NewzIntel.com

Category: Americas

  • MIL-OSI USA: Reps. Kelly, McBath, Brown, Frost lead letter to Trump on cancelled funds to community violence intervention organizations

    Source: United States House of Representatives – Congresswoman Robin Kelly IL

    WASHINGTON – U.S. Reps. Robin Kelly (IL-02), Lucy McBath (GA-06), Shontel Brown (OH-11) and Maxwell Frost (FL-10) led 43 of their Democratic colleagues in a letter to President Donald Trump demanding he continue funding for community violence intervention (CVI) programs.

    Last week, the Department of Justice terminated $811 million in grants, which included over $66 million under the Community-Based Violence Intervention and Prevention Initiative (CVIPI). This funding was designated by Congress through appropriations and the Bipartisan Safer Communities Act.

    “Communities across the United States, both rural and urban alike, have long grappled with persistent violence,” members wrote in the letter. “Recognizing this dire situation and understanding the critical role that community-based violence intervention and prevention programs play in combating the community violence epidemic plaguing American communities, there is an urgent need to continue to support programs such as CVIPI to ensure that violence reduction continues.

    “Although these proven strategies have been researched, cited in academic literature, and supported by law enforcement, they remain chronically underfunded at every level of government, prolonging the daily loss of life and rising violence,” members continued. “Therefore, to continue strengthening our public health and safety infrastructure to combat community violence and senseless deaths, we urge you to continue the disbursement of CVIPI grants immediately. Reinstating this funding would reaffirm the federal government’s commitment to addressing community violence through a comprehensive and coordinated approach, ensuring the safety and well-being of all Americans.”

    As members noted in the letter, the cancellation of grants did not happen in isolation. It is only the latest action taken by the Trump administration to hurt public safety measures.

    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: ICE prevents UAC smuggling incident in Arizona

    Source: US Immigration and Customs Enforcement

    YUMA, Ariz. — U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection thwarted an attempted smuggling incident with an unaccompanied alien child in Yuma April 29. U.S. border officials apprehended a woman attempting to smuggle a 5-year-old boy — identified as “John Doe” in the legal complaint — after the child’s mother allegedly paid a smuggler to transport him illegally into the United States.

    CBP worked with the Mexican Consulate to find the child’s mother, a 24-year-old woman living in Veracruz, Mexico, who presented herself at the San Luis Port of Entry later that night to recover her child.

    The mother claimed that the smuggler coordinated with the child’s father to drop off the little boy, however, the child told investigators that he was being taken to live with a man he didn’t know.

    “The smuggling of unaccompanied alien children is among the most vile and inhumane crimes imaginable,” said ICE Homeland Security Investigation Arizona Special Agent in Charge Francisco B. Burrola. “Even more vile, in this case the child’s own mother handed him over to strangers—mules—who attempted to smuggle him into the U.S. using fake identity documents. The woman posing as his guardian also admitted she was going to leave him with a man she didn’t know. It’s horrifying, heartbreaking, and a stark reminder of why HSI aggressively pursues these criminals and the networks that enable them.”

    During an interview with ICE HSI special agents, the boy’s mother also revealed that she paid the smuggler, Gloria Lopez Corona, to bring her child to the United States — and that she intended to illegally enter the U.S. April 30 to join her husband, the child’s father, who is an illegal alien with a prior history of illegally entering the U.S.

    ICE HSI takes swift action to investigate any criminal activity related to unaccompanied alien children. This includes investigating the exploitive smuggling networks that bring UACs to the United States as well as any criminals who may exploit these at-risk youths here in the United States.

    “The mother and father in this case are actively violating U.S. border laws and undermining our nation’s security,” continued Burrola. “The father has been deported three times previously, and now both parents have endangered their young child by paying smugglers to facilitate illegal entry. Criminal smuggling networks have no regard for human life and trusting them with a child is both reckless and tragic.”

    ICE HSI combats human smuggling by working with its law enforcement partners to deter, disrupt and dismantle the criminal networks that engage in it. Special agents use their expertise and rely on HSI’s authorities to seize assets and eliminate profit incentives, work with nongovernmental organizations to protect and assist victims, and bring traffickers to justice.

    If you suspect someone may be involved in or a victim of human smuggling or trafficking contact local law enforcement, dial 911 or the ICE Tip Line: 866-DHS-2-ICE.

    MIL OSI USA News –

  • MIL-OSI USA: Credit Suisse Services AG Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts and Admits that Credit Suisse Breached Its Prior Plea Agreement

    Source: US Justice – Antitrust Division

    Headline: Credit Suisse Services AG Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts and Admits that Credit Suisse Breached Its Prior Plea Agreement

    Credit Suisse Services AG pleaded guilty and was sentenced today to conspiring to hide more than $4 billion from the IRS in at least 475 offshore accounts. The guilty plea by the Swiss corporation is the result of a years-long investigation by U.S. law enforcement to uncover financial fraud and abuse.

