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Business Wire
3 days ago
- Business
- Business Wire
AM Best Revises Outlooks to Negative for Heartland National Life Insurance Company
BUSINESS WIRE)-- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' (Good) of Heartland National Life Insurance Company (HNL) (Indianapolis, IN). The Credit Ratings (ratings) reflect HNL's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The revised outlooks reflect downward pressure on the company's overall balance sheet strength assessment due to significant annuity growth that has outpaced excess risk-adjusted capitalization, which has been supported by high third-party reinsurance dependence. AM Best notes that HNL has signed an indicative term sheet with a third-party investment group, which may acquire a minority stake in HNL, by making equity contributions that would significantly enhance its absolute and risk-adjusted capital levels. The overall amount of capital contributions also depends on HNL selling or reinsuring part of its supplemental accident and health (A&H) insurance block to another strategic partner, which would unlock additional capital, enhance near-term earnings under management's projections through a favorable ceding commission(s) and diversify HNL's reinsurance counterparties. A negative rating action could occur if HNL fails to improve its risk-adjusted capitalization by executing further on its aforementioned capital raise plans that include either equity or debt investment or additional reinsurance. Following a year of extensive individual deferred fixed annuity sales targeted to the savings and retirement needs of policyowners, HNL's business profile now has more long-duration asset-liability matching and interest rate risk, in addition to biometric risk from a core portfolio of profitable supplemental A&H business. The latter product line is considered lower risk for insurers on AM Best's product continuum primarily attributed to providing cash benefits, rather than full medical cost reimbursement, to address policyowners' health insurance coverage gaps. HNL has traditionally used extensive reinsurance to share risk and manage capital strain as it executes its growth initiatives under its strategic plan and evolving ERM framework; and in October 2023, the company implemented a 95% quota share flow reinsurance agreement for the annuity sales with Puerto Rico-based Converge Re II. In December 2024, a $7 million surplus note was also issued by HNL, and HNL has access to another $8 million of backup liquidity it can draw from the same credit facility if needed. Altogether these initiatives have helped HNL manage the capital strain associated with its rapid growth; however, this is partially offset by high reinsurance leverage associated with the annuity business that has increased reinsurance counterparty risk capital charges and operational risk. In addition, HNL has reported statutory net losses in 2025, owing to continued high general expenses and direct commissions associated with its high volume of sales and new product launches, which included short-term home health care and cancer heart attack and stroke insurance in 2023 and 2024 respectively, and the upcoming launch of a new fixed index annuity product in some of the company's 36 approved states. HNL's relatively small amount of capital and surplus, as compared with its gross liabilities and its various competitors that also focus on the annuity market for the senior demographic, places pressure on the company's reliance on its sole annuity reinsurer, Converge Re II. Additionally, AM Best notes the elevated financial leverage and modest coverage ratios, as well as the execution risk related to HNL enhancing its capital position given the company's concentrated capital structure. AM Best will continue to monitor the company's capitalization and operating performance over the next few quarters against its planned capital management initiatives and current business plan, along with the mix of business between annuity and A&H insurance. 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.
