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Egan-Jones Reviews Credit Indicators That Preceded the Tricolor Collapse

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NEW YORK, Aug. 27, 2026 /PRNewswire/ — Egan-Jones released a commentary examining the credit indicators that deteriorated well before the failure of subprime auto lender Tricolor Holdings, and how comparable warning signs can be recognized in other borrowers. The publication holds that the losses had precursors, several of them visible in public data.

In August, the U.S. Securities and Exchange Commission sued Tricolor’s founder and two of its executives, alleging that they pledged the same collateral more than once and misrepresented the debt pools they offered to lenders. For investors, instruments rated AAA and AA are in default, and recoveries at both Tricolor and First Brands Group are expected to be minimal. Egan-Jones rated neither company nor their securities.

One reading of the episode is that fraud made the collapse unforeseeable. Egan-Jones sets out the opposite position: fraud is a recurring feature of credit markets, and borrowers under strain frequently obscure their condition while attempting to trade through it. On that view, the useful exercise is identifying which indicators were available at the time.

Three of them moved against Tricolor at once. Delinquencies on consumer loans at commercial banks climbed from roughly 1.5 percent in early 2021 to 2.8 percent in late 2024, a figure covering all consumer borrowers and, the commentary notes, almost certainly higher within the subprime segment Tricolor served. Financing costs rose over a similar period, with rates on new auto loans reaching a high of 8.4 percent in 2024 from 4.5 percent in early 2022. Used vehicle prices, which set the value of the company’s collateral, fell.

The commentary is careful about what that combination proves. Weakening obligor credit, rising borrowing costs, and declining collateral values are not on their own evidence of failure, still less of misconduct. The point Egan-Jones makes is narrower: taken together, they warranted additional due diligence.

Egan-Jones concludes that shifts in credit quality can often be identified through observable indicators, citing its earlier warnings on Enron and WorldCom and its ranking by Fortune magazine for flagging the 2008 credit crisis. The firm states that it aims to continue providing timely and accurate ratings, and appends its historical ratings performance record.

About Egan-Jones Ratings
Egan-Jones, an NRSRO founded in 1995, offers timely and accurate credit ratings and proxy services.

Media Contact:
sales@egan-jones.com
+1 212 425 0460

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SOURCE Egan-Jones Ratings Co.

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Private Capital is Returning to the Maritime Industrial Base

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Geopolitical competition and a renewed focus on undersea priorities are fueling this once-in-a-generation investment transformation

CLEVELAND, Aug. 27, 2026 /PRNewswire/ — The United States is entering a multi-decade maritime industrial super cycle in which enduring strategic advantage will be determined not only by the sophistication of individual naval platforms, but by the nation’s ability to rapidly build, sustain, repair, regenerate, and scale maritime capability through a resilient, technologically advanced industrial base, according to an industry report released by the Aerospace, Defense & Government Services (ADGS) investment banking team at Brown Gibbons Lang & Company (BGL).

In the next maritime cycle, innovation will matter, but industrialization will determine who wins.

Download and read the BGL Industrials Insider here: https://bit.ly/BGLMaritimeInsider 

BGL Managing Director Meghan Welch: “The companies best positioned to create value will be those that combine differentiated technology or scarce qualifications with the operational ability to industrialize. In the next maritime cycle, innovation will matter, but industrialization will determine who wins.”

BGL Managing Director Craig Decker: “As institutional capital looks for new deployment opportunities, shipyards are emerging as an increasingly compelling area for infrastructure and private equity investment. Regulatory enforcement, evolving policy priorities, and the limited supply of maritime infrastructure and skilled labor are creating attractive market dynamics and drawing investor interest to a sector that has historically received limited institutional investment.”

In the report, BGL examines the emerging opportunities for private equity and infrastructure investors in the maritime defense sector and the recent deal activity and capital strategies that are shaping the market.

Key defense industry trends and takeaways include:

Why federal policy and trade are becoming a durable demand signal for investmentHow fleet readiness is creating recurring demand for the aftermarketWhy consolidation is accelerating across the naval defense sector

Private equity, infrastructure capital and venture investment are entering the maritime market through different channels. Private equity is consolidating fragmented suppliers and repair capabilities. Infrastructure investors are attracted to long-duration assets such as shipyards, dry docks and port facilities that require patient capital. Venture investors are funding autonomous systems, sensing, advanced manufacturing and maritime software.

The investment case is supported by durable government demand, large prime-contractor backlogs, strategic scarcity and bipartisan recognition that capacity must expand. It is also supported by market fragmentation. A single ship class can depend on thousands of suppliers, while repair markets are often divided among regional yards and specialized trades. This creates room for scaled platforms that improve coordination, broaden capabilities, and invest in modern systems.

About BGL’s Aerospace, Defense & Government Services Investment Banking Team

BGL’s Aerospace, Defense & Government Services (ADGS) investment banking team has decades of relevant experience and a network of long-standing relationships across a broad range of subsectors, including aerospace technology, aviation services & distribution, defense, space, government technology & services, and logistics.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital marketsfinancial restructuringsbusiness valuations and opinions, and other strategic matters. BGL has offices in Boston, Chicago, Cleveland, Los Angeles, and New York. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.

Industry contacts:

Meghan M. Welch
Managing Director
Aerospace, Defense & Government Services
mwelch@bglco.com
859.487.0006

Craig M. Decker
Managing Director
Transportation & Logistics Infrastructure
cdecker@bglco.com
917.688.2784

Enrico J. Certo
Director
Transportation & Logistics Infrastructure
ecerto@bglco.com
917.373.0527

Media contact:

Kaylyn R. Hlavaty
Communications Manager
khlavaty@bglco.com
440.823.0270

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SOURCE Brown Gibbons Lang & Company

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Demotech, Inc. Discusses Enhancement of Loss Costs at NAIC Northeast Zone Meeting

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COLUMBUS, Ohio, Aug. 27, 2026 /PRNewswire/ — New Hampshire Insurance Commissioner DJ Bettencourt serving as vice chair of the National Association of Insurance Commissioner Northeast Zone has invited Joseph L. Petrelli, president and co-founder, Demotech, Inc. to speak at its upcoming meeting in September 2026.

