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Category: Americas

  • MIL-OSI USA: Palmer Leads Letter Demanding Answers from HHS Regarding Radical Gender-Identity Ideology

    Source: United States House of Representatives – Congressman Gary Palmer (R-AL)

    WASHINGTON, D.C. — Today, Representative Gary Palmer (AL-06) sent a letter to U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra raising concerns about the Biden-Harris administration’s decision to embed radical gender-identity ideology into 13 federal grants serving vulnerable populations. The letter demands Secretary Becerra justify this policy change and provide a prompt response to ensure HHS remains focused on its mission to ensure public safety while also respecting and protecting religious freedom and the integrity of care for vulnerable populations. Rep. Palmer issued the following statement:

    “Under the guise of inclusivity, this administration is forcing radical ideological changes into programs that should focus on care, not politics,” said Rep. Palmer. “This new rule threatens to undermine the safety of vulnerable populations, including women escaping abuse and young children needing care, who must not be subjected to policies forcing them to share spaces with individuals of the opposite sex. Additionally, faith-based institutions and community organizations play a vital role in delivering services to those in need. The religious exemption does not clearly provide protections to ensure some groups are not forced to choose between violating their beliefs and losing critical funds.”

    Rep. Palmer continued, “Pushing their radical transgender policies, especially on children, will never be accepted by a broad range of faith-based and common-sense based organizations. Standing up against the Biden-Harris radical agenda will likely result in many very effective organizations being denied grants, including grants supporting medical care. These grants are meant to strengthen healthcare access, not mandate controversial procedures that many providers, and parents, oppose. Forcing healthcare providers to administer irreversible treatments under the banner of gender-affirming care undermines both medical ethics and patient safety.”

    “This is another example of the Biden-Harris administration putting their radical agenda over the well-being of our people. Their overreach into gender identity policies threatens to turn essential services into ideological battlegrounds, placing the most vulnerable Americans at risk,” concluded Rep. Palmer.

    The letter is co-signed by 20 members of Congress including Reps. Robert Aderholt (AL-04), Vern Buchanan (FL-16), Ben Cline (VA-06), Michael Cloud (TX-27), Eric Crawford (AR-01), Jeff Duncan (SC-03), Bob Good (VA-05), Michael Guest (MS-03), Harriet Hageman (WY-At Large), Clay Higgins (LA-03), Mike Kelly (PA-16), Greg Lopez (CO-04), Richard McCormick (GA -06), Carol Miller (WV-01), Ralph Norman (SC-05), August Pfluger (TX-11), John Rose (TN-06), Chip Roy (TX-21), Glenn Thompson (PA-15), and Randy Weber (TX-14).

    Read the letter here.

    BACKGROUND

    HHS has expanded the definition of “sex” in federal grants, based on the Bostock v. Clayton County Supreme Court decision, to include gender identity and sexual orientation. Recent regulations impact 13 key federal grant programs serving vulnerable populations and funding medical care. The letter raises concerns about the policy’s reliance on Bostock v. Clayton County, which was limited to employment law, arguing its extension to HHS grants lacks legal authority and creates confusion by ignoring congressional intent. Requiring shelters to admit biological males identifying as women and forcing group homes to house children of opposite sexes in shared spaces could compromise safety and disrupt care for vulnerable populations.

    In May of this year, HHS finalized a regulation applying the Biden administration’s interpretation of Bostock (redefining the meaning of “sex”) to several grants that assist vulnerable populations and health care delivery. The final rule can be found here: Federal Register :: Health and Human Services Grants Regulation

    Last month, HHS added this same language to their universal grant guidance, as part of a push by the Biden-Harris administration to embed their radical policies across all federal grants. This change was finalized immediately through an interim final rule without public comment, which is a process usually used for emergency regulatory actions. Link to interim final rule: Federal Register :: Health and Human Services Adoption of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards

    Some of the grants impacted by the new HHS rule support medical care, such as nursing workforce development and clinical training programs. These grants could require healthcare providers to implement gender-transition procedures, including hormone therapies and surgeries on minors, even in the 26 states that prohibit these procedures for children. 

    MIL OSI USA News –

  • MIL-OSI USA: Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina

    Source: US State of North Carolina

    Headline: Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina

    Governor Cooper Issues Executive Order Directing State Agency Surplus Goods to Western North Carolina
    mseets

    Last week, Governor Roy Cooper issued an Executive Order directing donations of state surplus goods to Western North Carolina to help counties impacted by Hurricane Helene.

    “Hurricane Helene caused immense damage to property owned by state and local governments, schools and nonprofits,” said Governor Cooper. “This Executive Order helps get them replacement property quickly and efficiently so they can continue with their missions.”

    State agencies, local governments, public school and nonprofits in western North Carolina have lost property due to the storm and many state agencies have surplus property that may be beneficial in aiding recovery. This Executive Order lessens regulations on donations of state surplus property both to governmental entities and to non-profits aiding in recovery to expedite the process and help Western North Carolina recover from this storm.

    The Secretaries of DOA and DIT are authorized to carry out these actions. All agencies, political subdivisions and public-school systems affected by Helene are encouraged to contact the State Surplus Property Agency to identify what inventory is available. This Executive Order is effective immediately and will remain in effect throughout the State of Emergency.

    The North Carolina Council of State unanimously concurred with this Executive Order.

    You can see the Concurrence Record here.

    Read the Executive Order here.

    ###

    Nov 4, 2024

    MIL OSI USA News –

  • MIL-OSI: Serstech Secures 9.7 MSEK Orders from Chilean Partner Aerotech

    Source: GlobeNewswire (MIL-OSI)

    Serstech has today received two orders totaling 9.7 MSEK from its Chilean partner, Aerotech. The orders include the Serstech Arx mkII and ChemDash software, with delivery and invoicing scheduled for the fourth quarter of 2024.

    The final recipients of these orders are the Carabineros and the Investigations Police of Chile (PDI). PDI is the nation’s primary civilian police force specializing in criminal investigations, intelligence operations, and counterterrorism, with a particular focus on areas such as drug trafficking and organized crime.

    These orders represent the fourth and fifth in 2024 from Chilean law enforcement through Aerotech, underscoring the growing demand for Serstech’s solutions in the region.

    For further information, please contact:

    Stefan Sandor,                                                                              

    CEO, Serstech AB Phone: +46 739 606 067

    Email: ss@serstech.com

    or

    Thomas Pileby,

    Chairman of the Board, Serstech AB Phone: +46 702 072 643

    Email: tp@serstech.com

    or visit: www.serstech.com

    This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 18:50 CET on November 4, 2024.

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech

    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    The MIL Network –

  • MIL-OSI: Aviva Canada encourages municipalities to apply for funding for Level 2 EV charging stations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Aviva Canada is pleased to announce it has opened the application period for the third year of its Charged for Change program. With installations in 15 municipalities already completed or underway, this year’s funding will support public electric vehicle (EV) charging infrastructure projects in even more communities that currently lack sufficient access.

    Presented in partnership with Earth Day Canada, Aviva’s $3M Charged for Change program allows municipalities and Indigenous communities to apply for funding to install Level 2 electric vehicle chargers for their residents and visitors. Municipalities across Canada can submit applications via the Charged for Change homepage until February 20, 2025.

    “We are thrilled to open applications for the third year of our Charged for Change program and are looking forward to helping even more Canadian communities install public EV infrastructure for their residents. We know that a lack of publicly available EV charging infrastructure can be a barrier to EV adoption and want to support Canadians, particularly those in communities with little to no access, in making the switch to an EV,” said Aviva Canada’s Chief Public Affairs, Marketing and Communications Officer, Pascal Dessureault.

    In its first year, the Charged for Change program funded Level 2 charging stations for seven Ontario municipalities and is expected to deliver 37 charging heads across 16 sites in the Town of Pelham, Township of Selwyn, The County of Prince Edward, Town of Thessalon, Municipality of East Ferris, Township of Manitouwadge, and Township of Essa. As of September 15, this year, the charging stations installed in these communities have delivered 2,600 charging sessions and 8,300 charging hours.

    The program expanded across Canada in its second year, where eight municipalities received funding; Town of Okotoks, AB, Town of Grand Bay-Westfield, NB, Municipality of Lakeshore, ON, Municipalité des Hautes-Terres, NB, Municipalité de Chertsey, QC, Village de Bois-Joli, NB, Communauté rurale de Kedgwick, NB, and Ville régionale de Cap-Acadie, NB. Those projects are either underway or completed and in use.

    “We know that access to public charging infrastructure is a key deciding factor for consumers considering the purchase of an EV. We also know that there is a disparity between levels of infrastructure in larger, urban centres versus smaller, often rural communities. Charged for Change hopes to level that playing field so that Canadians who want to make the climate-conscious decision to switch to an EV feel confident that it can meet their needs,” said Valérie Mallamo, Executive Director, Earth Day Canada.

    Aviva’s partnership with Earth Day Canada supports municipalities in working with utility suppliers directly to install the charging station infrastructure in selected communities. Communities across Canada are encouraged to apply for year three funding now via the Charged for Change homepage.

    To help more Canadians transition to EVs, Aviva’s EV insurance solution offers customers up to 10 per cent off their premium when they insure an EV.1

    Testimonials from year one Charged for Change recipient municipalities:

    Municipality of East Ferris:
    “The installation of charging stations provided by the Charged for Change Program allowed the Municipality of East Ferris to install our first public EV charging stations in the community. It also allowed us to start the transition of our vehicle fleet to electric vehicles with the purchase of our first EV municipal vehicle taking place in early 2024. We are fortunate to have been selected for the program and the infrastructure that we installed will have lasting impacts on municipal operations for years to come.” – Greg Kirton, Director of Community Services, Municipality of East Ferris

    Town of Thessalon:
    “Our first EV station users stopped in on their road trip from Whistler, British Columbia. They told us that they would have by-passed Thessalon if it weren’t for these charging stations. Since they were able to charge their vehicle in Thessalon they stayed at local accommodations and spent time exploring other town amenities.” – Lindsay MacFarlane, Deputy Clerk, Town of Thessalon

    The County of Prince Edward:
    “Working with Earth Day Canada and Aviva on this project helped me gain an understanding of the world of electric vehicles and helped me come to the conclusion that yes, EV ownership in a rural community is very possible! After doing a test drive with Plug n Drive at our inauguration event and speaking firsthand to EV drivers and suppliers of EV charging equipment through this project, I felt really confident in my choice to make my next car an EV. I ditched the ICE and signed a leased an EV this spring. I wouldn’t have felt so sure of my decision without the experience working with Earth Day Canada and Aviva.” – Julianne Snepts, Programs Supervisor, The County of Prince Edward

    About Aviva Canada

    Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. As a subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a sustainable future for our people, our customers, our communities and our planet. In 2021, Aviva plc announced Aviva’s global ambition to become a net zero carbon emissions company by 2040.

    For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.

    *Note: Media may arrange interviews by contacting:

    Media Contact: Kelsie Ludlow, Communications Specialist, Aviva
    Email: kelsie.ludlow@aviva.com
    Tel: 437-331-7209

    1 Terms and conditions apply. Please visit www.aviva.ca for more details.

    The MIL Network –

  • MIL-OSI: Alpine Credits Ltd. Expands Philanthropic Efforts with $200,000 Initiative for Local Charities

    Source: GlobeNewswire (MIL-OSI)

    SURREY, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Alpine Credits Ltd., a leader in alternative home equity financing, is proud to announce its 2024 philanthropy initiative, committing up to $200,000 to charitable organizations through parent company Amur Financial Group.

    This initiative underscores the company’s dedication to making a meaningful impact in local communities across B.C.

    In its continuous effort to support those in need, Alpine Credits has chosen to collaborate with Mom2Mom Vancouver this year. This organization bridges the gap for mothers and children facing economic hardships by providing essential resources and fostering vital connections.

    “We pride ourselves on trying to make a difference in the lives of individuals and families within our community,” said the VP of Sales for Alpine Credits. “Our employees are passionate about giving back, and this initiative allows us to support causes that matter to them while helping organizations like Mom2Mom fulfill their mission.”

    The partnership with Mom2Mom Vancouver holds special significance, reflecting Alpine Credits’ commitment to social responsibility and enhancing community well-being. By assisting in the provision of essential resources, Alpine Credits aims to improve the lives of vulnerable families and ensure they receive the support needed during challenging times.

    Alpine Credits has a long-standing tradition of philanthropy, having previously raised over $80,000 for various organizations, including the Children’s Wish Foundation and Family Services of Greater Vancouver.

    In addition to Mom2Mom, Amur Financial Group, Alpine Credits’ parent company, is supporting three other charities that were selected by different teams across the organization.

    Since its inception in 1969, Alpine Credits has facilitated over $5 billion in home equity financing, establishing itself as Canada’s leading alternative lender.

    By unlocking the value of their homes, Canadians can meet financial obligations, fund renovations, and invest in new home repair projects.

    About Alpine Credits

    Alpine Credits is a leading provider of home equity financing solutions in Canada. With over 50 years of experience, the company focuses on providing quick support and flexible lending products, helping Canadians unlock the value of their homes.

    For more information, please visit Alpine Credits.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0d483ff-6574-4cca-8093-219fa05a4970

    The MIL Network –

  • MIL-OSI: Digital Media Solutions, Inc. Receives Court Approval for Asset Sales

    Source: GlobeNewswire (MIL-OSI)

    CLEARWATER, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Digital Media Solutions, Inc., (“DMS” or the “Company”), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, today announced that, following a competitive auction process, the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the sale of substantially all of the assets of the Company’s core business to its existing lenders, including a consortium of leading financial institutions. The Court also approved the sale of the Company’s ClickDealer subsidiaries to iMonMedia, a leading global performance marketing company.

