Categories
Business

AM Best comments on Credit Ratings of Michigan Professional Insurance Exchange following acquisition announcement

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Michigan Professional Insurance Exchange (MPIE) remain unchanged following the recent announcement of its pending acquisition by MMIC Insurance, Inc. (MMIC), and its parent company, Constellation, Inc. (Constellation). The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in third-quarter 2022. MPIE is domiciled in Michigan.

On March 25, 2022, MMIC announced that it has entered into a definitive agreement under which MPIE will cede its loss reserves through a loss portfolio transfer (LPT) agreement and enter into a quota share and renewal rights agreement with MMIC for MPIE’s future business.

 

Under the LPT, MPIE will cede 100% of its loss and loss adjustment expense reserves to MMIC. Concurrent with the LPT, MPIE will execute a go forward 100% quota share and renewal rights agreement with MMIC. MPIE will pay MMIC 100% of premium and MMIC will assume 100% of ongoing losses and loss adjustment expenses and 100% of existing unearned premium reserves. Both parties will execute an asset purchase agreement. Constellation Solution, Inc., a subsidiary of Constellation, will purchase the assets of MPIE and the membership interests of its subsidiary companies, PRCD Inc. and MPIE Consulting dba ERC Risk Solutions, LLC.

 

It is anticipated that upon the conclusion of the various agreements and business transfers, the ratings of MPIE will move to a non-rated status given the effective discontinuation of its operations within the current legal entity. Throughout the transaction period, minimal operational or financial changes are anticipated. As is customary, AM Best will continue to monitor MPIE’ risk-adjusted capitalization, operating performance, business profile and enterprise risk management.

 

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

 

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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

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

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

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

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

Categories
Business Healthcare

Summit Health taps Dr. Laura Herrera Scott to lead its Population Health and value-based strategy

Builds on commitment to achieve high-quality clinical outcomes for patients at a lower cost

 

BERKELEY HEIGHTS, N.J. — (BUSINESS WIRE) — Aiming to build on its success in value-based care and population health management, Summit Health announced today the appointment of Laura Herrera Scott, MD, MPH, as Executive Vice President of Population Health. Beginning today, Dr. Scott will be responsible for executing on Summit Health’s value-based care strategy, a critical area of the company’s future growth.

“In collaboration with our clinical and operational leadership teams, Dr. Scott and her team will drive the implementation of our ongoing value-based care initiatives and our commitment to primary care transformation and population health,” said Adam Barrison, MD, Chief Physician Executive, at Summit Health. “The population health team will provide leadership of numerous, diverse high performing value-based contracts, and lead the data analytics infrastructure – the efficiency and accuracy of reporting – that will drive improvements in clinical care for our patients.”

 

“I am excited to help further Summit Health’s care philosophy and continuing its commitment to improving outcomes for patients,” said Dr. Scott. “By building our care model to stratify risk, manage populations with chronic conditions, and reduce costly hospital stays, we can demonstrate how patients and health care organizations can thrive with value-based care.”

 

Dr. Scott joins Summit Health from Anthem, Inc. where she was most recently Vice President of Population Health. Prior to that, she served as Vice President of Medicaid Clinical Operations at Anthem. She earned a Doctor of Medicine from SUNY Downstate Health Sciences University; a Master of Public Health from The Johns Hopkins Bloomberg School of Public Health; and a Bachelor of Business Administration at Baruch College. In addition to many career milestones, Dr. Scott also served as a Major in the Medical Corps of the United States Army Reserves.

 

Summit Health recently announced its participation in three distinct Medicare Shared Savings Program (MSSPs) under Accountable Care Organization (ACO) in the U.S. In New Jersey, Summit Health has launched the Summit Health ACO, to build on its experience and success as a Next Generation ACO and its commitment to primary care transformation and population health. Summit Health is also participating in Westmed Medical Group in New York, and Cascades Healthcare Network ACO in Oregon.