Petrelli will expand on his presentation to the Market Regulation and Consumer Affairs (D) Committee, chaired by Commissioner Jon Pike, Utah at the NAIC meeting in Louisville, KY, held in March 2023. A brief summary of the presentation in 2023 will recollect the unearthing of the previously covert online business model of technology-enabled claims instigation. The online business model can promulgate litigation at industrial scale by leveraging search engine optimization, pay-per-click advertising, and litigation platforms, often financed by third-party litigation funders. 

The 2026 presentation and update to the NAIC will focus on Demotech’s additional research into the mutations within the legal profession, including Big Money securing positions in, or otherwise supporting, the efforts of plaintiff law firms to secure additional litigation. 

Petrelli will demonstrate how granularity in the presentation of loss costs could assist regulators, legislators and other stakeholders enhance their analysis of the ultimate drivers of changes, particularly increases, in loss costs caused by what he labeled “claim transitioning.” Claim transitioning measures the relative percentage of reported claims that are closed without payment, closed with a payment, or outstanding.  Petrelli will reference the possible need to discern between claims litigated by a policyholder versus claims litigated by a policyholder accessing third-party litigation financing. 

About Demotech, Inc. 
Incorporated on September 9, 1985, Demotech, Inc. is a financial analysis firm based in Columbus, Ohio. Demotech provides objective and independent Financial Stability Ratings® (FSRs) for Property & Casualty insurers, Life & Health insurers, and Title underwriters, among others.  FSRs assist independent, regional and specialty insurers by leveling the insurer ratings playing field. In 1989, Demotech became the first to have its rating process reviewed and accepted by Fannie Mae, Freddie Mac, and, subsequently, HUD. Since that time, Demotech’s FSRs have been leveling the playing field for financially stable insurers of all sizes, writing all lines of insurance. On July 11, 2022, Demotech registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization in the class of Insurance Companies. Visit https://www.demotech.com

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SOURCE Demotech, Inc.

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YachtWorld Outperforms a Flat Market as New Site Drives 25% Increase in Buyer Engagement and Lead Conversion

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New site and app are driving stronger shopper engagement and conversion even as industry unit sales remain essentially flat year over year

MIAMI, Aug. 27, 2026 /PRNewswire/ — YachtWorld, the world’s largest online marketplace for yachts and boats, is outperforming broader recreational boating market trends following the launch of its new site, with buyers engaging more deeply and converting into leads at significantly higher rates than they did a year ago.

While early data from Boats Group’s sold boats database shows August unit sales essentially flat to slightly down year over year, buyer performance on YachtWorld is moving in a markedly different direction. Lead conversion has increased 25.4%, boat detail page engagement has increased 25.5%, and search click-through rate has improved 9.6% compared with the same period last year.

The results point to a more productive marketplace: even as the overall number of boats changing hands remains relatively steady or slightly down, YachtWorld is doing a better job of turning available buyer demand into meaningful engagement and connections with professional sellers.

“When the overall market is flat, growth in buyer engagement becomes even more meaningful,” said Mike Grabowski, Chief Product Officer of Boats Group. “We can’t control the broader market, but we can build the best possible shopping experience — one that helps buyers discover the right boats, keeps them engaged and makes it easier to connect with sellers. That’s what we’re seeing with the new YachtWorld site and app.”

Boats Group’s latest market data reflects a recreational boating market that remains relatively stable year over year. Against that backdrop, YachtWorld is seeing substantial improvement across three of the behaviors that matter most to buyers and sellers: discovery, engagement and conversion.

Rather than relying on growth in the broader market, the new YachtWorld experience is helping turn existing buyer demand into more productive shopping activity and more opportunities for sellers.

The new YachtWorld was designed around how people actually shop for boats, creating a simpler path from discovery and search to individual boat exploration and seller contact. Early results show shoppers are more likely to move from search results into individual listings, explore more boats during their visit and ultimately connect with a seller.

That distinction is particularly important for YachtWorld’s professional brokers and dealers in a flat market. When the overall pool of demand isn’t growing, making the most of every active buyer becomes increasingly important.

“More traffic isn’t necessarily the measure of a better marketplace,” said Grabowski. “Our focus is on creating meaningful buyer activity. Are shoppers finding boats that interest them? Are they exploring more inventory? Are they connecting with sellers? We’re seeing significant improvement across each of those behaviors.”

The new YachtWorld site and app are part of Boats Group’s broader investment in modernizing the boat-buying journey across its marketplaces. By combining marketplace technology, data and insights into buyer behavior, Boats Group is focused on helping consumers move more easily from discovery to ownership while creating greater value for the dealers, brokers and manufacturers that serve them.

“Market conditions will always change,” added Grabowski. “Our job is to keep improving what we can control: the experience we create for buyers and our ability to connect that demand with our customers’ inventory.”

About YachtWorld

YachtWorld is the largest online marketplace for buying and selling yachts, connecting millions of buyers with a global network of brokers, dealers, and private sellers. With AI-driven search tools, real-time market insights, and comprehensive financing options, YachtWorld makes yacht discovery and ownership more accessible, seamless, and enjoyable.

Media Contact:
Courtney Chalmers
Chief Brand & Communications Officer
press@boats.com

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SOURCE YachtWorld

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