Tag: New Jersey

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Business Lifestyle

Corvia adds REPAY as processing partner

AUSTIN, Texas — (BUSINESS WIRE) — #ecommerce—Corvia, Inc., a fintech company focused on making the complex simple by complementing world-class technology with strong business and regulatory acumen, announced today it has added Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, as its newest payment processing partner. The relationship will provide additional fuel for Corvia’s aggressive growth trajectory by enhancing merchant and partner servicing and support in traditional retail and specialty e-commerce business segments.

“Adding REPAY as a processing partner gives us the flexibility to deliver more advanced solutions while optimizing both the partner and merchant experience,” said Corvia CEO Chad Anselmo. “We look forward to a productive, long-lasting relationship with REPAY.”

 

REPAY’s proprietary clearing and settlement platform offers fully customizable programs that deliver more autonomy and greater payment flexibility than traditional large acquirer programs. Its clearing and settlement solution is supported by high-touch service, a powerful payments engine, and intuitive reporting software designed to ensure on-time and accurate transaction processing.

 

“We look forward to working with Corvia to customize a clearing and settlement solution that will enable them to scale their operations and better serve their customers through enhanced payment experiences and a robust reporting platform,” said REPAY President Shaler Alias.

 

“Executing our strategic plans is top priority,” said Tedd Huff, head of corporate strategy for Corvia. “Adding REPAY as a processing partner strengthens our payments offering as we remain laser-focused on aggressive growth.”

 

About Corvia, Inc.

Corvia delivers safe, affordable, and reliable access to payments through an advanced risk ecosystem, a service-focused approach to enable success, strategic partnerships that enhance impact and inspire growth with a culture centered on community integrity and accountability. Corvia is a registered ISO of Fifth Third Bank N.A., Cincinnati, Ohio, Wells Fargo Bank, N.A. Concord, California, Cross River Bank, Fort Lee, New Jersey and MVB Bank, Fairmont, West Virginia. The company is a privately held, fast-growing fintech headquartered in Austin, Texas. For more information, please visit corviapay.com.

 

About REPAY

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.

Contacts

Media Contacts

Peggy Bekavac Olson

Strategic Marketing for Corvia Payments

(480) 510-8120

corvia@smktg.com

Kristen Hoyman

Vice President of Marketing

REPAY

(404) 637-1665

khoyman@repay.com

Investor Relations Contact for REPAY

repayIR@icrinc.com

Categories
Business Lifestyle

FREE ASCO Power Technologies Webinar on selective coordination considerations in power transfer

  • The free, one-hour, online event will address key topics on selective coordination strategies.
  • Participants will learn about specifying appropriate automatic transfer switches.
  • Attendees can earn 1.0 PDH/0.1 CEU Credits.

 

FLORHAM PARK, N.J. — (BUSINESS WIRE) — As part of its Learning Series Webinar, ASCO Power Technologies is hosting a webinar on May 25 exploring circuit breakers, transfer switches, and selective coordination schemes. It will share how localizing overcurrent conditions result in less disruptions to loads served by a power distribution system. Sixty minutes in length, ASCO Learning Series Webinar: Selective Coordination Considerations in Power Transfer is a FREE live webinar for power industry professionals, engineers, facility managers, and technicians.

By participating in the event, attendees will be learn about:

  • The difference between Ampere Interrupting Capacity for circuit breakers and Withstand and Close On Ratings for transfer switches
  • UL 1008 7th Edition changes related to short circuit ratings
  • The challenge behind 7th Edition short circuit testing rules for specific breaker qualification
  • Why manufacturers provide Short Time Ratings on transfer switches

 

The webinar will conclude with a question and answer session where the presenter will answer questions about backup power technologies, regulations, and applications. Attendees will earn 1.0 PDH Credit or 0.1 CEU Credit.

 

About the Speaker

Daniel Barrios – Customer Project Technical Engineer, ASCO Power Technologies

Daniel has been in the Power Generation and Standby Power industry for 34 years and has worked for ASCO Power Technologies, Zenith Controls, Cummins Power, and Caterpillar. He is also an Instructor for the Electrical Generating Systems Association presenting Automatic Transfer Switch and Generator Paralleling Switchgear information.

 

Registration Information

The event will be held at 11:00 AM Eastern Daylight Time on May 25, 2022. All interested professionals can register for this free event here.