 

About Summit Health

Summit Health is a physician-driven, patient-centric network committed to simplifying the complexities of health care and bringing a more connected kind of care. Formed by the 2019 merger between Summit Medical Group, one of the nation’s premier independent physician-governed multispecialty medical groups, and CityMD, the leading urgent care provider in the New York metro area, Summit Health delivers a more intuitive, comprehensive, and responsive care experience for every stage of life and health condition through high-quality primary, specialty, and urgent care. Summit Health has more than 2,500 providers, 12,000 employees, and over 340 locations in New Jersey, New York, Connecticut, Pennsylvania, and Central Oregon. For more information, please visit https://www.summithealth.com.

Contacts

Rick Popko

415-425-4756

RPopko@StantonPRM.com

Joy Lee-Calio

908-977-9502

jleecalio@summithealth.com

Categories
Business

Arria NLG appoints Mark Goodey to lead Arria’s Investment Analyst business

MORRISTOWN, N.J. & AUCKLAND, New Zealand — (BUSINESS WIRE) — Arria NLG, a leading provider of natural language generation (NLG) technologies, has appointed Managing Director and Innovation Strategist, Mark Goodey, to cement Arria Investment Analyst as the Banking, Financial Services, and Insurance (BFSI) industry leader.

Arria Investment Analyst uses natural language technologies to bring 100 percent accuracy to investment analysis and to create data-driven investment commentary.

 

“I am excited to lead this initiative,” said Goodey. “Arria’s Investment Analyst uses natural language technology to analyze investment portfolio performance. It’s a technology uniquely placed to support asset managers, asset owners, and the financial services industry, so what used to take hours or days can now be accomplished in seconds.”

 

“Mark brings a wealth of experience to this role, having spent his entire career at the intersection of financial services and analytics. The BFSI industry is a key vertical and growth sector for Arria, and we’re excited to have Mark lead this effort,” said Arria CEO Sharon Daniels.

 

“A great case study showcasing Arria’s capabilities is with BNY Mellon’s Data and Analytics Solutions. Combining our technology with BNY Mellon Data and Analytics Solutions accelerates and simplifies analysis across portfolio data management, risk analysis, performance measurement, wealth management reporting, and more. Arria’s natural language AI generates automated insights and narratives in plain, easy-to-understand language, helping our clients make better informed decisions, faster,” added Daniels.

 

Goodey will take part in several upcoming panels to discuss how NLG will shape investment analytics in 2022. Events include:

  • InvestOps (March 28-30, Tampa)
  • Meetup – NLG (April 27, London)
  • TSAM London (June 16)
  • TSAM Toronto (September 7)
  • TSAM East Coast (October 6, NYC)
  • TSAM ESG (November 2, London)
  • iPARM (November 21, Sydney)

 

Goodey joins Arria from BNY Mellon’s Data & Analytics Solutions where he worked to establish Eagle Performance as a leader in investment performance analytics. Prior to BNY Mellon, Goodey led teams at JP Morgan Asset Management, Aviva Investors and F&C Asset Management, specializing in market risk and investment performance. He was also a prior member of several organizations and governing bodies that include UK Investment Performance Committee (UKIPC); Performance Measurement and Client Reporting Review; The Journal of Performance Measurement; Performance Measurement Networking Group; and Barclays Capital Index Advisory Council. He was the co-founder of www.i-performance-analysis.com.

 

About Arria NLG

Arria is the world’s leading provider of artificial intelligence (AI) software that instantly transforms structured data into natural language narratives leveraging natural language generation (NLG), natural language understanding (NLU), natural language processing (NLP) and machine learning. Arria software replicates the human process of expertly analyzing and communicating data insights. Arria dynamically turns volumes of data into written or spoken narratives at machine speed and on a massive scale. Arria provides pre-built out-of-the-box NLG apps as well as the ability to build and customize projects, and offers solutions across multiple industry verticals.

 

Learn more at www.arria.com.

Contacts

Media:
BackBay Communications

arria@backbaycommunications.com

Company:
Summer Flynn

summer.flynn@arria.com

Categories
Business Culture

Campbell named one of America’s Most Trusted Companies by Newsweek

Ranked No. 1 Food & Beverage company for consumer, investor and employee trust

 

CAMDEN, N.J. — (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB) recently announced it was named to Newsweek’s inaugural list of America’s Most Trusted Companies, ranking No. 1 in the Food & Beverage industry.

