Assurant, Inc., a global provider of risk management solutions, today announced that it has agreed to acquire Green Tree Insurance Agency, Inc. from a wholly-owned subsidiary of Walter Investment Management Corp. (“Walter”) for $125 million in cash with a potential earnout of up to $25 million, based on future performance. Green Tree Insurance Agency sells housing protection products, including voluntary homeowners’ and manufactured housing policies, and other insurance products. Assurant expects the transaction to close in the first quarter of 2017, subject to the satisfaction of customary closing conditions and regulatory approval, and that the acquisition will have minimal impact to Assurant’s GAAP earnings in 2017.

“We are building upon the strength of our 30-year history with Green Tree,” said Alan Colberg, president and chief executive officer, Assurant. “More importantly, this acquisition enables Assurant to further its strategic focus in the housing market by expanding our voluntary offerings, through this distribution channel, to new and existing clients.”

As of Sept. 30, 2016, Green Tree Insurance Agency and the affiliated entities Assurant is acquiring in this transaction reported revenues for the nine months of approximately $31 million. Assurant currently earns underwriting profits on the majority of Green Tree’s voluntary homeowners’ and manufactured housing insurance sales. Through this acquisition, Assurant will retain its existing book of voluntary insurance for home mortgage borrowers whose loans are serviced by Walter’s subsidiary, Ditech Financial Services, and will have the opportunity to write additional voluntary business for Ditech borrowers. Assurant expects the acquisition to improve margins on the existing block of business and generate roughly $25 million of incremental annualized net earned premium and fee income in 2017, with the opportunity to grow the business over time.

Green Tree Insurance Agency will be an indirect, wholly-owned subsidiary of Assurant with offices in Rapid City, SD and St. Paul, MN.

CAUTIONARY STATEMENT - Some of the statements included in this news release, particularly statements regarding this acquisition and future results, may be forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's best estimates, assumptions and projections and are subject to significant uncertainties. Assurant undertakes no obligation to update any forward-looking statements in this news release as a result of new information or future events or developments. For a detailed discussion of the general risk factors that could affect our results, please refer to the risk factors identified in our annual and periodic reports, including but not limited to our 2015 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission.

Initiative significantly reduces certification costs for terminal manufacturers and kernel developers

FIME announces that its test laboratories in France and Taiwan are now eligible to support terminal manufacturers and kernel developers as part of the UnionPay QuickPass sponsorship program. By significantly subsidizing certification costs, the program is working to drive adoption of UnionPay QuickPass.

“We are supporting international vendors with a range of consultancy and certification services and those services just became more accessible,” comments Alex Chen, Business Director Asia Pacific at FIME. “As the first laboratory outside mainland China to participate in the sponsorship program we look forward to continuing our strong and productive relationship with UnionPay, and helping international vendors to get certified.”

Zhaoyu Han, Product Manager at UnionPay International adds: “Increased global acceptance is key to our expansion strategy and partners like FIME are central to this process. This sponsorship program is a significant opportunity for international vendors, enabling them to meet market demand for UnionPay services with reduced costs and increased convenience.”

The EVAL test tool, which is used by FIME’s laboratories for UnionPay product certification, is also available to terminal manufacturers and kernel developers to support product development. Using the tool throughout product development ensures a smooth formal approval process, avoiding the costly and time-consuming delays that can occur when an error is identified at the final stage.

FIME’s consultancy services, EVAL test tool and laboratory services offer terminal manufacturers a complete certification portfolio, supporting them in achieving compliance to a comprehensive list of international and domestic payment schemes.

Malaga Financial Corporation (OTCPink:MLGF), the parent company of Malaga Bank, FSB, today reported that Malaga Bank was recognized as the Business of the Year by the South Bay Association Chambers of Commerce (SBACC). The SBACC represents seventeen chambers of commerce in the South Bay providing the leading advocacy voice for the regional business community.

Malaga Bank is honored by this recognition of exceptional commitment to our local chambers and non-profit organizations. We’re proud that Malaga Bank has always been a strong proponent of our local community and helping one another since we first opened our doors on March 14, 1985. We believe in supporting our community and in patronizing local businesses. Our philosophy is to provide a broad range of financial products and services to the entire South Bay community with the best in hospitality and service to go along with them.

Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Ares Capital Corporation announced today that it has completed its previously announced acquisition of American Capital, Ltd. enhancing its leadership position in middle market direct lending in the U.S. Ares Capital continues to be the largest business development company in the U.S. with total assets of $12.3 billion pro forma for the American Capital acquisition as of September 30, 2016.

“We are excited to close the acquisition of American Capital, which we expect will be accretive to core earnings and provide many financial and strategic benefits to our shareholders as we further enhance our scale and market position,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “While significant progress was made with the American Capital portfolio after the merger agreement was signed, we expect a continued repositioning of its legacy investments to enhance earnings at the combined company and further improve our company’s outlook.”

Under the terms of the agreement, American Capital shareholders will receive total consideration of approximately $18.06 per share comprised of: (i) $14.41 per share from Ares Capital consisting of approximately $6.48 per share of cash (including a make-up dividend in the amount of $0.07 per share) and 0.483 Ares Capital shares for each American Capital share at a value of $7.93 per American Capital share (based on the closing price per share of Ares Capital common stock on January 3, 2017), (ii) $2.45 per share of cash from American Capital’s previously announced sale of American Capital Mortgage Management, LLC, and (iii) approximately $1.20 per share of cash as transaction support provided by Ares Capital Management LLC, a subsidiary of Ares Management, L.P. (NYSE:ARES) and the investment adviser to Ares Capital, acting solely on its own behalf. In connection with the stock consideration, approximately 112.0 million Ares Capital shares were issued to American Capital shareholders, resulting in American Capital shareholders owning 26.3% and Ares Capital shareholders owning 73.7% of the combined company. On January 3, 2017, the official close price of Ares Capital’s common stock on The NASDAQ Global Select Market was $16.42 per share. American Capital shares were delisted from the NASDAQ and trading ceased at the close of trading on January 3, 2017.

In connection with the acquisition, Ares Capital Management LLC has also agreed to waive up to $100 million in income based fees from Ares Capital for ten calendar quarters beginning in the second quarter of 2017. The waiver will be in an amount of up to $10 million of such income based fees in each such quarter to the extent earned and payable to Ares Capital Management, to support the expected profitability of the combined company during the integration and portfolio repositioning period.

Based on pro forma information as of September 30, 2016, the transaction increases and further diversifies Ares Capital's portfolio of investments from $8.8 billion across 215 portfolio companies to approximately $11.8 billion across 314 portfolio companies. In addition, due to American Capital’s substantial cash position of more than $1 billion and no debt, the transaction moderately reduced the combined company’s debt to equity ratio pro forma for the American Capital acquisition as of September 30, 2016. With a larger capital base and expanded portfolio, Ares Capital also has the opportunity to increase its average commitment sizes and final investment positions over time.

“The significant amount of cash held by American Capital and the resulting reduction in leverage from the transaction puts us in a strong capital position as we look to drive long-term earnings growth from the American Capital acquisition," said Penni Roll, Chief Financial Officer of Ares Capital.

Wells Fargo Securities, LLC and Bank of America Merrill Lynch served as financial advisors to Ares Capital. Latham & Watkins LLP and Willkie Farr & Gallagher LLP served as legal counsel to Ares Capital. Sutherland Asbill & Brennan LLP served as legal counsel to the independent directors of Ares Capital. Proskauer Rose LLP served as legal counsel to Ares Management. Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC served as financial advisors to American Capital. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to American Capital.

BGC Partners, Inc.("BGC Partners", "BGC", or "the Company"), a leading global brokerage company servicing the financial and real estate markets, today announced that it has entered into an agreement to acquire Besso Insurance Group Limited ("Besso"), an independent Lloyd's of London insurance broker with a strong reputation across Property, Casualty, Marine, Aviation, Professional and Financial Risks and Reinsurance.

