AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to CICA Life Insurance Company of America (CICA). CICA is headquartered in Austin, TX. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect CICA’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 very strong balance sheet strength assessment reflects the company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), on a pro forma basis with parental backing from the publicly traded parent, Citizens, Inc. [NYSE: CIA]. AM Best expects CICA’s risk-adjusted capitalization to remain at the strongest level; however, BCAR is projected to decline modestly primarily due to statutory expense strain from increasing new business sales and infrastructure investments to support future growth plans.

CICA has a low dependence on reinsurance as most new business is retained by the company. The company also has access to capital via Federal Home Loan Bank lending, various lines of credit, as well as parental liquidity and capital markets channels.

Partially offsetting these factors is CICA’s limited business profile, which reflects execution risk pertaining to the business growth plan being pursued. The company has expanded nationally yet premium concentration exists among the top five states where it writes business. While AM Best expects significant premium growth in the coming years, CICA’s bottom-line performance on a statutory basis is projected to be negative until it can achieve scale and earnings generated from in-force business are able to offset new business strain.

The stable outlooks reflect AM Best’s expectation that over the intermediate term, the company will maintain a very strong balance sheet strength assessment, supported by additional initiatives that will further leverage the parent company’s ERM framework. AM Best will continue to monitor CICA’s progress in executing its business plan as well as its impact on operating performance and surplus.

After declining for the first time ever in 2022, worldwide shipments of wearable devices are forecast to rebound in 2023, reaching a total of 504.1 million units, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker. This represents 2.4% year-over-year growth, driven by sustained demand for the most popular products –earwear and smartwatches – while other products hold steady. Looking ahead, IDC expects the market will see several years of single-digit growth with shipments reaching 629.4 million units in 2027 and resulting in a compound annual growth rate (CAGR) of 5.0%.

Earwear will remain the largest product category throughout the forecast as new users seek out their first set and current users upgrade from devices purchased in 2020 and 2021, when earwear shipments reached their peak. Smartwatches will experience market-beating growth as users transition from wristbands to smartwatches and, in some cases, from basic smartwatches to advanced smartwatches. Despite downward pressure from smartwatches, wristbands are not expected to disappear from the market as these devices will continue to appeal to users seeking simpler solutions. Meanwhile, all other wearable categories – including clothing, rings, glasses that do not feature augmented or virtual reality, and others – will trend up and to the right albeit from a much smaller base.

"Despite the ongoing challenges in the macroeconomy, demand for wearables will push the market back into growth mode," said Ramon T. Llamas, research director with IDC's Wearables team. "We still anticipate new devices to come out later this year and these will coincide with replacement purchases for those who acquired a new device several years ago. This sets up a virtuous cycle for future purchases in the coming years resulting in continued growth for the overall market."

"And while replacements will be a big driver for mature markets such as North America and Europe, emerging markets are expected to drive continuous growth as well though many of these consumers are expected to be first time buyers," said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers. "India has already surpassed the United States and China in terms of market size and will remain the largest market going forward thanks to the breadth of low-cost yet feature-rich devices from local vendors. Aside from India, other Asian countries along with Middle East and Africa will lead in terms of shipment growth while China and the USA will remain the second and third largest markets, respectively."

Amtrak has submitted applications for approximately $716 million in Federal Railroad Administration (FRA) funding for 16 proposed projects around the country that would improve Long Distance reliability, reduce travel times and expand service.

"Amtrak's Long Distance routes are vital mobility and economic links for communities around the country and we're continually working to enhance them," said Amtrak Board Chair Tony Coscia. "These grant applications reiterate our commitment to improving service for all Amtrak customers, from small, rural towns to major metropolitan areas."

The applications were submitted through two FRA programs funded by the Infrastructure Investment and Jobs Act (IIJA), including the Federal-State Partnership for Intercity Passenger Rail Program funding opportunity for projects outside the Northeast Corridor and the Corridor Identification and Development Program (Corridor ID Program).

Example Long Distance projects include:

Multiple Cardinal and Sunset Limited service improvements

Increase service to operate daily – up from 3x/week currently (Corridor ID Program)

Increase Cardinal train speeds and reduce travel times between Indianapolis and Dyer, Ind.

Sunset Limited return to Phoenix

Southwest Chief signal modernization between Colorado and New Mexico

Empire Builder rail enhancements in Montana

I-20 Crescent service extension from Mississippi through Louisiana to Texas

Construction of new Crystal City station that would add service to Arlington, Va.