For generations, Campbell has earned trust by making food people love and by acting with character, integrity and transparency in everything we do,” said Mark Clouse, Campbell’s President and Chief Executive Officer. “This recognition is a testament to the care that our more than 14,000 employees demonstrate to each other, our customers, consumers and communities.”

 

America’s Most Trusted Companies were identified by an independent survey based on a sample of approximately 50,000 U.S. residents who rated companies based on the three touchpoints of trust: consumer, investor and employee. A total of 110,000 evaluations were submitted, resulting in a list of the top 400 Most Trusted Companies across 22 industries.

 

Campbell has long been recognized as a leader in transparency, sustainability and corporate responsibility. Earlier this year, the company was named one of the World’s Most Sustainable Corporations by Corporate Knights, one of the 100 Most Sustainable Companies by Barron’s and one of America’s Most JUST Companies by JUST Capital and CNBC. In 2021, Campbell was named one of America’s Most Responsible Companies by Newsweek, one of America’s Best Employers for Diversity by Forbes and a Champion of Board Diversity by the Forum of Executive Women. Campbell is also included on multiple indices including the FTSE4Good Index, the Bloomberg Gender-Equality Index and the MSCI Index Series.

 

For more information and to see the full list of America’s Most Trusted Companies 2022, visit www.newsweek.com/americas-most-trusted-companies-2022.

 

About Campbell Soup Company

For more than 150 years, Campbell (NYSE: CPB) has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2021 net sales of nearly $8.5 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Contacts

Media:
Amanda Pisano

(856) 342-8590

Amanda_Pisano@campbells.com

Investor:
Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

Categories
Business

AM Best affirms credit ratings of Prism Assurance, Ltd.

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Prism Assurance, Ltd. (Prism) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Prism’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 indicate Prism’s strategic role as a single parent captive insurance company of Apogee Enterprises, Inc. (Apogee) [NASDAQ: APOG] and reflect the inherent benefits of parental support and financial flexibility afforded to Prism as a part of Apogee. The company’s operating performance is largely the result of a steady flow of royalty and investment income, which adequately offsets any volatility in underwriting shortfalls and allows for healthy profits each year.

 

Since the parent is one of the largest architectural design and construction companies in the United States, the captive’s risks have a level of geographical diversification. However, the business profile is limited as the captive provides very specific lines of coverage to Apogee. As a captive, Prism is an integral tool for Apogee that increases the overall organization’s risk management capability and awareness. Prism works cohesively with business units across the overall organization to reduce claims severity and frequency. Additionally, the company benefits from an ERM program that is interwoven with that of the parent, resulting in excellent risk identification and mitigation processes.

 

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

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s 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 Gabriel
Financial Analyst
+1 908 439 2200, ext. 5725
robert.gabriel@ambest.com

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

Dan Teclaw
Associate Director
+1 908 439 2200, ext. 5394
dan.teclaw@ambest.com

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

Categories
Business Local News

Voxware debuts innovative solutions at Modex 2022

New solutions solidify commitment to drive more productivity, increase throughput and optimize efficiency to improve distribution operations

 

HAMILTON, N.J. — (BUSINESS WIRE) — Voxware, a leading provider of voice software and analytics solutions for the supply chain, is debuting its latest innovations in automation at Modex 2022 including its voice automation software combined with Fetch Autonomous Mobile Robots (AMRs). Additionally, a demo of VoxTempo, Voxware’s Natural Language Voice Recognition engine will be available for attendees. Modex attendees can learn more about these technologies and more by visiting Voxware in booth #7481.

“Labor shortages and increased customer expectations have created unprecedented demand and automation technologies are vital for companies to maintain a competitive advantage,” said Keith Phillips, President & CEO of Voxware, Inc. “We remain committed to helping organizations optimize the workers they are able to employ by improving their productivity and increasing their efficiency throughout the distribution or fulfillment center. I expect our booth to see quite a bit of foot traffic as companies seek the best solution to meet their unique challenge.”

