, talent acquisition, leadership development, organizational design and cultural development, compensation and benefits, HR operations and technology, employee and labor relations, and employee education and development. She is also the executive sponsor of American Water’s ID&E Council.

 

She served four years on the Medford Education Foundation Board, an independent nonprofit corporation formed to enrich educational experiences for students by supporting high quality school programs and initiatives. Kennedy currently serves on the finance committee for Cooper University Hospital and the Board of Directors for the Health Transformation Alliance. She is also an active volunteer for LUCY Outreach in Camden, N.J.

 

Kennedy holds a JD from Rutgers University School of Law, N.J., and a bachelor’s degree from University of Rhode Island.

 

American Water recently published its 2021 Inclusion, Diversity & Equity (ID&E) report that includes the company’s consolidated EEO-1 data for 2020 as well as other key diversity metrics. The report and other information about the company’s comprehensive ID&E strategy can be found on a new, interactive website, DiversityatAW.com, that communicates the company’s efforts to build an inclusive workplace.

 

This year’s honorees will be celebrated at a live event on August 25th and in a special edition of the Philadelphia Business Journal on August 26th.

 

About American Water

With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 24 states. American Water provides safe, clean, affordable, and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

 

Contacts

Media:
Joseph Szafran

External Affairs Manager

856-955-4304

joseph.szafran@amwater.com

Categories
Business

AM Best places credit ratings of Transverse Insurance Group’s members under review with positive Implications

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Transverse Specialty Insurance Company (Transverse Specialty) (Wilmington, DE) and Transverse Insurance Company (Transverse Insurance) (Dallas, TX). Transverse Specialty and Transverse Insurance are collectively referred to as Transverse Insurance Group.

The ratings of Transverse Specialty and Transverse Insurance have been placed under review with positive implications following the announcement on Aug. 10, 2022, that Mitsui Sumitomo Insurance Company, Limited, has entered into an agreement to acquire Transverse Insurance Group, LLC, the parent of the Transverse companies. The under review with positive implications status reflects the potential benefits Transverse would receive from the acquisition. The acquisition is pending approval of regulatory agencies and is expected to close in December 2022. The ratings will remain under review until the close of the transaction and AM Best obtains certainty of the depth and breadth of post-transaction details.

 

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

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

Greg Williams
Senior Director
+1 908 439 2200, ext. 5815
greg.williams@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Lifestyle Perks

Fabuwood introduces their new slim shaker cabinet – Luna

NEWARK, N.J. — (BUSINESS WIRE) — Fabuwood’s newest door style cut the edge of the traditional shaker cabinet to create a slim shaker design. This adaptation of a popular style is sleek and minimalistic, the perfect cabinet for the contemporary kitchen.

Luna is available in two finishes that complement each other beautifully, providing the perfect opportunity to create a two-toned kitchen. Dove is a bright white paint that brings an open, light, and fresh feel to any space. Kona is a deep cocoa-colored stain that accents the natural wooden grain of the cabinet door and adds a warm and rustic touch. Combined, they create a design that has the perfect amount of contrast while still being completely cohesive.

 

The design is not the only innovative aspect of Luna. Fabuwood’s latest cabinet design utilizes Blum’s new Compact Clip hinges with Blumotion soft-close and quick-release technology. This allows for easy and stress-free installation/removal of the door to/from the cabinet face frame.

 

Fabuwood leads the industry in quality semi-custom cabinets and innovative technology. With their newest release, the Luna door style, Fabuwood brought their company further into the future and once again redefined quality and style.

 

About Fabuwood Cabinetry:

Fabuwood is a top-of-the-line cabinetry company that is committed to redefining quality in the industry. They are innovative not only in the design and production of their products but also in their technology. EZ Pricing, a cutting-edge platform designed in-house by the Fabuwood team, was the first of its kind in the cabinet industry. With the fastest lead times on semi-custom cabinets, constant upgrades, frequent new releases, and dedication to staying on top in both quality and style, Fabuwood really is a leader in its industry.

Contacts

Moses Brach

Marketing@fabuwood.com