 

About ASCO Power Technologies

ASCO Power Technologies has provided power reliability solutions for more than 125 years. The firm designs, manufactures, services, and supports automatic transfer switches, power control equipment, load banks, and critical power management appliances. ASCO products serve mission-critical functions in data centers, healthcare facilities, telecommunication networks, commercial buildings, and industrial operations. To learn more about any of ASCO’s premium products and services, call (800) 800 ASCO (2726), email CustomerCare@Ascopower.com, or visit www.ascopower.com. To receive updates on the latest news and updates, follow ASCO’s Facebook and LinkedIn.

Contacts

Laurence Grodsky

+ 1 973 307 7352

Larry.Grodsky@ascopower.com

Categories
Business Culture

Marotta Controls opens second facility in Parsippany, New Jersey

Rapid Growth Drives Acquisition of New, Modernized Workspace for Executive and Main Business Functions

 

MONTVILLE, N.J. — (BUSINESS WIRE) — #additivemanufacturing—Marotta Controls, a rapidly growing aerospace and defense supplier, announces the opening of a second facility located in Parsippany, New Jersey. The company will retain its Montville buildings, using the freed-up space to expand its production capacity, development labs and testing facilities.


The move is driven by a significant growth across Marotta Controls, which has operated solely out of its Montville location for more than seven decades. Hiring efforts over the last few years introduced more than 200 staff members to its employee base. In parallel, the company’s solutions in markets outside its legacy valve offerings are shifting from development phase to volume production, creating the need for exponentially more manufacturing and assembling capacity on site.

 

“Demand for our advanced solutions is shifting from custom orders to large volume orders in several areas,” said Patrick Marotta, President & CEO, Marotta Controls. “Notably, we needed to increase production capacity for our Control Actuation Systems and Power Systems as our expertise and innovations in these areas draw more attention from our customers. We are far from where we started nearly eighty years ago when we focused on a valve-only portfolio. Our building resources simply needed to accommodate that evolution. It was an exciting problem to have.”

 

The company’s executive and main business functions—including engineering, human resources, program management, marketing and finance—will relocate to the Parsippany address. Spanning 50,000 square feet, the new office is structured as a modern, open workspace. The interior design intends to foster stronger employee collaboration and physical flexibility as Marotta Controls implements a formalized, hybrid work environment. The Parsippany space will also house a new development lab for Marotta’s power and control actuation technologies. Production of those solutions will still occur at the Montville location, which is now at 130,000 square feet.

 

“Marotta Controls is unique. We are a New Jersey born, privately-owned business serving our industry’s leading defense contractors. We offer enterprise-class capabilities with the nimbleness of a small business. Our success is built solely on organic growth and the strategic introduction of new capabilities. These traits have all resulted in us being one of the only long-standing aerospace and defense suppliers covering the breadth of verticals we do today. We intend to continue investing in our company, our people, and our community to maintain that trajectory for decades to come,” added Patrick.

 

Ribbon Cutting Ceremony

A formal ribbon cutting ceremony for the new Parsippany office will occur in June 2022, details to follow.

 

About Marotta Controls

Founded in 1943, Marotta Controls is a fully integrated solutions provider which designs, develops, qualifies and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for tactical systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.

Contacts

Heather Ailara

211 Communications

+1.973.567.6040

heather@211comms.com

Katee Glass

Marotta Controls, Inc.

kglass@marotta.com

Categories
Business Culture

Crumbl Cookies, the nation’s largest cookie company, coming to Holmdel Commons

HOLMDEL, N.J. — (BUSINESS WIRE) — #BestCookie–Crumbl Cookies, the nation’s largest cookie company, is set to serve cookie-crazed customers with its newest store in Holmdel, New Jersey. A grand opening is set for 8am on Friday, May 19th in the Holmdel Commons at 2136 NJ-35, Holmdel, New Jersey.


“Nothing beats biting into a warm, delicious cookie that you can enjoy, whether delivery, curbside pickup, or in-store takeout,” said Crumbl owner, Marc DeCorso. “We’re really excited to bring this experience to Holmdel.”

 

As soon as guests open Crumbl’s doors, they’ll be met with an immersive experience that is unlike any other cookie store in the world. The open kitchen allows customers to see the whole cookie-making process, including the eggs being cracked, the flour being sifted, and the dough being balled. “Having our customers see every cookie being made is one of the best experiences of our stores,” said Sawyer Hemsley, Crumbl Co-founder & COO. “Each ingredient is carefully chosen to provide customers with the highest quality cookie on the market.”

