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CMAA information search - Certified Merger and Acquisition Advisor (CM and AA) Updated: 2024

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Exam Code: CMAA Certified Merger and Acquisition Advisor (CM and AA) information search January 2024 by team

CMAA Certified Merger and Acquisition Advisor (CM and AA)

The CM&AA is designed for M&A professionals who are engaged in the M&A planning and / or counsel clients:

Private Company Business Owners and their CFOs, CEOs, and COOs

M&A Intermediaries

M&A Attorneys

Accountants serving privately held companies

Executives making a transition to Deal Making and M&A Advisory

Private Equity Professionals

Family Office Professionals

Private Company Board Members

Corporate Development Professionals

Investment Bankers focused on the Middle Market


Overview of the middle-market M&A ecosystem and trends

M&A process from deal origination to due diligence to financial modeling to business valuation to deal structuring & negotiation to transaction closing

Corporate M&A and investment banking structuring techniques

Financing strategies for growth and acquisition

M&A valuation approaches and methodologies including LBO moderling

M&A tax issues, new laws, and strategies

M&A legal structures, strategies, challenges, and concerns

Sell-side M&A process - Learn the process from the industry leaders

Buy-side M&A process - How to successfully and efficiently grow by acquisition

Operating frameworks for creating shareholder value

Growth strategies that work - What private equity firms look for in acquisition candidates

How to prepare a privately held company for a liquidity event

Certified Merger and Acquisition Advisor (CM and AA)
Financial Acquisition information search

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Certified Merger and Acquisition Advisor(R) (CM and
Question: 176
The approach in which keeping the acquisition as a stand-alone business and which is
used to keep the entity and the organization intact is known as:
A. Preservation
B. Absorption
C. Maintenance
D. Perpetuation
Answer: A
Question: 177
A system called symbiosis, is a hybrid of which approaches?
A. Preservation and Absorption
B. Preservation and Maintenance
C. Maintenance and Acquisition
D. Perpetuation and Maintenance
Answer: A
Question: 178
Focus on changing the relative mix of debt and equity with an eye toward the growth
objectives of the company and the required go-forward capital, is called:
A. Change management
B. Capital growth
C. Recapitalization
D. Capital structure organization
Answer: C
Question: 179
What of a company refers to the amount of its debt and equity, and the types of debt and
equity used to fund the operations of the company?
A. Capital structure
B. Financing operations
C. Capital equity
D. None of the above
Answer: A
Question: 180
Which of the following is NOT the factor involved in shaping capital structure?
A. Base assumptions
B. Industry dynamics
C. Purchase order financing
D. Use of funds
Answer: C
Question: 181
_________________ refer to as the rate of environmental change, and the instability
created within organizations as a result of that change.
A. Environmental dynamism
B. Environmental vitality
C. Environmental indolence
D. Environmental indifference
Answer: A
Question: 182
What id defined as the portion of a loan that has a maturity date greater than 12 months
from the date of measurement?
A. Short-term debt
B. Medium-term debt
C. Long-term debt
D. Leverage debt
Answer: C
Question: 183
Reference to the sum of amounts invested in a company, plus the companys cumulative
net earnings after any distributions to the shareholders is known as:
A. Expense
B. Debt financing
C. Cash leverages
D. Equity
Answer: D
Question: 184
Which firms are usually regional in nature and have focused operations in a geographic
area or in an area of specialty?
A. First-tier firms
B. Second-tier firms
C. Third-tier firms
D. None of the above
Answer: B
Question: 185
The third-tier firms are referred to as _____________ and specialize in a particular
market niche.
A. Bulge bracket firms
B. Mortgage build-up firms
C. Boutique firms
D. Commercial Investment firms
Answer: C
Question: 186
Investment bankers who act as intermediaries and as principle investors are referred to as:
A. Merchant bankers
B. Public offering bankers
C. Capital market bankers
D. Merger acquisition bankers
Answer: A
Question: 187
Public equity deals generally pay _____ percent of the offering proceeds to the
underwriting group, while private deals are normally set at ____ percent of the amount
A. 5 percent & 7 percent
B. 7 percent & 5 percent
C. 3 percent & 2 percent
D. 6 percent & 4 percent
Answer: B
Question: 188
The inventory process performed by investors or lenders considering a transaction with
the company is called:
A. Tendency by management
B. Investment interim
C. Due diligence
D. None of the above
Answer: C
Question: 189
In some cases, a financing team will choose to accept a broad, general term sheet and
then negotiate the specific terms as part of the financial transaction documentation,
known as
A. Financing agreements
B. Definitive agreements
C. Internal agreements
D. All of the above
Answer: B
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Financial Acquisition information search - BingNews Search results Financial Acquisition information search - BingNews Financial challenges spurring healthcare merger and acquisition activity

