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Drought Shrivels the Mississippi River and Threatens to Disrupt US Food Exports

Article 0 Comments Drought across the central US is shrinking the Mississippi River, sending barge rates soaring and threatening to roil shipments of everything from corn to gasoline. Dry conditions across the Ohio River basin, which feeds the Mississippi, have worsened already low water levels at the larger river, said David Welch, a hydrologist with the Lower Mississippi River Forecast Center. The Mississippi, a critical conduit shuttling food, energy and steel supplies to global markets, usually sees lower levels at this time of year. “It’s at low enough stages that the barge industry, and navigation industry, has to be sensitive how much draft, how much load, they can put on barges” to prevent ships vessels from running aground, Welch said. Barge rates originating in an area between Minneapolis-St. Paul and St. Louis were $34.15 a ton for the week ended Aug. 27, a 19% jump from the previous week, according to the US Department of Agriculture. Rates from St. Louis were $24.62 a ton, up 17% from a week earlier. The recent trend of lower water levels at the Mississippi is bad news for soy and grain producers in the US, according to Mike Steenhoek, the executive director of the...

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A $25 Vanguard Fee Glitch Is Now Fixed

Some Vanguard Group customers were mistakenly charged a new $25 annual service fee even though they qualified for a waiver, according to The Independent Vanguard Adviser. Vanguard said Thursday it has corrected the problem and that it affected a small number of customers. Vanguard announced a year ago it would start charging $25 per brokerage account to customers with under $5 million in qualifying assets, IVA editor Jeff DeMaso noted in a report this week. The easiest way to avoid the annual fee is to accept electronic delivery of statements, confirmations, reports and other materials, he noted. A Vanguard website page showing brokerage fees in effect as of July 1 also indicates that customers in an advisory program serviced by a Vanguard affiliate can avoid the fee, as can certain other clients.

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New York Regulator Orders Taxi Insurer to Weigh Sale After Losses

Article 0 Comments New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial improprieties and accounting problems, warning that the consequences of failure could be devastating for tens of thousands of drivers in the city. The report, which includes years’ worth of previously unpublished correspondence and comprehensive state-mandated examinations of American Transit Insurance Co., shows state regulators under both current Governor Kathy Hochul and her predecessor Andrew Cuomo have been aware for at least half a decade about the dire financial circumstances, yet until now failed to take serious action that would force the company to address its problems. The company known as ATIC has had reserves that are “massively deficient,” according to a letter from New York’s Department of Financial Services dated April 3 that was posted to the DFS website. DFS Letter to American Transit on Insolvency ATIC must take “immediate action” to cure its insolvency and should “explore all possible options to obtain funding,” according to the letter. This includes a potential sale to a counterparty able to infuse capital, the regulator said. “If this...

The Future of Work: Where Technology and Sustainability Converge 0

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The Future of Work: Where Technology and Sustainability Converge

By Kerry McGuire, Client Innovation Center Leader, IBM Canada — When IBM launched its sustainability hub at the IBM Western Canada Client Innovation Centre (CIC) in Calgary, in partnership with Invest Alberta, Calgary Economic Development, and Opportunity Calgary Investment Fund (OCIF), this exciting milestone marked a significant step forward in our journey to harness the power of technology to drive sustainable innovation. As we navigate the complexities of the modern world, it’s clear that two factors are poised to shape the future of work: technology and sustainability. The rapid advancement of artificial intelligence (AI) is transforming industries and creating new opportunities, while the urgent need to address environmental and social challenges is driving innovation in sustainability. At the heart of this intersection lies the importance of skills development. As AI continues to augment human capabilities, workers must adapt and develop skills that complement this technology. This is particularly crucial in the context of sustainability, where the need for green skills is growing exponentially. IBM’s SkillsBuild program is a shining example, offering free education and training in areas like AI, sustainability, and data analysis. But what does mean in practice? The potential of generative AI to drive innovation and efficiency is...

Healthcare Company Saves More Than $4 Million Annually With Crawford Technologies’ Language Translation Solution 0

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Healthcare Company Saves More Than $4 Million Annually With Crawford Technologies’ Language Translation Solution

Toronto, ON (Sept. 5, 2024) – Crawford Technologies, provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce its AccessibilityNow® Translate has yielded substantial improvements across various metrics for a regional healthcare provider. AccessibilityNow Translate, part of the company’s AccessibilityNow platform, addresses a critical challenge faced by healthcare organizations that need to deliver vital, time-sensitive information to limited English proficiency (LEP) audiences efficiently and securely. Prior to adopting the solution, the healthcare provider incurred costs exceeding $400,000 per month for manual translation and formatting. Implementing AccessibilityNow Translate, this cost plummeted to a fraction of the original expenditure, resulting in savings of more than $4 million per year. Beyond financial benefits, the solution significantly enhanced operational efficiency. The average turnaround time for document translation and alternate/accessible formats decreased from a laborious five days per document to an impressive two to three minutes. This dramatic acceleration streamlined workflows, reduced bottlenecks and enabled the company to meet strict regulatory deadlines with ease. Compliance with the Centers for Medicare and Medicaid Services (CMS) regulations was another critical area in which AccessibilityNow Translate delivered tangible results for the company. The translated documents were remediated into WCAG-compliant PDFs so they...