In addition to these Long Distance grant applications submitted in conjunction with various partners, Amtrak also applied for several grants to improve Northeast Corridor and State Supported routes and provided letters of support for 83 projects outside the Northeast Corridor submitted by others.

For more than 50 years, Amtrak has connected America and modernized train travel. Offering a safe, environmentally efficient way to reach more than 500 destinations across 46 states and parts of Canada, Amtrak provides travelers with an experience that sets a new standard. Book travel, check train status, access your eTicket and more through the Amtrak app. Learn more at Amtrak.com and connect with us on Twitter, Instagram, Facebook and LinkedIn.

Amtrak is leading a new era of passenger rail, investing in modern trains, enhanced stations, new tunnels and bridges, and other critical infrastructure upgrades. We're enhancing the customer experience across the country, improving safety and reliability, driving economic development, reducing trip times, expanding capacity, advancing accessibility and promoting a more sustainable future.

IndexBox, a leading market research firm, has recently published a comprehensive report on the global dog and cat food market, offering valuable insights, trends, and market forecasts through 2030. According to the report, the global dog and cat food market is expected to grow significantly between 2022 and 2030. This growth is primarily driven by increasing pet ownership, rising disposable incomes, and a growing awareness of pet health and nutrition. As consumers continue to prioritize high-quality food for their pets, the demand for specialized and premium pet food products is also expected to increase.

The report highlights several key factors affecting the demand for dog and cat food. These include the growing interest in natural and organic pet food products, a trend towards pet humanization, and an increasing focus on sustainability and eco-friendliness in product packaging and ingredients. On the other hand, challenges facing the industry include stringent regulations, fluctuating raw material prices, and increased competition among manufacturers.

Segmentation:

The global dog and cat food market can be segmented into three main categories based on product type, end-user, and region.

Product Type:

a. Dry Food: This segment includes kibble and extruded food products, which are popular due to their convenience, affordability, and longer shelf life. Dry food is typically lower in moisture content and can help maintain dental hygiene in pets.

b. Wet Food: Wet food, such as canned, pouched, or tray-packed products, offers higher moisture content and is often preferred by pet owners for its palatability and perceived higher nutritional value. Wet food can be more expensive than dry food and has a shorter shelf life.

c. Treats and Snacks: This segment encompasses a variety of pet treats, chews, and snacks, including dental chews, functional treats, and training rewards. These products are gaining popularity due to their role in pet training, dental care, and addressing specific health concerns.

d. Specialty and Premium Food: Specialty and premium pet food products cater to specific dietary requirements, such as grain-free, high-protein, organic, and natural formulations. This segment is experiencing rapid growth due to increasing consumer awareness of pet health and nutrition.

End-User:

a. Pet Specialty Stores: These stores are dedicated to pet care products and services and are a significant distribution channel for dog and cat food, offering a wide range of products, including premium and specialized options.

b. Supermarkets and Hypermarkets: Supermarkets and hypermarkets offer a broad selection of pet food products at competitive prices. These retail channels are popular among price-conscious consumers looking for convenience and variety.

c. Online Retailers: The online retail segment is experiencing significant growth due to the convenience of home delivery, personalized shopping experiences, and an extensive range of product offerings. Online retailers also provide opportunities for smaller, niche brands to reach a wider audience.

d. Others: This category includes smaller retail channels, such as local pet shops, veterinary clinics, and convenience stores.

Region:

a. North America: The United States and Canada are major contributors to the global dog and cat food market, driven by high pet ownership rates, increasing pet care expenditure, and a focus on premium pet food products.

b. Europe: European countries, such as the United Kingdom, Germany, and France, represent a significant share of the market due to a high level of pet ownership, strong demand for premium and specialty pet food products, and stringent regulations on pet food quality and safety.

c. Asia-Pacific: The Asia-Pacific region, including China, Japan, and Australia, is expected to witness substantial growth in the coming years, driven by increasing pet ownership, rising disposable incomes, and growing awareness of pet health and nutrition.

d. Latin America, Middle East, and Africa (LAMEA): The LAMEA region is anticipated to experience steady growth in the dog and cat food market, driven by factors such as urbanization, increasing disposable incomes, and a growing middle class.

The report lists the ten largest manufacturers in the global dog and cat food industry, including:

Nestlé Purina PetCare

Mars Petcare

Hill's Pet Nutrition

J.M. Smucker

Blue Buffalo

Diamond Pet Foods

WellPet

Nutro Products

Ainsworth Pet Nutrition

Merrick Pet Care