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Schiff, Whitehouse Fight Proposed Defanging of Endangered Species Act, Demand Answers on Potential Gutting of Landmark Environmental Law

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Adam Schiff (D-CA), and Sheldon Whitehouse (D-RI) raised the alarm on the Trump administration’s proposed rule that would defang the Endangered Species Act (ESA) by changing a key definition in the regulation. 
    The Trump administration is proposing to change the scope of “harm” covered by the landmark legislation, circumventing congressional intent and reversing 30 years of Supreme Court precedent. 
    “By amputating this critical part of Endangered Species Act rules that has been on the books for more than 40 years, the administration would permit the widespread degradation and elimination of habitat for species that Congress enacted the Endangered Species Act to protect,” the Senators wrote.  
    In their letter to the U.S. Departments of the Interior and Commerce, the Senators also demand answers about the potential of outside influence pushing a deregulatory agenda that could devastate environmental protection efforts across the United States. Their letter also expresses concern about the ability for these departments to enforce the ESA in any capacity amid ongoing efforts to gut federal environmental agencies.                                                                                                                 
    “Combined with efforts by the administration and DOGE to expel expert personnel from federal agencies like FWS and the National Ocean and Atmospheric Administration – which houses NMFS – and starve these agencies of resources, the proposed rule raises the question of how FWS and NMFS will be able to enforce the Endangered Species Act at all,” the Senators wrote. 
    The full letter can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Wicker Leads SASC Hearing on Senior Department of Defense Nominations

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    Watch Video Here
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today led a hearing examining the qualifications of three senior Department of Defense nominees. During his opening remarks, Chairman Wicker underscored the extensive experience of each nominee and the significant responsibilities each of their respective role’s entail.
    Read Senator Wicker’s hearing opening statement as delivered.
    I welcome all of our witnesses and their families, and I thank them for being here this morning. As I have said many times, we face an axis of aggressors that deepen their cooperation every day. A new cooperative engagement between our enemies strengthens every day. We need qualified people who are willing to step up and serve during these dangerous times.
    Matthew Lohmeier has served our country as an active-duty officer in the Air Force and Space Force. Based on his experience in uniform, he has been an outspoken proponent of eliminating the divisive DEI agenda that was a hallmark of Department of Defense in the earlier administration. Fortunately, President Trump and Secretary Hegseth have done much toward removing DEI at DOD. Mr. Lohmeier’s nomination for Undersecretary of the Air Force presents an opportunity to evaluate closely the kind of leadership we need in the Air Force and Space Force at this pivotal moment.  This role requires a steady, unifying presence, and needs someone who can work across the department to advance readiness, morale, and mission focus.  I look forward to hearing how Mr. Lohmeier intends to be that needed presence.
    Mr. Justin Overbaugh has been nominated to be the Deputy Under Secretary of Defense for Intelligence and Security.  In this role, he would serve as the principal assistant to the Under Secretary of Defense for Intelligence and Security overseeing the intelligence, counterintelligence, security, and law enforcement functions of the DoD.  Mr. Overbaugh’s deep experience as an Army officer in the fields of intelligence and special operations make him ideal for a candidate of this position. I look forward to hearing his priorities for ensuring our defense intelligence enterprise is best postured to provide timely and accurate intelligence to our warfighters, safeguard DOD’s sensitive information from our adversaries, and inform our acquisitions and investments.
    Mr. Daniel Zimmerman has been nominated to be the Assistant Secretary of Defense for International Security Affairs.  In this role, he would serve as the principal advisor to the Under Secretary of Defense for Policy and the lead policy advisor all matters related to Europe, NATO and Russia.  Mr. Zimmerman will have responsibility for managing the NATO alliance and countering Russian aggression and malign activities.  His background as an intelligence officer and his experience working in Congress make him an ideal candidate for this position.  I look forward to hearing his priorities and how he plans to revitalize the NATO alliance and develop initiatives to counter Russian aggression.

    MIL OSI USA News –

  • MIL-OSI USA: Amid Coast Guard Recruitment Challenges, Peters Calls for Increased Funding for Great Lakes Workforce