Photo: sturti/Getty Images

Hospitals and health systems have been under extreme financial pressure since 2022, when median operating margins remained in negative territory for the full year. And while the picture has improved somewhat this year, these challenges spurred about a third of the hospital and health system merger and acquisition activity in the third quarter.

That's according to a new Kaufman Hall analysis, which found that 39% of the announced transactions in Q3 were spurred at least in part to financial distress.

For many smaller to medium-sized health systems, the upward reset in fixed costs – including both labor and nonlabor expenses – is an especially acute problem. Their relative size constrains their ability to spread these costs across a larger number of facilities and services.

The analysis found continued activity among systems with annual revenues in the range of $250 million to $750 million that have sought a partner. What is new in exact quarters is the number of larger systems – those with annual revenues of $1 billion or more – that also are citing financial distress as a driver for their decision to partner.

Transaction activity remained high during the quarter, continuing the trend of returning to pre-pandemic levels. Eighteen transactions were announced in the quarter, eight more than Q3 2022 and 11 more than Q3 2021.


With only one "mega merger" transaction – a transaction in which the smaller party has annual revenues above $1 billion – both the average size of the seller and total transacted revenue were below exact quarters, in which a smaller number of total transactions and a higher percentage of mega mergers drove these metrics up. Despite that, the Q3 figures still remain well above historical levels.

The average size of the seller or smaller party, as measured by annual revenues, was $453 million. This was closer to – but still above – pre-pandemic historical year-end averages, which ranged from $272 million to $409 million from 2017 through 2019.

Total transacted revenue was $8.2 billion, which is on the higher side of exact historical numbers for Q3. This figure was down significantly from Q2 2023, which had $13.3 billion in total transacted revenue, driven primarily by the three announced mega mergers in Q2, compared to just one in Q3.

When removing the mega mergers from each quarter, the average revenue in Q3 was actually significantly higher than that of Q2, at $243 million and $159 million respectively, demonstrating a significant uptick in activity in sizable independent hospitals seeking out partnerships with larger organizations.

Nonprofit health systems were the acquiring party in 14 of Q3's 18 transactions, with for-profit systems acting as the acquiring party in the remaining four transactions. Of the 14 nonprofit acquirers, seven were academic or university-affiliated organizations and one was a religiously affiliated organization.

The four transactions in which a for-profit system acted as acquirer focused primarily on smaller, financially distressed organizations: three of the four acquired organizations were financially distressed.

A exact analysis of Kaufman Hall National Hospital Flash Report data showed a median inpatient occupancy rate of 70% at academic health centers, compared to a 53% occupancy rate at acute-care hospitals generally.


While partnership, merger and acquisition activity is returning to pre-pandemic levels, regulatory scrutiny of these transactions is also increasing. New proposed merger guidelines were issued by the Federal Trade Commission (FTC) and the Department of Justice (DOJ) in July.

While the guidelines determine a merger's effect on competition in industries ranging from food and agriculture to healthcare, they are expected to impact the latter as health system M&A continues to climb back to pre-pandemic levels.

Since 1968, the DOJ and FTC have issued and revised merger guidelines several times, including in 1982, 1984, 1992, 1997, 2010 and 2020. 

In January 2022, the agencies announced a broad initiative to evaluate potential updates and revisions to the Horizontal Merger Guidelines, issued in 2010, and the Vertical Merger Guidelines issued in 2020.

