Aflac and Trupanion Announce Distribution Alliance and Investment

Aflac and Trupanion Announce Distribution Alliance and Investment

/PRNewswire/ — Aflac Incorporated (NYSE: AFL), a Fortune 200 company that helps provide protection to more than 50 million people in Japan and the U.S., and… The two Democratic congresswomen, who in 2018 flipped seats previously held by Republicans, are looking to retain them in Tuesday’s election. /PRNewswire/ — The Board of Directors of MGIC Investment Corporation (NYSE:MTG) today declared a quarterly cash dividend of $0.06 per share. The dividend is… EVANSTON, Ill. (AP) — Fidus Investment Corp. (FDUS) on Thursday reported third-quarter net income of $20.7 million. Skip to contentSkip to site index

COLUMBUS, Ga. and SEATTLE, Oct. 29, 2020 /PRNewswire/ — Aflac Incorporated (NYSE: AFL), a Fortune 200 company that helps provide protection to more than 50 million people in Japan and the U.S., and Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, are pleased to have entered into an exclusive alliance agreement to sell pet insurance in worksites across the U.S. This alliance will leverage Aflac’s strong brand and broad U.S. worksite distribution network, including its digital Consumer Markets channel, and Trupanion’s expertise and leadership in pet insurance. The companies also have agreed to explore potential opportunities in Japan’s growing pet insurance market. In connection with the alliance agreement, Aflac will purchase an approximate 9% stake in Trupanion to further drive alignment.

“We are pleased to partner with Trupanion, the industry leader in U.S. pet insurance. With pet ownership on the rise and more Americans working from home, we see the opportunity for growth in what we view as a large, underpenetrated market,” said Frederick J. Crawford, president and Chief Operating Officer of Aflac Incorporated. “The alliance will combine Aflac’s brand recognition and broad worksite and direct to consumer distribution in the U.S. with Trupanion’s brand and strong reputation within the pet insurance industry.”

Under the alliance agreement, Aflac will provide access to agent, broker and direct to consumer platform distribution and assistance in worksite product design, marketing and enrollment support.  Trupanion will provide marketing, underwriting, and policy administration, including all aspects of policyholder support. 

“The distribution alliance will provide for the further enhancement of Aflac’s value proposition by offering broader employee benefits and benefit solutions to our vast network of agents and brokers, as well as to employers and their employees in the U.S.,” said Teresa L. White, president of Aflac U.S. “We believe Trupanion’s offering provides our distribution partners with a benefit solution that they have been seeking from Aflac, and is a great complement to our core supplemental product portfolio.”

“We are excited to enter the worksite through this alliance with Aflac and to have the company as a shareholder,” said Darryl Rawlings, founder and CEO of Trupanion. “Our shared long-term commitment is to leverage Aflac’s leadership position and broad distribution in the U.S. to unlock the potential of pet medical insurance being sold at the worksite and directly to consumers. We also look forward to exploring opportunities in Japan, where Aflac insures one in four households.”

Rawlings added, “Aflac is a world-class organization, and we share similar cultures and values. We feel honored to partner with them over the coming years to grow the pet insurance category in the U.S. and build our international footprint.”

The transaction will result in Aflac Incorporated investing approximately $200 million in newly issued Trupanion common stock subject to regulatory approvals. The investment terms include a cap on ownership of under 10%, and a minimum holding period, or “lock-up” provision, of three years, subject to certain exceptions.   

Raymond James & Associates, Inc. served as financial advisor, and Skadden Arps, Slate, Meagher & Flom LLP as legal advisor, to Aflac Incorporated. Guggenheim Securities served as financial advisor and DLA Piper served as legal advisor to Trupanion.

ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL) is a Fortune 500 company, helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated’s subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. Fortune magazine recognized Aflac as one of the 100 Best Companies to Work for in America for 20 consecutive years. For 14 consecutive years, Aflac has been recognized by Ethisphere as one of the World’s Most Ethical Companies. In 2020, Fortune included Aflac Incorporated on its list of World’s Most Admired Companies for the 19th time, and Bloomberg added Aflac Incorporated to its Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. To learn how to get help with expenses health insurance doesn’t cover, get to know us at aflac.com.