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 05.05.2025

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) called on the Trump Administration to prioritize funding for U.S. Coast Guard recruitment and retention. In a letter to Office of Management and Budget (OMB) Director Russell Vought, U.S. Homeland Security Secretary Kristi Noem, and U.S. Coast Guard Acting Commandant Admiral Kevin Lunday, Peters and a group of his colleagues outlined how critical Coast Guard operations have been disrupted as a result of personnel shortages and underscored that further investment is needed to support ongoing recruitment and retention efforts for the Great Lakes region to address these shortages.
    “The Coast Guard plays a critical role in the safety and security of vessels on the Great Lakes. Historically, numerous small boat stations and aids to navigation teams across the Great Lakes have been staffed to full capacity during heightened boating seasons to respond directly to search and rescue and law enforcement missions,” wrote the lawmakers. “The Coast Guard should seek to return to such a posture by requesting Congress provide prioritized and dedicated recruiting and retention funding that would support additional recruiting personnel and offices to improve recruiter-to-recruit ratios and expand the Service’s recruiting footprint…. Enhanced funding is also urgently needed to enable the Coast Guard to accelerate exigent efforts to efficiently hire new talent and strengthen its workforce to fill current operational gaps emerging this year.”
    The Coast Guard is facing a shortfall of 3,000 personnel, which has already disrupted critical operations like search and rescue. In 2024, staffing shortages forced widespread operational cutbacks, including in 29 Great Lakes units. While recruitment efforts showed progress in 2024, the lawmakers expressed how further investment is key to sustaining and supporting growing recruitment and retention efforts for the Coast Guard, especially on the Great Lakes ahead of the busy summer season.  
    The full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: In Bipartisan Push, Welch and Hawley Introduce Major Legislation to Lower Prescription Drug Prices 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senators Peter Welch (D-Vt.) and Josh Hawley (R-Mo.) today introduced the Fair Prescription Drug Prices for Americans Act, bipartisan legislation to lower drug prices for Americans. The Senators’ bill would offer relief for millions of patients by prohibiting pharmaceutical companies from selling drugs in the United States at higher prices than an international average, ending the practice of forcing Americans to pay the world’s highest prices for medications.  
    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. But Big Pharma’s price gouging has made that a reality for many Americans, forcing them to pay four or five times more for the same lifesaving medications as folks in other countries—it’s unacceptable,” said Senator Welch. “In his first term, President Trump pursued a most-favored nation policy to level the playing field for American patients. This bipartisan bill offers his administration a template to work with Congress to make that goal a reality. We have an obligation to ensure folks in Vermont, Missouri, and across the country get the best possible price for their prescription drugs.” 
    “For too long, Americans have subsidized prescription drug costs for foreigners while paying outrageous prices for their own medications,” said Senator Hawley. “President Trump previously advanced major reforms to ensure that American patients pay the same prices as consumers abroad. This bipartisan legislation would continue that work to end a drug market that favors Big Pharma, make prescriptions affordable again, and empower Americans to get the care they need.” 
    The Fair Prescription Drug Prices for Americans Act would correct decades of policies that benefited pharmaceutical companies but left American patients holding the bag. While other developed nations pay reasonable prices for prescription drugs, Americans pay substantially higher prices for the same medications. In his first term, President Trump pursued “international price index” and “most favored nation” policies on drugs covered by Medicare to end these practices.  
    The bill would also impose stiff civil monetary penalties on pharmaceutical companies that violate this rule. Specifically, the penalty would equal ten times the difference between the U.S. list price and the average price of the drug sold in Canada, France, Germany, Japan, Italy, and the United Kingdom. Penalties would be calculated and charged for each unit of drug or biological product sold at an inflated price. 
    Read and download the full text of the Fair Prescription Drug Prices for Americans Act. 

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts, Kim Introduce Bipartisan Legislation to Evaluate National Security Impacts of Federal Purchasing Standards

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Today, U.S. Senators Pete Ricketts (R-NE) and Andy Kim (D-NJ) introduced the bipartisan Safe and Smart Federal Purchasing Act. This bill evaluates the national security implications of current federal purchasing standards.
    “Federal procurement processes should be efficient, but they shouldn’t risk our national security,” said Ricketts. “Our bipartisan bill will review current processes and make necessary suggestions to keep Americans safe from threats, like Communist China. The House unanimously passed legislation earlier this year. We should do the same here in the Senate.”
    “As people look out to an ever evolving and uncertain world, they should be able to trust their government is putting our nation’s security and Americans’ safety at the forefront of federal operations and standards,” said Senator Kim. “This legislation would help ensure we are living up to that responsibility as federal agencies go about the federal procurement process.”
    The Safe and Smart Federal Purchasing Act requires the Office of Management and Budget (OMB) to evaluate the procurement process of federal agencies to determine whether the Lowest Price Technically Acceptable (LPTA) source selection process creates any national security risks. The Director of OMB must then report the results of this evaluation to appropriate congressional committees within 180 days of the legislation’s enactment.
    BACKGROUND
    LPTA provisions of the Federal Acquisition Regulation (FAR) are a source selection process that allows federal agencies to select the lowest evaluated price that meets minimum performance requirements. LPTA criteria are not always appropriate for agencies seeking complex or technically innovative services. The criteria can result in agencies sacrificing long term value for short term savings. This bill ensures that LPTA will not be used in a manner that results in agencies cutting corners or jeopardizing national security.
    The Safe and Smart Federal Purchasing Act passed the U.S. House of Representatives unanimously (417-0) on March 3rd, 2025. Last Congress, it passed the House Committee on Oversight and Accountability with a vote of 43-0, passed the U.S. House of Representatives with a vote of 397-0, and passed the Senate Committee on Homeland Security and Governmental Affairs with a vote of 10-0.

    MIL OSI USA News –

  • MIL-OSI Security: Jury Finds Maryland Man Guilty of First-Degree Murder in Killing of Man in Georgetown

    Source: Office of United States Attorneys

    WASHINGTON – Ranje Reynolds, 28, of Beltsville, Maryland, was found guilty today by a jury of first-degree murder while armed and other charges related to a shooting that took place on a January evening on M Street in Georgetown, announced U.S. Attorney Edward R. Martin Jr. and Chief Pamela Smith, of the Metropolitan Police Department (MPD).

    Superior Court Judge Jason Park scheduled sentencing for July 25, 2025.

