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McLarens Acquires Leading New Zealand Claims Services Company CNZ Group

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McLarens, a leading, global independent insurance services provider, is pleased to announce the strategic acquisition of CNZ Group Holdings Limited (CNZ Group), and its subsidiaries, which combined, is one of the largest multi-discipline full-service loss adjusting, claims and repair management businesses operating in New Zealand. Headquartered in Auckland, CNZ Group was heretofore an employee-owned and operated affiliate of Crawford & Company.

With a nationwide 26-office presence in New Zealand, CNZ Groups team of more than 200 employees provides full-service claims handling and dispute resolution, across multiple business lines including property, business interruption, construction & engineering, casualty, motor, marine and professional building consultancy. The company also maintains a broad supplier network for reinstatement services in the country.

Natural Strategic Fit

The acquisition represents a perfect fit with McLarens focus on expanding its global footprint in strategic geographic markets and builds on McLarens strong existing presence in Australia and the Pacific Islands. CNZ Group and its operating companies will contribute significant scale to McLarens loss adjusting and claims management business with added technical expertise, innovative technology, and international CAT management capabilities.

CNZ Group will become a part of McLarens global core loss adjusting and claims management services operating under the McLarens brand. The business will continue to be led by Dean Garrod, as Managing Director, McLarens New Zealand, supported by CNZ Groups current senior staff who will remain in their existing roles.

At McLarens, we remain committed to providing the highest quality claims management and loss adjusting services to our global clients. Our team constantly seeks to add value either through new specialty service offerings, technology solutions or extending our presence into new attractive markets, said Gary Brown, Chief Executive Officer of McLarens. CNZ Group compliments this commitment to our clients and is a perfect fit with our growth strategy. The company has strong leadership and has made significant investments in innovative technology and infrastructure. Their sound reputation is recognized throughout New Zealand and the Pacific Islands, and is associated with quality, innovation, dependability, and the best customer service. We are excited to add the CNZ Group to the McLarens family.

We welcome the acquisition and are delighted to join McLarens. McLarens keen interest in entrepreneurial spirit and drive for innovative solutions creates the perfect mix as a global partner to help us take CNZ Group to the next level, added Dean Garrod, CEO at CNZ Group. Our two companies are incredibly similar in their culture and business approach. Over the past 25 plus years, our talented adjusting and management team has embraced a service led approach and has built a leading loss adjusting and claims management company in New Zealand. We continue to innovate, expand and diversify to deliver for our customers. McLarens has a lot of experience and technical knowledge and a well-documented track record of success, which aligns perfectly with CNZ and its team. The combination of unparalleled expertise and innovative solutions across the claims spectrum creates an exciting opportunity to maximize our potential. The entire CNZ team is excited and ready to bring our combined loss adjustment and claims management business under the McLarens brand in New Zealand.

Transaction Details

McLarens purchased 100% of the equity of CNZ Group. Financial terms of the transaction were not disclosed.

Advisors

McLarens retained Chapman Tripp as their legal advisors, while CNZ Group retained Buddle Findlay as Legal advisors and KPMG Corporate Finance in connection with this transaction.

About McLarens:

Founded in 1931, McLarens is a leading independent global insurance services provider with offices and operations strategically located in 40 countries around the world. With a focus on complex, commercial and niche markets, the company provides loss adjusting, claims and risk management services, as well as auditing and pre-risk surveying. McLarens global footprint enables it to provide streamlined consistent service to clients across the world, while at the same time delivering local expertise and responsive service. The companys expert adjusters have an average of over 20 years experience, operating across a range of industries with specialties including: Property, Crisis Management, Natural Resources, Construction & Engineering, Natural Resources, Agriculture, Aviation, Casualty, Marine, FAJ & Specie, Global TPA Services and Environmental consulting services. For more information, please visit: www.mclarens.com.

Svy Nekrasas | McLarens

Vice President, Global Marketing & Communications

[email protected]

+1 770-872-7577| office

+1 470-417-5229| mobile

Sarah Collis | McLarens New Zealand

Marketing & Comms Coordinator

[email protected]

+64 9 300 5951| office

 

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Businesses Say Additional Government Stimulus is a Top Priority this Election Year, Paychex Study Reveals

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ROCHESTER, N.Y., Oct. 30, 2020 /PRNewswire/ — Additional government stimulus remains a top priority for businesses as the election nears. According to new research from Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions for 680,000 small- and medium-sized businesses, 49 percent of businesses strongly support stimulus that would waive the penalty for early retirement withdrawals, followed closely by stimulus options for tax credits for personal protective equipment (PPE) (46 percent) and liability protection for COVID-19-related lawsuits (46 percent). Ranking fourth out of the options surveyed, 44 percent of businesses strongly support a second round of Paycheck Protection Program (PPP) loans.

"For many businesses, the first round of federal stimulus made the difference between staying open and closing their doors, between keeping their staff on payroll and being forced to make layoffs. As COVID-19 cases once again begin to rise throughout the country, a second stimulus bill will provide enhanced stability for businesses as they plan for the future," said Martin Mucci, Paychex president and CEO.