    “We are pleased to have received the Court’s approval of these value-maximizing transactions, which pave the way for us to complete the court-supervised sale process and execute our ownership transition,” said Joe Marinucci, Co-Founder and CEO of DMS. “With a stronger financial foundation and new owners who share our conviction in our go-forward prospects, our core business is well positioned to continue its growth trajectory and capitalize on the significant opportunities we see ahead. We are also glad to have found a new home for our ClickDealer business and the team that supports it with iMonMedia, a leading player in the digital marketing and advertising space who will take ClickDealer to new heights.”

    Marinucci continued, “The progress we have made in this process is a true testament to the hard work and dedication of our employees, and I thank them all for their unwavering commitment to DMS. We look forward to closing the transactions in the coming weeks and continuing to innovate and serve our loyal clients.”

    The transactions are expected to close in the fourth quarter of 2024. DMS is continuing to operate in the ordinary course across its businesses, including its ClickDealer subsidiaries, providing innovative solutions, vertical expertise and outstanding support to its clients and vendors.

    Additional Information

    Additional information is available at AdvancingDMS.com. Court filings and other information related to the sale process are available on a separate website administered by the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/DMS; by calling Omni representatives toll-free at (866) 680-8083, or (818) 574-6886 for calls originating outside of the U.S. or Canada; or by emailing DMS@OmniAgnt.com.

    Advisors

    Kirkland & Ellis LLP and Porter Hedges LLP are serving as legal counsel to DMS, Portage Point Partners is serving as restructuring advisor and Houlihan Lokey Capital, Inc. is serving as investment banker.

    About DMS

    Digital Media Solutions, Inc. (DMS) drives better business results by connecting high-intent consumers with advertisers across our core verticals; Insurance (auto, home, health), Education and Consumer/E-Commerce. Our innovative solutions help consumers shop and save, while helping our advertisers achieve above average return on ad spend. Learn more at https://digitalmediasolutions.com.

    Forward-Looking Statements

    This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and its subsidiaries and certain plans and objectives with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “initiate,” “anticipate,” “target,” “expect,” “enable,” “estimate,” “intend,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “will,” “may,” “should,” “would,” “could” or other words of similar meaning. These statements are based on assumptions and assessments made by the Company and its perception of historical trends, current conditions, future developments and other factors. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this press release could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements, including related to any sale process and the Chapter 11 process. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this press release. The Company does not assume any obligation to update or correct the information contained in this press release (whether as a result of new information, future events or otherwise), except as may be required by applicable law.

    There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market, supply chain and regulatory forces, future exchange and interest rates, changes in tax rates and any future business combinations or dispositions, our ability to negotiate and confirm a sale of substantially all of our assets under Section 363 of the Bankruptcy Code (or any other plan of reorganization), uncertainties and costs related to the completion of any sale process (implemented through the Chapter 11 process) and the Chapter 11 process more generally, including, among others, potential adverse effects of the Chapter 11 process on the Company’s liquidity and results of operations, including with respect to its relationships with its customers, vendors and partners, suppliers and other third parties; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties inherent in the Chapter 11 process; the impact of any cost reduction initiatives; any other legal or regulatory proceedings; the Company’s ability to obtain operating capital, including complying with the restrictions imposed by the terms and conditions of any debtor-in-possession financing, such as the financing mentioned herein; the length of time that the Company will operate under Chapter 11 protection; the timing of any emergence from the Chapter 11 process; and the risk that any plan of reorganization resulting therefrom may not be confirmed or implemented at all. Please see the plan of reorganization and related disclosure statement (as may be amended, modified or supplemented) that may be filed with the Court for additional considerations and risk factors associated with the Company’s Chapter 11 process.

    Nothing in this press release is intended as a profit forecast or estimate for any period and no statement in this press release should be interpreted to mean that the financial performance for the Company, including after the completion of any sale process, for the current or future financial years would necessarily match or exceed its historical results.

    Further, this press release is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.

    Contacts

    Investor Relations
    investors@dmsgroup.com

    Media
    Aaron Palash / Aura Reinhard / Maeve Barbour / Jenna Shinderman
    Joele Frank Wilkinson Brimmer Katcher
    212-355-4449

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $30.5 million, or $1.15 per diluted share, for the third quarter of 2024 compared to net income of $18.4 million, or $0.73 per diluted share, for the third quarter of 2023. Adjusted net income(1) was $32.4 million, or $1.23 per diluted share, for the third quarter of 2024 as compared to $23.3 million, or $0.92 per diluted share, for the third quarter of 2023.

    Third Quarter 2024 Highlights

    • Gross written premiums increased by 32.2% to $415.0 million compared to $314.0 million in the third quarter of 2023
    • Net income of $30.5 million compared to $18.4 million in the third quarter of 2023
    • Adjusted net income(1) increased 39.3% to $32.4 million compared to $23.3 million in the third quarter of 2023
    • Total loss ratio of 29.7% compared to 18.8% in the third quarter of 2023
    • Catastrophe loss ratio(1) of 9.5% compared to -0.6% in the third quarter of 2023
    • Combined ratio of 80.5% compared to 75.8% in the third quarter of 2023
    • Adjusted combined ratio(1) of 77.1% compared to 70.9%, in the third quarter of 2023
    • Adjusted combined ratio excluding catastrophe losses(1) of 67.6% compared to 71.5%, in the third quarter of 2023
    • Annualized return on equity of 19.7% compared to 17.7% in the third quarter of 2023
    • Annualized adjusted return on equity(1) of 21.0% compared to 22.3% in the third quarter of 2023

    (1) See discussion of “Non-GAAP and Key Performance Indicators” below.

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our third quarter results as they clearly demonstrate our successful efforts to deliver consistent earnings and returns. In a quarter that experienced a heightened level of cat activity, we delivered 39% adjusted net income growth, a 77% adjusted combined ratio, and a 21% adjusted ROE. Our results further validate the concerted efforts that we have undertaken to diversify the business, reduce the volatility in our earnings base and profitably grow. We continued to generate robust top line growth achieving 32% gross written premium growth, driven by strength in our Earthquake and Casualty products as well as strong growth from our burgeoning Crop business. Importantly, our same-store(2) premium growth rate was 38%, demonstrating the strong underlying momentum that exists across our portfolio of specialty insurance products.

    Mr. Armstrong continued, “We have numerous energizing opportunities and initiatives associated with our Palomar 2X strategy. To capitalize on them, we successfully raised $116 million in August. A portion of the proceeds will fund our acquisition of First Indemnity of America Insurance Company and our entry into the surety market. We will use the remaining proceeds for organic growth and selected increases in risk participation in product categories including Crop and Earthquake. Our diversification into attractive lines with limited correlation to the P&C cycle such as Crop and Surety will further position Palomar to deliver consistent earnings growth over time.”

    (2) Excludes the impact of lines of business exited or discontinued during the quarter.

    Underwriting Results
    Gross written premiums increased 32.2% to $415.0 million compared to $314.0 million in the third quarter of 2023, while net earned premiums increased 58.1% compared to the prior year’s third quarter. 

    Losses and loss adjustment expenses for the third quarter were $40.3 million, comprised of $27.4 million of attritional losses and $12.9 million of catastrophe losses from Hurricanes Beryl, Debby, and Helene. The loss ratio for the quarter was 29.7%, comprised of an attritional loss ratio of 20.2% and a catastrophe loss ratio(1) of 9.5% compared to a loss ratio of 18.8% during the same period last year comprised of an attritional loss ratio of 19.4% and a catastrophe loss ratio(1) of -0.6%.

    Underwriting income(1) for the third quarter was $26.4 million resulting in a combined ratio of 80.5% compared to underwriting income of $20.7 million resulting in a combined ratio of 75.8% during the same period last year. The Company’s adjusted underwriting income(1) was $31.0 million resulting in an adjusted combined ratio(1) of 77.1% in the third quarter compared to adjusted underwriting income(1) of $25.0 million and an adjusted combined ratio(1) of 70.9% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 67.6% compared to 71.5% during the same period last year.

    Investment Results
    Net investment income increased by 56.0% to $9.4 million compared to $6.0 million in the prior year’s third quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended September 30, 2024 due to proceeds from our August 2024 secondary offering and cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.86 years at September 30, 2024. Cash and invested assets totaled $1,017.5 million at September 30, 2024. During the third quarter, the Company recorded $2.7 net realized and unrealized gains related to its investment portfolio as compared to net realized and unrealized losses of $1.4 million during the same period last year.

    Tax Rate
    The effective tax rate for the three months ended September 30, 2024 was 20.8% compared to 24.9% for the three months ended September 30, 2023. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $703.3 million at September 30, 2024, compared to $421.3 million at September 30, 2023. For the three months ended September 30, 2024, the Company’s annualized return on equity was 19.7% compared to 17.7% for the same period in the prior year while adjusted return on equity(1) was 21.0% compared to 22.3% for the same period in the prior year. There were no share repurchases during the three months ended September 30, 2024.

    Full Year 2024 Outlook
    For the full year 2024, the Company expects to achieve adjusted net income of $124 million to $128 million. This range includes additional catastrophe losses incurred during the fourth quarter of 2024 of approximately $8 million related to Hurricane Milton. 

    Conference Call
    As previously announced, Palomar will host a conference call Tuesday, November 5, 2024, to discuss its third quarter 2024 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Third Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on November 5, 2024, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13747528. The replay will be available until 11:59 p.m. (Eastern Time) on November 12, 2024.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc.,  Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best. 

    To learn more, visit PLMR.com.

    Non-GAAP and Key Performance Indicators

    Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

    Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

    Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

    Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

    Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

    Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

    Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

    Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

    Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

    Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

    Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

    Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses.  See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

    Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

    Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact
    Media Inquiries 
    Lindsay Conner 
    1-551-206-6217 
    lconner@plmr.com 

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com
    Source: Palomar Holdings, Inc.

    Summary of Operating Results:

    The following tables summarize the Company’s results for the three and nine months ended September 30, 2024 and 2023:

      Three Months Ended
    		                
      September 30,
    		                
      2024
    		   2023
    		   Change
    		   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 414,977     $ 313,998     $ 100,979       32.2 %
    Ceded written premiums   (255,267 )     (203,336 )     (51,931 )     25.5 %
    Net written premiums   159,710       110,662       49,048       44.3 %
    Net earned premiums   135,646       85,817       49,829       58.1 %
    Commission and other income   715       465       250       53.8 %
    Total underwriting revenue (1)   136,361       86,282       50,079       58.0 %
    Losses and loss adjustment expenses   40,315       16,139       24,176       149.8 %
    Acquisition expenses, net of ceding commissions and fronting fees   41,469       27,004       14,465       53.6 %
    Other underwriting expenses   28,129       22,390       5,739       25.6 %
    Underwriting income (1)   26,448       20,749       5,699       27.5 %
    Interest expense   (87 )     (867 )     780       (90.0 )%
    Net investment income   9,408       6,029       3,379       56.0 %
    Net realized and unrealized gains (losses) on investments   2,734       (1,376 )     4,110       (298.7 )%
    Income before income taxes   38,503       24,535       13,968       56.9 %
    Income tax expense   8,006       6,103       1,903       31.2 %
    Net income $ 30,497     $ 18,432     $ 12,065       65.5 %
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (4,110 )     (298.7 )%
    Expenses associated with transactions   84       229       (145 )     (63.3 )%
    Stock-based compensation expense   4,117       3,589       528       14.7 %
    Amortization of intangibles   389       390       (1 )     (0.3 )%
    Tax impact   91       (725 )     816       (112.6 )%
    Adjusted net income (1) $ 32,444     $ 23,291     $ 9,153       39.3 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.7 %     17.7 %                
    Annualized adjusted return on equity (1)   21.0 %     22.3 %                
    Loss ratio   29.7 %     18.8 %                
    Expense ratio   50.8 %     57.0 %                
    Combined ratio   80.5 %     75.8 %                
    Adjusted combined ratio (1)   77.1 %     70.9 %                
    Diluted earnings per share $ 1.15     $ 0.73                  
    Diluted adjusted earnings per share (1) $ 1.23     $ 0.92                  
    Catastrophe losses $ 12,924     $ (533 )                
    Catastrophe loss ratio (1)   9.5 %     (0.6 )%                
    Adjusted combined ratio excluding catastrophe losses (1)   67.6 %     71.5 %                
    Adjusted underwriting income (1) $ 31,038     $ 24,957     $ 6,081       24.4 %

    (1)- Indicates Non-GAAP financial measure- see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

      Nine Months Ended                
      September 30,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)  
    Gross written premiums $ 1,168,239     $ 838,406     $ 329,833       39.3 %
    Ceded written premiums   (692,620 )     (542,789 )     (149,831 )     27.6 %
    Net written premiums   475,619       295,617       180,002       60.9 %
    Net earned premiums   365,796       252,164       113,632       45.1 %
    Commission and other income   2,035       1,781       254       14.3 %
    Total underwriting revenue (1)   367,831       253,945       113,886       44.8 %
    Losses and loss adjustment expenses   97,583       54,696       42,887       78.4 %
    Acquisition expenses, net of ceding commissions and fronting fees   109,072       78,740       30,332       38.5 %
    Other underwriting expenses   84,165       63,962       20,203       31.6 %
    Underwriting income (1)   77,011       56,547       20,464       36.2 %
    Interest expense   (1,052 )     (2,952 )     1,900       (64.4 )%
    Net investment income   24,506       16,690       7,816       46.8 %
    Net realized and unrealized gains (losses) on investments   5,768       (103 )     5,871       NM  
    Income before income taxes   106,233       70,182       36,051       51.4 %
    Income tax expense   23,625       16,877       6,748       40.0 %
    Net income $ 82,608     $ 53,305     $ 29,303       55.0 %
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (5,768 )     103       (5,871 )     NM  
    Expenses associated with transactions   557       229       328       143.2 %
    Stock-based compensation expense   11,905       10,737       1,168       10.9 %
    Amortization of intangibles   1,168       1,092       76       7.0 %
    Expenses associated with catastrophe bond   2,483       1,640       843       51.4 %
    Tax impact   (734 )     (1,582 )     848       (53.6 )%
    Adjusted net income (1) $ 92,219     $ 65,524     $ 26,695       40.7 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   18.8 %     17.6 %                
    Annualized adjusted return on equity (1)   20.9 %     21.7 %                
    Loss ratio   26.7 %     21.7 %                
    Expense ratio   52.3 %     55.9 %                
    Combined ratio   78.9 %     77.6 %                
    Adjusted combined ratio (1)   74.5 %     72.1 %                
    Diluted earnings per share $ 3.19     $ 2.10                  
    Diluted adjusted earnings per share (1) $ 3.56     $ 2.59                  
    Catastrophe losses $ 19,724     $ 3,432                  
    Catastrophe loss ratio (1)   5.4 %     1.4 %                
    Adjusted combined ratio excluding catastrophe losses (1)   69.2 %     70.8 %                
    Adjusted underwriting income (1) $ 93,124     $ 70,245     $ 22,879       32.6 %
    NM – not meaningful                              