    According to the government’s evidence, as of Jan. 31, 2022, the defendant and Mr. Tarek Boothe were friends who had worked together for two years at the marijuana dispensary located at 1204 Eton Court. Despite their friendship, at some point earlier that evening, the defendant and Mr. Boothe got into a fight at the dispensary. Around 6:00 p.m., Mr. Boothe left the dispensary and went to the corner of 33rd and M Street N.W., where he was waiting for his ride home. The defendant followed Mr. Boothe and sat next to Mr. Boothe as Mr. Boothe was waiting for his ride. The defendant then left briefly and returned seconds later to shoot Mr. Boothe in the eye, killing him. The defendant fled to Jamaica on Feb. 3, 2022. He was returned to the United States to face criminal charges on Sept. 15, 2022.

    This case was investigated by the Metropolitan Police Department. It was prosecuted by Assistant U.S. Attorneys Natalie Hynum and Jessica Keefer.  

    MIL Security OSI –

  • MIL-OSI Canada: Tribunal Issues Determination—Renewable Diesel from the United States

    Source: Government of Canada News (2)

    Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today determined that the evidence does not disclose a reasonable indication that the dumping and subsidizing of renewable diesel from the United States of America have caused injury or are threatening to cause injury to the domestic industry. Therefore, the Tribunal terminated its preliminary injury inquiry.

    The Tribunal’s inquiry was conducted pursuant to the Special Import Measures Act as a result of the initiation of dumping and subsidizing investigations by the Canada Border Services Agency (CBSA). Having determined that there was no reasonable indication that the alleged dumping and subsidizing have caused or threaten to cause injury or retardation, the CBSA will terminate its dumping and subsidizing investigations and the Tribunal will not initiate a final injury inquiry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    MIL OSI Canada News –

  • MIL-OSI Canada: Tribunal Initiates Expiry Review—Carbon Steel Screws from China and Chinese Taipei

    Source: Government of Canada News (2)

    Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today initiated an expiry review of its order made on September 2, 2020, in expiry review RR‑2019‑002, to determine if the expiry of the order is likely to lead to continued or resumed dumping of certain carbon steel fasteners originating in or exported from the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, and the subsidizing of such products originating in or exported from the People’s Republic of China and is likely to result in injury to the domestic industry.

    No later than October 2, 2025, the Canada Border Services Agency will determine if there is a likelihood of resumed or continued dumping or subsidizing. In the event of a positive determination, the Tribunal will determine, no later than March 11, 2026, whether the continued or resumed dumping or subsidizing is likely to result in injury to the domestic industry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    Any interested person, association or government that wishes to participate in the Tribunal’s expiry review may do so by filing Form I—Notice of Participation. 

    MIL OSI Canada News –

  • MIL-OSI Canada: Check the box, save a life

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: ICE HSI Gulfport, partners, investigate illegal immigration, cockfighting operations

    Source: US Immigration and Customs Enforcement

    Gulfport, Miss. – U.S. Immigration and Customs Enforcement, jointly with the U.S. Department of Agriculture and other partners, executed search warrants involving illegal immigration, cockfighting and other criminal activity in Southern Mississippi May 3.

    The investigation was led by the ICE Homeland Security Task Force and the Border Enforcement Security Task Force. In addition to possible state and federal charges relating to animal fighting and gambling, other investigative areas included illegal aliens, narcotics and weapons. Partners in the operation include ICE Enforcement and Removal Operations, Harrison County Sheriff’s Office, U.S. Customs and Border Protection, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives and FBI.

    ICE Gulfport special agents and deportation officers are in the process of positively identifying all encountered individuals, as well as checking immigration records.

    ICE Gulfport will seek state and federal criminal or administrative charges as appropriate. Federal prosecutions will be led by the Southern District of Mississippi United States Attorney’s Office.

    “In addition to the acts of animal cruelty perpetrated by the operators and encouraged by the participants, underground gambling operations such as these often have ties to other significant crimes including narcotics violations, money laundering, and acts of violence,” said ICE HSI New Orleans Special Agent in Charge Eric DeLaune. “These crimes degrade the safety of our communities, and we are proud to be the ones stopping these illegal operations.”

    “The Office of Inspector General is committed to working with all of our law enforcement and prosecutorial partners in pursuing individuals who choose to participate in animal fighting activities and engage in violations involving animal welfare, while also committing other serious offenses in our communities,” said Special Agent-in-Charge Dax Roberson of the U.S. Department of Agriculture-Office of Inspector General.

    “The United States Attorney’s Office for the Southern District of Mississippi is working with our law enforcement partners to ensure that those who violate our nation’s immigration, narcotics, and animal cruelty laws are held accountable,” said Acting Southern District of Mississippi U.S. Attorney Patrick Lemon.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    The public is reminded that all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: SPC Tornado Watch 227

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL7

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 227
    NWS Storm Prediction Center Norman OK
    325 PM CDT Mon May 5 2025

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Southeast New Mexico
    West Texas

    * Effective this Monday afternoon and evening from 325 PM until
    900 PM CDT.