Twitter: @JELagasse
Email the writer:

Mon, 16 Oct 2023 07:32:00 -0500 en text/html
Royalty Management, Banyan Acquisition among financial movers No result found, try new keyword!Former NFL player Mike Williams died of dental-related sepsis, medical examiner says Warren Buffett once explained how he'd turn $10,000 into a huge fortune if he were a new investor — here are ... Fri, 22 Dec 2023 03:09:00 -0600 en-us text/html Sunlight Financial emerges from Chapter 11 bankruptcy as acquisition by investors closes No result found, try new keyword!Sunlight Financial Holdings Inc.'s acquisition by a consortium of investors has been finalized following the completion of its Chapter 11 bankruptcy reorganization plan, the company said yesterday. Wed, 06 Dec 2023 10:00:00 -0600 text/html Provident Financial's acquisition of Lakeland extended to gain regulatory approval

Provident Financial Services Inc.'s agreement to acquire Lakeland Bancorp has been extended to March 31, 2024, to gain additional time for regulatory approval.

The two banks announced the transaction in 2022, and then expected completion by the second quarter of 2023. The acquisition was valued at $1.3 billion when announced.

"Both parties remain committed to the merger and to obtaining regulatory approvals," Provident and Lakeland said in a joint statement.

When the combination is completed, the bank will operate under the Provident name and the headquarters will be at Provident's Iselin, New Jersey, base.

Provident Financial is the parent company of Provident Bank, which has branches in Bucks County and the Lehigh Valley, in addition to its New Jersey market. It also operates in Queens and Nassau counties in New York.

Lakeland Bancorp operates Lakeland Bank, which had assets of about $11.2 billion as of Sept. 30.

Shares in Provident are traded under the ticker symbol PFS on the New York Stock Exchange. The closing price Wednesday was $17.98. Shares of Oak Ridge, New Jersey-based Lakeland are traded on the NASDAQ market under the symbol LBAI and were at $14.67 at the close of trading Wednesday.

Lakeland shareholders would receive 0.8319 shares of Provident common stock for each share of Lakeland stock, according to transaction terms disclosed in 2022.

Wed, 20 Dec 2023 10:00:00 -0600 en text/html
Financial planner hits acquisition trail with £6.7m funding deal

Leicester-based financial planner, the Superbia Group has extended its presence in the South East through the acquisition of Headley Financial Services.

The deal was backed by £6.7m of funding from Shawbrook.

Established in 2019, The Superbia Group includes various financial services companies, including Asset Intelligence Research, Asset Intelligence Portfolio Management, and Financial Advisers, Furnley House.

Stefan Fura, managing director at The Superbia Group, said: “The Superbia Group has ambitious growth plans with a particular focus on expanding in the Midlands and South East. Shawbrook understood our strategy and structured a package that combined the funding immediacy for our first acquisition in the South East with a committed facility for our longer-term plans.”

Matt Croker, corporate finance director at Heligan Group, said: “It was a pleasure to work with the team at Superbia and Shawbrook to help deliver Superbia’s 5th acquisition in less than twelve months. The acquisition provides Superbia with a scalable platform in the South East for further bolt-on acquisitions, and Shawbrook’s team had the sector and regional knowledge to deliver the funding for the overall strategy and this transaction in the timescales required.”

Steve Armstrong, director at Shawbrook, said: “The Superbia Group’s immense development over the past few years is a testament to the strength of its growth model. We overcame some tight deadlines to get them the funding they needed, and we’re very pleased to be working alongside the strong management team as they continue to expand and capitalize on further opportunities. We look forward to being part of their future success.”

Tue, 12 Dec 2023 10:00:00 -0600 Ellie Hollinshead en text/html
B. Riley Financial, Inc. Bolsters Portfolio with Synchronoss Technologies Inc Acquisition

Introduction to the Transaction

B. Riley Financial, Inc. (Trades, Portfolio) has recently expanded its investment portfolio by adding a significant number of shares in Synchronoss Technologies Inc (NASDAQ:SNCR). This move, executed on November 13, 2023, reflects the firm's strategic approach to investing and highlights its confidence in the future of Synchronoss Technologies Inc. The transaction details reveal a substantial increase in B. Riley Financial's stake in the company, which is poised to have a notable impact on its investment portfolio.