    (1)- Indicates Non-GAAP financial measure- see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets (unaudited)
    (in thousands, except shares and par value data)
               
      September 30,   December 31,
      2024   2023
      (Unaudited)        
    Assets              
    Investments:              
    Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023) $ 882,980     $ 643,799  
    Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)   40,196       43,160  
    Equity method investment   2,499       2,617  
    Other investments   5,207       —  
    Total investments   930,882       689,576  
    Cash and cash equivalents   86,479       51,546  
    Restricted cash   105       306  
    Accrued investment income   7,495       5,282  
    Premiums receivable   326,674       261,972  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees   86,408       60,990  
    Reinsurance recoverable on paid losses and loss adjustment expenses   58,889       32,172  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses   360,164       244,622  
    Ceded unearned premiums   298,509       265,808  
    Prepaid expenses and other assets   104,831       72,941  
    Deferred tax assets, net   4,019       10,119  
    Property and equipment, net   409       373  
    Goodwill and intangible assets, net   11,147       12,315  
    Total assets $ 2,276,011     $ 1,708,022  
    Liabilities and stockholders’ equity              
    Liabilities:              
    Accounts payable and other accrued liabilities $ 75,424     $ 42,376  
    Reserve for losses and loss adjustment expenses   497,438       342,275  
    Unearned premiums   739,623       597,103  
    Ceded premium payable   235,157       181,742  
    Funds held under reinsurance treaty   25,056       13,419  
    Income taxes payable   —       7,255  
    Borrowings from credit agreements   —       52,600  
    Total liabilities   1,572,698       1,236,770  
    Stockholders’ equity:              
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023   —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,452,242 and 24,772,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively   3       3  
    Additional paid-in capital   486,198       350,597  
    Accumulated other comprehensive loss   (10,139 )     (23,991 )
    Retained earnings   227,251       144,643  
    Total stockholders’ equity   703,313       471,252  
    Total liabilities and stockholders’ equity $ 2,276,011     $ 1,708,022  
                   

    Condensed Consolidated Income Statement

    Palomar Holdings, Inc. and Subsidiaries
    Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)
    (in thousands, except shares and per share data)
           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
    Revenues:                              
    Gross written premiums $ 414,977     $ 313,998     $ 1,168,239     $ 838,406  
    Ceded written premiums   (255,267 )     (203,336 )     (692,620 )     (542,789 )
    Net written premiums   159,710       110,662       475,619       295,617  
    Change in unearned premiums   (24,064 )     (24,845 )     (109,823 )     (43,453 )
    Net earned premiums   135,646       85,817       365,796       252,164  
    Net investment income   9,408       6,029       24,506       16,690  
    Net realized and unrealized gains (losses) on investments   2,734       (1,376 )     5,768       (103 )
    Commission and other income   715       465       2,035       1,781  
    Total revenues   148,503       90,935       398,105       270,532  
    Expenses:                              
    Losses and loss adjustment expenses   40,315       16,139       97,583       54,696  
    Acquisition expenses, net of ceding commissions and fronting fees   41,469       27,004       109,072       78,740  
    Other underwriting expenses   28,129       22,390       84,165       63,962  
    Interest expense   87       867       1,052       2,952  
    Total expenses   110,000       66,400       291,872       200,350  
    Income before income taxes   38,503       24,535       106,233       70,182  
    Income tax expense   8,006       6,103       23,625       16,877  
    Net income $ 30,497     $ 18,432     $ 82,608     $ 53,305  
    Other comprehensive income, net:                              
    Net unrealized gains (losses) on securities available for sale   17,917       (8,494 )     13,852       (6,706 )
    Net comprehensive income $ 48,414     $ 9,938     $ 96,460     $ 46,599  
    Per Share Data:                              
    Basic earnings per share $ 1.18     $ 0.75     $ 3.28     $ 2.15  
    Diluted earnings per share $ 1.15     $ 0.73     $ 3.19     $ 2.10  
                                   
    Weighted-average common shares outstanding:                              
    Basic   25,766,697       24,740,455       25,194,114       24,847,164  
    Diluted   26,479,566       25,244,828       25,877,257       25,340,602  
                                   

    Underwriting Segment Data

    The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

      Three Months Ended September 30,
    		                
      2024
    		   2023
    		                
      ($ in thousands)
    		                
          % of
    		       % of
    		       %
      Amount
    		   GWP
    		   Amount
    		   GWP
    		   Change
    		   Change
    Product (1)                                              
    Earthquake $ 135,329       32.6 %   $ 113,386       36.1 %   $ 21,943       19.4 %
    Fronting   84,945       20.5 %     94,954       30.2 %     (10,009 )     (10.5 )%
    Inland Marine and Other Property   78,734       19.0 %     64,499       20.5 %     14,235       22.1 %
    Crop   59,662       14.4 %     11,627       3.7 %     48,035       NM  
    Casualty   56,307       13.5 %     29,532       9.5 %     26,775       90.7 %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 100,979       32.2 %
    NM – not meaningful                                              
                                                   
      Nine Months Ended September 30,                
      2024   2023                
      ($ in thousands)
    		            
          % of       % of        %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 376,088       32.2 %   $ 314,810       37.6 %   $ 61,278       19.5 %
    Fronting   275,671       23.6 %     266,433       31.8 %     9,238       3.5 %
    Inland Marine and Other Property   249,147       21.3 %     186,983       22.3 %     62,164       33.2 %
    Casualty   166,762       14.3 %     58,065       6.9 %     108,697       187.2 %
    Crop   100,571       8.6 %     12,115       1.4 %     88,456       NM  
    Total Gross Written Premiums $ 1,168,239       100.0 %   $ 838,406       100.0 %   $ 329,833       39.3 %
    NM – not meaningful                                              

    (1) – Beginning in 2024, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)  
          % of       % of       % of       % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    State                                                              
    California $ 170,265       41.0 %   $ 163,806       52.2 %   $ 510,879       43.7 %   $ 450,752       53.8 %
    Texas   27,019       6.5 %     24,336       7.7 %     96,414       8.3 %     72,777       8.7 %
    Hawaii   23,171       5.6 %     13,490       4.3 %     53,922       4.6 %     35,824       4.3 %
    North Dakota   18,716       4.5 %     2,898       0.9 %     19,893       1.7 %     3,326       0.4 %
    Washington   16,828       4.1 %     17,792       5.7 %     41,893       3.6 %     43,409       5.2 %
    Wisconsin   15,519       3.7 %     1,211       0.4 %     17,374       1.5 %     3,095       0.4 %
    Florida   14,433       3.5 %     11,549       3.7 %     58,153       5.0 %     36,309       4.3 %
    Oregon   8,402       2.0 %     8,536       2.7 %     21,253       1.8 %     21,223       2.5 %
    Other   120,624       29.1 %     70,380       22.4 %     348,458       29.8 %     171,691       20.4 %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 1,168,239       100.0 %   $ 838,406       100.0 %
                                                                   
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
          % of       % of       % of       % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    Subsidiary                                                              
    PSIC $ 236,624       57.0 %   $ 186,693       59.5 %   $ 652,988       55.9 %   $ 497,216       59.3 %
    PESIC   159,305       38.4 %     127,305       40.5 %     472,909       40.5 %     341,190       40.7 %
    Laulima   19,048       4.6 %     —       — %     42,342       3.6 %     —       — %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 1,168,239       100.0 %   $ 838,406       100.0 %
                                                                   

    Gross and net earned premiums

    The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

      Three Months Ended                   Nine Months Ended                
      September 30,                   September 30,                
      2024   2023   Change   %
    Change    		   2024   2023   Change   %
    Change
      ($ in thousands)     ($ in thousands)  
    Gross earned premiums $ 395,881     $ 271,786     $ 124,095       45.7 %   $ 1,025,716     $ 739,219     $ 286,497       38.8 %
    Ceded earned premiums   (260,235 )     (185,969 )     (74,266 )     39.9 %     (659,920 )     (487,055 )     (172,865 )     35.5 %
    Net earned premiums $ 135,646     $ 85,817     $ 49,829       58.1 %   $ 365,796     $ 252,164     $ 113,632       45.1 %
                                                                   
    Net earned premium ratio   34.3 %     31.6 %                     35.7 %     34.1 %                
                                                                   

    Loss detail

      Three Months Ended                   Nine Months Ended                
      September 30,                   September 30,                
      2024   2023   Change   %
    Change    		   2024   2023   Change   %
    Change
      ($ in thousands)   ($ in thousands)
    Catastrophe losses $ 12,924     $ (533 )   $ 13,457       NM     $ 19,724     $ 3,432     $ 16,292       NM  
    Non-catastrophe losses   27,391       16,672       10,719       64.3 %     77,859       51,264       26,595       51.9 %
    Total losses and loss adjustment expenses $ 40,315     $ 16,139     $ 24,176       149.8 %   $ 97,583     $ 54,696     $ 42,887       78.4 %
                                                                   
    Catastrophe loss ratio   9.5 %     (0.6 )%                     5.4 %     1.4 %                
    Non-catastrophe loss ratio   20.2 %     19.4 %                     21.3 %     20.3 %                
    Total loss ratio   29.7 %     18.8 %                     26.7 %     21.7 %                
    NM – not meaningful                                                              
                                                                   

    The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (in thousands)     (in thousands)  
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 118,761     $ 81,300     $ 97,653     $ 77,520  
    Add: Incurred losses and LAE, net of reinsurance, related to:                              
    Current year   40,536       15,116       100,225       50,954  
    Prior years   (221 )     1,023       (2,642 )     3,742  
    Total incurred   40,315       16,139       97,583       54,696  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                              
    Current year   16,153       6,646       27,909       14,215  
    Prior years   5,649       (1,385 )     30,053       25,823  
    Total payments   21,802       5,261       57,962       40,038  
    Reserve for losses and LAE net of reinsurance recoverables at end of period   137,274       92,178       137,274       92,178  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period   360,164       232,170       360,164       232,170  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 497,438     $ 324,348     $ 497,438     $ 324,348  
                                   

    Reconciliation of Non-GAAP Financial Measures

    For the three and nine months ended September 30, 2024 and 2023, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Total revenue $ 148,503     $ 90,935     $ 398,105     $ 270,532  
    Net investment income   (9,408 )     (6,029 )     (24,506 )     (16,690 )
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Underwriting revenue $ 136,361     $ 86,282     $ 367,831     $ 253,945  
                                   

    Underwriting income and adjusted underwriting income

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Income before income taxes $ 38,503     $ 24,535     $ 106,233     $ 70,182  
    Net investment income   (9,408 )     (6,029 )     (24,506 )     (16,690 )
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Interest expense   87       867       1,052       2,952  
    Underwriting income $ 26,448     $ 20,749     $ 77,011     $ 56,547  
    Expenses associated with transactions   84       229       557       229  
    Stock-based compensation expense   4,117       3,589       11,905       10,737  
    Amortization of intangibles   389       390       1,168       1,092  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Adjusted underwriting income $ 31,038     $ 24,957     $ 93,124     $ 70,245  
                                   

    Adjusted net income

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Net income $ 30,497     $ 18,432     $ 82,608     $ 53,305  
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Expenses associated with transactions   84       229       557       229  
    Stock-based compensation expense   4,117       3,589       11,905       10,737  
    Amortization of intangibles   389       390       1,168       1,092  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Tax impact   91       (725 )     (734 )     (1,582 )
    Adjusted net income $ 32,444     $ 23,291     $ 92,219     $ 65,524  
                                   

    Annualized adjusted return on equity

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
                                   
    Annualized adjusted net income $ 129,776     $ 93,164     $ 122,959     $ 87,365  
    Average stockholders’ equity $ 617,959     $ 417,521     $ 587,282     $ 403,044  
    Annualized adjusted return on equity   21.0 %     22.3 %     20.9 %     21.7 %
                                   

    Adjusted combined ratio

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,198     $ 65,068     $ 288,785     $ 195,617  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Combined ratio   80.5 %     75.8 %     78.9 %     77.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (84 )   $ (229 )   $ (557 )   $ (229 )
    Stock-based compensation expense   (4,117 )     (3,589 )     (11,905 )     (10,737 )
    Amortization of intangibles   (389 )     (390 )     (1,168 )     (1,092 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Adjusted combined ratio   77.1 %     70.9 %     74.5 %     72.1 %
                                   

    Diluted adjusted earnings per share

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands, except per share data)   (in thousands, except per share data)
                                   
    Adjusted net income $ 32,444     $ 23,291     $ 92,219     $ 65,524  
    Weighted-average common shares outstanding, diluted   26,479,566       25,244,828       25,877,257       25,340,602  
    Diluted adjusted earnings per share $ 1.23     $ 0.92     $ 3.56     $ 2.59  
                                   

    Catastrophe loss ratio

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Losses and loss adjustment expenses $ 40,315     $ 16,139     $ 97,583     $ 54,696  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Loss ratio   29.7 %     18.8 %     26.7 %     21.7 %
                                   
    Numerator: Catastrophe losses $ 12,924     $ (533 )   $ 19,724     $ 3,432  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Catastrophe loss ratio   9.5 %     (0.6 )%     5.4 %     1.4 %
                                   

    Adjusted combined ratio excluding catastrophe losses

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,198     $ 65,068     $ 288,785     $ 195,617  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Combined ratio   80.5 %     75.8 %     78.9 %     77.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (84 )   $ (229 )   $ (557 )   $ (229 )
    Stock-based compensation expense   (4,117 )     (3,589 )     (11,905 )     (10,737 )
    Amortization of intangibles   (389 )     (390 )     (1,168 )     (1,092 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Catastrophe losses   (12,924 )     533       (19,724 )     (3,432 )
    Adjusted combined ratio excluding catastrophe losses   67.6 %     71.5 %     69.2 %     70.8 %
                                   

    Tangible Stockholders’ equity

      September 30,   December 31,
      2024   2023
      (in thousands)
    Stockholders’ equity $ 703,313     $ 471,252  
    Goodwill and intangible assets   (11,147 )     (12,315 )
    Tangible stockholders’ equity $ 692,166     $ 458,937  
                   

    The MIL Network –

  • MIL-OSI: Greenlight Re Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (all comparisons are to third quarter 2023 unless noted otherwise):

    • Gross premiums written of $168.3 million compared to $183.1 million;
    • Net premiums earned of $151.9 million, compared to $163.1 million;
    • Net underwriting income of $6.1 million, compared to $14.4 million;
    • Total investment income of $28.1 million, compared to $5.1 million;
    • Net income of $35.2 million, or $1.01 per diluted ordinary share, compared to $13.5 million, or $0.39 per diluted ordinary share;
    • Combined ratio of 95.9%, compared to 91.2%; and
    • Fully diluted book value per share increased $1.07, or 6.1%, to $18.72, from $17.65 at June 30, 2024.

    Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Our third quarter results demonstrated Greenlight Re’s disciplined and resilient underwriting approach, achieving profitable performance for the eighth consecutive quarter. Alongside strong investment returns, Greenlight Re recorded a notably strong quarter.”

    David Einhorn, Chairman of the Board of Directors, said, “Solasglas generated a net return of 5.2% in the third quarter, while maintaining a conservative exposure to equity markets. Despite significant natural catastrophe events during the quarter, Greenlight Re performed well, with positive performance on both our underwriting and investment activities.”

    Third Quarter 2024 Results

    Gross premiums written in the third quarter of 2024 were $168.3 million, compared to $183.1 million in the third quarter of 2023. The $14.7 million decrease, or 8.0%, was primarily due to a personal property contract and a Lloyd’s casualty contract that the Company non-renewed during 2024, and was partially offset by growth in the specialty business. Similarly, earned premiums decreased by $11.2 million, or 6.9%, to $151.9 million.

    The Company recognized net underwriting income of $6.1 million in the third quarter of 2024, compared to net underwriting income of $14.4 million during the equivalent period in 2023. The combined ratio for the third quarter of 2024 was 95.9%, compared to 91.2% for the equivalent period in 2023. Catastrophe losses, including Hurricane Helene, Central European floods and US severe convective storms, added 9.3% to the combined ratio during the third quarter of 2024.

    The Company’s total investment income during the third quarter of 2024 was $28.1 million. The Company’s investment in the Solasglas fund, managed by DME Advisors, returned 5.2%, representing net income of $19.8 million. The Company reported $8.2 million of other investment income, primarily from interest earned on its restricted cash and cash equivalents.

    The net income of $35.2 million contributed to the 6.1% increase in fully diluted book value per share for the quarter, which increased to $18.72 per share at September 30, 2024 from $17.65 at June 30, 2024.

    During the third quarter of 2024, the Company repurchased 547,402 ordinary shares for $7.5 million under its share repurchase plan.

    The following table summarizes the components of the Company’s combined ratio.

        Third Quarter
    Underwriting ratios   2024     2023  
    Loss ratio – current year   65.0 %   61.4 %
    Loss ratio – prior year   (3.7)%   (2.0)%
    Loss ratio   61.3 %   59.4 %
    Acquisition cost ratio   30.4 %   28.8 %
    Composite ratio   91.7 %   88.2 %
    Underwriting expense ratio   4.2 %   3.0 %
    Combined ratio   95.9 %   91.2 %

    Greenlight Capital Re, Ltd. Third Quarter 2024 Earnings Call

    Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time. Dial-in details: 

    U.S. toll free  1-877-407-9753
    International  1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8

    A telephone replay will be available following the call through November 11, 2024.  The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    2024 Investor Day

    As previously announced, the Company will host its 2024 Investor Day in New York City on Tuesday, November 19, 2024, at 12:00 noon Eastern Time. The event will include a luncheon, detailed presentation from members of the executive management team, and opportunities for live interaction during the Q&A segment.

    Attendees must register in advance. To register, please contact Karin Daly, Greenlight Capital Re’s investor relations representative at IR@greenlightre.ky.

    The 2024 Investor Day will be held exclusively in-person. An archived webcast will become available on the Company’s website following the event.

    Non-GAAP Financial Measures
    In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including fully diluted book value per share and net underwriting income (loss), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more thorough understanding of the underlying business. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

    Forward-Looking Statements
    This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations pillar may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (expressed in thousands of U.S. dollars, except per share and share amounts)
      September 30, 2024   December 31, 2023
      (UNAUDITED)    
    Assets      
    Investments      
    Investment in related party investment fund, at fair value $ 397,888   $ 258,890
    Other investments   73,559     73,293
    Total investments   471,447     332,183
    Cash and cash equivalents   54,642     51,082
    Restricted cash and cash equivalents   567,091     604,648
    Reinsurance balances receivable (net of allowance for expected credit losses)   718,719     619,401
    Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)   65,947     25,687
    Deferred acquisition costs   82,206     79,956
    Unearned premiums ceded   35,270     17,261
    Other assets   6,364     5,089
    Total assets $ 2,001,686   $ 1,735,307
    Liabilities and equity      
    Liabilities      
    Loss and loss adjustment expense reserves $ 811,152   $ 661,554
    Unearned premium reserves   347,103     306,310
    Reinsurance balances payable   88,152     68,983
    Funds withheld   20,788     17,289
    Other liabilities   8,491     11,795
    Debt   62,582     73,281
    Total liabilities   1,338,268     1,139,212
    Shareholders’ equity      
    Ordinary share capital (par value $0.10; issued and outstanding, 34,832,493) (2023: par value $0.10; issued and outstanding, 35,336,732) $ 3,483   $ 3,534
    Additional paid-in capital   481,672     484,532
    Retained earnings   178,263     108,029
    Total shareholders’ equity   663,418     596,095
    Total liabilities and equity $ 2,001,686   $ 1,735,307
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
    (UNAUDITED) 
    (expressed in thousands of U.S. dollars, except percentages and per share amounts)
      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
    Underwriting revenue              
    Gross premiums written $ 168,346     $ 183,074     $ 554,579     $ 524,472  
    Gross premiums ceded   (26,598 )     (14,789 )     (64,611 )     (35,740 )
    Net premiums written   141,748       168,285       489,968       488,732  
    Change in net unearned premium reserves   10,136       (5,175 )     (18,150 )     (43,030 )
    Net premiums earned $ 151,884     $ 163,110     $ 471,818     $ 445,702  
    Underwriting related expenses              
    Net loss and loss adjustment expenses incurred:              
    Current year $ 98,820     $ 100,143     $ 305,467     $ 273,570  
    Prior year   (5,654 )     (3,300 )     (943 )     10,502  
    Net loss and loss adjustment expenses incurred   93,165       96,843       304,524       284,072  
    Acquisition costs   46,162       46,933       138,226       126,702  
    Underwriting expenses   6,073       4,639       18,223       14,046  
    Deposit interest expense (income), net   377       278       1,020       645  
    Net underwriting income (1) $ 6,107     $ 14,417     $ 9,825     $ 20,237  
                   
    Income (loss) from investment in Solasglas $ 19,844     $ (1,853 )   $ 42,422     $ 27,791  
    Net investment income   8,244       6,958       24,611       24,705  
    Total investment income $ 28,088     $ 5,105     $ 67,033     $ 52,496  
                   
    Corporate expenses $ 4,253     $ 3,266     $ 13,334     $ 13,820  
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other income, net   (2,210 )     (706 )     (9,969 )     (5,738 )
    Interest expense   2,018       1,457       4,827       2,977  
    Income tax expense   723       29       1,677       111  
    Net income $ 35,237     $ 13,477     $ 70,234     $ 69,224  
                   
    Earnings per share              
    Basic $ 1.03     $ 0.40     $ 2.05     $ 2.03  
    Diluted $ 1.01     $ 0.39     $ 2.02     $ 1.99  
                   
    Underwriting ratios:              
    Loss ratio – current year   65.0 %     61.4 %     64.7 %     61.4 %
    Loss ratio – prior year (3.7)%   (2.0)%   (0.2)%     2.4 %
    Loss ratio   61.3 %     59.4 %     64.5 %     63.8 %
    Acquisition cost ratio   30.4 %     28.8 %     29.3 %     28.4 %
    Composite ratio   91.7 %     88.2 %     93.8 %     92.2 %
    Underwriting expense ratio   4.2 %     3.0 %     4.1 %     3.3 %
    Combined ratio   95.9 %     91.2 %     97.9 %     95.5 %

    1 Net underwriting income is a non-GAAP financial measure. See “ Key Financial Measures and Non-GAAP Measures” below for discussion and reconciliation of non-GAAP financial measures.

    The following tables present the Company’s net premiums earned and underwriting ratios by line of business: 

      Three months ended September 30   Three months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $19,134     $83,079     $49,671     $151,884     $24,362     $93,514     $45,234     $163,110  
    Underwriting ratios:                              
    Loss ratio 112.4 %   52.7 %   56.1 %   61.3 %   54.1 %   67.4 %   45.6 %   59.4 %
    Acquisition cost ratio 19.9     34.0     28.4     30.4     17.7     31.9     28.2     28.8  
    Composite ratio 132.3 %   86.7 %   84.5 %   91.7 %   71.8 %   99.3 %   73.8 %   88.2 %
    Underwriting expense ratio             4.2                 3.0  
    Combined ratio             95.9 %               91.2 %
      Nine months ended September 30   Nine months ended September 30
      2024     2023  
      Property   Casualty   Other   Total   Property   Casualty   Other   Total
      ($ in thousands except percentage)
    Net premiums earned $60,610     $263,872     $147,336     $471,818     $63,854     $259,075     $122,773     $445,702  
    Underwriting ratios:                              
    Loss ratio 90.1 %   61.5 %     59.4 %   64.5 %   81.6 %   67.0 %   47.5 %   63.8 %
    Acquisition cost ratio 17.1     32.6       28.3     29.3     18.5     31.0     28.2     28.4  
    Composite ratio 107.2 %   94.1 %     87.7 %   93.8 %   100.1 %   98.0 %   75.7 %   92.2 %
    Underwriting expense ratio             4.1                 3.3  
    Combined ratio             97.9 %               95.5 %


    GREENLIGHT CAPITAL RE, LTD.
    KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

    Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

    The key non-GAAP financial measures used in this news release are:

    • Fully diluted book value per share; and
    • Net underwriting income (loss).

    These non-GAAP financial measures are described below.

    Fully Diluted Book Value Per Share

    Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

    We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

    We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

    The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Numerator for basic and fully diluted book value per share:                  
    Total equity as reported under U.S. GAAP $  663,418   $   634,020   $ 624,458   $ 596,095   $ 575,865
    Denominator for basic and fully diluted book value per share:                  
    Ordinary shares issued and outstanding as reported and denominator for basic book value per share   34,832,493     35,321,144     35,321,144     35,336,732     35,337,407
    Add: In-the-money stock options (1) and all outstanding RSUs   602,013     594,612     585,334     264,870     312,409
    Denominator for fully diluted book value per share   35,434,506     35,915,756     35,906,478     35,601,602     35,649,816
                       
    Basic book value per share $ 19.05   $ 17.95   $ 17.68   $ 16.87   $ 16.30
    Fully diluted book value per share $ 18.72   $ 17.65   $ 17.39   $ 16.74   $ 16.15

    (1) Assuming net exercise by the grantee.

    Net Underwriting Income (Loss)

    One way that we evaluate the Company’s underwriting performance is by measuring net underwriting income (loss). We do not use premiums written as a measure of performance. Net underwriting income (loss) is a performance measure used by management to evaluate the fundamentals underlying the Company’s underwriting operations. We believe that the use of net underwriting income (loss) enables investors and other users of the Company’s financial information to analyze our performance in a manner similar to how management analyzes performance. Management also believes this measure follows industry practice and allows the users of financial information to compare the Company’s performance with that of our industry peer group.

    Net underwriting income (loss) is considered a non-GAAP financial measure because it excludes items used to calculate net income before taxes under U.S. GAAP. We calculate net underwriting income (loss) as net premiums earned less net loss and loss adjustment expenses, acquisition costs, underwriting expenses (including related G&A expenses), and deposit interest expense, plus deposit interest income. The measure excludes, on a recurring basis: (1) investment income (loss); (2) other income (expense) not related to underwriting, including foreign exchange gains or losses, and Lloyd’s interest income and expense; (3) corporate G&A expenses; and (4) interest expense. We exclude total investment income or loss, foreign exchange gains or losses, and Lloyd’s interest income or expense as we believe these items are influenced by market conditions and other factors unrelated to underwriting decisions. Additionally, we exclude corporate G&A and interest expenses because these costs are generally fixed and not incremental to or directly related to our underwriting operations. We believe all of these amounts are largely independent of our underwriting process, and including them could hinder the analysis of trends in our underwriting operations. Net underwriting income (loss) should not be viewed as a substitute for U.S. GAAP net income before income taxes.

