Latest news with #DanielRyan
Yahoo
29-05-2025
- Business
- Yahoo
AM Best Removes From Under Review With Developing Implications and Upgrades Credit Ratings of Velocity Specialty Insurance Company
OLDWICK, N.J., May 29, 2025--(BUSINESS WIRE)--AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of Velocity Specialty Insurance Company (VSIC) (Wilmington, Delaware). The outlook assigned to these Credit Ratings (rating) is stable. The ratings reflect VSIC'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 removal from under review with developing implications and rating upgrades reflect the completion of VSIC's acquisition by FM Group (FM) in early May 2025. Due to the implicit and explicit support received as a recently acquired entity, as well as the higher ratings and larger capital base of its new parent, a notch of rating enhancement was extended to VSIC's Long-Term ICR. FM intends to utilize VSIC to add excess and surplus lines capabilities to augment its core business and broaden its reach in the middle market property segment. In addition, technology and analytical innovations created at VSIC are expected to be integrated into FM's businesses, where applicable. The company also benefits from FM participating as a quota share reinsurer on its most recent program. 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Connor Brach, CFA, FRM Associate Director +1 908 882 1668 Daniel Ryan Senior Director +1 908 882 2290 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
22-05-2025
- Business
- Associated Press
AM Best Downgrades Credit Ratings of Southern States Insurance Exchange
OLDWICK, N.J.--(BUSINESS WIRE)--May 22, 2025-- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'a' (Excellent) of Southern States Insurance Exchange (SSIE) (Richmond, VA). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect SSIE'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 (ERM). The rating downgrades reflect the change in the company's operating performance assessment to adequate from strong following continued volatility in underwriting and operating results in recent years, due primarily to a culmination of overall claims inflation, large losses, higher reinsurance costs and rate adequacy challenges given the aforementioned. The company also suffered higher-than-normal losses from weather-related events in 2023 and 2024 and posted adverse prior-year reserve development in 2024. Weaker-than-expected underwriting results from its workers' compensation line of business, added to the deterioration in SSIE's key profitability ratios since 2021. Beginning in 2023, several corrective actions were taken to restore profitability to pre-2023 levels via improved pricing, risk selection, enhanced customer safety and loss control initiatives. Actions taken by management in 2023 and 2024 are expected to stabilize underwriting and operating results over time. SSIE's balance sheet strength is supported by its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and conservative underwriting and loss reserve leverage measures. The business profile assessment reflects the company's niche market in agricultural industry and geographic concentration in mid-Atlantic and Southeast U.S. states. ERM remains appropriate and in line with its risk profile. 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Fred Eslami Associate Director +1 908 882 1759 [email protected] Daniel Ryan Senior Director +1 908 882 2290 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/22/2025 10:21 AM/DISC: 05/22/2025 10:21 AM
Yahoo
07-05-2025
- Business
- Yahoo
San Francisco-based food company bringing pork alternative to stores
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways The Brief A new pork alternative is coming to San Francisco grocery stores. The creator of the pork alternative, Mission Barns, is also bringing bacon to stores this year. KTVU got an inside look at the company's test kitchen. SAN FRANCISCO - A San Francisco-based food company is the first in the nation to bring its cell-cultivated pork to grocery stores this year. KTVU got an inside look—and a taste test—at the company's kitchen. Inside the Mission Barns test kitchen in San Francisco, Chef Daniel Ryan is cooking up something new. "The meatball will be our first product," Daniel Ryan, Director of Product Development, told KTVU. The meatball in question is composed of a cell-cultivated pork alternative, made Italian-style. In March, Mission Barns received federal approval to bring its cell-cultivated pork directly to consumers, a process that took three years. So what's the difference between Mission Barns' pork and what we've been consuming? They say, not much. "The cell material is real pork fat, and it acts as a portion of the fat, just like it would in real meatballs," Ryan said. "Our product has an amazing record in terms of food safety. That's a result of some of the handling of the cellular material. And the rest is comprised of plant-based material." Meet Dawn The backstory This pig is named Dawn. She's just like any other pig. But her cells can be turned into pork products in the Mission Barns lab again and again. Allowing dawn to live out her life in a sanctuary in upstate New York, all while her cells help make food. The Mission Barns team says their product is a more sustainable option, while still tasting good. "Probably my favorite attribute of it, is that after you finished chewing it and swallowing it, the coating it leaves on your mouth," Saam Shahrojhi, Chief Technology Officer, Mission Barns said. The team is also planning to release bacon this year, which they hope will make a big splash. "The Bay Area is the hub of innovation so being able to bring my skillset to a company like this and produce food that could feed the masses one day is a very exciting opportunity," Ryan told KTVU. If you are interested in trying Mission Barns products, they will be available at Sprouts and Fiorella, coming soon.