 

Throughout the Voxware booth (#7481) at Modex 2022, attendees will learn how Voxware’s solutions help companies who are challenged by today’s tight labor market and those struggling to meet customer demand.

 

Voxware has created two safe-spaces for guests to demo VoxTempo™. Using a sterilized headset in this comfortable environment, attendees will see first-hand how their own workers can get up to speed and become productive in less than ten minutes. They will execute a picking assignment just as they would in their own distribution or fulfillment center.

 

In addition to the VoxTempo demo, VoxPilot®, Voxware’s enterprise analytics solution will be on display. Voxware’s system design experts will walk guests through various scenarios to show how a number of business challenges can be overcome by deploying these advanced analytics.

 

Voxware will also host an on-floor educational seminar on Tuesday, March 29th at 3:30pm ET in Theater I. “How Voice Automation and Supply Chain Analytics Deliver a Flawless Customer Experience” will be presented by Ricardo Diaz, Warehouse Manager – Ontario, CA, for Gold Star Foods. Ricardo will share how Voxware’s multimodal automation technologies including voice, scanning and mobile printing, along with supply chain analytics enabled his company to radically improve accuracy, increase worker productivity and add order volume without hiring new employees. Ricardo will also spend time in the Voxware booth answering questions from attendees.

 

Follow Voxware on LinkedIn for more information throughout Modex 2022.

 

About Voxware

Voxware offers technology solutions that deliver essential supply chain information exactly when and where it’s needed, optimizing the speed, accuracy and efficiency of distribution operations. Its product suite includes both warehouse automation and analytics solutions uniquely focused on distribution functions. With these solutions, companies reach an unprecedented understanding of how best to manage their operations, improving profitability by reducing costs and exceeding customer expectations. For more information, please visit www.voxware.com.

Contacts

MEDIA
Kevin Jurrens

(609) 306-6418

kjurrens@broadpathpr.com

Categories
Business Technology

Brother International drives growth by leveraging Cleo Integration Cloud Platform for Ecosystem Integration

Revenue-critical processes, B2B, D2C relationships strengthened via Managed Services approach

 

ROCKFORD, Ill. — (BUSINESS WIRE) — Brother makes more things go than any of us probably realize – indeed, they’ve made their entire business go gangbusters by ensuring Brother is “at your side” in unexpected ways. As a result, their business ecosystem is continuously expanding.

Like the design or message on that hoodie or hat you’re wearing? Brother Industrial Products makes the garment printers that might have made it look cool. Checking into a hospital? Brother Mobile Solutions might have been there to create your wristband or securely label your blood sample bottle. Got a speeding ticket? Your roadside citation may have been printed out on a Brother machine. Admiring an organized pantry with clearly labeled spices? Brother’s P-touch labelers may have been on the job. Ever enjoyed a slushy drink from your neighborhood convenience store? Brother’s Gearmotors often work behind the scenes to power those machines.

 

The company has experienced significant expansion in recent years, mainly driven by accelerating growth in their Business Machines unit (printers, fax machines, etc.), the company’s largest division accounting for 50% of annual revenue. But growth is also coming from other lines as well including the company’s Home Appliances, Industrial Products, Gear Motor, and Mobile Solutions units. Brother is even in the burgeoning cannabis industry, supplying energy-efficient gearmotors for automated sorting and trimming products.

 

The company sells its business products through myriad direct and indirect brick & mortar and online channels, including “big box” retailers like Best Buy, Office Depot and Staples, as well as through Amazon Marketplace. Home products, like sewing machines and embroidery systems, are moved through independent dealers and distributors who sell these devices to crafts and retail stores like Walmart, Target, Michaels, Jo-Ann or Hobby Lobby. Over the past five years or so the company has also seen a 6-fold increase in direct sales of its business printers and home sewing solutions via its increasingly popular website portal.