ABOUT TRUPANION
Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information, please visit trupanion.com

FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac and Trupanion desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to implementation of the alliance, the exploration of opportunities in Japan, the acquisition of Trupanion equity by Aflac, and future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “may,” “should,” “estimate,” “intends,” “projects,” “will,” “assumes,” “potential,” “target,” “outlook” or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac and Trupanion undertake no obligation to update such forward-looking statements.

The companies caution readers that the following factors, in addition to other factors mentioned by either company in its respective SEC filings from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

  • the effects of COVID-19 and any resulting economic effects and government interventions on the companies’ businesses and financial results
  • ability to attract and retain qualified sales associates, brokers, employees, and distribution partners
  • Trupanion’s significant net losses since inception, ability to achieve or maintain profitability in the future, and ability to maintain its rate of revenue growth
  • Trupanion’s ability to grow its member base, including by attracting new members from internet searches and from leads generated from Territory Partners, veterinarians and other third parties, to retain these members, and to recover its member acquisition costs
  • events related to the Japan Post investigation and other matters
  • competitive environment and ability to anticipate and respond to market trends
  • difficult conditions in global capital markets and the economy
  • deviations in actual experience from pricing and reserving assumptions
  • ability to continue to develop and implement improvements in information technology systems
  • defaults and credit downgrades of investments
  • exposure to significant interest rate risk
  • concentration of business in Japan
  • limited availability of acceptable yen-denominated investments
  • applicable tax rates may change
  • failure to comply with restrictions on policyholder privacy and information security
  • interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems
  • catastrophic events including, but not necessarily limited to, epidemics, pandemics (such as the coronavirus COVID-19), tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events
  • ability to protect the Aflac and Trupanion brands and the companies’ reputations
  • extensive regulation and changes in law or regulation by governmental authorities
  • foreign currency fluctuations in the yen/dollar exchange rate
  • decline in creditworthiness of other financial institutions
  • significant valuation judgments in determination of amount of impairments taken on investments
  • U.S. tax audit risk related to conversion of the Japan branch to a subsidiary
  • Restrictions on subsidiaries’ ability to pay dividends to their parent company
  • decreases in either company’s financial strength or debt ratings
  • inherent limitations to risk management policies and procedures
  • concentration of either company’s investments in any particular single-issuer or sector
  • differing judgments applied to investment valuations
  • ability to effectively manage key executive succession
  • changes in accounting standards
  • level and outcome of litigation
  • allegations or determinations of worker misclassification in the United States
  • Aflac Incorporated

    Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667 or [email protected]

    Media contact – Catherine H. Blades, 706.596.3014; FAX: 706.320.2288 or [email protected]

    Laura Bainbridge, Head of Corporate Communications, 206.607.1929 or [email protected]

    SOURCE Aflac Incorporated

    http://www.aflac.com

    Source: www.prnewswire.com

    Author: Aflac Incorporated


    Elissa Slotkin, Haley Stevens head into 2020 election with major financial edge

    Elissa Slotkin, Haley Stevens head into 2020 election with major financial edge

    Two Democrats who two years ago flipped what previously were Republican-held congressional seats in Michigan go into Tuesday’s election with huge financial advantages over their opponents and expectations that both will hold on to their seats.

    It’s possible, of course, that Republican newcomers Paul Junge and Eric Esshaki will stage upsets over U.S. Reps. Elissa Slotkin, D-Holly, and Haley Stevens, D-Rochester Hills, respectively. But given that the incumbents have campaign war chests with millions more than their opponents and have higher name recognition after two years in office, doing so could be a difficult task, even though the Republican at the top of the ballot — President Donald Trump — carried both of these districts in 2016.

    If Trump does win the 8th and 11th Congressional Districts again this year, it could certainly lift the challengers’ chances. But in both cases, the districts have been trending somewhat more toward Democrats, and former Vice President Joe Biden has held a substantial polling lead over Trump across Michigan all year.