Profile of B. Riley Financial, Inc. (Trades, Portfolio)

As a prominent investment firm, B. Riley Financial, Inc. (Trades, Portfolio) operates with a distinct investment philosophy that guides its portfolio decisions. With a focus on value investing, the firm seeks opportunities that promise long-term growth and stability. B. Riley Financial's top holdings, which include positions in Direxion Daily S&P 500 Bear -3X Shares (SPXS), Babcock & Wilcox Enterprises Inc (NYSE:BW), and others, reflect a diversified approach with a strong emphasis on industrials and communication services sectors. The firm manages an equity portfolio valued at approximately $297 million, showcasing its significant presence in the investment landscape.

B. Riley Financial, Inc. Bolsters Portfolio with Synchronoss Technologies Inc Acquisition

Synchronoss Technologies Inc Company Overview

Synchronoss Technologies Inc, a provider of cloud and software-based activation solutions, operates primarily within the mobile carrier and OEM space. Since its IPO on June 15, 2006, the company has developed a suite of services that include cloud-based sync, backup, and content engagement capabilities. With a market capitalization of $45.268 million, Synchronoss Technologies Inc offers a range of services across license, professional, subscription, and transaction segments. The company's financial health and market segments suggest a nuanced performance in a competitive industry.

B. Riley Financial, Inc. Bolsters Portfolio with Synchronoss Technologies Inc Acquisition

Transaction Details

The exact transaction by B. Riley Financial, Inc. (Trades, Portfolio) involved the acquisition of 1,493,574 shares of Synchronoss Technologies Inc at a trade price of $0.45 per share. This addition has increased the firm's total shareholding to 13,574,073, accounting for a 14.54% stake in the company. The trade has a moderate impact of 0.23% on B. Riley Financial's portfolio, with the position now representing 2.05% of its total investments.

Stock Performance and Valuation

At the time of the transaction, Synchronoss Technologies Inc's stock was trading at $0.45, which has since increased by 7.78% to a current price of $0.485. Despite this exact uptick, the stock's performance has been underwhelming, with a year-to-date decline of 20.49% and a significant drop of 94.61% since its IPO. The GF Score of 57/100 indicates a potential for poor future performance, while the GF Value suggests the stock may be a possible value trap, warranting caution from investors.

B. Riley Financial, Inc. (Trades, Portfolio)'s Position in SNCR

With the latest acquisition, B. Riley Financial, Inc. (Trades, Portfolio) has solidified its position as a key shareholder in Synchronoss Technologies Inc. The firm's 14.54% holding in SNCR is a testament to its investment strategy and belief in the company's prospects. While the largest guru shareholder's details are not provided, B. Riley Financial's stake is substantial and indicative of its influence on the company's shareholder base.

Market Reaction and Future Outlook

Since B. Riley Financial's investment, Synchronoss Technologies Inc's stock has shown a slight increase, which may reflect a positive market reaction to the firm's confidence in SNCR. However, given the stock's overall downward trend and the cautious GF Valuation, investors should closely monitor the company's performance and future potential based on GuruFocus ranks and scores.


The exact trade by B. Riley Financial, Inc. (Trades, Portfolio) marks a significant addition to its portfolio and underscores the firm's strategic investment approach. While Synchronoss Technologies Inc faces challenges, as indicated by various GuruFocus metrics, B. Riley Financial's increased stake could signal a belief in the company's turnaround or undervalued status. Investors will be watching closely to see how this position plays out in the firm's broader portfolio strategy.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

Wed, 15 Nov 2023 03:03:00 -0600 en-US text/html
FG Acquisition announces termination of business combination with Think Financial
  • SPAC FG Acquisition (FGAA.U:CA) Thursday announced that the company and Think Financial Group mutually agreed to terminate the previously announced business combination.
  • The agreement, dated May 12, was entered into in connection with the company's proposed business combination transaction with ThinkMarkets.
  • "The Corporation continues to evaluate other opportunities to consummate a qualifying acquisition before July 5, 2024, the date by which the Corporation has to consummate a qualifying acquisition," said FG Acquisition.
  • Source: Press Release
Thu, 07 Dec 2023 00:17:00 -0600 en text/html
Sagicor Financial Company Ltd. Announces Filing of ivari Business Acquisition Report and Comments on Financial Impact

This news release for Sagicor Financial Company Ltd. ("Sagicor" or the "Company") should be read in conjunction with the Company's Management's Discussion & Analysis ("MD&A") and the Consolidated Financial Statements for the period ended September 30, 2023. These documents are available on Sagicor's website, at, under the heading "Financials and Filings", and under Sagicor's profile at This news release presents non-IFRS measures used by Sagicor in evaluating its results and measuring its performance. These non-IFRS measures are not standardized financial measures, are not included in the Consolidated Financial Statements, and may not be comparable to similar financial measures used by other companies. They include book value per share, shareholders' equity and net CSM to shareholders per share, CSM, debt to capital ratio, return on equity, core earnings to shareholders, and total capital. See the "Non-IFRS Measures" section in this document for relevant information about such measures.