 

This multifaceted ecosystem of customers and partners, dealers and distributors, amounts to a complex network of B2B, B2B2C, and D2C (direct-to-consumer) relationships. Each of these partnerships is vital to revenue and valuable to extending the reach and impact of the Brother brand experience. Effectively managing all of them requires a highly dependable digital integration platform solution that delivers agility, visibility, and control over the company’s high volume of EDI-based transactions – over 85% of the company’s total sales volume relies on EDI – which is where Cleo Integration Cloud comes in. Brother processes well over 25,000/day or 600,000 EDI transactions per month, and virtually all these are processed through the Cleo Integration Cloud platform.

 

Brother International started using Cleo back in 2014 as an on-premise integration solution, through a deployment Brother implemented in-house. Impressed with the capabilities and aware that Cleo’s ecosystem integration platform could do even more, in 2019 Senior Director of IT Rich McNaught and his team made the decision to migrate to the cloud version of Cleo Integration Cloud, finding Cleo’s Managed Services offerings increasingly sensible and compelling.

 

“We wanted to focus on core competencies of expanding our trading partnerships and growing the business through automation and modern ERP integration rather than spend time on the day-to-day management of EDI maintenance and monitoring. But we needed a proven, reliable partner to do it with,” McNaught explained. “Cleo’s team helped us move all this complex integration work out of our in-house data center in favor of a Managed Services approach where we entrust Cleo to do the on-boarding, the map creation — everything.”

 

Now what used to be a less efficient and longer onboarding process for new trading partners Brother is able with Cleo’s help to do within a month. Now, not only are timeframes predictable for Brother and its partners, but costs are more predictable too. Given Brother’s agreement with Cleo, there is a fixed-rate schedule in place, so the company knows upfront what a new map will cost, or what the expense will be for onboarding a new partner. Beyond being able to spin up revenue-generating relationships more quickly, there are other financial benefits as well, including fewer charges against Brother for SLA violations.

 

“Our relationship with Cleo has significantly improved our own customer relationships, because as we deliver a better onboarding and overall EDI experience, we’re seeing huge increases in customer satisfaction. Everybody involved can track the progress in real-time and know the status – no more guesswork,” McNaught emphasized.

 

Looking forward, McNaught sees more opportunity and potential for Brother to expand its use of the Cleo Integration Cloud platform as the company works to streamline and simplify ever-changing process flows. “I know Cleo can handle more than just our EDI elements and we see possible roles for Cleo within our evolving data transformation, visibility improvement, business intelligence, and reporting initiatives, as well as our whole eCommerce play.”

 

For Brother International Corporation, Cleo is a true partner that always has Brother’s interest front and center. “That’s one of the things I’ve appreciated the most,” McNaught said. “Cleo really leaned in and understood our unique situation, then they creatively scoped out a solution. They have been very patient, transparent, and honest all along the way, leading to a wonderfully positive experience that is helping us advance our overall business.”

 

About Brother International Corporation

Brother International Corporation has earned its reputation as a premier provider of home office and business products, home appliances for the sewing and crafting enthusiast as well as industrial solutions that revolutionize the way we live and work. Brother International Corporation is a wholly owned subsidiary of Brother Industries Ltd. With worldwide sales exceeding $6 billion, this global manufacturer was started more than 100 years ago. Bridgewater, New Jersey is the corporate headquarters for Brother in the Americas. It has fully integrated sales, marketing services, manufacturing, research and development capabilities located in the U.S. In addition to its headquarters, Brother has facilities in California, Illinois and Tennessee, as well as subsidiaries in Canada, Brazil, Chile, Argentina, Peru and Mexico. For more information, visit www.brother.com.

 

About Cleo Integration Cloud

Cleo Integration Cloud (CIC) is a cloud-based integration platform, purpose-built to design, build, operate and optimize critical ecosystem integration processes. The CIC platform brings end-to-end integration visibility across API, EDI and non-EDI integrations that gives technical and business users the confidence to rapidly onboard trading partners, enable integration between applications, and accelerate revenue-generating business processes. On the platform, businesses have the choice of self-service, managed services, or a blended approach – ensuring complete flexibility and control over their B2B integration strategy.