COVID-19 response ranks highest on the list of top election-year issues for business owners (63 percent), followed by healthcare and tax reform (both 55 percent). When asked about their current top challenge, businesses of all sizes are struggling to cope with economic uncertainty and public health uncertainty – 40 percent say each of those issues are very challenging – followed closely by finding new customers (37 percent).

Despite the challenges, 63 percent of businesses say they have ample cash reserved to survive the remainder of the pandemic; and 72 percent agree they have the resources to implement and enforce measures to keep employees and customers safe and healthy during the COVID-19 pandemic.

As part of the study, Paychex polled 500 randomly selected business owners with 1-500 employees from September 11 to October 1, 2020. Insights from the survey included:

Continued Impact of COVID-19

  • Overall, 48 percent of businesses report being at least somewhat negatively impacted by COVID-19, though 29 percent say COVID-19 has had no effect on their business, and 23 percent report a positive impact.
  • Broken down by business size, 49 percent of very small businesses (1-19 employees) and 45 percent of small businesses (20-99 employees) report being at least somewhat negatively impacted by COVID-19 compared to only 19 percent of mid-sized business (100-500 employees).

Stimulus Needs

  • Most businesses strongly support waiving the penalty for early retirement withdrawals (49 percent) followed closely by tax credits for PPE (46 percent), liability protection for COVID-19-related lawsuits (46 percent), and a second round of PPP loans (44 percent).
  • Very small businesses most strongly support waiving the penalty for early retirement withdrawals as a stimulus option (49 percent), small businesses are split between tax credits for PPE (53 percent) and liability protection for COVID-19 related lawsuits (53 percent), and mid-sized businesses most strongly support tax credits for PPE (68 percent).

Election Year Issues

  • General COVID-19 response is the most important election-year issue (63 percent). Ranking second and third are healthcare (55 percent) and tax reform (55 percent).
  • Mid-sized businesses also ranked changes in federal government regulations as very important (67 percent) as well as additional economic stimulus (66 percent).

Business Challenges

  • Businesses of all sizes are most challenged by coping with economic uncertainty – 40 percent say it's very challenging – as well as coping with public health uncertainty (40 percent) and finding new customers (37 percent).
  • Very small businesses are challenged most by coping with economic uncertainty, small businesses are struggling to find good employees, and mid-sized businesses are struggling to retain good employees.

For more data insights from this survey, visit this Paychex WORX article. Following the election, Paychex will be hosting a webinar featuring experts from its government relations and compliance team to help business owners understand the implications of the top election issues on their business. The webinar will take place on November 20, at 1:30 p.m. ET. Register here to participate: https://pages.paychex.com/2020-election-webinar.html

Paychex has taken a leadership role in helping businesses navigate the COVID-19 pandemic with its comprehensive COVID-19 Help Center, extensive HR support for clients, and technology enhancements to address pandemic-related challenges. Here's an overview of how Paychex is supporting businesses and clients during this time:

  • COVID-19 Help Center: Paychex's COVID-19 Help Center offers comprehensive support to help businesses through every phase of the COVID-19 pandemic, from solidifying finances to decoding how new regulations impact employees. Highlights include:
  • State-Specific Resources: Through a click on a map, users can access webinars, checklists, articles specific to their state regarding guidance on re-opening, paid leave laws, furloughs and layoffs, out-of-state travel restrictions, and more.
  • Reopening Guidance: These resources help businesses resume operations with confidence, including detailed information about staffing considerations and workplace safety and privacy considerations.
     
  • Expert HR support: The experienced HR professionals at Paychex go beyond best practice to develop and deliver effective HR recommendations based on the unique circumstances and business needs of the client. 
     
  • Technology solutions to address pandemic-related challenges, including:
    • Cashflow disruption: To date, Paychex has populated 500,000 PPP reports for customers and helped them secure $28 billion in PPP loans with the PPP Application Report, forgiveness calculator, and signature-ready application capability.
    • Remote workforce support: HR Conversations in Paychex Flex® enables virtual employee-management dialog, allowing managers to track employee interactions, and conduct pulse check-ins to ensure workload balance, safety, and well-being. HR Connect can be used by employees and managers to raise and address all types of concerns.
    • Employee health and safety: Paychex has developed tools to help employers track and report on COVID-19-related incidents, requests, and employee health attestations, as well as providing access to COVID-19 screening resources for employees.

    For more information on how COVID-19 support from Paychex can help your business, visit www.paychex.com

    About the SMB Pulse Survey
    Paychex polled 500 randomly selected business owners with 1-500 employees. The survey was fielded September 11 to October 1, 2020 and was administered online by Bredin, a third-party research firm, and yielded a +/- 4.00% margin of error.