    The reconciliations of net underwriting income to income before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:

      Three months ended September 30   Nine months ended September 30
        2024       2023       2024       2023  
      ($ in thousands)
    Income before income tax $ 35,960     $  13,506     $ 71,911     $ 69,335  
    Add (subtract):              
    Total investment income   (28,088 )     (5,105 )     (67,033 )     (52,496 )
    Foreign exchange losses (gains)   (5,826 )     1,999       (3,245 )     (7,661 )
    Other non-underwriting income   (2,210 )     (706 )     (9,969 )     (5,738 )
    Corporate expenses   4,253       3,266       13,334       13,820  
    Interest expense   2,018       1,457       4,827       2,977  
    Net underwriting income $ 6,107     $ 14,417     $ 9,825     $ 20,237  

    The MIL Network –

  • MIL-OSI Canada: Annual Candlelight Tribute to commemorate Canada’s fallen heroes and Veterans

    Source: Government of Canada News

    Randeep Sarai, Parliamentary Secretary to the Minister of Veterans Affairs and Associate Minister of National Defence, will attend the annual Candlelight Tribute to honour our country’s fallen heroes and Veterans, and pass the torch of remembrance from Veterans to youth.

    Ottawa, ON – Randeep Sarai, Parliamentary Secretary to the Minister of Veterans Affairs and Associate Minister of National Defence, will attend the annual Candlelight Tribute to honour our country’s fallen heroes and Veterans, and pass the torch of remembrance from Veterans to youth.

    Parliamentary Secretary Sarai and other event participants will be available to media following the event.

    Location:   LeBreton Gallery
                       Canadian War Museum
                       1 Vimy Place
                       Ottawa, Ontario

    Date:          Tuesday, 5 November 2024

    Time:          19:00 EST

    Media who want to participate are asked to register in advance by contacting media@veterans.gc.ca with the name(s) of their attendee(s) and media outlet.

    If you anticipate any accessibility barriers, please let us know and we will work with you to enable your participation.

    MIL OSI Canada News –

  • MIL-OSI Canada: G7 foreign ministers’ statement on the Launch of an Intercontinental Ballistic Missile by the Democratic People’s Republic of Korea

    Source: Government of Canada News

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology.

    November 4, 2024 – Ottawa, Ontario – Global Affairs Canada

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology. We deplore that the DPRK once again chose to prioritize its unlawful weapons of mass destruction (WMD) and ballistic missile programs over the welfare of the people in the DPRK.

    ” The DPRK continues to advance its unlawful nuclear and ballistic missile capabilities and to escalate its destabilizing activities. We reiterate our call for the complete denuclearization of the Korean Peninsula and demand that the DPRK abandon all its nuclear weapons, existing nuclear programs, and any other weapons of mass destruction (WMD) and ballistic missile programs in a complete, verifiable, and irreversible manner in accordance with all relevant United Nations Security Council resolutions (UNSCRs). We urge UNSC Members to follow through on their commitments and call on all UN Member States to fully and effectively implement relevant UNSCRs.

    ” The G7 remains committed to working with all relevant partners toward the goal of peace and stability on the Korean Peninsula and to upholding the free and open rules-based international order.”

    MIL OSI Canada News –

  • MIL-OSI Canada: Indoor shelter spaces opening for winter

    Source: Government of Canada regional news

    The Province, through BC Housing, is funding 6,118 shelter spaces in 59 communities throughout British Columbia, including permanent, temporary and extreme-weather response (EWR) shelters, as well as Homeless Encampment Action Response Temporary Housing (HEARTH) shelter spaces.

    Listed below are shelters that opened in six major cities as of Nov. 1, 2024. For a full list of shelters throughout B.C., visit: https://smap.bchousing.org/

    Shelter information, including the openings of EWR and other shelters, is updated daily. For shelter bed availability, people are encouraged to reach out to their local shelter.

    Additional shelter spaces are expected to open in the coming months.

    Kamloops

    Total shelter spaces: 230

    • Temporary shelters
      • Stuart Wood, 245 St. Paul St., 35 spaces (including 10 accessible spaces for seniors)
      • Yacht Club, 1140 River St., 20 spaces
      • Olive Branch, 245 St. Paul St., 10 spaces
    • Permanent year-round shelters
      • Emerald Centre, 259 Victoria St., 40 spaces
      • Harbour Shelter (women only), 181 Victoria St. W., 12 spaces
      • Merit Place, 715 Notre Dame Dr., 50 spaces
      • Moira House, 600 Kingston Ave., 41 spaces
      • Mustard Seed Shelter, 181 Victoria St. W., 22 spaces

    Kelowna

    Total shelter spaces: 305

    • Temporary shelters
      • Bay Avenue Shelter, 858 Ellis St., 72 spaces
      • Kelowna Motel shelter, 25 spaces (referral only)
    • Permanent year-round shelters
      • Alexandra Gardner Safe Centre, 1069 Gordon Dr., 20 spaces
      • Cornerstone Shelter, 425 Leon Ave., 80 spaces
      • Kelowna Gospel Mission, 251 Leon Ave., 60 spaces
      • Richter Street Shelter, 1083 Richter St., 48 spaces

    Prince George

    Total shelter spaces: 161

    • Permanent year-round shelters
      • Bridget Moran Place, 1188 6th Ave., 45 spaces
      • AWAC Women’s Shelter, 144 George St., 40 spaces
      • Ketso Yoh Centre Men’s Hostel, 140 Quebec St., 36 spaces
      • Prince George Native Friendship Centre (youth shelter), 171 George St., 10 spaces
      • Second Ave Shelter, 1151 2nd Ave., 30 spaces

    Surrey

    Total shelter spaces: 566

    • Temporary shelters
      • Nourish, 13539 King George Blvd., 16 spaces (an additional 15 spaces to open later this season).
      • Cloverdale, 5337 180 St., 25 spaces
    • Extreme weather response shelters (open only during EWR alerts)
      • PCRS, 10453 Whalley Blvd., 10 spaces
      • SUMs NightShift, 10635 King George Blvd., 15 spaces
      • Shimai House, 13327 100A Ave., six spaces
      • Lookout Surrey Alliance, 13474 96 Ave., 30 spaces
      • South Surrey, 14601 20 Ave., 45 spaces
    • Permanent year-round shelters
      • Bill Reid Place, 17910 Colebrook Rd., 16 spaces
      • Cynthia’s Place, 14337/14347 108 Ave., 18 spaces
      • Foxglove Shelter, 9810 Foxglove Dr., 27 spaces
      • Lookout Gateway, 10667 135A St., 40 spaces
      • Lookout Guildford, 14716 104 Ave., 46 spaces
      • Lookout Parkway, 10667 135A St., 40 spaces
      • Hyland House, 6595 King George Blvd., 45 spaces
      • Rosewood Shelter, 9683 137 St., 60 spaces
      • Surrey Urban Mission, 10776 King George Blvd., 40 spaces
      • The Cove, 10607 King George Blvd., 42 spaces
      • The Olive Branch, 10731 City Parkway, 45 spaces

    Vancouver

    Total shelter spaces: 1,838

    • Temporary shelters
      • Directions Youth Services Centre, 1138 Burrard St., 12 spaces
      • Klahowya,  875 Terminal Ave., 20 spaces
      • 1660 East Hastings St., 100 spaces
      • Lookout Commercial Hastings, 1738 E. Hastings St., 20 spaces
      • Gathering Place,  609 Helmcken St., 34 spaces
      • Lookout 325 Main, 325 Main St., 20 spaces
      • Harbour Light, 119 E. Cordova St.,  40 spaces
      • Evelyne Saller, 404 Alexander St., 42 spaces
      • Lookout Tenth Church, 11 10th Ave. West, 25 spaces
      • Lookout Jubilee,  239 Main St., 13 spaces
      • UGM Women’s Shelter, 616 Cordova St. E., 20 spaces
      • CSS Mat Program, 1302 Seymour St., 10 spaces
    • Extreme weather response shelters (open only during EWR alerts)
      • Aboriginal Front Door, 205 E. Hastings, 34 spaces
      • Directions Youth Resource Centre, 1138 Burrard St., 10 spaces
      • The Nest, 320 Alexander St., 20 spaces
      • Lookout Hastings Commercial, 1726 E. Hastings, 15 spaces
      • Lookout Kiwassa, 2425 Oxford St., 20 spaces
      • Lookout Marpole, 8585 Hudson St., 30 spaces
      • PCRS Vancouver, 2455 Fraser St., 20 spaces 
      • Belkin House, 555 Homer St., 25 spaces
    • Permanent year-round shelters
      • 1401 Hornby St., 52 spaces
      • Metson, 1060 Howe St., 38 spaces
      • Sisters Shelter, 131 Dunlevy Ave., 16 spaces
      • Sisterhood, 342 Alexander St., 21 spaces
      • Kye7e, 172 Cordova St. E., 10 spaces
      • 398 Powell St., 11 spaces
      • WISH, 340 Alexander St., 23 spaces
      • 265 Hastings St. E., 31 spaces
      • Osborn, 15 Hastings St. W., 80 spaces
      • Klahowya at Terminal, 875 Terminal Ave., 60 spaces
      • The Haven, 108 E. Hastings St., 34 spaces
      • The Beacon, 108 E. Hastings St., 66 spaces
      • Crosswalk, 108 E. Hastings St., 36 spaces
      • Lookout Walton Hotel , 261 Hastings St. E., 15 spaces
      • The Lark, 103 Hastings St. E., 14 spaces
      • Covenant House, 1280 Seymour St., 60 spaces
      • Catholic Charities Men’s Hostel, 1056 Comox St., 108 spaces
      • First United Church Shelter, 467 Alexander St., 51 spaces
      • Lookout Yukon St. Shelter, 2088 Yukon St., 71 spaces
      • Lookout Al Mitchell Shelter, 346 Alexander St., 46 spaces
      • New Fountain Shelter, 356 E. Hastings, 60 spaces
      • RainCity HPP and Triage Emergency Shelter, 707 Powell St., 28 spaces
      • Springhouse Shelter, 333 E. 16th Ave., 32 spaces
      • Powell Place Emergency Shelter, 329 Powell St., 52 spaces
      • Downtown Eastside Women’s Shelter, 412 E. Cordova St., 57 spaces
      • Belkin House, 555 Homer St., 81 spaces
      • Vi Fineday Family Shelter, 1906 15th Ave. W., 18 spaces
      • Aboriginal Shelter, 201 Central St., 55 spaces
      • Union Gospel (Heatley) Housing Society, 601 Hastings St. E., 82 spaces

    Victoria

    Total shelter spaces: 400

    • Extreme weather response shelters (open only during EWR alerts)
      • Rock Bay Landing, 535 Ellice St., 20 spaces
      • Addictions and Rehabilitation Centre, 525 Johnson St., 30 spaces
    • Permanent year-round shelters
      • Douglas Community Shelter, 2915 Douglas St., 29 spaces
      • 919 Pandora Ave., 54 spaces
        • Includes 20 HEARTH-funded spaces
      • Out of the Rain Victoria, 1450 Elford St., 15 spaces
      • My Place, 1240 Yates St., 56 spaces
        • Includes two HEARTH-funded spaces
      • Addictions and Rehabilitation Centre, 525 Johnson St., 42 spaces
        • Includes 21 HEARTH-funded spaces
      • Sandy Merriman House, 809 Burdett Ave., 25 spaces
      • Next Steps, 2317 Dowler Pl., 15 spaces
      • Rock Bay Landing, 535 Ellice St., 84 spaces
      • St. John the Divine Shelter, 1611 Quadra St., 30 spaces (HEARTH-funded)

    MIL OSI Canada News –

  • MIL-OSI Canada: Grow your career with Alberta’s public service

    Source: Government of Canada regional news

    Alberta called and the world answered. Hundreds of thousands of people are choosing Alberta as the place to find meaningful and well-paying work to support their families and their futures. Alberta’s public sector salaries are some of the strongest in Canada and with less tax, workers have more take-home pay. The cost of living is also lower than in many other jurisdictions, allowing for a better quality of life. New health care facilities will provide thousands of health care positions, and the 90 new schools that will be kick-started over the next three years will all need educators and support staff.

    To support Alberta’s growth, health and safety, there are many other occupations available, including corrections officers, sheriffs and paramedics. These roles, and many others, are available in the province’s big cities and rural areas.

    “Opportunity abounds in Alberta in both the private and public sectors. Working in the public sector provides individuals opportunities that span numerous sectors and skill levels while also being financially rewarding and providing an opportunity to have a positive impact in the daily lives of Albertans. We’re inviting everyone to see the full breadth of meaningful and impactful job opportunities available in our beautiful province.”

    Danielle Smith, Premier

    As the government continues its work to provide high-quality services to Albertans across the province, it is promoting its efficient and effective workforce. To inform people about the great career options in the public service, a provincial advertising campaign will run for the next six weeks. Print, radio, television and social media advertisements will share with Albertans that life, and work, are better here and to ask them to consider a career in the provincial public sector.

    Quick facts

    • Between July 1, 2023, and July 1, 2024, the province’s population expanded by more than 204,000 people, which is an annual growth rate of 4.4 per cent.
    • Alberta’s annual growth is comparable to the population in two new cities the size of Lethbridge or Red Deer.  
    • In the third quarter of 2024, Alberta’s population reached 4.9 million people.

    Related information

    • alberta.ca/BetterHere

    MIL OSI Canada News –

  • MIL-OSI Economics: ONLINE EVENT | Latin America – Spain Railway Dialogues ‘Rails towards a sustainable future”

    Source: CAF Development Bank of Latin America

    Under the title ‘Rails Towards a Sustainable Future’, this event aims to highlight the tremendous potential of rail as a mode of land transport capable of ensuring the mobility of large volumes of people and goods, boosting the economic, environmental, and social sustainability essential for the future. The Railway Dialogues will take place on November 13 and 14 at the La Moneda Cultural Center, gathering experts, government representatives, private companies, and financial institutions involved in the railway sector.