Business Wire
16-07-2025
- Business
- Business Wire
Thredd and Payblr Partner to Power Seamless Cross-Border Fintech Expansion Across Latin America
AUSTIN, Texas--(BUSINESS WIRE)-- Thredd, the leading next-generation global payments processor, today announced a strategic partnership with Payblr, a Puerto Rico-based, regional payments enabler and licensed BIN Sponsor. The collaboration will provide global fintechs the regulatory foundation and issuing infrastructure required to launch and scale in Latin America and the Caribbean (LAC). By combining Thredd's modular technology stack and global processing expertise with Payblr's cross-border card issuing capabilities, the partnership eliminates the traditional complexity associated with launching in LAC markets. Share By combining Thredd's modular technology stack and global processing expertise with Payblr's cross-border card issuing capabilities, the partnership eliminates the traditional complexity associated with launching in LAC markets, offering a seamless pathway for innovative financial products to go live faster. 'This partnership is about removing barriers for today's most innovative payment leaders,' said Kevin Fox, Chief Revenue Officer for Thredd. 'Expanding into new regions can be complex and difficult to navigate. By teaming up with Payblr, we're offering a faster, simpler way for our clients to activate programs in Latin America, without compromising on compliance, scalability, or speed.' 'Thredd shares our belief that financial innovation should move fast and know no borders,' said Fabio Garcia Passalacqua, COO & Founder of Payblr. 'Through our partnership, we're enabling high-growth companies to expand across Latin America quickly, without many of the regulatory and operational hurdles that often slow global fintechs down. This partnership lays the foundation for a new era of seamless, cross-border payments in the region.' Payblr's ability to enable U.S. dollar card programs across much of Latin America makes it an ideal partner for companies offering gig economy payouts, disbursements, or cross-border services. According to Thredd, clients are already leveraging the infrastructure enabled by this partnership to activate programs in the region. About Thredd Thredd is the trusted next-generation payments processing partner for innovators looking to modernise their payments offerings worldwide. We process billions of debit, prepaid and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, based across 47 countries. Learn more at About Payblr Payblr is a Visa-Ready regional payments enabler that helps banks, credit unions, and fintechs across Latin America quickly expand their product offerings with a wide range of payment solutions. Backed by a team with deep industry expertise, Payblr designs and manages customized BIN Sponsorship programs tailored to specific business needs—whether for consumer, commercial, debit, credit, prepaid, or money movement products. Learn more at
Yahoo
23-06-2025
- Business
- Yahoo
Dot Ai Stock Soars in Trading Debut
Shares of Dot Ai surged in their Nasdaq debut Monday, days after the company completed a merger to go public. The asset tracking software firm said last Friday that it had completed a merger with a special purpose acquisition company. Dot Ai said it generated roughly $440,000 in revenue and lost nearly $2 million in of Dot Ai (DAIC) surged 35% in their Nasdaq debut Monday, days after the company completed a merger to go public. The company, now trading under the "DAIC" stock symbol, merged with a special purpose acquisition company (SPAC) called ShoulderUp Technology Acquisition Corp. in a deal that was completed on Friday. Dot Ai said it had raised $12 million in private investment in public equity (PIPE) investment that will "support its strategic growth plans, including the expansion of R&D, Go-To-Market, and building out of its Puerto Rico-based manufacturing operations." "We're thrilled to finalize our listing and to become a publicly traded company," co-founder and CEO Ed Nabrotzky said. "Leveraging state-of-the-art artificial intelligence engines, the Internet of Things, and our patented, proprietary and innovative software, hardware and cloud integration solutions, we are revolutionizing how companies all over the world manage their supply chains, logistics operations and operational security." In a prospectus filed in January, SEE ID, the company that publicly does business as Dot Ai, said it generated revenue of just under $440,000 and recorded a net loss of nearly $2 million in 2023. Read the original article on Investopedia Sign in to access your portfolio
Business Wire
20-06-2025
- Business
- Business Wire
Dot Ai, Innovator in Asset Intelligence Technology, Completes Business Combination; Will Begin Trading on Nasdaq Stock Market