    National polling has also showed Trump lagging among educated, suburban voters and both of these districts are laden with them and don’t be surprised if, going into the final days of the election, both incumbents use their financial strength to reach out directly to that electorate in campaign ads. 

    Two years ago, Slotkin upset two-term incumbent U.S. Rep. Mike Bishop, R-Rochester, beating the former Michigan House speaker by 3.8 percentage points in a district long controlled by Republicans. While the 8th Congressional District — comprised of northern Oakland and Ingham and Livingston counties — has become more friendly to Democrats, it’s still a region split by liberals in Lansing and more conservative rural and suburban voters.

    Four years ago, it backed Trump over Hillary Clinton by 6.7 percentage points.

    As such, it might otherwise be a challenge for Slotkin to hold onto the seat. But running against Junge, a former Lansing TV anchor who spent years away from Michigan working as a prosecutor, as an investigator for the U.S. Senate Judiciary Committee and an adviser for the U.S. Citizenship and Immigration Service, Slotkin has several things going for her.

    First, she has a record as working as an intelligence officer for both Republican President George W. Bush and Democratic President Barack Obama, having risen under the latter’s administration to become acting assistant secretary of defense. In 2018, she outraised Bishop by a 2-1 margin; this year, the difference is even more stark, her having raised $8.5 million to less than $2 million for Junge.

    Meanwhile, Slotkin has continued to try to focus, as she did in her first race, on ensuring access to health care and on a record of introducing legislation with sponsors of both parties.

    Junge has argued that she has voted too often with Democrats in control of the House to justify her rhetoric that she represents the partisan leanings of the district overall, a charge she denies.

    “My mission has been to improve the lives of the people I represent, either through their pocketbooks or their kids: addressing the public health and economic crisis of COVID-19; working for affordable health care and prescription drugs; protecting our drinking water, lakes and rivers, and bringing some sense of civility and decency back to politics,” Slotkin told the Free Press when asked why people should reelect her. “We have much more work to do on those issues, but we have made progress.”

    She also noted several efforts to combat PFAS contamination in Michigan and strengthen the national stockpile of medical supplies and pharmaceuticals in the wake of COVID. “In addition to what we’ve done, I think the way I have gone about it is important,” she said. “Bipartisanship is in my bones, and it’s the only way to get things done on the problems we face.

    As for her opponent, Slotkin said Junge has been too vague about how he would protect insurance coverage for preexisting conditions, with that coverage threatened by a case supported by the Trump administration and Republicans that is before the U.S. Supreme Court.

    “There is no clearer distinction between myself and my opponent than the issue of health care and protecting Americans with preexisting conditions,” she said.

    Junge said while Slotkin promised the 8th District that she’d be a moderate voice, many of her votes suggest otherwise. She voted to impeach Trump in 2019 after he asked the Ukrainian president to investigate Biden, but Junge also argued she voted for regulations that could hurt businesses and higher taxes.

    “Elissa Slotkin talks moderate in Michigan, but votes liberal in Washington D.C.,” he said.

    As for why he says he should be elected,  Junge said he would be a voice in support of Trump’s “successful policies of tax relief (and) America First trade policies.” He also said he would be a staunch supporter of preserving Social Security and Medicare, though there have been concerns raised that Trump’s suggestion of cutting the payroll tax could hurt the funding mechanism for Social Security.

    Stevens came out of the Obama administration, where she served as the de facto chief of staff to the task force that drew up and implemented the successful rescue of General Motors and FCA (then Chrysler) as they were hemorrhaging money in 2008-09.

    As such, she had a strong story to run on in 2018 after former U.S. Rep. Dave Trott, R-Birmingham, decided after two terms to step down. With the seat open, Stevens — who won the nomination in a crowded Democratic field in the district — went on to defeat Lena Epstein, a Republican newcomer who had helped run Trump’s winning Michigan campaign in 2016, by 6.7 percentage points.

    The 11th Congressional District wends its way around western Wayne and southeastern Oakland counties, and like the 8th, it went for Trump four years ago. But no congressional district in the state won by Trump was closer, at 4.4 percentage points over Clinton, pointing toward Stevens’ victory. She heads into Tuesday’s election against Esshaki, a Republican lawyer and former nurse, in strong shape.

