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AM Best Affirms Credit Ratings of American Family Mutual Insurance Company, S.I., Its Affiliates and American Family Life Insurance Company

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AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of a+ of American Family Mutual Insurance Company, S.I. (American Family) (Madison, WI) and its affiliates. In addition, AM Best has affirmed the Long-Term Issue Credit Rating of bbb+ to the $70 million 7.25% 20 year surplus notes of affiliate, NGM Insurance Company (Jacksonville, FL). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of a+ of American Family Life Insurance Company (AFLIC) (Madison, WI). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

The ratings of American Family reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

American Familys balance sheet strength assessment is derived from its risk-based capitalization also being at the strongest level, as well as from historically consistent surplus growth and favorable reserving. Operating performance has been driven by consistent investment income, realized capital gains and fee income partially offset by underwriting losses. Underwriting results have improved year-over-year and are expected to return to more favorable historical norms, as the group recognizes improvements from rate changes and expense management. In addition, the organizations growing geographic, product and distribution mix further support the business profile assessment following the merger with Main Street America Group and acquisition of Connect Auto & Home (formerly Ameriprise Auto & Home).

The ratings of AFLIC reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect support the company receives from its parent, American Family Insurance Mutual Holding Company.

AFLIC paid $570 million in dividends to American Family in 2018 and 2019, but its balance sheet remained in line with AM Bests assessment. Future dividend activity may impact AM Bests assessment negatively. AFLIC has a long-term trend of steady, positive earnings.

The FSR of A (Excellent) and the Long-Term ICRs of a+ have been affirmed with a stable outlook for the following affiliates of American Family Mutual Insurance Company, S.I.:

  • American Family Insurance Company
  • American Standard Insurance Company of Ohio
  • American Standard Insurance Company of Wisconsin
  • Austin Mutual Insurance Company
  • The General Automobile Insurance Company, Inc.
  • Grain Dealers Mutual Insurance Company
  • Homesite Indemnity Company
  • Homesite Insurance Company of California
  • Homesite Insurance Company of Florida
  • Homesite Insurance Company of Georgia
  • Homesite Insurance Company of Illinois
  • Homesite Insurance Company of New York
  • Homesite Insurance Company of the Midwest
  • Homesite Insurance Company
  • Homesite Lloyds of Texas
  • Main Street America Assurance Company
  • Main Street America Protection Insurance Company
  • Midvale Indemnity Company
  • MSA Insurance Company
  • NGM Insurance Company
  • Old Dominion Insurance Company
  • Permanent General Assurance Corporation of Ohio
  • Permanent General Assurance Corporation
  • Spring Valley Mutual Insurance Company

This press release relates to Credit Ratings that have been published on AM Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.

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

Copyright 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Joni Cerbone, CPA

Senior Financial Analyst—P/C

+1 908 439 2200, ext. 5726

[email protected]

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Louis Silvers

Senior Financial Analyst—L/H

+1 908 439 2200, ext. 5802

[email protected]

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

[email protected]

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Huawei Releases Banking Resilience Index for 2020 and Beyond

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Measuring the Banking Industry’s Rises to the New Normal

SHANGHAI, Sept. 27, 2020 /PRNewswire/ — At HUAWEI CONNECT 2020, International Data Corporation (IDC), the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets, along with Huawei, have released a major White Paper titled "Banking Industry Rises up to the New Normal".  In this paper, IDC and Huawei survey the impact that Covid-19 has had on the banking industry and outlines steps that should be taken by banks to ensure their future success.  As part of this report, IDC and Huawei has developed a Banking Resilience Index, which quantifies the current status of banking by region in terms of six key measures.  This Index shows major regional differences and can be used by banks to assess their own Resilience and provides guidance for where to focus for future success.

At HUAWEI CONNECT 2020, Huawei and its partners are showing the wide range of FSI solutions, including Financial Cloud, smart branches, digital CORE and intelligent data platforms.  These solutions allow banks to reduce costs, increase agility to the rapidly changing FSI environment, attract and retain customers and position themselves against emerging competitors.  The recent disruptions to everyday life have moved the focus of financial services to Mobile and Huawei has been a leader in supporting the move to mobile interactions globally, based on the early experiences in China.  The insights we are sharing are allowing financial customers globally to respond and support customers in these trying times.

These experiences led Huawei to work with IDC on this report.  Some of the major findings in the report concern the financial impact of the pandemic on bank’s balance sheets, the exponential increase in digital payments from mobile devices and the dramatic shift in the role of branches in banking services.  In looking to the future, IDC finds that efforts should concentrate on:

Channel Upgrades – moving to a completely digital customer journey,
Communication Rethink – changing how services are delivered to customers,
Infrastructure Overhaul – building on hybrid cloud and microservices,
Data and Analytics Redefinition – building robust data lake and AI capabilities,
Workflow Reimagining – moving beyond paper and PCs to mobile workflows, and
Platform Transformation – incorporating emerging technologies such as 5G, AI and IoT, etc.

