BISMARCK, N.D., July 26 -- The North Dakota Democratic-NPL Party issued the following news release:

Last night, Senator John Hoeven forgot about a few things. 772 billion things, to be exact.

That's how much Medicaid spending would be cut under the deeply unpopular Better Care Reconciliation Act (BCRA). Last night, Hoeven voted in favor of the bill, after announcing just two weeks ago that he opposed it due to concerns about "the bill's impact on Medicaid."

"We hope Senator Hoeven hasn't also forgotten about 90,000 North Dakotans who rely on Medicaid for access to lifesaving care," said Democratic-NPL spokesperson Daniel Tick. "We're sure this was an honest mistake that Sen. Hoeven will be eager to correct as the Senate continues voting over the next few days on measures that threaten to dismantle Medicaid and jeopardize health insurance for tens of thousands of North Dakotans."

Across the state, 90,000 North Dakotans rely on Medicaid, including 36,000 children. The BCRA - which was widely panned by health care organizations in North Dakota and across the country - would have cut Medicaid by an estimated $772 billion in the first decade, and by 35 percent over 20 years. Fortunately, the bill was decisively rejected by the Senate after nine Republicans - but not Hoeven - voted against it.

It's OK, Senator. Sometimes we forget things, too.

• Delivers to insurers an integrated product innovation solution combining holistic balance sheet analytics, liability-driven investment differentiation, and access to permanent capital
• Powered by an AI-driven Asset Liability Management (ALM 3.0) platform

NEW YORK & MIAMI--(BUSINESS WIRE)--
Agam Capital, a global leader in insurance-related asset and liability analytics, and 1823 Partners (US) LLC, a differentiated asset management firm focused on insurance-first investment strategies, today announced that they have formed a long-term strategic partnership to serve global insurance companies. The partnership brings access to permanent capital through reinsurance to non-US insurers for in-force risk transfer or capital solutions and co-creation partnerships for new product design and flow reinsurance arrangements.

The partnership provides innovative design and management solutions for policyholder guarantees, enhanced asset capabilities in terms of sourcing, structuring and surveillance, and permanent equity capital to deliver sustained, alpha generation for insurance company partners and resilient outcomes for policyholders and other stakeholders.

The partnership draws on the complementary strengths of its founding members:

• 1823 Partners’ asset management capabilities across multiple sectors for long-term oriented investors, such as insurance companies, pension plans, and family offices; and

• Agam Capital’s deep expertise in insurance structuring and its proprietary balance sheet management technology platform.

Anant Bhalla, Co-Founder and CEO of 1823 Partners, said, “The Insurance industry value chain has splintered over the past 20+ years, resulting in fragmentation and a shift in value economics between liability distribution, balance sheet risk bearing capacity providers, and asset sourcing capability providers. Our unique end-to-end solution provides insurance companies with strong distribution access to the full stack of capabilities required to compete – product design, world-class ALM, access to long-dated capital and resilient, private asset sourcing, structuring, and ongoing surveillance. All of this is supported by ALM 3.0 infrastructure solutions that are required to thrive in a complex and ever-changing environment.”

Chak Raghunathan and Avi Katz, Co-Founders of Agam, said, “The fundamental challenge in insurance ALM has always been that the models in use were designed for a less fluid, simpler world. We have now designed and built a proprietary, AI-driven ALM platform from first principles to handle the complex realities of dynamic, turbulent global capital markets – integrating the full enterprise in real time, with AI agents that can price and manage risk dynamically. This partnership is how we put our combined capabilities to work for the benefit of global insurance companies.”

The Technology Foundation: pALM and LeadAii

Central to this partnership is pALM, Agam Capital’s proprietary asset-liability management platform. pALM is uniquely positioned as a platform that integrates actuarial modeling, asset management, accounting, risk management, and treasury management into a single unified ecosystem – providing a consistent version of truth across the enterprise.

Building on pALM’s foundation, Agam founders have developed LeadAii – a next-generation, multi-agent, AI-driven ALM platform. LeadAii deploys a network of autonomous agents capable of operating in real-time across the full complexity of insurance ALM challenges, from liability modeling and dynamic asset allocation to scenario analysis and stress-testing across interest rate, credit, and longevity risk factors.

LeadAii is built on proprietary large language models developed on open-source foundations and customized exclusively for life and retirement applications. The system operates within a fully isolated agentic framework – with no external data access and no data transfer outside the organization – addressing the hallucination and security risks that limit the deployment of general-purpose AI in regulated financial environments. Together, pALM and LeadAii deliver the turnkey ALM infrastructure that makes the partnership’s end-to-end model operationally viable at scale.

Initial Strategic Focus

The strategic partnership will target the Asian market with an initial focus on the Japanese insurance sector. Japan's life and retirement industry is undergoing significant regulatory and structural change, creating demand for precisely the integrated solutions offered by the partnership. The team will also pursue select opportunities in other markets where its integrated proposition – technology, access to assets and capital, and structuring expertise operating in concert – can deliver outcomes unavailable through traditional channels.

About Agam Capital

Agam is a global leader in insurance-related asset and liability analytics. Founded in 2016, Agam operates the pALM ecosystem, a differentiated analytical platform for balance sheet optimization across the insurance industry. This proprietary Asset Liability Management (ALM) platform supports Agam's strategic partners in exceeding their capital and growth targets. With a fully embedded Dynamic Strategic Asset Allocation (DSAA) and Enterprise Risk Management (ERM) infrastructure, pALM supports Agam’s ability to offer one stop, turnkey insurance solutions to global clients in various regulatory jurisdictions. Agam’s team of experts have a global reach with offices in the USA, Canada, Bermuda, India and Japan. In addition, Agam ISAC Bermuda, which offers a comprehensive suite of operational, management and governance services to Bermuda based reinsurers, is fully licensed as a Class E insurer by the Bermuda Monetary Authority (BMA).

About 1823 Partners

1823 Partners is a registered investment adviser that supports its clients including insurance companies, pension firms, and family office investors with tailored investment strategies that match their risk and return profile. The firm’s focus is on fulfilling its commitment to its investors by backing their real promises with real assets and resilient credit investments. The firm manages a growing number of different private investment strategies, with proven capabilities in real estate, private equity, asset backed finance, and corporate credit. 1823 Partners has offices in Miami and New York, with another office opening later in 2026 in London. For more information, please visit: www.1823.partners.

About LeadAii

LeadAii is a next-generation AI technology company specializing in multi-agent frameworks powered by a proprietary language model built on leading open-source LLM foundations. Originally focused on the life and retirement sector, LeadAii’s modular architecture is purpose-built to scale across industries, enabling transformation well beyond insurance and financial services. Incorporated in 2025 and headquartered in Austin, Texas, LeadAii partners with forward-thinking enterprises to turn complex workflows into intelligent, automated experiences that drive measurable business impact.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423868027/en/

MEDIA CONTACTS:

Agam Capital
Chak Raghunathan | Co-Founder, Managing Partner

[email protected]

1823 Partners
Jared Levy
[email protected]

LeadAii
Chak Raghunathan
[email protected]

Source: 1823 Partners