TORONTO and BARBADOS, Dec. 14, 2023 /CNW/ - Sagicor Financial Company Ltd. ("Sagicor" or the "Company") (TSX: SFC) today announced the filing of its Business Acquisition Report ("BAR") for its acquisition of ivari which closed on October 3, 2023 (the "Acquisition") which is available on SEDAR+ and on the Company's website.

In connection with the filing of the BAR, Sagicor is updating its previous guidance on the pro forma(1) impact of the ivari acquisition on key measures as denoted in the table below.

Q3 2023
(US$ millions unless otherwise noted)

Sagicor Standalone


Previous Guidance

(Pro Forma)(1)

Updated Impact

(Pro Forma)(1)

Shareholders' Equity


At or Above

$650 to $725


Net CSM to Shareholders(2)



$1,100 to $1,300


Shareholders' Equity and
Net CSM to Shareholders


At or Above

$1,800 to $2,000


Debt to Capital Ratio(2)

31.0 %

Neutral or Better

28.2 %

The figures in the table above indicate a pro forma(1) book value per share(2) of US$6.04 or C$8.16 per share, and pro forma(1) shareholders' equity and net CSM to shareholders per share(2), a measure of risk-bearing capital, of US$13.97 or C$18.88 per share as at Q3 2023.

Core earnings to shareholders(2) for 2024 is expected to be $90 million to $110 million, consistent with previous guidance. Given the higher than previously guided bargain purchase gain(1) on the ivari acquisition, and the resulting increase in our shareholders' equity, our previous 2024 pro forma(1) guidance of the low range of 14% to 16% return on shareholders' equity(2) will be reduced accordingly to reflect that increase.

For additional details regarding the transaction, please refer to the news releases dated November 13, 2023, October 3, 2023, and August 25, 2022, along with related materials available on SEDAR+ and on the Company's website.

About Sagicor Financial Company Ltd.

Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider with over 180 years of history in the Caribbean, over 90 years of history in Canada, and a growing presence in the United States. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados.  Additional information about Sagicor can be obtained by visiting

Cautionary Statements 

Certain information contained in this news release may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "target", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may", "would" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to the achievement of the anticipated benefits of the transaction and the impact of the acquisition on Sagicor's business. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. Sagicor's estimates, beliefs, assumptions and expectations contained herein are inherently subject to uncertainties and contingencies regarding future events and as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( Readers are cautioned not to place undue reliance on these forward-looking statements contained herein, which reflect Sagicor's estimates, beliefs, assumptions and expectations only as of the date of this press release. Sagicor disclaims any obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, new assumptions, future events or otherwise, except as expressly required by law.

The unaudited pro forma condensed consolidated financial statements are prepared based on assumptions and adjustments that are described in the accompanying notes in the BAR. The unaudited pro forma condensed consolidated financial statements do not deliver effect to the potential impact of current financial conditions, operating efficiencies or other savings or expenses that may be associated with the integration of the Acquisition. The unaudited pro forma condensed consolidated financial statements have been prepared for illustrative purposes only and are not necessarily indicative of the financial position or results of operations in future periods or the results that actually would have been realized if Proj Fox Acquisition Inc. ("Proj Fox") (Proj Fox is the parent company of ivari) had been a subsidiary of Sagicor during the specified periods. Additionally, the application of the acquisition method of accounting depends on certain studies that have yet to be completed.