 

The grand opening week menu will contain 6 of the 200+ rotating weekly flavors Crumbl has to offer, including Crumbl’s award-winning Milk Chocolate Chip. The varying flavors ensure that there is something for everyone to enjoy.

 

“Our mission statement is to bring friends and family together over a box of the best cookies in the world, and we really hope to bring the people of Holmdel together and strengthen the community with our sweet treats,” said Jason McGowan, Crumbl Co-founder & CEO.

 

The new store has provided over 50 new jobs within the community.

 

About Crumbl

Crumbl Cookies’ mission statement is to bring friends and family together over a box of the best cookies in the world. Crumbl was founded in 2017 in Logan, Utah by Jason McGowan & Sawyer Hemsley. In just five years, Crumbl has grown from a humble cookie shop to a booming franchise with over 370 locations in 40+ states. Crumbl is honored to be the largest cookie company in the nation and fastest growing restaurant franchise. Its rotating menu offers new flavors every week while regularly bringing back crowd favorites and unique original recipes. Crumbl is open from 8am – 10pm on weekdays, 8am – midnight on Fridays and Saturdays, and closed on Sundays. Visit Crumbl online at crumblcookies.com, on social media (@crumblcookies), or any of their nationwide locations.

Contacts

Earl Koskie

385-985-8555

nj.holmdelcommons@crumbl.com
crumblcookies.com

Categories
Business Local News

MSITEK sponsors a Hospice IT and digital project in India as part of CSR (Corporate Social Responsibility) initiatives

PRINCETON, N.J. & BANGALORE, India — (BUSINESS WIRE) — #CSR—MSITEK, a global provider of SAP technology-enabled business solutions, recently collaborated with Ganga Prem Hospice, a Hospice care organization that provides medical, spiritual, and emotional support to terminally ill cancer patients.

MSITEK has taken up this initiative as part of its focus on Corporate Social Responsibility. They are investing in the Hospice’s technology platforms as their digital and technology sponsor and will support core backend operations and overall process improvements of the hospice to improve operational efficiency. They have also built the hospice’s web portal and will continue enhancing it.

 

The website went live this month, with MSITEK’s CEO Ashoo Tuli being invited to be a part of the launch. He had the honor of meeting the founder and spiritual leader Nani Ma as well as Pooja Dogra, COO of Ganga Prem Hospice. He further said, “We are immensely honored to be doing our bit and contributing to the Hospice’s noble cause. We will continue to sponsor and drive many more CSR initiatives, both in near future and long term.” Echoing these sentiments, Sheelam Maurya, Managing Partner at MSITEK who also leads CSR for the organization, said that she believes in the greater good, social accountability, and making a positive impact on society. “We also have a vision of supporting the education and health needs of under-privileged children of the Hospice care patients and working on to drive this initiative in collaboration with Ganga Prem Hospice,” she added.

 

ABOUT MSITEK

MSITEK is a strategic SAP Consulting and Solutions Partner that focuses on designing and implementing innovative solutions for businesses. With headquarters in Princeton, New Jersey, USA, it has geographical presence in the United States, Canada, Europe, and India. Its capabilities in SAP cloud solutions and innovative technologies empower customers to transform their businesses into successful enterprises. MSITEK is also a Global SAP Training Partner.

 

ABOUT GANGA PREM HOSPICE

Situated in Rishikesh, India, Ganga Prem Hospice (project of Shradha Cancer Care Trust) a non-profit Hospice that provides professional palliative care, spiritual solace, and emotional understanding to terminally ill cancer patients and their families. The hospice creates a caring and supportive environment in which patients can pass through this phase with minimum distress. In addition, it also sponsors the education of children of needy families at the Hospice care.

Contacts

Sheelam Maurya, Managing Partner

sheelam.maurya@msitekus.com

Categories
Business News Now!

AM Best revises outlooks to stable for New York Schools Insurance Reciprocal

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of New York Schools Insurance Reciprocal (NYSIR) (Uniondale, NY).