Taken together, the Banking Resilience Index and the focus areas, provide guidance for banks as they deal with the continuing challenges of "The New Normal".

Huawei will continue to expand its engagement with the world’s leading financial organizations and the insights provided by this report will provide a solid foundation for that work.

To download the white paper, please click the link: https://e.huawei.com/en/solutions/industries/smart-finance/banking-industry-rises-up-to-the-new-normal

HUAWEI CONNECT 2020 is an annual flagship event hosted by Huawei for the global ICT industry, and is being held in Shanghai from September 23 to 26, 2020. For more information, please visit:
https://www.huawei.com/en/events/huaweiconnect2020/

Related Links :

http://www.huawei.com/cn

http://www.huawei.com

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FIRSTENERGY 48 HOUR DEADLINE ALERT: ClaimsFiler Reminds Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against FirstEnergy Corp. – FE

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ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until September 28, 2020 to file lead plaintiff applications in a securities class action lawsuit against FirstEnergy Corp. (NYSE: FE), if they purchased the Companys shares between February 21, 2017 and July 21, 2020, inclusive (the Class Period). This action is pending in the United States District Court for the Southern District of Ohio.

Get Help

FirstEnergy investors should visit us at https://www.claimsfiler.com/cases/view-firstenergy-corp-securities-litigation or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

FirstEnergy and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 21, 2020, federal law enforcement officials announced the arrest of Ohio House Speaker Larry Householder and others in connection with a $60 million racketeering and bribery scheme designed to ensure the passage of legislation that included a billion-dollar bailout of two failing nuclear power plants owned by the Companys former subsidiary and operated by the Company. Further, the Company disclosed the same day that it had received subpoenas in connection with the investigation, which is ongoing.

On this news, the price of FirstEnergys shares plummeted.

The case is Owens v. FirstEnergy Corp., No. 20-cv-3785.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

ClaimsFiler

Lewis Kahn, 844-367-9658

https://www.claimsfiler.com

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Vancouver Eyewear Company KITS Partners With Professional Tennis Player and Kits Beach Athlete, Vasek Pospisil

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KITS, Canadas fastest growing eyecare brand, announced today its partnership with Kitsilano-based tennis star Vasek Pospisil. The partnership marks the companys dedication to supporting Canadian athletes.

Inspired by the athletes history, where growing up he trained on the courts at Kits Beach Tennis Club, and the important connection between tennis and eye health, this partnership is the beginning of the companys commitment to supporting Canadian athletes. As part of the partnership, KITS is supporting Vaseks journey as he builds on his 4th round finish at the US Open and competes in the upcoming French Open and beyond.

To play at the top of your game, you need hard work, a strong purpose, and a great team, said Vasek Pospisil of the partnership with KITS. Im excited to partner with the KITS team, who are fueled by the purpose of building a better eyecare experience for customers in Canada and beyond. When I need to see the ball better, I go to KITS. We also both share a love of Kitsilano, and love the energy, style and community that comes together there.

Vasek Pospisils career success saw him win the Wimbledon Doubles Championship in 2014, and more recently progress to the 4th round at the US Open in early September 2020. He is now preparing to compete in the French Open from September to October 2020. Pospisil hails from Vancouvers iconic Kitsilano neighborhood, marking a special connection to the eyewear brand inspired by the same name.

KITS is currently the only online vision company to support a Canadian athlete. Following Pospisils success in the US Open and performance in the French Open, the KITS partnership is a true celebration of the homegrown talent and the sport of tennis.

Were so proud to partner with such a talented athlete from our very own Kitsilano neighbourhood, said Roger Hardy, co-founder and CEO of KITS. Tennis is a sport that is all about the eyes and the importance healthy eyes play into overall health and wellbeing. This partnership is a great representation of the beauty of Kitsilano, where the snowcapped mountains meet the ocean.

Pospisil can be spotted in a KITS-branded jersey for the remainder of the season, including in the French Open as a display of his hometown pride. For more information, visit KITS.com.

About KITS

KITS is the future of eyecare. KITS is revolutionizing the eyecare category by offering virtual try-ons and a variety of styles that complement any look. KITS is headquartered in Vancouver, BC with its manufacturing facility located in Richmond, BC. This local approach enables the company to manufacture and ship glasses quickly, often delivering within 1-2 days, at an affordable price while growing the local economy through rapid job creation. For more information on KITS, visit www.kits.com, and follow along on Instagram and Facebook using the hashtag #ItsKITS.

Kelsi Tsatouhas

Public Relations Manager

+1 (604) 786-2273

[email protected]

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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