    The first day is designed to foster knowledge sharing and inter-institutional collaboration, creating an ideal setting for learning from expert insights, discovering best practices, and building valuable connections within the railway industry. Authorities from countries such as Chile, Brazil, Panama, Uruguay, and Spain will participate.

    The second day, organized by EFE as part of its 140th anniversary celebration, will address the challenges and opportunities in Chile’s railway sector, including a panel that brings in international railway perspectives with contributions from experts, authorities, and key institutions in the field.

    To mark this anniversary, the La Moneda Cultural Center will also host the exhibition ‘The Train Runs Along the Line‘, which explores the present and future of railways in Chile.

    This event wraps up a week of railway-related activities in Santiago, Chile. In the days leading up to it, the 60th Annual Assembly of the Latin American Railway Association (ALAF) and the Regional Assembly of the International Union of Railways (UIC) will take place.

    Date: November 13 and 14
    Time: 9:30 a.m. (Chile)*
    *The event will be streamed on this microsite

    MIL OSI Economics –

  • MIL-OSI USA: Graves Demands Biden-Harris Administration Abide by Supreme Court’s WOTUS Ruling

    Source: United States House of Representatives – Congressman Sam Graves (6th District of Missouri)

    WASHINGTON, DC – Transportation and Infrastructure Committee Chairman Sam Graves (MO-06) led Committee Republicans today in enumerating the many ongoing concerns from Congress and stakeholders about the Biden-Harris Administration’s refusal to conform with the Supreme Court’s ruling pertaining to the definition of “waters of the United States” (WOTUS) under the Clean Water Act (CWA). 

    Writing to the heads of the U.S. Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers (Corps) in regard to the Supreme Court’s 2023 decision in Sackett v. EPA (Sackett), the Republican Members said, “This Administration is not adhering to Sackett, attempting to maintain broad Federal overreach, slow-walking implementation, failing to provide adequate direction to regulated communities, and delaying projects which require certainty under a CWA permitting regime.”

    The Members cited concerns from a broad spectrum of stakeholders, including those raised during a September Water Resources and Environment Subcommittee hearing about the Administration’s lack of clarity, transparency, and direction on WOTUS since Sackett. 

    “In Sackett, the Supreme Court provided needed clarity on the definition of a WOTUS, reinforcing property owners’ rights, protecting the separation of powers by limiting the authority that Congress explicitly delegated in statute, and adhering to the Congressional intent of the CWA. Sackett rightly upheld the cooperative Federalism framework of the CWA, as well as the authority of states to regulate non-Federal waters within their borders as they see fit.” 

    However, despite the unequivocal decision by the Court and the much-needed clarity that it provided, T&I Republicans assert that the Biden-Harris Administration continues to openly disregard the Supreme Court’s ruling. Members posed a series of questions to the EPA and the Corps about steps they are taking to create a permitting regime that is faithful to Sackett and the Administration’s plans to provide more guidance and certainty to the regulated community. The letter also includes a request for information related to delayed agency decisions that are preventing important projects from moving forward.

    Read the full letter here.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Adams’ Statement on the Passing of Quincy Jones

    Source: United States House of Representatives – Congresswoman Alma Adams (12th District of North Carolina)

    CHARLOTTE – Congresswoman Alma S. Adams, Ph.D. (NC-12) released the following statement today on the passing of music producer, songwriter, and composer Quincy Jones, at the age of 91: 

    “The world has lost an iconic, creative genius whose music was the soundtrack of our lives for multiple generations. Quincy Jones was a legend who reminded us that we are all one. He brought us hits like ‘We are the World’ and Thriller, the musical score for The Color Purple, and the opening theme for Sanford and Son. His contribution to our society will long be remembered. Thank you for your service Quincy Jones. Your rent is fully paid.”   

    Congresswoman Alma S. Adams, Ph.D. represents North Carolina’s 12th Congressional District (Charlotte, Mecklenburg County, Cabarrus County) and serves on the House Committee on Agriculture and the House Committee on Education & the Workforce, where she serves as ranking member of the Workforce Protections Subcommittee.

    MIL OSI USA News –

  • MIL-OSI USA: Ohio Celebrates Congresswoman Beatty’s Lifelong Fight for Equality with Hall of Fame Honor

    Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)

    COLUMBUS, OH —Today, Congresswoman Joyce Beatty (OH-03) was inducted into the Ohio Civil Rights Commission’s 15th Civil Rights Hall of Fame during a ceremony at the Lincoln Theatre. Alongside ten fellow honorees, Congresswoman Beatty was celebrated as a pioneering leader in civil and human rights and a champion of equality and inclusion.

    The Ohio Civil Rights Hall of Fame honors individuals who have made significant contributions to civil rights, cultural awareness, and understanding, advancing a more just society. 

    “It is a profound honor to be recognized alongside such remarkable individuals,”said Congresswoman Beatty. “This induction is not just a reflection of my journey but a testament to the power each of us holds to stand up for equality. Civil rights isn’t just a chapter in history—it’s a commitment to justice that each of us must carry forward.”

    Congresswoman Beatty has been a trailblazing leader in civil rights throughout her career. She has marched alongside Martin Luther King III, Reverend Al Sharpton, and Reverend Jesse Jackson. As a state legislator, she established Ohio’s Rosa Parks Day, making Ohio the first state to recognize this civil rights icon. Breaking barriers, she became Ohio’s first female Democratic House Leader.

    In Congress, Beatty is known as the powerful and productive Chair Emerita of the Congressional Black Caucus (CBC). She spoke at the 50th anniversary of the March on Washington, co-sponsored the bill making Juneteenth a federal holiday, and helped President Joe Biden pass the $1.3 trillion Infrastructure Bill. She also advised the President on his 2022 Executive Order addressing police brutality and chaired Congress’s first Diversity and Inclusion Subcommittee. Currently, Beatty leads the CBC Task Force on Diversity, Equity, and Inclusion.

    Her dedication to civil rights has earned her various accolades, including the Dr. Mary McLeod Bethune Legacy Award. Congresswoman Beatty serves as a National Campaign Advisor for Vice President Kamala Harris and has been included on EBONY magazine’s “Power 150” list of influential African Americans.

    The Ohio Civil Rights Commission commended Congresswoman Beatty and the other inductees for their enduring contributions to equality and inclusion.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Station Science Top News: Nov. 1, 2024

    Source: NASA

    Bioprinted patches could help wounds heal
    Researchers successfully demonstrated the function of a handheld bioprinter that could provide a simple and effective way to treat wounds in space using human skin cells. Crews could use this technology to treat their own injuries and protect crew health and mission success in the future.
    Spaceflight can affect how wounds heal. The Bioprint FirstAid device tested a process for bioprinting a patch to cover a wound and accelerate healing. In the future, a crew member’s own cells may be used to create personalized patches for treating an injury. The bioprinting device is easy to use, can be tailored to specific needs, has a low failure rate, and its mechanics are electronics- and maintenance-free. This ESA (European Space Agency) investigation was coordinated by the German Aerospace Center (DLR).

    Countering post-flight proficiency challenges
    The day they return from spaceflight, astronauts demonstrate significant impairments in fine motor control and the ability to multitask in simulated flying and driving challenges. This finding could help develop countermeasures so crew members can safely land and conduct early operations on the Moon and Mars.
    Manual Control used a battery of tests to examine how spaceflight affects cognitive, sensory, and motor function after landing. Researchers concluded that subtle physiological changes that occur during spaceflight degrade post-flight performance. Subsequent tests showed recovery of performance once exposed to the task, suggesting that simulation training immediately before a task could be an effective countermeasure. Researchers also suggest limiting dual or competing tasks during mission-critical phases.

    Gamma-ray telescope resilient to space radiation
    Researchers found that the station’s Glowbug gamma-ray telescope could perform in the space radiation environment for multi-year missions. Radiation can affect these types of instruments, but Glowbug regularly detected gamma ray bursts (GRBs) during its one-year operation. Studying GRBs can help scientists better understand the universe and its origins.
    Glowbug demonstrated technology to detect and characterize cosmic GRBs, primarily short GRBs, which result from mergers of compact binary star systems containing either two neutron stars or a neutron star and a black hole. Short GRBs produce gravitational waves, ripples in space that travel at the speed of light. Studying these gravitational waves could provide insight into the star systems where they originate and the behavior of matter during the mergers.
    Learn more about GRB research here.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Stennis Plants Artemis Moon Tree

    Source: NASA

    A tree-planting ceremony at NASA’s Stennis Space Center on Oct. 29 celebrated NASA’s successful Artemis I mission as the agency prepares for a return around the Moon with astronauts on Artemis II.
    “We already have a thriving Moon Tree from the Apollo years onsite,” NASA Stennis Director John Bailey said. “It is exciting to add trees for our new Artemis Generation as it continues the next great era of human space exploration.”
    NASA’s Office of STEM Engagement Next Gen STEM Project partnered with U.S. Department of Agriculture (USDA) Forest Service to fly five species of tree seeds aboard the Orion spacecraft during the successful uncrewed Artemis I test flight in 2022 as part of a national STEM Engagement and conservation education initiative. 
    The Artemis Moon Tree species included sweetgums, loblolly pines, sycamores, Douglas-firs, and giant sequoias. The seeds from the first Artemis mission have been nurtured by the USDA into seedlings to be a source of inspiration for the Artemis Generation.
    The Moon Tree education initiative is rooted in the legacy of Apollo 14 Moon Tree seeds flown in lunar orbit over 50 years ago by the late Stuart Roosa, a NASA astronaut and Mississippi Coast resident.
    NASA Stennis and the NASA Shared Services Center (NSSC), located at the site, planted companion trees during the Oct. 29 ceremony. Bailey and NSSC Executive Director Anita Harrell participated in a joint planting ceremony attended by a number of employees from each entity.
    The American sweetgum trees are the second and third Moon Trees at the south Mississippi site. In 2004, ASTRO CAMP participants planted a sycamore Moon Tree to honor the 35th anniversary of Apollo 11 and the first lunar landing on July 20, 1969.
    The road to space for both Apollo 14 and Artemis I went through Mississippi. Until 1970, NASA Stennis test fired first, and second stages of the Saturn V rockets used for Apollo.
    NASA Stennis now tests all the RS-25 engines powering Artemis missions to the Moon and beyond. Prior to Artemis I, NASA Stennis tested the SLS (Space Launch System) core stage and its four RS-25 engines.
    The Artemis Moon Trees have found new homes in over 150 communities and counting since last spring, and each of the 10 NASA centers also will plant one.
    As the tree grows at NASA Stennis, so, too, does anticipation for the first crewed mission with Artemis II. Four astronauts will venture around the Moon on NASA’s path to establishing a long-term presence at the Moon for science and exploration.
    The flight will test NASA’s foundational human deep space exploration capabilities – the SLS rocket and Orion spacecraft – for the first time with astronauts.

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 9563, Protecting Americans from Russian Litigation Act of 2024

    Source: US Congressional Budget Office

    H.R. 9563 would bar entities, such as foreign businesses or their U.S. counterparts, from bringing civil actions against entities in the United States in cases where that entity’s compliance with U.S. sanctions impeded the performance of a contract. The prohibition would apply to all contracts where sanctions went into effect after the date on which the contract was executed.

    CBO estimates that enacting H.R. 9563 would reduce the number of civil cases filed and litigated in federal courts and thus increase the deficit by a negligible amount. The federal judiciary charges fees, which are recorded in the budget as revenues, to file suit in district court and the courts can spend those fees without further appropriation. Because CBO expects that the number of case filings prohibited by the bill would be small, we estimate that enacting H.R. 9563 would reduce revenues and the resulting direct spending by insignificant amounts over the 2025-2034 period. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Reinforces Long-Term Commitment to Maui’s Recovery from 2023 Wildfires

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Francisco Sánchez Jr., Associate Administrator for the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration (SBA), reiterated SBA’s unwavering support for the recovery efforts in Maui, following the devastating wildfires of August 2023. “Since the onset of the disaster, SBA has been on the ground, committed to helping homeowners, renters, and businesses rebuild and recover from these unprecedented fires,” said Sánchez. “During my recent visit to Maui in September, it was clear that SBA’s role remains essential as we work together toward a full and resilient recovery.”

    SBA Disaster Loan Assistance Centers: Ongoing Support Across Maui

    SBA Disaster Loan Assistance Centers continue to provide essential resources and one-on-one support for Maui residents impacted by the fires. SBA representatives are actively available at the Business and Disaster Recovery Centers, Business Resource and Assessment Center, and other locations across Maui. These centers offer direct guidance on SBA’s Disaster Loan Assistance program and are open at specified times and locations.

    MAUI COUNTY
    Business Recovery Center
    Hawaii Technology Development Corp.
    Maui Research Tech Center (MRTC)
    Bldg. A, Ste. 119 (Conf. Rm.)
    590 Lipoa Pkwy.
    Kihei, HI  96753
    Mondays – Fridays, 8 a.m. – 5 p.m.

    MAUI COUNTY
    Maui Office of Recovery – West Maui
    Lahaina Gateway, Unit 102-B
    (near Ace Hardware)
    325 Keawe St.
    Lahaina, HI  96761
    Mondays, Tuesdays, Thursdays & Fridays
    8:00 a.m. – 4:30 p.m.
    Wednesdays
    8:00 a.m. – 12:30 p.m. & 1:30 p.m. – 4:30 p.m.

    MAUI COUNTY
    Council for Native Hawaiian Advancement
    70 E. Kaahumanu Ave., Unit D-1
    Kahului, HI  96732
    Mondays – Fridays, 9:00 a.m. – 5:00 p.m.

    MAUI COUNTY
    Business Resource and Assessment Center
    One Main Plaza
    2200 Main St., Ste. 100-C
    Wailuku, HI  96793
    Mondays – Fridays, 8:00 a.m. – 5:00 p.m.