 

About Cleo

Cleo is an ecosystem integration software company focused on business outcomes, ensuring each customer’s potential is realized by delivering solutions that make it easy to discover and create value through the movement and integration of B2B enterprise data. Cleo gives customers strategic, “outside-in” visibility into the critical end-to-end business flows happening across their ecosystems of partners and customers, marketplaces, and internal cloud and on-premise applications. Our solutions empower teams to drive business agility, accelerate onboarding, facilitate modernization of key business processes, and capture new revenue streams by reimagining and remastering their digital ecosystem through robust application, B2B, and data integration technologies. For more information, visit www.cleo.com or call +1.815.282.7695.

Contacts

Kathleen See

10Fold Communications on behalf of Cleo

cleo@10fold.com

Categories
Business Lifestyle

Buckle upsizes term loan to support continued growth of Its insurance platform

 Company also renews all reinsurance panels and launches gig product in additional states to aid ongoing growth

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — #BuckleupBuckle, a digital financial services company for the gig economy, has completed a $15 million upsizing of its term loan with participation from Siguler Guff & Company, LP (“Siguler Guff”) along with existing lender Hudson Structured Capital Management Ltd. (conducting its re/insurance business as HSCM Bermuda).

 

This increases the total to $35 million. The proceeds of the deal provide capital to support the company’s distribution of its signature gig insurance products and the significant growth of business on its carriers, along with Buckle’s strategy of utilizing a portfolio of reinsurance partnerships across all programs. This transaction brings the total capital raised by Buckle to date to approximately $115 million.

“Today’s announcement underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we advocate for the economic independence of our drivers,” said Marty Young, chief executive officer of Buckle. “The recent expansion of our gig product across Maryland and Nevada, as well as our ongoing support of our members helps us bolster the success of these drivers.”

 

“We’re thrilled to begin a relationship with Buckle, an emerging leader in the gig insurance space. The deep industry experience of the team, scalability of the platform, and its focus on a unique segment of the market makes Buckle an exciting partner for our investment,” said Ray Miller, managing director, Credit and Special Situations at Siguler Guff.

 

“Our ongoing relationship with Buckle has gone from strength to strength, and we are pleased to provide additional surplus capital to Buckle as they achieve their vision and growth,” said Rachel Bardon, partner and chief actuary at HSCM Bermuda.

 

Buckle is making insurance affordable and easy to obtain for rideshare and delivery drivers by addressing gaps in conventional policies that leave gig workers underinsured. The company also partners with firms that support other transportation audiences to align the efforts of stakeholders across the insurance ecosystem.

 

In 2019, Buckle launched its core rideshare insurance policy that combines personal and commercial coverages. In 2020, the company announced the acquisition and recapitalization of Gateway Insurance Company (Gateway), and in 2021 acquired and recapitalized American Service Insurance Company and American Country Insurance Company to obtain the 49 state insurance licenses the company is utilizing today. Through Gateway, Buckle is expanding insurance coverage to include transportation network companies (TNCs) and delivery network companies (DNCs), as well as traditional taxi, limo, and livery businesses.

 

Over the past three months, Buckle has successfully extended all expiring reinsurance with its incumbent reinsurers in addition to adding a key new reinsurer.

 

“We are proud of the breadth and depth of our ongoing reinsurance partnerships. These renewals speak to the strength of Buckle’s business model, the value our reinsurers see in our approach, and the expertise we bring to the table,” said James Camerino, head of strategic partnerships for Buckle.

 

Buckle’s growth trajectory includes planned expansion across insurance and credit products as well as additional partnerships as it expands nationwide.

 

About Siguler Guff

Siguler Guff is a leading global multi-strategy private markets investment firm which, together with its affiliates, has approximately $16 billion of assets under management, as of December 31, 2021, and over 25 years of investment experience. Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Siguler Guff’s core investment strategies include opportunistic and private credit, small business private equity, distressed real estate and emerging markets. Siguler Guff’s investment products include direct investment funds, multimanager funds and customized separate accounts.

 

About Hudson Structured Capital Management Ltd.