    Throughout her first campaign, Stevens, rather than attacking Trump or Republicans, constantly talked up the need to support manufacturing in Michigan, and she has continued the trend.

    “We now find ourselves in another moment of economic uncertainty, and I am prepared to use my background in manufacturing and economic development to help Michiganders get back to work safely,” she told the Free Press “In my next term, I will continue to work with Republicans and Democrats alike to support our small businesses, strengthen our manufacturing economy, and expand economic opportunity.”

    Like Slotkin, she voted for Trump’s impeachment and other Democratic initiatives. But she has also noted that she has won endorsements from groups including the Detroit Regional Chamber and U.S. Chamber of Commerce.

    As for her opponent, her campaign and her allies have continued to claim Esshaki has pledged to repeal the Affordable Care Act, otherwise known as Obamacare, a move they say would strip people of coverage of preexisting conditions. But Esshaki, who does favor a more market-based health care system, has told the Free Press previously that he would support leaving Obamacare in place until a new program to cover those conditions in in place. That said, it is not clear what sort of plan Republicans would embrace that would cover preexisting conditions and what that coverage would look like or cost.

    Esshaki, meanwhile, has continued to argue that Stevens’ support of a Medicare-like public option health insurance plan for people to buy into amounts to a “larger government takeover of health care which is not something that we can risk,” saying it is bad for health care quality and affordability. Stevens believes such an option is the best way, however, to expand coverage and lower costs. 

    Esshaki, who is a Chaldean Christian, has been running on a similar message to Junge’s, suggesting that Stevens hasn’t been as moderate a politician as she promised and criticizing her for an emotional speech she gave on the House floor near the height of the first coronavirus spike in Michigan, calling it “an embarrassment.” Stevens has defended her comments, saying on Fox 2 Detroit recently they showed her passion for what her constituents and first-line responders were going through. “You can’t apologize for standing up for your folks,” she said.

    Like Junge, Esshaki faces a difficult task, with questions about how well Trump can do in this district this year and Stevens having a huge financial edge, having raised $5.3 million to Esshaki’s $1.2 million as of Oct. 15.

    Outside money has come into the race as well, with the Republican-backing Congressional Leadership Fund spending some $2.4 million on ads against Stevens and, in the last two weeks, former New York City Mayor Mike Bloomberg’s Independence USA political action committee putting $1.2 million into the race hitting Esshaki. Stevens endorsed Bloomberg’s presidential run back in February. The Democratic Congressional Campaign Committee has put another $953,000 into the race against the Republican as well.

    Source: www.freep.com


    MGIC Investment Announces Quarterly Dividend of $0.06 Per Share

    MGIC Investment Announces Quarterly Dividend of $0.06 Per Share

    MILWAUKEE, Oct. 29, 2020 /PRNewswire/ — The Board of Directors of MGIC Investment Corporation (NYSE:MTG) today declared a quarterly cash dividend of $0.06 per share.

    The dividend is payable on November 25, 2020, to shareholders of record on November 11, 2020. 

    About MGIC

    MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At September 30, 2020, MGIC had $238.9  billion of primary insurance in force covering over one million mortgages.

    From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC’s website for information related to underwriting and pricing and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

    SOURCE MGIC Investment Corporation

    https://www.mgic.com

    Source: www.prnewswire.com

    Author: MGIC Investment Corporation


    Fidus Investment: 3Q Earnings Snapshot

    Fidus Investment: 3Q Earnings Snapshot

    EVANSTON, Ill. (AP) — Fidus Investment Corp. (FDUS) on Thursday reported third-quarter net income of $20.7 million.

    On a per-share basis, the Evanston, Illinois-based company said it had profit of 85 cents. Earnings, adjusted for investment gains, came to 40 cents per share.

    The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

    The closed-end investment company posted revenue of $21.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $20 million.

    Fidus Investment shares have declined 33% since the beginning of the year.

    —————

    This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDUS at https://www.zacks.com/ap/FDUS

    Copyright by Automated Insights, Inc. All rights reserved.