    * Primary threats include…
    A few tornadoes possible
    Scattered large hail likely with isolated very large hail events
    to 3 inches in diameter possible
    Scattered damaging winds and isolated significant gusts to 75
    mph possible

    SUMMARY…Supercell thunderstorms will pose a threat for a few
    tornadoes and large to very large hail (potentially up to baseball
    size/2.75 inches in diameter) as they move slowly east-northeastward
    through the afternoon and evening. Severe wind gusts up to 65-75 mph
    may also occur on a more isolated basis.

    The tornado watch area is approximately along and 60 statute miles
    north and south of a line from 30 miles northwest of Roswell NM to
    20 miles east southeast of Midland TX. For a complete depiction of
    the watch see the associated watch outline update (WOUS64 KWNS
    WOU7).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 223…WW 224…WW
    225…WW 226…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 3 inches. Extreme turbulence and surface wind
    gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 24025.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW7
    WW 227 TORNADO NM TX 052025Z – 060200Z
    AXIS..60 STATUTE MILES NORTH AND SOUTH OF LINE..
    30NW ROW/ROSWELL NM/ – 20ESE MAF/MIDLAND TX/
    ..AVIATION COORDS.. 50NM N/S /21NW CME – 19SE MAF/
    HAIL SURFACE AND ALOFT..3 INCHES. WIND GUSTS..65 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24025.

    LAT…LON 34460490 32710189 30970189 32730490

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU7.

    Watch 227 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (50%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (20%)

    Wind

    Probability of 10 or more severe wind events

    Mod (40%)

    Probability of 1 or more wind events > 65 knots

    Mod (30%)

    Hail

    Probability of 10 or more severe hail events

    Mod (60%)

    Probability of 1 or more hailstones > 2 inches

    Mod (50%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (80%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI: SiriusPoint Announces Dividend on Series B Preference Shares

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that the Audit Committee of the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on or prior to May 30, 2025 to Series B shareholders of record as of May 15, 2025.

    About SiriusPoint

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge, SiriusPoint
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Sarah Hills, Rein4ce
    Sarah.Hills@rein4ce.co.uk
    + 44 7718 882011

    The MIL Network –

  • MIL-OSI USA: The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

    Source: US Geological Survey

    The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

    Exploring USGS’s Role in Understanding Postfire Changes

    Background

    Wildfires have long played a crucial role in reshaping and rejuvenating landscapes. They can clear out dead vegetation, return nutrients to the soil, and promote the growth of diverse plant species. However, the aftermath of wildfires also brings significant changes to the environment, some of which pose challenges to ecosystems and dangers to local communities. The USGS conducts extensive research to understand these changes and to develop strategies for hazard mitigation and recovery in fire-prone communities.

    The Good: The Beneficial Role of Fire in Landscapes

    First, let’s discuss “the good” and why wildfires are a natural part of forest and rangeland habitats. While wildfires can have destructive effects, they play a beneficial role in many ecosystems:

    • Nutrient Cycling. Fires consume dead and decaying matter, returning nutrients to the soil, which promotes new plant growth.
    • Habitat Diversity. By clearing dense vegetation, fires create a mosaic of different habitats, supporting a variety of plant and animal species.
    • Pest and Disease Control. Fires can reduce populations of pests and pathogens, contributing to the overall health of forests and grasslands. 

    The Bad: How Wildfires Alter Landscapes

    Next, let’s discuss “the bad” and how wildfires potentially negatively alter the landscape:

    • Soil Becomes Water-Repellent. Intense heat from wildfires can cause soils to become hydrophobic, meaning they repel water. This occurs when organic materials in the soil are vaporized by the heat, and upon cooling, these vapors condense and form a waxy coating around soil particles. As a result, rainwater cannot easily penetrate the soil, leading to increased surface runoff and a higher risk of flash flooding.
    • Streams Become Polluted. After a wildfire, ash and debris can be washed into nearby rivers and streams during rainfall. This runoff may contain elevated levels of nutrients, sediments, and heavy metals, which can degrade water quality and pose risks to aquatic life and human health. For instance, following Colorado’s 2020 Cameron Peak Fire, water supplies experienced significant contamination, highlighting the long-term impacts wildfires can have on water resources.
    • Slopes Become Unstable. Vegetation plays a vital role in stabilizing soil on slopes. When wildfires destroy this vegetation, the roots that bind the soil together decay, increasing the likelihood of landslides and debris flows, especially during subsequent rainstorms. The USGS has developed models to assess and predict these post-wildfire debris-flow hazards, aiding in the development of early warning systems and mitigation strategies.
    • Invasive Plants Can Spread. Wildfires can create opportunities for invasive plant species to establish themselves in burned areas. These species often outcompete native vegetation, leading to reduced biodiversity and altered ecosystem functions. The USGS collaborates with land managers to monitor these changes and develop strategies to promote the recovery of native plant communities. 