The Acquisition is considered to be an acquisition under IFRS 3 Business Combinations ("IFRS 3") with Sagicor as the acquirer and Proj Fox as the acquired entity. The unaudited pro forma condensed consolidated financial statements have been prepared using the acquisition method of accounting in accordance with IFRS 3. Sagicor has not yet completed the final analysis of the fair market value of Proj Fox's assets acquired and liabilities assumed and has estimated preliminary allocations to such assets and liabilities. This preliminary purchase price allocation has been used to prepare pro forma adjustments in the unaudited pro forma condensed consolidated financial statements. The final purchase price allocation will be determined following the completion of the detailed studies, and necessary calculations. The final purchase price allocation could differ materially from the preliminary purchase price allocation used to prepare the pro forma adjustments. The final purchase price allocation may include changes in intangible assets, insurance contract liabilities, reinsurance contract assets, and bargain purchase gain based on the results of certain studies that have yet to be completed. Therefore, the figures in the table above should be considered preliminary and subject to change.

Accordingly, the pro forma adjustments are preliminary, subject to further revisions as additional information becomes available and additional analyses are performed and have been made solely for the purposes of providing unaudited pro forma condensed consolidated financial statements. Differences between these preliminary estimates and the final acquisition accounting will occur and these differences could have a material impact on the accompanying unaudited pro forma condensed consolidated financial statements and on Sagicor's future earnings and financial position.

Non-IFRS Measures

The Company reports certain non-IFRS measures and insurance industry metrics that are used to evaluate its performance. As non-IFRS measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other companies. Securities regulators require such measures to be clearly defined and reconciled with their most comparable IFRS measures. These measures are provided as additional information to complement IFRS measures by providing further understanding of the results of the operations of the Company from management's perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company's financial information reported under IFRS. Non-IFRS measures used to analyze the performance of the Company's businesses include but are not limited to book value per share, shareholders' equity and net CSM to shareholders per share, CSM, debt to capital ratio, return on equity, core earnings to shareholders, and total capital. Below is an explanation of the composition or reconciliation of these non-IFRS measures.

Book value per share ("BVPS"): To determine the book value per share, shareholders' equity is divided by the number of shares outstanding at the period end, net of any treasury shares. All components of this measure are IFRS measures.

Shareholders' equity and net CSM to shareholders: This measure is the sum of total shareholders' equity and net CSM to shareholders. It is an important measure for monitoring growth and measuring insurance businesses' value.

Shareholders' equity and net CSM to shareholders per share: To determine the shareholders' equity and net CSM to shareholders per share, shareholders' equity plus net CSM to shareholders is divided by the number of shares outstanding at the period end, net of any treasury shares. Net CSM to shareholders is a non-IFRS measure.

Contractual service margin ("CSM"): The CSM represents an estimate of unearned future profits. This is a new component of insurance contract liabilities under IFRS 17, which was not required under IFRS 4. For new business issued under IFRS 4, the estimated profit or loss over the term of the contract is recognized in income at the date of issue. Expected future profits on new business under IFRS 17 are deferred and recorded in the CSM and amortized into income as insurance services are provided over the term of the contract. Under IFRS 17, expected losses on new business are recognized at the date of issue. Net CSM is direct CSM net of reinsurance CSM.

Total net CSM: This measure is the balance of the direct CSM net of reinsurance CSM.

Net CSM to shareholders: This measure is the amount of the total net CSM attributable to shareholders.

Debt to capital ratio: The debt to capital ratio is the ratio of notes and loans payable (refer to note 11 of the Company's unaudited consolidated financial statements) to total capital (excluding participating accounts), where capital is defined as the sum of notes and loans payable and total equity including total net CSM and excluding participating accounts. This ratio measures the proportion of debt a company uses to finance its operations as compared with its capital.

Total capital: This measure provides an indicator for evaluating the Company's performance. Total capital ($2.1 billion as at Q3 2023) is the sum of shareholders' equity ($443 million), notes and loans payable ($657 million), non-controlling interest ($320 million) and total net CSM ($699 million). This measure is the sum of several IFRS measures. Pro forma the ivari acquisition, total capital ($3.4 billion as at Q3 2023) is the sum of shareholders' equity ($857 million, which is Sagicor's Q3 2023 reported shareholders' equity of $443 million, plus the bargain purchase gain arising from the Acquisition of $435 million, minus transaction costs directly attributable to the Acquisition and are factually supportable but not yet expensed or accrued of $20 million), notes and loans payable ($957 million, which is Sagicor's Q3 2023 reported notes and loans payable of $657 million, plus the net senior secured term loan facility amount of $300 million after financing fees), non-controlling interest ($320 million, which is Sagicor's Q3 2023 reported non-controlling interest) and total net CSM ($1,266 million, which is Sagicor's Q3 2023 reported total net CSM of $699 million, plus the preliminary estimated fair value of Proj Fox total net CSM of $567 million). Pro forma values are preliminary estimates subject to change and are detailed in the BAR.