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Bluespring Wealth Partners Names New President

“I am proud to join a team that offers key strategic benefits to entrepreneurially minded firms,” Jayaraman said in a statement. “I believe the team’s mission to operate as strategic, value-added growth investors and integrators in the wealth management space distinguishes Bluespring from being just another capital source for RIAs and wealth management businesses.” James Poer, CEO of Kestra Holdings, cited Jayaraman depth of experience and extensive work on M&A deals as key drivers of the appointment. “Jayaraman’s leadership, along with the rest of the team, will help drive continued growth and opportunity for the Kestra ecosystem, supporting our clients in elevating their business without sacrificing their entrepreneurial spirit, founding principles and long-term vision,” Poer said. Bluespring Wealth Partners is owned by Austin, Texas-based Kestra Holdings, whose total assets under advisement AUA is currently near $120 billion. Pictured: Pradeep Jayaraman

Progressive Insurance® Introduces Purpose-Driven Strategy and Initiatives to Help People Move Forward and Live Fully 0

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Progressive Insurance® Introduces Purpose-Driven Strategy and Initiatives to Help People Move Forward and Live Fully

Insurer’s purpose unifies and reaffirms the brand’s long-standing efforts to drive progress on the road, in the home, and in business Mayfield Village, OH (Aug. 29, 2024) – Progressive Insurance® is building upon its long-standing efforts to support its customers and the communities it serves by introducing its purpose, “We exist to help people move forward and live fully.” Since opening its doors in 1937, progress has been in the insurer’s name for a reason, leading to a fundamental brand belief that insurance should do more than just protect; it should propel people forward. Progressive’s purpose unifies, guides, and builds upon its efforts to drive meaningful and tangible progress on the road, in the home, and in business, all areas where the insurer conducts business. “Progress is in our company’s name and is at the core of guiding the actions we’re taking to deliver on our commitment to help people move forward and live fully,” said Tricia Griffith, Chief Executive Officer at Progressive. “As a brand that largely leverages humor, we’re excited to share more of the heart behind the Progressive story and commit to brand actions that support meaningful and lasting societal impact for customers, consumers, and communities.” The...

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How an Advisor Keeps His ‘Worker Next Door’ Clients on Track

Financial advisors are well aware that their work isn’t only about the numbers. For Mark Delp, focusing on addressing clients’ emotions helps avoid investing blunders. “It’s making people feel listened to,” Delp, branch manager of Impact Wealth Management, tells ThinkAdvisor in an interview. Delp, who is based in Irvine, California, emails clients monthly and dispatches physical letters that address their fears and uncertainty about economic and market issues. He says his communiques “get at the pulse of what clients are concerned about.” That makes Impact’s website stand out, he maintains: “Many of the communication pieces investment firms produce … are either pure propaganda or painfully dull.” Delp, the winner of a 2023 ThinkAdvisor Luminaries award for community impact, defines his clientele as “the average worker next door.” People need help, he notes, to ensure that, for one, they save enough and “not get caught in credit card purgatory.” In the interview, Delp, who manages $180 million in assets and describes himself as “a franchisee of Wells Fargo Advisors,” says he aims to communicate by telling it like it is and with meaningful handholding. Here are excerpts from our conversation: THINKADVISOR: You’ve been an advisor since 2001. Is there a current...

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Michigan’s Conifer Holdings Sells Insurance Agency Operations

Article 0 Comments Conifer Holdings announced that it completed the sale of its insurance agency operations for consideration equal to $45 million (subject to transaction expenses and customary purchase price adjustments), plus possible additional earn-out payments of up to $25 million based on the future performance of the operations that were sold. Conifer did not name the purchaser. Conifer also sold its remaining interest in Sycamore Specialty Underwriters for a purchase price of $6.5 million, of which $3 million was paid at closing and the remaining $3.5 million is scheduled to be paid by the end of 2024. As a result of the sale, Conifer no longer has any insurance agency operations, and the company expects a significant decline in revenue. In connection with the transactions, Mr. Nick Petcoff resigned as the Chief Executive Officer and as a director of Conifer and accepted a position with the purchaser. The Board of Directors of Conifer has appointed Brian Roney, Conifer’s President, to the position of Chief Executive Officer. Topics Mergers & Acquisitions Michigan Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article...

Canadian Broker Network announces 2024 Underwriters of the Year 0

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Canadian Broker Network announces 2024 Underwriters of the Year

CBN Announces 2024 Membership Expansion with Addition of its Newest Member Toronto, ON (Sept. 3, 2024) – Canadian Broker Network (CBN), Canada’s leading network of independent insurance brokers, is pleased to announce its 2024 Underwriters of the Year. “Each CBN member selects their personal and commercial lines underwriter winners as having met and exceeded our award criteria,” said Lorie Phair, President of CBN. The criteria includes underwriting excellence and risk knowledge; prompt and effective responsiveness back to our members; writing business that satisfies clients’ needs while creating a win-win for the broker and the insurer; a positive, helpful attitude; and investing time to develop trusting relationships with brokers. “These are significant achievements that underscore the importance and value of broker-underwriter relationships,” said Andrew Kemp, Chairman of CBN. “We congratulate all of our winners on this recognition and thank each and every one for their commitment and support.” Commercial Award Recipients  Tamara Bagnell, Intact Insurance Angela Brooks, Intact Insurance Julie Bryant, The Commonwell Mutual Insurance Group Robert Campbell, Northbridge Insurance Andrea Carlson, Aviva Canada Martine Chouinard, L’Unique General Insurance Brad Clisdell, Aviva Canada Alexander Hoppe, Intact Insurance Rhonda Kehler, Optimum General Insurance George Leszczynski, Chubb Insurance Will Peterson, Aviva Canada Matthew...