Shaun D. Lynn, President of BGC Partners, commented on today's announcement: "We are excited about this strategic acquisition in the insurance brokerage sector. After extensively researching the insurance brokerage industry, Besso stood out as providing an excellent platform on which to establish a new vertical. Over time, we expect to build a sizable insurance brokerage division within the Company". 

Besso generated revenue of approximately £44 million in the financial year ended December 31, 2016. The transaction is expected to be immediately accretive upon closing.

Through its previous acquisition of U.S. Real Estate Services business, Newmark Grubb Knight Frank, BGC Partners has demonstrated a proven track record of successfully building new brokerage verticals. Since 2011, BGC has increased the revenue run-rate of its Real Estate Services business by more than five times to over $1 billion annually.

"I am delighted that Besso is joining BGC Partners, a large and well capitalised company with a global footprint and demonstrable success in building brokerage businesses", said Colin Bird, Chairman and CEO, Besso Insurance Group. "The opportunities this deal presents are substantial. BGC and its affiliates have deep relationships with leading companies in real estate, financial services, and other industries, which we believe will help us grow our franchise".

Upon the close of the transaction, Mr. Bird will continue as Chairman of Besso Insurance Group Limited. Robert Dowman and Russell Nichols will become joint CEOs, each reporting to Mr. Lynn. Until insurance brokerage becomes a larger part of BGC's business, it is expected to be recorded as part of "Equities, insurance, and other asset classes" brokerage revenues within the Financial Services segment. Details of the transaction were not disclosed, and completion of the transaction is subject to legal and regulatory approvals and certain closing conditions.

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, is launching a leading edge LTE Cat. M1​ wireless module for IoT solutions​. The new Cinterion® LTE Cat. M1 solution takes network efficiency and simplicity to new heights, delivering LTE for Machine-Type-Communication (MTC) and improved power savings that enables battery life of 10+ years, for some use cases. The new module is ideal for use cases not dependent on speed, but rather requires network longevity and improved indoor coverage such as asset trackers, healthcare solutions, smart meters and industrial sensors.

The new wireless module is the first IoT solution based on a dedicated LTE Cat. M1 chipset. The low-power, wide-area (LPWA) module offers extended coverage, including improved in-building and in-ground penetration. The solution operates on the highly efficient LTE spectrum and is capable of supporting more than 10 frequency bands from a single hardware device. This eliminates the need for multiple variants providing simplified global deployment and a fast time to market. In the future, the new module will be able to run LTE NB-IoT protocols on the same hardware, giving customers a future-proof path to the latest network standards. Sharing the same footprint as existing Cinterion products, the LTE Cat. M1 solution enables easy migration from 2G and 3G devices. Development samples are available immediately before debuting on the Verizon 4G LTE Cat M1 network in early 2017, which is scheduled to achieve nationwide US coverage by the end of Q1 2017.

"Supported by all major mobile equipment, chipset and module manufacturers, LTE-M1 provides an important path forward as we move toward a universal standard for IoT communication," said Johan Fagerberg, CEO of Berg Insight. "LTE-M networks co-exist with 2G, 3G and traditional 4G networks, allowing easy evolution while ensuring the same security and privacy expected from GSM and cellular technologies."

"The LTE market for IoT is vast and requires connectivity solutions for a range of devices, from low-power, low-bandwidth applications addressed by LTE-Cat M1, to higher performance, wider bandwidth use cases best addressed by LTE Cat 1 or Cat 3," said Chris Schmidt, Executive Director Device Technology at Verizon. "We are pleased that Gemalto continues to deliver innovative, cost-effective solutions to meet the evolving needs of Verizon's LTE customers by developing a Cat-M1 module for use in a variety of IoT verticals, including smart grid, agriculture, fleet, asset tracking, and smart city applications."

 ​"Gemalto's LTE-M1, LTE Cat. 1 and VoLTE Cat. 1 solutions ensure that highly efficient 4G connectivity is available for every type of IoT application," said Andreas Haegele, Senior Vice President M2M at Gemalto. "With steady double-digit IoT growth expected in the coming years, Gemalto is committed to delivering cutting edge products that connect, secure and monetize the expanding IoT."​