    About Paychex
    Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

    Media Contact
    Emily DePerrior
    Public Relations Program Lead
    Paychex, Inc.
    585-387-6432
    [email protected] 
    @PaychexNews

    Colleen Bennis
    Mower
    (585) 389-1865
    [email protected]

    "Cision" View original content to download multimedia:http://www.prnewswire.com/news-releases/businesses-say-additional-government-stimulus-is-a-top-priority-this-election-year-paychex-study-reveals-301163949.html

    SOURCE Paychex, Inc.

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    USAA Appoints Dona Young to Board of Directors

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    SAN ANTONIO, Oct. 30, 2020 /PRNewswire/ — USAA has added Dona Young to its Board of Directors.  Ms. Young will serve as a member of the Nominating and Governance, Audit, and Compensation and Workforce committees. 

    Ms. Young has extensive experience in insurance and financial services including a focus on leadership and talent development. She is the former chair, chief executive officer and president of Phoenix Companies. Currently, she serves as an independent Director on the Supervisory Board of Aegon NV and chair of its risk committee as well as on the Advisory Board of Spahn & Rose Lumber Company. She is also a Lead Independent Director for Foot Locker and a Director on the boards of Save the Children, USA, Save the Children Association and Save the Children International. She also serves on the Board of the National Association of Corporate Directors and chairs the Nominating and Governance Committee.

    "I am honored to serve on the USAA Board of Directors and look forward to working with my colleagues in support of USAA's mission and service to members," Young said. "I am inspired by USAA's nearly 100 years of support to the military community and committed to contributing to that legacy."

    She previously served on the board of Sonoco Products Company, Wachovia, Godspeed Opera House, Hartford Hospital and Harford Healthcare Corporation, The Connecticut Science Center, and Wittenberg University. 

    Ms. Young graduated with a B.A. and M.A. in Political Science from Drew University and a J.D. from the University of Connecticut Law School.  

    "Dona has a passion for serving our military community and members. She brings a tremendous amount of financial, insurance and risk expertise to the USAA Board as we help ensure USAA is well-positioned to serve members for generations to come," said USAA Chairman Adm. Thomas B. Fargo, USN (ret.). 

    About USAA

    Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com. 

    Contact: USAA Media Relations
    [email protected]
    210-498-0940
    USAA on Twitter: @usaa

    "Cision" View original content to download multimedia:http://www.prnewswire.com/news-releases/usaa-appoints-dona-young-to-board-of-directors-301163952.html

    SOURCE USAA

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    The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Mesoblast Limited (MESO)

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    LOS ANGELES, Oct. 30, 2020 /PRNewswire/ — The Law Offices of Frank R. Cruz reminds investors of the upcoming December 7, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Mesoblast Limited ("Mesoblast" or the "Company") (NASDAQ: MESO) securities between April 16, 2019 and October 1, 2020, inclusive (the "Class Period").

    If you are a shareholder who suffered a loss, click here to participate.

    In early 2020, Mesoblast completed its rolling submission of its Biologics License Application ("BLA") with the FDA to secure marketing authorization to commercialize remestemcel-L for children with steroid refractory aGVHD.

    On August 11, 2020, the FDA released briefing materials for its Oncologic Drugs Advisory Committee ("ODAC") meeting to be held on August 13, 2020. Therein, the FDA stated that Mesoblast provided post hoc analyses of other studies "to further establish the appropriateness of 45% as the null Day-28 ORR" for its primary endpoint. The briefing materials stated that, due to design differences between these historical studies and Mesoblast's submitted study, "it is unclear that these study results are relevant to the proposed indication."

    On this news, the Company's share price fell $6.09, or approximately 35%, to close at $11.33 per share on August 11, 2020, on unusually heavy trading volume.

    On October 1, 2020, Mesoblast disclosed that it had received a Complete Response Letter ("CRL") from the FDA regarding its marketing application for remestemcel-L for treatment of SR-aGVHD in pediatric patients. According to the CRL, the FDA recommended that the Company "conduct at least one additional randomized, controlled study in adults and/or children to provide further evidence of the effectiveness of remestemcel-L for SR-aGVHD." The CRL also "identified a need for further scientific rationale to demonstrate the relationship of potency measurements to the product's biologic activity."

    On this news, the Company's stock fell $6.56, or 35%, to close at $12.03 per share on October 2, 2020, on unusually heavy trading volume.

    The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that comparative analyses between Mesoblast's Phase 3 trial and three historical studies did not support the effectiveness of remestemcel-L for steroid refractory aGVHD due to design differences between the four studies; (2) that, as a result, the FDA was reasonably likely to require further clinical studies; (3) that, as a result, the commercialization of remestemcel-L in the U.S. was likely to be delayed; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

    Follow us for updates on Twitter: twitter.com/FRC_LAW.

    If you purchased or otherwise acquired Mesoblast securities during the Class Period, you may move the Court no later than December 7, 2020 to request appointment as lead plaintiff in this putative class action lawsuit.  To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

    This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

     

    "Cision" View original content to download multimedia:http://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-mesoblast-limited-meso-301161778.html

    SOURCE The Law Offices of Frank R. Cruz, Los Angeles

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