Core earnings to shareholders: Core earnings is intended to remove from reported earnings or loss the impacts of the following items that create volatility in Sagicor's results under IFRS, or that are not representative of its underlying operating performance, including, among others, unexpected market-related impacts, changes in assumptions, management actions, certain acquisition or disposition related amounts and others such as one-time costs, amortization of intangibles, and tax effects of the aforementioned items. Core earnings is classified as a supplementary financial measure and has no directly comparable IFRS financial measure disclosed in Sagicor's financial statements to which the measure relates, nor are reconciliations available.

Return on equity ("ROE"): IFRS does not prescribe the calculation of return on shareholders' equity and therefore a comparable measure under IFRS is not available. To determine this measure, reported net income/(loss) attributable to shareholders is divided by the total weighted average shareholders' equity for the period. The quarterly return on shareholders' equity is annualized. The ROE provides an indication of overall profitability of the Company.

1 Pro forma values are preliminary estimates subject to change and are detailed in the BAR. Balance sheet impacts assume acquisition was completed on September 30, 2023.

2 Represents a non-IFRS measure. See the Non-IFRS Measures section in this document and in our MD&A for relevant information about such measures.

Note: Figures translated at USD/CAD exchange rate of 1.3520 as at September 30, 2023.

SOURCE Sagicor Financial Company Ltd.


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Wed, 13 Dec 2023 17:00:00 -0600 en-US text/html
Google Likey: Search Giant Continues Shopping Spree With Acquisition

search engine confirmed the acquisition in a statement posted on the web site. While the financial terms of the deal have not been disclosed, some reports estimate it could be worth around $100 million.

"Since 2006, has been moving the frontiers of eCommerce forward one step at a time," wrote CEO and founder Munjal Shah. "We were the first to bring visual search to shopping, the first to build an automated cross-matching system for clothing, and more. We didn't stop there, and don't have plans to stop now. We see joining Google as a way to supersize our vision and supercharge our passion." uses visual search technology that pairs consumers with clothing based on their style. The acquisition gives Google's technology, which Google will likely adapt for other visual search queries besides fashion. Google has not yet outlined how it plans to use's search technology.

The buy continues a shopping spree for Google, which in the past few weeks has made a handful of key acquisitions to bulk up its social media and search presence. The purchase also falls in line with other exact Google acquisitions, including the purchase of visual art search engine Plink in April, which has been adapted to leverage Google Goggles, a Google Android application that lets users search for information about items by snapping a photo of it with their smartphones. Google and its venture capital arm have also invested in Pixazza, a company that helps web users buy products they see in photos on the web.

Google's acquisition of is the third acquisition this month for Google, continuing Google's acquisition momentum for 2010 and pushing its number of acquisitions this year to more than a dozen. Earlier this month Google acquired Slide Inc., which develops social networking entertainment applications. In the same week, Google acquired virtual currency platform developer Jambool.

Sun, 10 Dec 2023 22:35:00 -0600 text/html
NHS financial crisis may lead to roll back of flexi-work scheme and private acquisition Deficit in NHS fund has lead to cancellation of subsidized flexible working for NHS doctors, the part-time flexible working scheme which was introduced four years back by the Government is being rolled back due to financial crisis in the NHS fund. The Private hospitals have also showed interest to acquisition of NHS funded government hospitals which are working in a horrible situation due to financial crisis.

Last year the government hospitals had a very high overall debt and the private management is working out plans by which they can help the hospitals in England to overcome their deficits. The publishing of the half-yearly report of hospital trust had shown a deficit totaling to £ 948 million which shows clearly the situation of trusts in England.


This reason of financial deficit is the cause of possible roll back of flexible working doctors who are mostly made up of women doctors who wanted to have a flexible career after child birth and through this scheme more than 2500 doctors are working since 2001.
Thu, 21 Dec 2023 22:27:00 -0600 en-US text/html

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