    The Ugly: The Future Impacts of Wildfires on Society

    Lastly, “the ugly.” Wildfires are not going away. In fact, wildfires in the United States are becoming more frequent, intense, and destructive. Several factors contribute to this trend, including prolonged droughts and increasing urban development in fire-prone areas. Scientists predict that future wildfire seasons will last longer, burn larger areas, and pose even greater challenges for communities, ecosystems, and emergency responders. The increasing severity of wildfires will have profound effects on public safety, public health, and the economy. For example, some ways wildfires will continue to be problematic include:

    • More Frequent Disruptions. Longer fire seasons will lead to more evacuations, power outages, and damage to infrastructure. Areas that were once considered safe may now face a growing threat of wildfire.
    • Air Quality and Health Concerns. Wildfire smoke contains harmful pollutants that can worsen respiratory illnesses, particularly for children, the elderly, and individuals with preexisting health conditions. Regions far from active fires can still experience dangerous air quality levels due to drifting smoke.
    • Economic Costs. Wildfires already cost billions of dollars annually for firefighting efforts, property damage, and lost economic productivity. As fires become more extreme, these costs are expected to rise, placing strain on local, state, and federal budgets.
    • Water and Food Security. Wildfires can damage watersheds, leading to long-term impacts on water supply and quality. Agricultural areas near fire zones may also suffer losses, reducing food production and increasing prices.

    The USGS plays a vital role in helping communities recover from wildfires and prepare for future events. By partnering with federal and state agencies, including the U.S. Forest Service, the Department of the Interior, and state Geological Surveys, the USGS is driving innovation in fire science and management. These partnerships ensure that responders and decision-makers have the best available information to protect lives, property, and natural resources.

    The USGS employs more than 100 scientists whose research focuses on fire-related topics, including using high-resolution remote sensing to characterize vegetative fuel loads; applying the latest satellite technology to detect fires and map wildfire perimeters; evaluating best practices to reduce wildfire risks; and assessing post-wildfire flooding and debris-flow hazards. This work also includes creating and sharing best practices to support recovery across landscapes. Together, USGS expertise and monitoring capabilities are greatly improving the safety of first responders and the public-at-large.

    Researchers across the USGS are working with the interagency fire community to expand the use of artificial intelligence, machine learning and other rapid-computing capabilities. For example, the USGS uses artificial intelligence with satellite imagery to detect fire boundaries and develop burn severity maps, and to identify distribution and abundance of fire-adapted invasive species like cheatgrass in the Great Basin.

    The USGS Wildland Fire Science Strategy aligns with national initiatives as defined in the National Cohesive Wildland Fire Management Strategy. Developed by a broad swath of stakeholders at all levels, the Cohesive Strategy calls for science and management that promote resilient landscapes and fire-adapted communities for safe and effective wildfire responses.

    Preparing for the Future

    While wildfires are a natural part of many ecosystems, things are changing and society must take proactive steps to protect lives, property, and the environment from the growing wildfire threat. Given the increasing risks, wildfire management strategies must evolve. Investments in forest management, improved building codes, early warning systems, and resilient infrastructure will be crucial in reducing wildfire impacts. The USGS and other agencies will continue to play a key role in researching fire behavior, mapping high-risk areas, and providing vital information to help communities adapt.

    Understanding both the positive and negative impacts of wildfires is essential for effective land management. The USGS’s comprehensive research and collaboration with other agencies enhance public safety, inform policy decisions, and promote resilient ecosystems in the face of wildfire events.

    As part of the wildfire community, USGS is deeply connected to the people and landscapes we serve. Wildfires often affect our colleagues, friends, and neighbors, underscoring the importance of our mission to provide critical fire science. Each new fire reminds us of our shared responsibility to understand, adapt to, and mitigate wildfire risks in the face of future challenges.

    Case Study: The January 2025 Los Angeles Fires

    In January 2025, Southern California faced an unprecedented wildfire crisis as extreme Santa Ana winds fueled four large wildfires (the Palisades, Eaton, Hurst, and Kenneth Fires) and dozens of smaller blazes that scorched the region. The fires burned more than 40,000 acres, destroyed 12,000 structures, and led to at least 30 fatalities. Amid this devastation, the USGS delivered essential science and information that supported fire response efforts, assessed postfire hazards, and aided recovery in impacted communities.

    The USGS worked alongside federal and state agencies, providing critical tools and information for every stage of the fire management.

    • Real-Time Fire Mapping. The USGS National Civil Applications Center generated wildfire boundary maps for the Palisades, Eaton, and Hurst fires. Using satellite imagery, these maps were delivered to Incident Commanders each morning to inform daily firefighting strategies and evacuation plans.
    • Ecological Research and Recovery. The USGS Western Ecological Research Center advised land managers on fire behavior and postfire recovery strategies. This included addressing erosion risks, invasive species management, and advising how to use native vegetation to restore burned areas. The Suppression and Planning Actions for Restoring Communities and Species (SPARCS) team collaborated directly with resource managers to assess their needs and provide support.
    • Postfire Hazard Assessments. The USGS Geologic Hazards Science Center led assessments of postfire debris flow risks in the steep terrain of the Santa Monica Mountains. Working with the California Geological Survey and other partners, USGS scientists mapped soil burn severity and modelled the likelihood and volume of debris flows during future storms. This data will help the National Weather Service issue warnings and guide local recovery efforts.