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

 

NYSIR’s outlooks have been revised to stable from negative as a result of the reciprocal’s immaterial financial impact expected from the New York Child Victims Act of 2019 (Child Victims Act) and operating performance stabilizing as a result of management actions, including coverage changes, rate increases, and non-renewal of underperforming districts. In addition, NYSIR has entered into an adverse development cover treaty, signed a new management contract with Wright Risk Management (WRM), among other initiatives, which AM Best expects to keep NYSIR’s operating performance in the adequate range.

 

The affirmation of the Long-Term ICR reflects the change in NYSIR’s business profile assessment to neutral from limited. NYSIR was faced with the potential challenges of the Child Victims Act, which expired in August 2021, and resulted in minimal impact to the reciprocal’s financial results. NYSIR continues to be the leading insurer of public schools in New York benefiting from its leading market position, strong subscriber retention, exclusive partnerships with statewide education associations, and strong support by its schools communities. NYSIR benefits from its product diversification and its 33-year partnership with WRM, which performs many of the reciprocal’s processes. Although the reciprocal provides multiple lines of coverage, partially offsetting positive attributes are the reciprocal’s mono-state concentration in New York and concentration in the school segment, which may create further headwinds for the reciprocal.

 

NYSIR’s operating performance assessment has been changed to adequate from strong. Despite stabilizing in recent years, the reciprocal has experienced some deterioration and volatility in results over the most recent five-year period, which has led to the change in NYSIR’s operating performance assessment. Overall, results have been impacted by several property catastrophe losses and large liability losses, as well as prudent reserving for the uncertainties surrounding outstanding Child Victims Act claims, social inflation, and increasing loss costs in New York. NYSIR’s overall earnings have been bolstered by investment gains on its conservative investment portfolio, which is expected to continue to support the reciprocal’s adequate operating performance and member-driven objectives over the long term.

 

AM Best assesses NYSIR’s ERM program as appropriate. NYSIR’s ERM program is designed specifically for schools and the challenges its members may face. Management continues to respond proactively to changes in regulatory, judicial and legislative challenges in New York. AM Best expects the reciprocal’s risk management program to continue to support the reciprocal’s business profile and operating performance.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

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

Contacts

Anthony Molinaro
Senior Financial Analyst
+1 908 439 2200, ext. 5608
anthony.molinaro@ambest.com

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

Vicky Riggs
Associate Director
+1 908 439 2200, ext. 5039
vicky.riggs@ambest.com

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

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Business Lifestyle Travel & Leisure

Cenntro Electric Group expands global production capacity with acquisition of advanced manufacturing facility in China

Production Capacity of 50,000 Vehicles Annually Once 474,000 Square Foot Facility Becomes Fully Operational

 

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) “(Cenntro, or the “Company),” a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced the acquisition of a new manufacturing facility in Changxing, Huzhou City, China, for a purchase price of approximately $19.5 million. The new 474,000 square foot facility will allow Cenntro to expand its production capacity.

The facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to expanding capacity, the new site is expected to enable Cenntro to obtain ISO 9000 certification. The new facility will support the production of a new Metro® series and have an expected capacity of 50,000 vehicles annually once fully operational. The facility is expected to begin trial production in the third quarter of 2022.

 

“This is a critical acquisition for Cenntro. The new facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets,” said Peter Wang, Chairman and CEO.

 

About Cenntro Electric Group Ltd.

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 plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in over 25 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at: http://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,” “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. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our limited operating history and historical losses from operations; our ability to develop and manufacture ECVs of sufficient quality, on schedule and on a large scale is still evolving; our ability to introduce new models; potential delays in launching and ramping up production of our new ECV models; our reliance on our channel partners to market, sell and service (and in certain cases, assemble and/or homologate) our vehicles; the impacts of the COVID-19 pandemic on our operating results, in particular due to the increase in shipping costs and shortages of shipping containers and raw materials; our reliance on third party manufacturing partners and suppliers for substantially all of our vehicle kits and components, respectively, for our new vehicles; our material weakness in our internal control over financial reporting; risks associated with our global operations and expansion, including unfavorable regulatory, political, legal, economic, tax and labor conditions; changes in China’s economic, political or social conditions or government policies; and changes in U.S. and international trade policies, particularly with regard to China. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see the disclosures contained in Cenntro’s public filings with the Securities and Exchange Commission, including “Risk Factors” in Cenntro’s Annual Report on Form 20-F for the year ended December 31, 2021 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

Company Contact:
PR@cenntroauto.com
IR@cenntroauto.com

Categories
Business

AM Best affirms credit ratings of Lumen Re Ltd.