LAS VEGAS & KENNESAW, Ga.--(BUSINESS WIRE)--SEE ID, Inc., doing business as Dot Ai ('Dot Ai'), a pioneering startup at the forefront of asset intelligence technology, and ShoulderUp Technology Acquisition Corp. (NYSE: SUAC) ('ShoulderUp'), today announced the closing of their previously announced business combination, which was approved by ShoulderUp shareholders at a special meeting on Feb. 6, 2025. Pursuant to the closing of the business combination, Dot Ai has become a publicly traded company, and its Class A common stock and warrants will begin trading on Nasdaq under the ticker symbols 'DAIC' and 'DAICW,' respectively, on June 23, 2025. In connection with the business combination, Dot Ai has raised $12 million in PIPE investment to support its strategic growth plans, including the expansion of R&D, Go-To-Market, and building out of its Puerto Rico-based manufacturing operations. 'Dot Ai is revolutionizing how companies manage their supply chains with our innovative, AI-fueled asset intelligence technology and proprietary software and hardware solutions,' said Ed Nabrotzky, Co-founder and CEO of Dot Ai. 'As we enter our next chapter of growth as a publicly listed company, our team remains laser-focused on continuing to execute on our new product launches, building upon our transformative partnership with industrial manufacturing leader, Würth Industry USA, and finalizing contracts with key players across a variety of sectors. Today is just the beginning of our growth story, and we look forward to our continued disruption of legacy technologies as we help companies connect the dots across their value chain.' 'In a world where supply chains are still trying to catch up with the speed of innovation, Dot Ai is not just solving problems, it's redefining possibilities. This is the kind of company that doesn't follow the future, it creates it,' said Phyllis Newhouse, CEO of ShoulderUp Technology Acquisition Corp. 'At ShoulderUp, we're proud to partner with a team that's not only disrupting an industry but transforming how the world moves, connects and scales.' Board of Directors The Company further announced today that upon the closing, Phyllis Newhouse, Holly Grey, Joanna Burkey, Jeff Saling, Dr. Sheldon Paul, Dr. David Carlson and Ed Nabrotzky are expected to join Dot Ai's Board of Directors. Additional board members are expected to be announced at a later date. About Non-Employee Directors Holly Grey has been the Chief Financial Officer of Exabeam since November 2021. Ms. Grey has over 25 years of experience in high-growth technology companies. Prior to Exabeam, from 2013 to 2020, Ms. Grey was SVP Finance at Forescout Technologies, where she was responsible for all financial and accounting operations and led Forescout through its successful initial public offering. Before Forescout, from 2008 to 2013, Ms. Grey was SVP Finance at Accuray Incorporated, a publicly traded medical device technology company. Prior to Accuray, from 2000 to 2008, Ms. Grey was VP Finance at Aspect Software, leading the organization through significant growth, including multiple M&A transactions. Ms. Grey started her career in public accounting at Boston College. Joanna Burkey is a transformational leader, board director, and senior executive with deep experience in cybersecurity, technology, and digital transformation. Joanna has held a variety of roles throughout her career, primarily focusing on cybersecurity, strategy, engineering and risk. She is passionate about increasing diversity within technology and using her decades of experience in security and risk to serve others. Her experience in crisis and risk management in addition to her technical acumen inform her boardroom expertise in the areas of audit/risk, governance and compliance. She has held senior executive roles at multiple global corporations and has lived and worked in both the U.S. and Europe. Her most recent corporate role was as the Chief Information Security Officer (CISO) at HP Inc, and she now serves as an advisor and consultant to multiple enterprises. The breadth of her roles has covered a wide spectrum from customer facing to internal shared services, and spanned company sizes from twelve employees to four hundred thousand. She has been on the front end of transformational change at technology leaders such as HP Inc and Siemens AG and is therefore able to take the best practices and lessons learned into other entities that are beginning, or are on, similar journeys of transformation. Joanna is a director and member of the audit and compensation committees at Beyond Inc (NYSE: BYON) and an independent director and chair of the risk/compliance committee at ReliabilityFirst Corporation. She is a member of the NACD Texas TriCities board and holds both Directorship Certification from NACD (National Association of Corporate Directors) and Qualified Technology Executive certification from DDN (Digital Directors Network). Joanna is also a publicly recognized thought leader and speaker with excellent communication skills. She was named to the Top 100 CISOs in 2022 and has been published in multiple articles as well as the book 'Tribe of Hackers: Security Leaders.' She has a Computer Science and Mathematics background from both Angelo State University and the University of Texas Austin, as well as a certificate in Finance and Accounting from Stanford Graduate School of Business. Jeff Saling is a serial entrepreneur, seasoned executive, and prolific investor with over 30 years of experience in launching, scaling and exiting startups in the SaaS and cloud domains. He is currently the executive director and co-founder of StartUpNV, Nevada's non-profit statewide startup accelerator, where he leads the vision, strategy and operations