By David French and Greg Roumeliotis

NEW YORK, Oct 2 (Reuters)The private equity owners of Ascensus have hired investment banks for an initial public offering (IPO) of the savings services provider that could value it at around $3 billion including debt, three people familiar with the matter said on Friday.

Majority-owned by Genstar Capital and Aquiline Capital Partners, the buyout firms selected Barclays Plc BARC.L and Goldman Sachs Group Inc GS.N to prepare Ascensus for the stock market listing that will take place in mid-2021, subject to market conditions, the sources said.

Genstar, Aquiline and the banks declined to comment. Ascensus did not respond to a request for comment. The sources spoke on condition of anonymity as the information is private.

Based in ‎Dresher, Pennsylvania, Ascensus partners with financial institutions, governments and companies to service a raft of savings plans, including for retirement, 529 college funds and health savings accounts (HSAs).

It has more than $327 billion of assets under administration and over 12 million Americans with savings accounts through its business, according to its website.

Ascensus has also been investing in its technology offerings, and is planning to roll out a new digital sales platform before the end of the year.

Genstar and Aquiline acquired Ascensus in 2015, but then sold just under 25% of the company in 2019 to an investment group led by Atlas Merchant Capital and including Singaporean sovereign wealth fund GIC GIC.UL.

(Reporting by David French and Greg Roumeliotis in New York Editing by Matthew Lewis)

(([email protected]; +1 646 223 5211; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Caliber Home Loans, a residential mortgage producer and servicer, filed on Friday with the SEC to raise up to $100 million in an initial public offering. All shares in the offering will be sold by existing shareholders. The company plans to raise an additional $100 million through a separate public offering of its Mandatory Convertible Preferred Stock.

With a diversified, customer-centric platform, Caliber Home Loans focuses primarily on the purchase market and is the second largest independent mortgage originator based on purchase volume since 2016. In the FY 2019, the company was the only mortgage provider to maintain a top 10 market position across all the retail, wholesale, and correspondent channels. 

The Coppell, TX-based company was founded in 1963 and booked $1.9 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol HOMS. Credit Suisse, Goldman Sachs and Barclays are joint bookrunners on the deal. No pricing terms were disclosed.

The article Mortgage provider Caliber Home Loans files for a $100 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Press release content from PR Newswire. The AP news staff was not involved in its creation.

LOS ANGELES, Sept. 29, 2020 /PRNewswire/ — Park Place Payments, the only women founded and run payment processing company, is named the Most Client-Centric Payments Services Provider – USA by the Worldwide Finance Awards, which honors achievements of those thriving in the current climate.

“When I founded Park Place, I listened carefully to what merchants wanted and designed the company to meet those needs,” said Samantha Ettus, Founder and CEO of Park Place Payments. “Our salesforce and service differentiate us. We are thrilled by this award not only because we have been recognized for our core competency, but because it also demonstrates that the industry has recognized that it’s time for change.”

An industry first, Park Place is tackling two pain points. It has created a financial services career path within direct sales for those who have been sidelined in their careers and its leadership team is transforming a stagnant $8B payment processing industry plagued by massive churn, dated technology and a lack of pricing transparency.

Park Place Payments is reducing costs for small to medium businesses while offering them concierge level customer service without the concierge price tag. At the same time, it is creating income opportunities for sidelined populations who have strong local relationships. The community-driven model trains its Account Executives to sell financial services to local businesses, offering better rates and service. In turn, this motivated group is now earning recurring revenue to put back into the local economy.

About Park Place Payments
Park Place Payments is a salesforce as a solution fintech that is revolutionizing the ripe-for-disruption payments and credit card processing industry. The trusted team, technology, service, and transparent pricing model is unparalleled. Park Place

When Blue KC pulled out there were few options for the 67,000 people affected by the move. But it’s a different scene today. The Kansas City market has become increasingly competitive with several insurers, including Ambetter and Cigna serving local ACA customers, said Abraham, “a fairly decent number of insurers competing.”

“And I think Blue KC probably also has to be thinking about what effect that has on other parts of their insurance, other lines of business, in the bigger picture as these insurers kind of get a foothold in Missouri, and what impact that might have on other types of insurance that Blue KC sells, particularly to employer groups, and to some extent Medicare,” said Abraham.

Blue KC’s Spira Care is currently only available through employers. Members have access to “enhanced primary care centers” in Kansas City’s Crossroads district, Lee’s Summit, Liberty, Olathe, Shawnee, Tiffany Springs and Wyandotte County, and soon in Overland Park.

They’re designed as a one-stop shop where members have access to concierge-style “care guides,” reflecting what Blue KC members said they wanted their health care to look like, said Housley.

“We met with consumers, and some of them were former members on our plans when we were in the ACA, and said what do you want? How could we make health care better?'” said Housley.

Source Article

Blue Cross and Blue Shield of Kansas City, the area’s largest healthcare insurance provider, will return to the Affordable Care Act marketplace next year after leaving it in 2018.

Loading...

Load Error

The insurer lost more than $100 million on its exchange plans from 2014 to 2017, calling the losses “unsustainable” when it announced in May 2017 that it was dropping out of the ACA, commonly known as Obamacare.

Blue KC had struggled to make more money on the exchange than it paid in claims. But the marketplace is more stable in 2020 and there is new need in the scores of people who have lost their jobs and health coverage during the COVID-19 pandemic, said company officials who announced the comeback on Tuesday.

When the company left, “we really felt like the level of uncertainty and the lack of clarity in that market was just really at an all-time high,” said Jenny Housley, Blue KC senior vice president and chief marketing officer. “And it just made it really difficult for us to plan. So for us, then, given the losses, it made sense to exit.

“We promised … to reassess that decision every year. So we never stopped looking at it. We didn’t want to leave the market. We just had to make a very difficult decision. So we reassessed every year, as promised, and that was a continual process as part of our business operations every year.

“Over the last couple of years we’ve seen premiums in the ACA market stabilize, seem to be at some pretty sustainable levels. So we felt like it was becoming more of an option for us to reconsider entry back into the market.”

The Kansas City region had 87,500 people unemployed in July, compared to 126,00 in April, the highest month of unemployment