    MIL OSI USA News –

  • MIL-OSI USA: Eighth co-conspirator convicted for role in botched human smuggling attempt that resulted in 2 aliens being shot

    Source: US Immigration and Customs Enforcement

    HOUSTON – Mailon Almendares-Martinez, a 21-year-old resident of New Orleans, was convicted of conspiracy to transport illegal aliens April 30 for his role in a botched human smuggling attempt that resulted in two of the aliens being shot by suspected rival smugglers. U.S. Immigration and Customs Enforcement and the Houston Police Department conducted the investigation that has now resulted in the conviction of eight human smugglers.  

    “This is another unfortunate example of the dangers of relying on human smugglers to circumvent U.S. immigration law,” said ICE Homeland Security Investigations Houston Special Agent in Charge Chad Plantz. “Driven exclusively by greed and their own personal safety, these human smugglers recklessly put the lives of two aliens in jeopardy to avoid being caught and keep their smuggling operation from being discovered. Thanks to the tireless efforts of the HSI special agents and HPD officers who investigated this case, eight of the human smugglers involved have now been convicted and their alien smuggling organization has been dismantled.”

    The investigation revealed that Almendares-Martinez conspired with others from Oct. 30 – Nov. 2, 2022, to transport aliens from the South Texas border to Houston. During the hearing, the jury heard testimony that Almendares-Martinez recruited friends and conspirators from New Orleans to carry out the scheme and that he and his co-conspirators offered to pay the smugglers $1,000 to $2,000 per alien that they transported.

    Evidence revealed he had directed them through WhatsApp messages and phone calls on where to pick up the aliens. After picking up the aliens near the border, the conspirators headed back to Houston. En route, individuals believed to be a part of a rival human smuggling organization fired several shots at them and two of the aliens being smuggled suffered gunshot wounds to the arm and leg.

    After the shooting, Almendares-Martinez told the co-conspirators to return to Houston and not seek medical attention for the two wounded aliens. Co-conspirators then brought the aliens to a motel in Houston Nov. 1, 2022. The next day, the illegal aliens escaped. Law enforcement arrived at the scene and took four people in custody, to include Jonathan Melendez-Merino, Oscar Melendez-Sosa, Cristian Mencias-Padilla and Cesar Monge-Milla.

    The defense attempted to convince the jury that Almendares-Martinez was not part of the conspiracy and that someone else was using his WhatsApp account to communicate with co-conspirators. They did not believe those claims and found Almendares-Martinez guilty as charged.

    Almendares-Martinez is scheduled to be sentenced Aug. 11. At that time, he faces up to 10 years in federal prison and $250,000 in fines.  

    Previously released on bond, Almendares-Martinez was taken into custody following the verdict where he will remain pending that hearing.

    Seven others, all from New Orleans, Louisiana, previously pleaded guilty in the case – Melendez-Merino, 32, Melendez-Sosa, 22, Mencias-Padilla, 21, and Monge-Milla, 25, along with Yunior Sorto-Ramirez, 23, Bayron Pineda-Alvarado, and Alan Galvez-Baquedano, 22.

    Assistant U.S. Attorneys Michael Day and Anthony Franklyn prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Students Pitch Tech Startups at Semester-End Showcase

    Source: US State of Connecticut

    On April 28, students in a Technology Innovation and Entrepreneurship class capped off their academic year-long entrepreneurial journey by pitching their technology-based startup ventures at the course’s final pitch day.

    The event, held at the Innovation Partnership Building, featured eight student teams presenting to an audience of guest judges, peers, and visiting international students. A networking hour with light refreshments followed, offering time for further discussion and connection. 

    The course, co-taught by Dr. Leila Daneshmandi from the College of Engineering and Sam Nanayakkara from the School of Business, is an interdisciplinary, project-based class that brings together students from across campus to form teams and tackle real-world problems with innovative technology solutions.

     

    This year’s cohort included students from five UConn schools and colleges: Engineering; Business; Nursing; Fine Arts; and Agriculture, Health and Natural Resources. Participants ranged from first-year undergraduates to graduate students. 

    The Flexapy team presenting their mobile app pitch idea to a panel of judges. (UConn Photo/Sarah Redmond)

    “The students have to work across disciplines, build communication skills, and collaborate as a team. That’s part of their learning journey,” said Nanayakkara. “They’re not just learning how to start a company, they’re learning how to work with people who think differently from them, how to adapt, and how to lead. These are skills that apply far beyond entrepreneurship, whether they go into startups, industry, or any field where innovation and collaboration matter.” 

    Many of the 26 students began developing their ventures in the fall semester’s Technology Innovation and Entrepreneurship I course. That course introduces ideation, design thinking, and business models.  

    The spring sequel focuses on startup strategy, product-market fit, prototyping, and financials. Together, the courses form a year-long, hands-on sequence designed to help students build viable, scalable technology ventures. No prior experience is required to enroll in the Fall course. 

    This spring, Joseph Luciani from the College of Engineering’s Innovation Shop joined the instructional team, providing students with support in prototyping and technical development, further strengthening the course’s emphasis on building real, working solutions. 