to support and accelerate the growth of Nevada-based startups. Jeff is also an active angel investor and co-president of Sierra Angels, one of the longest running angel groups in the U.S., and a general partner of 1864 Fund, a seed-stage venture capital fund that invests in high-potential startups outside of traditional venture enclaves. He is passionate about creating a vibrant and diverse startup ecosystem in Nevada, and he leverages his extensive network, expertise and resources to connect founders with mentors, customers, talent and capital. In addition, Jeff is an adjunct professor in the College of Engineering at the University of Nevada, Reno, where he teaches entrepreneurship and innovation courses. Dr. Sheldon W. Paul is an obstetrician-gynecologist in Las Vegas, Nevada and is affiliated with Summerlin Hospital Medical Center. He received his medical degree from University of Nevada Reno School of Medicine and has been in practice for more than 25 years. Dr. Paul has developed, owned and operated multiple clinics over his years of practice. He has also branched into other several other successful businesses and investments, including early investments in Dot Ai. Dr. Paul is a founder and controlling member of Pope Technologies LLC, which is SEE ID's primary distributor and currently subleases office space to SEE ID. He brings unique practical entrepreneurial experience to the board. Dr. David Carlson, DO, MBA, has been the Chief Medical Officer in South King County for Virginia Mason Franciscan Health since 2023. He recently served as a medical director for Seamar Community Health Centers in Pierce and Thurston Counties during 2023. Prior to joining VMFH, Dr. Carlson served as chief physician officer for MultiCare from 2017 to 2022, chief physician executive for Hospital Sisters Health System from 2014 to 2017, and chief medical officer for Conemaugh Health System in Johnstown, PA from 2007 to 2014. Previous leadership roles also include Ochsner Clinic Foundation in Baton Rouge, LA; Summit Health System in Chambersburg, PA; and Lovelace Health Systems in Albuquerque, NM. Dr. Carlson is a member and is currently Chairman of the Board for the Physician Insurance Company and has been a board member of United Way Pierce County since 2018. He has also served on the boards of the Washington Healthcare Alliance and Physicians of Southwest Washington. Dr. Carlson is a board-certified family practice physician, with a subspecialty in geriatrics. He earned his Bachelor of Science degree from Pennsylvania State University, his medical degree from Philadelphia College of Osteopathic Medicine, and his Master of Business Administration from Alvernia University. Phyllis Newhouse is a serial entrepreneur and investor, retired military senior officer and mentor. She is CEO and Co-Founder of Athena Technology Acquisition Corp., Founder and CEO of Xtreme Solutions, Inc. (XSI), and Founder of ShoulderUp. In 2020, she co-founded Athena Technology Acquisition Corp., a special purpose acquisition company (SPAC). Athena closed a $250 million IPO in March 2021, making it the only SPAC listed on the NYSE with an African American female CEO. In July 2021, the company announced it was taking concentrated solar power company, Heliogen, public in a $2 billion merger. Newhouse is also the Founder of ShoulderUp, a nonprofit she founded alongside Academy Award-winning actress Viola Davis. Dedicated to connecting and supporting women on their entrepreneurial journeys, ShoulderUp introduced ShoulderUp Ventures, the first women-founded and led influencer fund providing impact and exclusive access to a diverse portfolio of media, technology companies and sports entertainment. In 2019 alone, its members and affiliates have invested over $10 million in companies like Lime, Rent the Runway and Airbnb. As a pioneer in cybersecurity and business, she is the first woman to win an Ernst & Young (EY) Entrepreneur of the Year ® award in the technology category. She was admitted into the 2013 class of EY Entrepreneurial Winning Women, and in 2019 was inducted into the Enterprising Women Hall of Fame. Additionally, XSI received inclusion in the Inc. 5000 list in 2013 and 2014 and has been recognized as one of Women's Presidents' Organization's (WPO) 50 Fastest Growing Women-Owned Companies in the U.S. consecutively for the past six years. Passionate about women-led businesses, Newhouse teaches aspiring entrepreneurs to recognize and capitalize on their leadership skills and empowers others to operate in greatness. She has been featured in Entrepreneur, Inc., CNBC, Forbes, Yahoo Finance, Cheddar News, Bloomberg and more. She received her degree from John F. Kennedy University and currently resides in Atlanta, Georgia. For more information, please visit Edmund Nabrotzky has worked in executive leadership at multiple large public enterprises including Molex and Panasonic, as well as smaller private companies; SST, Woodhead, Omni-ID; with direct functional accountability for Sales, Marketing, Operations and Engineering. Listed as an inventor on five foundational patents in related technology, he has a valuable blend of technical expertise and broad cross-discipline business acumen. Ed has global experience as an ex-patriot executive, managing