    Available Resources and Application Support

    Individuals affected by the wildfires can apply for assistance in-person at any of the Maui Disaster Loan Assistance Centers, or they may apply online. For questions or additional assistance, SBA’s Customer Service Center is available at (800) 659-2955 or by email at disastercustomerservice@sba.gov. Those who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services. A list of the current recovery center locations can be found at https://lending.sba.gov/search-disaster/?disaster=HI-00073.

    Deadlines and Application Flexibility

    The deadline for applications from businesses suffering economic injury is November 9, 2024. SBA will accept late applications if delays were caused by circumstances beyond the applicant’s control. For assistance with late applications, visit any of the four SBA Centers in Maui or contact the SBA Customer Service Center.

    SBA Disaster Loan Terms and Resilience Funding

    SBA’s disaster loans offer deferred interest accrual and repayment options to ease the recovery process:

    Interest Accrual: Begins 12 months after the initial loan disbursement. 

    Repayment Start: Begins 18 months after the initial loan disbursement. 

    SBA also offers additional funding to enhance resilience against future disasters, with loan increases of up to 20 percent to fund protective upgrades. These funds can be used for improvements that reduce potential damage or increase property safety in future disasters. There is no cost to apply, and approved applications are not obligated to accept a loan. 

    The SBA remains steadfast in its commitment to Maui’s long-term recovery, ensuring that its resources are accessible and tailored to support those affected. SBA’s disaster response and resilience efforts aim to strengthen communities and promote safety in the face of future threats.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available. 

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.

    MIL OSI USA News –

  • MIL-OSI USA: From Logistics to Legacy: NASA Employee is a Part of Something Great

    Source: NASA

    Every task at NASA’s Stennis Space Center near Bay St. Louis, Mississippi, is not simply work for Tessa Keating – it is a meaningful step toward a part of something great.
    “It has been a dream career. I count it an honor to share the NASA story and humbled to know our team witnesses a part of history,” said Keating, a NASA public affairs specialist in the NASA Stennis Office of Communications. “Every day is an opportunity to contribute to the NASA legacy that will last beyond today. “
    Keating plans onsite logistics, serves as a protocol officer, and coordinates the Space Flight Awareness Program for NASA Stennis and the NASA Shared Services Center. In fact, she organized much of the recent Space Flight Awareness Silver Snoopy Award ceremony at NASA Stennis in August, except for one part. As the ceremony finished, NASA Stennis Director John Bailey said one more award was to be given.
    No one was more surprised than the logistics coordinator herself when Keating’s family joined her on stage. The 21-year NASA Stennis employee was honored for her outstanding contributions in sharing the NASA story of exploring the secrets of the universe for the benefit of all with a diverse audience and for equipping everyone with a broader knowledge and appreciation of the center’s vital role within NASA.
    “I am not sure I will ever be able to top that in my NASA career,” Keating said.
    It became a full-circle moment that she described as a great honor. The Silver Snoopy is the astronauts’ personal award and is presented to less than 1 percent of the total NASA workforce. Reid Wiseman, a NASA astronaut and commander for the upcoming Artemis II mission around the Moon, presented the award to Keating, along with a lapel pin flown aboard NASA’s Artemis I mission.
    As NASA returns to the Moon for scientific discovery, economic benefits, and inspiration for the Artemis Generation, Keating says it will be extra-special watching Wiseman and the Artemis II crew lay the groundwork for future milestones.
    Keating helped lay the groundwork ahead of the successful Artemis I mission. She served as lead logistics for onsite guest operations in 2021 when NASA conducted the most powerful propulsion test in more than 40 years at NASA Stennis. A full-duration hot fire of the first SLS (Space Launch System) core stage and its four RS-25 engines culminated a year-long series of integrated tests. Keating coordinated the viewing of the hot fire for some 200 agency leaders and guests, despite restricted settings due to COVID-19.  
    “It was truly a highlight. I had grown up hearing my parents and grandparents talk about engines that were tested during the Apollo era, and I had never experienced something of that magnitude,” Keating said. “I was able to live it, feel it, and watch the next part of NASA history onsite.”
    For Keating, the groundwork for a NASA career came following graduation with a bachelor’s degree in Journalism from William Carey University and a master’s degree in Communications from The University of Southern Mississippi, both schools in Hattiesburg, Mississippi. Having grown up in Pearl River County, Mississippi, for most of her life, she knew about NASA Stennis. However, she did not think she could ever work at the center because her strengths were in areas beyond math and science.
    Following some additional exploration and conversations with influential people in her life, Keating discovered she, in fact, could be a part of something great at NASA Stennis.
    “The possibilities are endless at NASA when you allow yourself to put your best foot forward and research the many opportunities that are available. There is always room for various types of studies,” Keating said. “I credit where I am in my career to God and to the people who have helped to guide my path. I will be forever grateful.” 

    MIL OSI USA News –

  • MIL-OSI USA: Lagniappe for November 2024

    Source: NASA

    Explore Lagniappe for November 2024 featuring:

    NASA Stennis Takes Key Step in Expanding its Range Operations Work
    NASA Stennis Plants Artemis Moon Tree
    NASA Employees Complete Agency Leadership Program

    The month of October is known for becoming cooler in these parts, and there sure were plenty of recent cool moments for NASA Stennis that set the tone for the future.
    Last month, the center marked a milestone for testing a new SLS (Space Launch System) rocket stage to fly on future Artemis missions to the Moon and beyond.
    Crews safely lifted and installed the interstage simulator component that will be used for future testing of NASA’s exploration upper stage on the B-2 side of the Thad Cochran Test Stand.
    Why does this matter?
    When the new upper stage is ready to fly following testing at NASA Stennis, it will allow NASA to send astronauts and larger payloads to the Moon on a single mission.
    It is expected to fly on Artemis IV when astronauts will live and work in humanity’s first lunar space station, Gateway.
    How exciting! This mission will make possible new opportunities for science and preparation for human missions to Mars.
    The massive interstage simulator component lifted and installed at NASA Stennis is 103 tons, or 206,000 pounds. When you learn about the exploration upper stage, and how it functions, it makes sense. The upper stage is powered by four engines and provides more than 97,000 pounds of thrust.
    Speaking of missions to the Moon, have you ever asked yourself why are we returning to the Moon?
    A few goals NASA has set for Artemis missions include: preparing for future exploration missions deeper into space – including Mars – by developing and proving new technologies and capabilities, while learning how to live and operate on the lunar surface; finding and using water and other critical resources needed for long-term exploration; and investigating the Moon’s mysteries to learn more about Earth and the universe for the benefit of all.
    These long-term plans build on more than 50 years of NASA’s experience and are reigniting everyone’s passion for discovery.
    I believe it because the grandgators have been talking NASA nonstop lately.
    All of this culminates with inspiring the Artemis Generation and encouraging young people to pursue studies and careers in science, technology, engineering, and mathematics.
    Throughout the month of October, NASA Stennis representatives have been doing just that, sharing the cool ways NASA explores, innovates, and inspires all of humanity and the Artemis Generation.
    Such stops have included Congressman Bennie Thompson’s College and Career Fair in Greenville, Mississippi, located in the Yazoo-Mississippi Delta area, bordering the state of Arkansas; Cruisin’ the Coast, where car enthusiasts from over 37 states and Canada drive to the Mississippi Gulf Coast annually; and various college and career fairs throughout Pearl River County and Hancock County, areas where many NASA Stennis employees live.
    October indeed was a cool month, and November has started off that way, too. NASA Stennis representatives participated in the NAS Pensacola Blue Angels Homecoming Air Show Nov. 1-2, one of Pensacola’s largest events with more than 150,000 in attendance.
    It marked just the fifth time in history that the U.S. Air Force Thunderbirds and U.S. Navy Blue Angels have flown together. This event also celebrated the 55th anniversary of NASA’s lunar landing.
    Pretty cool, huh?
    > Back to Top

    NASA Stennis Achieves Milestone in Preparation for Future Artemis Testing
    NASA’s Stennis Space Center near Bay St. Louis, Mississippi, achieved a key milestone this week for testing a new SLS (Space Launch System) rocket stage to fly on future Artemis missions to the Moon and beyond.

    NASA Stennis Takes Key Step in Expanding its Range Operations Work
    NASA’s Stennis Space Center near Bay St. Louis, Mississippi, has entered into an agreement with Skydweller Aero Inc. for the company to operate its solar-powered autonomous aircraft in the site’s restricted airspace, a key step towards achieving a strategic center goal.

    NASA Stennis Conducts Water Flush at Fred Haise Test Stand

    NASA Employees Complete Agency Leadership Program

    NASA Stennis Plants Artemis Moon Tree

    NASA Stennis Crews Continue Exploration Upper Stage Preparations

    > Back to Top

    LSU Engineering Students Visit NASA Stennis

    U.S. Ambassador Visits NASA Stennis

    NASA Stennis Highlights Return to the Moon in Louisiana

    NASA Stennis Hosts Office of the Chief Information Officer Teams

    Start Your Engines: NASA Stennis Cruises on the Coast

    Stennis Hosts Family Day at INFINITY

    Java with John: Brewing Conversations and Connection with NASA Stennis Employees

    NASA Attends Blue Angels Airshow

    NASA Attends Picayune Street Fair

    > Back to Top

    > Back to Top

    Every task at NASA’s Stennis Space Center near Bay St. Louis, Mississippi, is not simply work for Tessa Keating – it is a meaningful step toward a part of something great.

    > Back to Top

    Lagniappe is published monthly by the Office of Communications at NASA’s Stennis Space Center. The NASA Stennis office may be contacted by at 228-688-3333 (phone); ssc-office-of-communications@mail.nasa.gov (email); or NASA OFFICE OF COMMUNICATIONS, Attn: LAGNIAPPE, Mail code IA00, Building 1111 Room 173, Stennis Space Center, MS 39529 (mail).
    The Lagniappe staff includes: Managing Editor Lacy Thompson, Editor Bo Black, and photographer Danny Nowlin.
    To subscribe to the monthly publication, please email the following to ssc-office-of-communications@mail.nasa.gov – name, location (city/state), email address.

    MIL OSI USA News –

  • MIL-OSI USA: MEDIA ADVISORY: Senate Study Committee on Artificial Intelligence to Hold Seventh Meeting

    Source: US State of Georgia

    ATLANTA (November 4, 2024) — On Friday, November 8th,2024, at 10:00 a.m., the Senate Study Committee on Artificial Intelligence, chaired by Sen. John Albers (R–Roswell), will hold its seventh hearing, in conjunction with the House Technology and Infrastructure Innovation Subcommittee on AI.

    EVENT DETAILS:                      

    • Date: Friday, November 8th, 2024
    • Time: 10:00 a.m.
    • Location: Emory University, 1365 Clifton Road, Atlanta GA 30322
    • This event is open to the public and will be live-streamed on the Georgia General Assembly website here.

    ABOUT THE MEETING:         

    The committee is tasked with promoting responsible innovation, competition, and collaboration in public and private sectors will allow Georgia to be a leader in ensuring that such technology will advance in a way that enforces the existing consumer protection laws and principles for its citizens while enacting any additional appropriate safeguards against, fraud, unintended bias, discrimination, infringements on privacy, and other potential harms from AI.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov. 

    # # # #

    Sen. John Albers serves as Chairman of the Senate Committee on Public Safety. He represents the 56th Senate District, which includes portions of Cherokee, Cobb, and North Fulton counties. He may be reached at his office at 404.463.8055 or by email at john.albers@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Awarded American Farm Bureau Federation’s “Friend of the Farm Bureau” Award 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Welch Joins Vermont Farmers and Agriculture Leaders in Fairlee 
    FAIRLEE, VT – U.S. Senator Peter Welch (D-Vt.), Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, was awarded the American Farm Bureau Federation’s “Friend of the Farm Bureau” Award for the 118th Congress for his leadership and commitment to Vermont’s farmers and rural communities. Senator Welch accepted the award at the Vermont Farm Bureau’s annual dinner in Fairlee. 
    “Agriculture is at the heart of what makes Vermont special— our sense of community, our working lands, and neighbors feeding neighbors. But this important part of our State’s culture has been threatened by market pressures and back-to-back floods, which have made it tough for rural families to make ends meet and farmers to stay in business. I’m fighting in Washington to help and will keep working to support Vermont farmers, farmworkers, and families,” said Senator Welch. 
    View photos from the event below: 

    Senator Welch earned the “Friend of the Farm Bureau” award for his dedication and commitment to Vermont’s farmers, agricultural industry, and rural communities. He was nominated by the Vermont Farm Bureau.  
    At the event, Senator Welch highlighted the urgent need to pass a bipartisan Farm Bill to help farmers keep farming and put food on the table for families across America. The Senate’s draft Farm Bill, the Rural Prosperity and Food Security Act, includes several priorities championed by Sen. Welch that will strengthen Vermont’s farms, rural communities, and families, including: 

    The Farmland Access Act, legislation to improve Agricultural Conservation Easement Program (ACEP) entity certification and buy-protect-sell provisions to help protect American farmland for its intended use and expand access to farming for the next generation. 

    The Future Farmers and Ranchers of Tomorrow Act, bicameral legislation to increase access to U.S. Department of Agriculture (USDA) programs for young and new farmers by revising USDA’s “qualified beginning farmer or rancher” definition to allow non-related beginning farmers and ranchers in joint entities to be eligible for FSA loans. 

    The O DAIRY Act, legislation to improve collection of organic dairy market data. 

    The ReConnecting Rural America Act, bipartisan legislation that would codify and clarify components of USDA’s ReConnect Loan and Grant Program and, in so doing, reduce red tape, and speed broadband deployment. 

    The Rural Prosperity and Food Security Act contains more than 100 pieces of legislation that aim to support our farms, create jobs, improve rural infrastructure, expand access to childcare and health care, support rural education and skills training, build out high-speed rural broadband, help build more affordable housing in rural America, assist homeowners and farms transition to greener energy and lower their utility bills, clean up our drinking water, conserve our land, and more.  