Hudson Structured Capital Management Ltd., conducting its re/insurance investment management business as HSCM Bermuda (“HSCM”), is an asset manager focused on alternative investments seeking mezzanine level returns. HSCM focuses on the Re/Insurance and Transportation sectors. HSCM launched in 2016, and as of January 1, 2022 had more than $3 billion in assets under management and committed capital. HSCM focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information, please visit www.hscm.com.

 

About Buckle

Buckle is the digital financial services company providing affordable insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers covering personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Postmates, Caviar, and more. Buckle also offers insurance solutions for select partners. Connect with us on Facebook, Twitter, LinkedIn, and www.buckleup.com.

Contacts

Media:

Erica Netzley

media@buckleup.com
(726) 262-5969

Categories
Business Lifestyle

Velodyne Lidar wins 2022 SXSW Innovation Award

Velodyne’s Intelligent Infrastructure Solution Selected as Best-in-Class in Smart Cities, Transportation & Delivery Awards Category

 

SAN JOSE, Calif. — (BUSINESS WIRE) — #VelodyneLidarVelodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) recently announced its Intelligent Infrastructure Solution won the 2022 SXSW Innovation Awards by the South by Southwest® (SXSW®) Conference and Festivals. Velodyne’s smart city solution was recognized for its exemplary innovation in the Smart Cities, Transportation & Delivery Awards category.


Intelligent Infrastructure Solution (IIS) delivers traffic monitoring and analytics to improve road safety, efficiency and air quality, and help cities plan for smarter, safer transportation systems. The full stack solution, combining Velodyne’s award-winning lidar sensors and Bluecity’s AI software, is deployed across three continents, including systems rolled out in Texas, Florida, Nevada, California, New Jersey, Missouri and Canada. Among these implementations is Austin, Texas, home of SXSW, where the city is using IIS to assess traffic conditions and identify proactive safety measures that can be taken to help save lives.

 

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

 

“The SXSW Innovation Award provides further validation for the breakthrough capabilities of Velodyne’s Intelligent Infrastructure Solution in solving traffic and safety challenges,” said Sally Frykman, Chief Marketing Officer, Velodyne Lidar. “We are working with cities like Austin to help them achieve their Vision Zero goal of eliminating traffic fatalities and severe injuries. IIS allows cities like Austin to implement street improvements, policy changes and educational efforts that will protect vulnerable road users. IIS advances Velodyne’s mission of creating smart technologies for a world in motion and their vision of science in service of safety.”

 

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

 

Velodyne’s Intelligent Infrastructure Solution

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

 

About Velodyne Lidar

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

 

Forward-Looking Statements

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

Contacts

Velodyne Investor Relations

InvestorRelations@velodyne.com

Media

Codeword

Liv Allen

velodyne@codewordagency.com

Categories
Business Science

HMP Partners invests in Tevogen Bio™

WARREN, N.J. — (BUSINESS WIRE) — #CD8Tevogen Bio, a clinical stage biotechnology company developing cell and gene therapies in virology, oncology, and neurology, recently announced it has completed a strategic investment by HMP Partners of New Jersey, a life sciences investment firm managed by medical doctors.

Tevogen’s next generation precision T cell platform is designed to provide increased target specificity to eliminate malignant and viral infected cells, while allowing healthy cells to remain intact. Multiple targets are selected in advance with the goal of overcoming mutational capacity of cancer cells and viruses. The potentially disruptive technology is designed to allow development of unmodified T cell therapeutics from a single donor to treat hundreds of patients sharing the same human leukocyte antigen (HLA) type, without the need for specialized medical facilities. Tevogen believes that this “off-the-shelf” convenience will make it possible to develop T cell therapies with greater convenience, unprecedented speed, and at a much lower cost than currently available platforms, such as CAR-T. This creates an opportunity to dramatically improve health outcomes for large patient populations battling common life-threatening cancers and viral infections.