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Lumen Re Ltd. (Lumen Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Lumen Re’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

Lumen Re’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is at the strongest level. Its liquidity, asset/liability management, quality of assets and use of internal capital models provide ample support of its balance sheet assessment. Partially offsetting these rating factors is Lumen Re’s relatively high dependence on third-party retrocession. However, all retrocession will be written on a fully collateralized basis, thus minimizing its exposure to losses and third-party credit risk. The company’s leverage, as measured by the ratio of retained limits to equity, is low.

 

AM Best assesses Lumen Re’s overall operating performance as adequate. Increased losses from peak and secondary peril events in 2021 has led the company to begin a de-risking and re-underwriting process to improve contract terms and raise attachments in order to prevent outsized loss experiences going forward. The company’s pricing strategy is to focus on underwriting profits and not on asset returns.

 

AM Best assesses Lumen Re’s business profile as limited, as the company predominantly writes catastrophe excess of loss contracts and limited reinsurance protection programs with well-established cedants in highly developed markets. Product concentration is mitigated somewhat by risk diversification across regions, perils and the number of cedants. Pricing sophistication, modeling capabilities including reliance on vendor models and independent modeling tools, and coverage exclusions for start-up companies create a strong environment for management to execute its pricing strategy.

 

AM Best assesses Lumen Re’s ERM as appropriate, based on the company’s robust ERM framework and governance that ensures a systematic and controlled process for the identification, monitoring and reporting of underwriting and investment risks, as well as other relevant risks that affect its reinsurance operations.

 

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

David Mautone
Senior Quantitative Specialist
+1 908 439 2200, ext. 5765
david.mautone@ambest.com

Asha Attoh-Okine
Associate Director
+1 908 439 2200, ext. 5716
asha.attoh-okine@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

AM Best affirms credit ratings of Insurance Corporation of Barbados Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Insurance Corporation of Barbados Limited (ICBL) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect ICBL’s balance sheet strength, which AM Best assesses as strongest as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

 

ICBL’s balance sheet strength is underpinned by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which AM Best expects to remain at the strongest level. ICBL has generally produced positive net income driven by the underwriting and marketing expertise derived over its many years of risk and claims management. ICBL has recorded profitable overall results in recent years; however, the company’s five-year operating performance metrics places it in the bottom half relative to its rated Caribbean peers. ICBL’s business profile assessment reflects the company’s geographic and product concentration. The business profile assessment also recognizes ICBL’s market position as one of the leading property/casualty insurers in its domestic market.

 

ICBL, like other regional insurers, has significant exposure to catastrophe losses. The company manages this risk through the utilization of reinsurance to limit its catastrophe exposure to a manageable level and protect its surplus against frequency of events.

 

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

Ricardo Longchallon
Senior Financial Analyst
+1 908 439 2200, ext. 5676
ricardo.longchallon@ambest.com

Sharon Marks
Director
+1 908 439 2200, ext. 5477
sharon.marks@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

AM Best downgrades Issuer Credit Rating of Republic Insurance Company (Cayman) Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Republic Insurance Company (Cayman) Limited (Republic Insurance) (Cayman Islands). The outlook of the Long-Term ICR has been revised to stable from negative while the outlook of the FSR is stable.

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

 

The balance sheet strength assessment reflects Republic Insurance’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). However, due to the majority of business being conducted within Trinidad and Tobago and Barbados, the Country Risk Tier 4 and balance sheet strength of the operating company are assessed as very strong. Driving the downgrade of the Long-Term ICR is the overall macroeconomic landscape of Trinidad and Tobago, as well as Barbados, and the limited recovery of lending activity at the banking subsidiaries of Republic Financial Holdings Limited. Top line premiums at Republic Insurance are correlated directly to the lending operations of the banking subsidiaries, and overall economic activity has not recovered to pre-pandemic levels within either country. Furthermore, AM Best notes that the uncertainty of global gas, oil and energy prices is highly impactful to the outlook of Republic Insurance’s domestic markets.

 

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

Matthew Dachowski
Financial Analyst
+1 908 439 2200, ext. 5357
matthew.dachowski@ambest.com

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

Edward Kohlberg
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@ambest.com

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

jeffrey.mango@ambest.com