    Source: www.news-gazette.com


    After bitter debate in Georgia, Senator David Perdue cancels third face off with Jon Ossoff.

    After bitter debate in Georgia, Senator David Perdue cancels third face off with Jon Ossoff.

    Elections|After bitter debate in Georgia, Senator David Perdue cancels third face off with Jon Ossoff.

    Senator David Perdue of Georgia withdrew on Thursday from the final debate in his tight re-election race, a day after his Democratic challenger, Jon Ossoff, called him a “crook” and accused the vulnerable Republican of trying to profit from the coronavirus pandemic.

    The rivals had been scheduled to face off on Sunday on the Atlanta television station WSB, the third debate in one of two pivotal Senate races in Georgia that could determine which party controls the chamber. The candidates had committed to the debate in September, according to Mr. Ossoff’s campaign.

    The news first broke Thursday evening when Mr. Ossoff wrote on Twitter that Mr. Perdue had canceled on him.

    “At last night’s debate, millions saw that Perdue had no answers when I called him out on his record of blatant corruption, widespread disease, and economic devastation,” Mr. Ossoff wrote. “Shame on you, Senator.”

    A spokesman for Mr. Perdue confirmed that he would not be at the debate and said in a statement that the senator had better uses of his time.

    “As lovely as another debate listening to Jon Ossoff lie to the people of Georgia sounds, Senator Perdue will not be participating in the WSB-TV debate but will instead join the 45th president, Donald J. Trump, for a huge get-out-the-vote rally in Northwest Georgia,” the spokesman, John Burke, said.

    Mr. Ossoff’s stinging comments about Mr. Perdue’s conduct came during a bruising debate that underscored the bitter partisan divide in what was once a safely Republican state. Mr. Perdue, 70, said he had done nothing wrong, and accused Mr. Ossoff, 33, of pursuing a “radical socialist agenda” that would result in higher taxes.

    Mr. Perdue, a wealthy former corporate executive, bought stock in DuPont de Nemours, which sells personal protective equipment, on Jan. 24, the same day he received a classified briefing on the threat posed by the coronavirus, The Atlanta Journal-Constitution reported.

    “It’s not just that you’re a crook, Senator,” Mr. Ossoff said, turning to face his socially-distanced opponent as Mr. Perdue’s eyes remained fixed on the camera. “It’s that you’re attacking the health of the people that you represent. You did say Covid-19 was no deadlier than the flu. You did say there would be no significant uptick in cases. All the while you were looking after your own assets and your own portfolio.”

    Mr. Perdue has repeatedly denied wrongdoing, and said any transactions he made were executed by a financial adviser without his knowledge.

    “The thing I’m most upset about,” Mr. Perdue said of Mr. Ossoff, “is that he’ll say and do anything to my friends in Georgia to mislead them about how radical and socialist” his agenda is.

    Recent polls have found Mr. Perdue and Mr. Ossoff in a dead heat. If neither candidate hits 50 percent of the vote, they will compete in a runoff election in January.

    Mr. Ossoff — echoing a national Democratic strategy of focusing on health care — went on to criticize Mr. Perdue for voting repeatedly to repeal the Affordable Care Act and attempting to gut Obama-era safeguards for patients with pre-existing conditions.

    Mr. Perdue pointed to legislation he co-sponsored that he claimed offered “protection for pre-existing conditions.”

    The senator’s bill, which went nowhere, does say that insurance companies can’t deny coverage based on “any pre-existing condition,” but it contains a major loophole, giving insurers the option of rejecting a patient if a provider does “not have the capacity to deliver services adequately.”

    Georgia’s other Senate race is also close, though the Rev. Dr. Raphael Warnock, a Democrat and pastor of the historic Ebenezer Baptist Church in Atlanta, has led in recent polls. He faces Senator Kelly Loeffler, a Republican who was appointed to her seat; Representative Doug Collins, another Republican; and several other candidates. That race will almost certainly result in a runoff. Ms. Loeffler has faced similar criticism over stock trades before Americans became aware of the magnitude of the virus.

    Source: www.nytimes.com

    Author: Neil Vigdor


    Aflac and Trupanion Announce Distribution Alliance and Investment


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