 

Tevogen intends to use the net proceeds from the investment to expedite expansion of Tevogen’s development pipeline and to support accelerated development of Tevogen’s lead product candidate. The candidate, TVGN-489, is a COVID-19-specific CD8+ T lymphocyte (CTL) investigational product, currently in proof-of-concept trial that recently passed its midway point. TVGN-489 is a highly purified product designed to detect proteins that are spread across the entire viral genome and found across COVID-19 variants. In addition, TVGN-489 is designed not to be susceptible to spike mutations as the targets are selected from the entire genome.

 

Tevogen believes that therapeutic approaches to date have not harnessed CD8+ Cytotoxic T-Lymphocytes, also known as killer T cells to their full potential for clinical application. Currently available approaches include both genetically unmodified T cells applied to the treatment of viruses early after transplant and genetically modified CAR-T cells used to treat a selected subset of malignancies.

 

Tevogen CEO Ryan Saadi, M.D., M.P.H., said, “We are excited to continue to partner with this exceptional group of investors who, as medical experts, are keenly in tune with what we see as the vast potential of personalized CD8+ Cytotoxic T lymphocytes for therapeutic purposes. The Tevogen team has developed an innovative technology that we believe will enable development of affordable T cell therapies for millions of patients suffering from cancers and viral infections, and we are gratified that HMP Partners has invested again.”

 

“We have experienced how disruptive technologies like Tevogen’s precision T cell platform can bring profound changes to medicine and are impressed by the accomplishments and business acumen Tevogen leadership has shown in a short 18 months,” said Hema Patel, Managing Partner of HMP Partners. “We are excited to make another investment in Tevogen’s ingenuity and are hopeful Tevogen’s novel business model built on bringing life-saving therapies to large patient populations will become the gold standard in the biopharma industry and usher in a new frontier of medicine. We believe Tevogen has significant potential, and based on a discounted cash flow analysis, think the company’s valuation even today could be in excess of $5 billion.”

 

About Tevogen’s Next Generation Precision T Cell Platform

Tevogen’s next generation precision T cell platform is designed to provide increased specificity to eliminate malignant and viral infected cells, while allowing healthy cells to remain intact. Multiple targets are selected in advance with the goal of overcoming mutational capacity of cancer cells and viruses.

 

Tevogen believes its technology has the potential to overcome the primary barriers to the broad application of personalized T cell therapies: potency, purity, production-at-scale, and patient-pairing, without the limitations of current approaches. Tevogen’s goal is to open the vast and unprecedented potential of developing personalized immunotherapies for large patient populations impacted by common cancers and viral infections.

 

About Tevogen Bio

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

 

About HMP Partners

HMP Partners of New Jersey is a life-sciences investment fund formed by a consortium of medical doctors who are dedicated to supporting the advancement of potentially life-saving technologies.

 

Forward Looking Statements

This press release contains certain forward-looking statements relating to Tevogen Bio™ Inc (the “Company”) and its business. These statements are based on management’s current expectations and beliefs as of the date of this release and are subject to a number of factors which involve known and unknown risks, delays, uncertainties and other factors not under the Company’s control that may cause actual results, performance or achievements to be materially different from the results, performance or other expectations implied by these forward-looking statements. Forward-looking statements can sometimes be identified by terminology such as “may,” “will,” “should,” “intend,” “expect,” “believe,” “potential,” “possible,” or their negatives or comparable terminology, as well as other words and expressions referencing future events, conditions, or circumstances. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, there can be no assurance that the statement or expectation or belief will be achieved. Various factors may cause differences between the Company’s expectations and actual results, including, among others: the Company’s limited operating history; uncertainties inherent in the execution, cost and completion of preclinical studies and clinical trials; risks related to regulatory review and approval and commercial development; risks associated with intellectual property protection; and risks related to matters that could affect the Company’s future financial results, including the commercial potential, sales, and pricing of the Company’s products. Except as required by law, the Company undertakes no obligation to update the forward-looking statements or any of the information in this release, or provide additional information, and expressly disclaims any and all liability and makes no representations or warranties in connection herewith or with respect to any omissions herefrom.

Contacts

Media Contact:
Katelyn Joyce

Corporate Communications Lead

Katelyn.joyce@tevogen.com