    MIL OSI USA News –

  • MIL-OSI Video: Thank YOU to all VETERANS

    Source: US Army (video statements)

    : DMA

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil Facebook: https://www.facebook.com/USarmy/ X: https://www.twitter.com/USArmy Instagram: https://www.instagram.com/usarmy/ LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts #VeteransDay #ThankYouForYourService

    https://www.youtube.com/watch?v=KSMKNSxMs_E

    MIL OSI Video –

  • MIL-OSI USA: ICYMI: Our health care system is dysfunctional: Here’s how to make America healthy again

    Source: United States House of Representatives – Representative Chip Roy (R-TX)

    WASHINGTON, D.C. – On Monday, Representative Chip Roy (TX-21) penned an op-ed in The Hill laying out a conservative vision for healthcare freedom as we enter 2025.

    The full text of the op-ed is available at the link here; some key quotes are below:

    • “American healthcare is getting more expensive but Americans aren’t getting healthier… Spending more money on government programs is not the solution. What we need is a fundamental paradigm shift toward healthcare freedom.”
    • “We must end the crony capitalism ruining our healthcare system. We must be brave enough to overhaul the government bureaucrats at NIH, CDC, and the USDA – and to take on Big Insurance, Big Hospital, Big Pharma, Big Corporations, and Big Ag.”
    • “Government-manufactured unhealthiness seems to be by design. Pharma companies, insurance companies, pharmacy benefit managers, and hospitals rarely make money off gym memberships and higher fruit and vegetable sales. By abandoning the focus on health, this makes the cost of everything in healthcare more expensive, and people are discouraged from seeking the care they need.”
    • “Instead of allowing big corporations to dominate healthcare policy, we must empower Americans and reward them for making smarter healthcare decisions…”
    • “Enough is enough. We must embrace two steps to healthcare freedom. First, we must break the grip of the cronyism that feeds us poisoned food and makes a quick buck off the “cure.” Then, we must free the system using DPC and HSAs – among other things –  to destroy the third-party paper pushers’ power to deny us an affordable and personalized relationship with the healthcare provider of our choice.”
    • “Get the government bureaucrat and corporate America out of the way of you and your farmer and you and your providers so that we can make America healthy again.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: DOD Announces New Director for Asia-Pacific Center for Security Studies

    Source: United States Department of Defense

    Pentagon spokesperson Maj. Pete Nguyen provided the following statement:

    The Department of Defense is pleased to announce Maj. Gen. Suzanne Puanani Vares-Lum as the new director of the Daniel K. Inouye Asia-Pacific Center for Security Studies (DKI APCSS), effective early 2025.

    Maj. Gen. Vares-Lum’s leadership as President of the East-West Center and her 34 years of service in the U.S. Army provide her with the vision and experience needed to be a transformational leader at this vital DoD institution in the Indo-Pacific region.

    Retired Rear Adm. Pete Gumataotao departed the Center this last summer after more than six years of distinguished service as director of DKI APCSS.

    DKI APCSS is the department’s premier institution dedicated to scholars and practitioners focused on the Indo-Pacific region.

    MIL OSI USA News –

  • MIL-OSI USA: Remarks by Vice President Harris at a Campaign Event | Scranton,  PA

    US Senate News:

    Source: The White House
    Montage Mountain ResortScranton, Pennsylvania
    1:52 P.M. EST
    THE VICE PRESIDENT:  Scranton!  (Applause.)  Hey, everybody! 
    Can we hear it for Glen?  (Applause.)  Let’s hear it for Glen.
    Hi, Scranton.  Good afternoon, everyone.  Good afternoon.  It is so good to be with everyone.  (Applause.)  Thank you. 
    Are we ready to do this? 
         AUDIENCE:  Yes!
    THE VICE PRESIDENT: We- — we’re ready to get out the vote? 
         AUDIENCE:  Yes!
    THE VICE PRESIDENT:  We’re ready to win?
         AUDIENCE:  Yes!
    THE VICE PRESIDENT:  All right.  Okay.  So, first, let me thank Glen.  I was — I was telling him when we were just hanging out backstage, so when I — my first office that I ran for was district attorney, and the Carpenters were the first union to endorse me.  (Applause.)  And — and I — and I’ve always — I mean, even before, but always — I will always and always have stood with labor. 
    And so, I’m very proud to stand with you, Glen, with your members, with all the members of labor, as we do this together.  (Applause.) 
    And as he pointed out, there’s a huge difference between me and the other guy, which everybody here knows, which is why you are here to help us get out the vote.  (Applause.) 
    But I thought I would share with you — so, I was — when I was coming in, someone reminded me of — of a story I’ve shared, which is when I first ran for office as DA.  So, I — I started out at six points in the polls, right?  So, you kn- — for anyone who knows, that’s 6 out of 100.  (Laughter.)  No one thought we could win.  And I used to campaign with my ironing board.  (Laughter.)  Okay.  You are wondering, “Now, what is she talking about?”  (Laughter.)
    So, I would grab my ironing board, a roll of duct tape, my pois- — my posters and my flyers, and I’d put them all in my car, and I’d drive to the local grocery stores.  And I’d pull out my ironing board and my duct tape and my posters and my flyers, and I’d walk to the front of the grocery store outside, and I’d stand up my ironing board, because, you see, an ironing board makes a really great standing desk.  (Laughter.)
    And I’d use the duct tape to tape my posters on the outside of the thing, and I’d put my flyers on top of the ironing board.  And I would require people to talk to me as they walked in and out of the grocery store.  (Laughter.)
    And I will tell you, that is how I love to campaign.  I don’t do it as much anymore, obviously.  But what you all are signing up to do today and what you’ve been doing, like, let’s enjoy it.  You know, and I know you do.  I can feel the mood in here.  Because it’s the best of who we are as a democracy. 
    And I think we’ve kind of — (applause) — right?
    And that’s what our campaign has been about.  We are a people-driven campaign, and we love the people.  And we see, in the face of a stranger, a neighbor — right? — and that’s the spirit of what we are doing. 
    And over these last — you know, this whole era of this other guy, you know, it —  but it — what it’s done with all that talk that’s been about trying to have us point fingers at each other and divide each other, it makes people feel alone.  It makes them feel like there’s nobody standing with them. 
    And so, the way I have always been thinking about our campaign and these next 24 hours is as we are getting out the vote, as we are canvassing, let’s be intentional about building community — about building community, about building coalitions, about reminding people we all have so much more in common than what separates us.  There is power in that.  There is power in that.  (Applause.)  And there’s lasting power in that, right?
    It’s about the win, and it is about more.  It is about more.  It is about just strengthening our country and reminding each other we are all in this together.  We rise and fall together.  And that is the strength of who we are and everyone here. 
    That’s the strength of Bob Casey.  We’ve got to get him back in the United States Senate.  (Applause.) 
    That’s the strength of Mayor Cognetti and all that she has been doing.  Right?  (Applause.)
    It’s about leadership that is the kind of leadership that we want.  Right?  They are leaders, we are leaders who understand that the measure of our strength is not based on who we beat down.  It’s based on who we lift up.  Right?  (Applause.)  And so, that’s what we’re going to do.  
    And so, over these next 24 hours, I know everyone is here, including our youngest leaders — I see you over there.  I know you’re not ready to vote because you look like you’re about eight, but — (laughs) — but you tell the adults in your life why it’s important they vote.  Okay?  (Laughs.)  (Applause.)
    But over these next 24 hours, let’s — let’s enjoy this moment to knock on a neighbor’s door and in their face, even if we’ve not met them, know that we have a lot that we care about in common and that we are optimistic about the future of our country, that we love our country, and that that’s what this fight is about, and about the promise of America — and the promise of America being represented by everybody who is here.  
    So, I thank you all for the time that you have taken out of your busy lives.  There are a number of things that each one of you could be doing right now and — but you’re here, and we’re all here together, under this one roof, as a community of people who care and who are dedicated to the hard work that it requires.  
    You know, I — I like to say that you — you know, when you love something, you fight for it.  (Applause.)  And that’s what we’re doing.  And that’s what we’re doing.  We love our country, and we are fighting for the best of who we are.  And —
    AUDIENCE MEMBER:  We love you!
    THE VICE PRESIDENT:  And I love you.  (Applause.)  Thank you.  I love you.
    So —
    AUDIENCE:  Kamala!  Kamala!  Kamala!
    THE VICE PRESIDENT:  Thank you.  Thank you.  Thank you.  Thank you.
    AUDIENCE:  Kamala!  Kamala!  Kamala!
    THE VICE PRESIDENT:  Let’s vote.  Let’s get out the vote.  Let’s get out the vote.  Let’s get out the vote. 
    AUDIENCE:  Let’s get out the vote!  Let’s get out the vote!  Let’s get out the vote!
    THE VICE PRESIDENT:  Let’s get out the vote.  Let’s get out the vote.  Let’s get out the vote.   Let’s win. (Laughs.)  (Applause.)
    All right, let’s get to work.  Twenty-four hours to go.  And I — I so — I — I’m so grateful for everyone here.  I — I just — I’ll end with this point.  You know, I have the — I have the privilege, I have the blessing of being able to travel around our country.  And I’m telling you guys, we’re good.  We’re good.  We’re good.  (Applause.)  We really are.  
    I mean, every — I s- — I go into rooms with people who s- — again, seemingly have nothing in common and have everything in common — rooms of people of all kinds of different backgrounds, of ages coming together in this sense of just the — the collective.  We’re good.
    And so, we’re going to keep doing this work with the optimism that it requires to be strong.  Everyone here knows, in the context of your family, in your life, when you believe something is possible, you put in the hard work, and you know it’s good work — hard work is good work, it’s joyful work — and we get the job done.  
    Let’s get this done.  Thank you all.  (Applause.)
    END                 2:00 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Video: Occupied Palestinian Territory, Ukraine, Lebanon & other topics – Daily Press Briefing (4 Nov 2024)

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    -Occupied Palestinian Territory
    -Lebanon/Israel
    -Lebanon/Humanitarian
    -Ukraine
    -Ukraine/Humanitarian
    -Security Council
    -Rosemary DiCarlo/Japan
    -West and Central Africa
    -Democratic Republic of the Congo
    -Deputy Secretary-General
    -World Urban Forum
    -Counter-Terrorism
    -Resident Coordinator – Honduras
    -NY marathon
    -Briefings today

    Occupied Palestinian Territory
    In Gaza, the Office for the Coordination of Humanitarian Affairs is deeply concerned about persistent reports of mounting casualties, with the number of Palestinians being killed and injured especially high in North Gaza Governorate, where the Israeli military operations are continuing.
    In a statement on Saturday, Catherine Russell, the UNICEF, Children’s Fund head, said that more than 50 children had reportedly been killed in Jabalya over the previous two days alone, after strikes leveled two residential buildings sheltering hundreds of people.
    Meanwhile, our humanitarian colleagues tell us that, for the past month, Israeli authorities have only allowed humanitarian access to Jabalya, Beit Lahia and Beit Hanoun on an exceptional basis, leaving us unable to confirm the conditions of people inside and we worry for their safety.
    OCHA warns that the already limited humanitarian supplies entering Gaza have dwindled even further since October. Private imports are virtually banned, and Israeli authorities are only allowing the use of three entry points – Kerem Shalom, Gate 96, which is near Deir Al-Balah and Erez West. Furthermore, humanitarian colleagues can only access these border areas by highly dangerous routes. The use of most roads leading to these entry points has either been banned by the Israeli authorities or rendered unsafe due to the ongoing hostilities.
    The routes available are often in poor condition and prone to armed looting fueled by the breakdown in public order and safety.
    Our humanitarian colleagues note that supplies reaching the northern crossing at Erez West can only be sent to Gaza city, as requests to deliver them to besieged areas in North Gaza governorate are being consistently denied and rejected.
    For its part, the World Food Programme warns that as winter approaches, the lack of food and other vital humanitarian supplies entering the Gaza Strip could soon escalate into famine unless immediate action is taken. In October, the World Food Programme has only been able to reach 42 per cent of the 1.1 million people targeted for food assistance in Gaza, with reduced rations due to dropping aid levels.

    Lebanon/Israel
    An update from UNIFIL, who is noting with continued concern the airstrikes by the Israel Defense Forces across Lebanon over the weekend, including in the South, in Sidon, Baalbek and Beirut, resulting in several casualties. In southern Lebanon, the peacekeepers report that IDF operations have continued, involving clashes with Hizbullah. Meanwhile, they also report that Hizbullah has continued to launch drones and dozens of rockets South, into Israel.
    The increasing impact on civilians is of grave concern and we condemn the loss of civilian lives. All actors must adhere to international law and protect civilians and civilian infrastructure. UNIFIL premises also continue to be impacted. On 2 November, a UN position near Markaba, in Sector East, sustained damage to its prefabricated containers and perimeters caused by demolition operations being undertaken by the IDF.
    A nearby explosion also damaged a UN vehicle at the [UNIFIL] Naqoura Headquarters, with no injuries reported. We once again remind all actors of the inviolability of the UN premises and their responsibility to protect UN peacekeepers.
    We urge the parties to halt the violence immediately. The United Nations continues to support efforts towards a ceasefire and a diplomatic solution.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=04%20November%202024

    https://www.youtube.com/watch?v=YHC60gr1Lo8

    MIL OSI Video –

  • MIL-OSI Video: FEMA Administrator Holds Press Conference – November 4, 2024

    Source: United States of America – Federal Government Departments (video statements)

    FEMA Administrator Deanne Criswell holds a press conference in Charlotte, North Carolina outside a Disaster Recovery Centers. Criswell gave updates on the recovery process across the state impacted by Hurricane Helene.

    https://www.youtube.com/watch?v=UetXkD8k1Lo

    MIL OSI Video –