companies across Europe, India, Singapore, China and Japan. Mr. Nabrotzky has been a key member of the executive team on four previous successful exits, all by acquisition, each related to industrial communications and software systems. Ed holds a in Computer Science, MBA, is currently a Doctoral Candidate in Technology Management, and is a graduate of the Center for Creative Leadership with executive post-graduate education in negotiation at Harvard and technical product management at MIT. He is also a former Adjunct Faculty Member at the Simon Business School, University of Rochester, where he taught Entrepreneurship programs for several years. About Dot Ai At the heart of the technological revolution in asset management and security lies Dot Ai, a trailblazing SaaS service that is redefining the paradigms of asset intelligence, assurance and safety. By harnessing the power of IoT tracking technology, Dot Ai stands at the forefront of innovation, offering patented solutions that are not just advanced but transformative. Through relentless research and development, Dot Ai has pioneered a suite of technologies that empower organizations to not only streamline their logistics and supply chain processes but also bolster operational security to unprecedented levels. Leveraging state-of-the-art AI engines, cutting-edge 5G RF and BLE technology, and seamless cloud integrations, Dot Ai transcends traditional boundaries, offering real-time asset visibility and predictive analytics that integrate effortlessly with existing infrastructure. This is not just technology; it's a vision for a more secure, efficient, and connected world. Discover more about how Dot Ai is leading the charge in asset intelligence by visiting About ShoulderUp Technology Acquisition Corp. ShoulderUp stands as a beacon of strategic innovation in the ever-evolving financial sector, functioning as a Special Purpose Acquisition Company (SPAC). This firm is meticulously designed to drive pivotal business transformations by identifying and amalgamating with companies poised for growth and aligned with the ethos of disruptive innovation and leadership in the marketplace. Its mission transcends conventional financial endeavours and aims to forge powerful synergies that redefine industry landscapes and substantially elevate shareholder value. ShoulderUp catalyses growth through various strategic maneuvers including mergers, capital stock exchanges, asset acquisitions and comprehensive reorganizations. ShoulderUp is more than a mere entity—it is a dynamic force, a catalyst for transformative change, strategically positioned to shape the future of technology and business. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, including the statements regarding the anticipated timing and benefits of the proposed transactions. All forward-looking statements are based on ShoulderUp's current expectations and beliefs concerning future developments and their potential effects on ShoulderUp, SEE ID or any successor entity thereof. Forward-looking statements are based on various assumptions, whether or not identified in this press release, and are subject to risks and uncertainties. These forward-looking statements are not intended to serve as a guarantee of future performance. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) risks that the transaction disrupts current plans and operations of SEE ID, (ii) the outcome of any legal proceedings that may be instituted against SEE ID or ShoulderUp related to the Business Combination Agreement or the proposed transaction, (iii) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, (iv) the risk that SEE ID and its current and future collaborators are unable to successfully develop and commercialize SEE ID's products or services, or experience significant delays in doing so, (v) the risk that SEE ID may need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all, and (vi) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the S-4 Registration Statement and proxy statement/prospectus discussed above and other documents filed or to be filed by ShoulderUp, SEE ID and/or any successor entity thereof from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ShoulderUp assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Axios
17-06-2025
- Entertainment
- Axios
Boston finalists shut out at James Beard Awards
The James Beard Awards named no winners in Massachusetts Monday night. But the ceremony did give a shoutout to Sullivan's Castle Island, which was named an America's Classics winner in February. Why it matters: It's the biggest night in the restaurant business. Driving the news: Jungsik Yim, the veteran chef behind Korean restaurant Jungsik in New York, won the outstanding chef award, beating Sarma's Cassie Piuma. Brookline's Merai lost to Puerto Rico-based Identidad Cocktail Bar for best new bar. Sky Haneul Kim of Gift Horse in Providence won the Best Chef: Northeast award, beating Urban Hearth owner Erin Miller and three other finalists. Yes, but: Brendan and Adrian Sullivan joined the ceremony in Chicago to celebrate their award, four months after winning the James Beard Foundation honors . "It's so surreal to be in the company that we're in tonight ... It's a 'pinch-me moment,'" Adrian Sullivan tells Axios.