    The student teams focused on solutions across a wide range of areas, including charging infrastructure, AI regulations, energy trading, healthcare, elderly care, mobility assistance, physical therapy, and agriculture. The ventures pitched were OptiEnerX, Safety Assurance Index, SoleShift, Transferable, PowerBid, Goldilocks, SmarThyCheck, and Flexapy. 

    The audience also included 24 visiting students from the U.S. Department of State’s Young Southeast Asian Leaders Initiative (YSEALI), who were on campus for a five- week entrepreneurship program hosted by UConn’s Global Training and Development Institute. The YSEALI students observed the final presentations, asked thoughtful questions, and joined the networking session following the pitches. 

    “The event was a perfect reflection of UConn’s entrepreneurial spirit and culture of innovation,” said Dr. Tolga Turker, Director of Global Entrepreneurial Programs at UConn’s Global Development and Training Institute. “The student pitches showcased bold imagination and real-world problem-solving, inspiring the YSEALI fellows to pursue their own ideas.”

    A panel of guest judges provided constructive feedback and insights, helping teams refine their ideas and build confidence in presenting to external stakeholders.

    The event also welcomed course alum Sage Bhagwansingh, founder of Sage Scenes, who returned to support the event and contributed videography, demonstrating the strong and growing community around UConn’s innovation programming. 

    [embedded content]

    “It is incredibly rewarding for us to see how far these students have come, not just in developing their ventures but in how they think, communicate, and lead. We challenge them to step outside their comfort zones and take ownership of the process, from problem discovery to real-world prototyping and startup strategy,” said Daneshmandi, who is also the director of the College of Engineering’s Entrepreneurship Hub. “What they gain is not just entrepreneurial knowledge. It is confidence, adaptability, and an innovative mindset that will stay with them no matter where they go next.”

    Students interested in exploring technology entrepreneurship are encouraged to reach out to Daneshmandi. Both courses are offered jointly through the College of Engineering and the School of Business and are open to students of all majors and designed to support innovators at every stage. 

    For more information about support for technology innovation and entrepreneurship, please visit the eHub.

    View photos from the event.

    MIL OSI USA News –

  • MIL-OSI USA: Celebrating UConn Health’s Nurses

    Source: US State of Connecticut

    As UConn Health continues to pile up third-party accolades for patient safety and quality, it is celebrating its more than 1,000 registered nurses, nurse practitioners, and nurse anesthetists.

    It’s a National Nurses Week tradition, with the week leading up to the birthday of Florence Nightingale, May 12, including events to recognize their contributions.

    As is also tradition, UConn Health has chosen six to receive one of this year’s Nightingale Awards for Excellence in Nursing, which recognizes their impact on patient care and the nursing profession and their demonstration of excellence above what is normally expected, as well as their commitment to the community served and their legacy in a particular nursing field.

    “Selection of our Nightingale candidates is a tremendous challenge every year due to the high quality of candidates who are nominated, and I am very proud to announce that we had 61 RNs, APRNs and CRNAs nominated this year,” says Caryl Ryan, chief nursing officer and the UConn John Dempsey Hospital chief operating officer and vice president for quality and patient care services. “Each nominee reflects clinical excellence, has gone ‘beyond the call’ and continues to make a significant impact to patient care. I am so proud of the candidates selected and their commitment to the profession of nursing. The selected candidates’ dedication and commitment to quality care and patient safety is inspirational.”

    Nightingale, who lived from 1820 to 1910, is largely credited as the founder of modern nursing.

    UConn Health’s 2025 Nightingale Nurses

    Ashley Bordonaro, BSN, RN
    Clinical Case Manager, Population Health

    [embedded content]

    From her nomination:
     “Throughout her career, Ashley has made a lasting impact in her field through her unwavering passion for delivering quality patient care. She is widely recognized as a strong patient advocate who consistently takes a patient-centered approach, always seeking opportunities to improve patient outcomes…. Above all, she always prioritizes the needs of the patient, ensuring that their care is not only effective but also compassionate. Her dedication to improving patient care has had a lasting influence on her colleagues and the healthcare system, setting a high standard for excellence in patient care.”

    Holly Durstin, MS, CRNA
    Nurse Anesthetist, Operating Room Unit

    [embedded content]

    From her nomination:
     “Through her advocacy, she has been a mentor, and guide and encouraged many to go into the nursing field. For nurses already in the field, she has encouraged them to go farther.  As a colleague she serves as a role model for professionalism, for patient care and for going above and beyond to take care of her patients.  For patients, she represents a practitioner who understands what it is like to be a patient, to be in their position, and she makes clear that she will advocate and take care of them as they are under her care. Everyone she has taken care of is made to feel comfortable, safe and protected.”

    Dayna Gambino, MSN, RN, CMSRN
    Staff Nurse, CN3, Surgery/Orthopedics UT5

    [embedded content]

    From her nomination:
     “‘Dayna is a 30 out of 10.’ This is just one of many patient responses recognizing her exceptional care. She is the first to respond in emergencies and always ready to support her teammates. As charge nurse for 493 hours this year, she balances leadership with mentoring, spending over 125 hours precepting new graduate nurses. In 2024, she earned three Good Catch awards for preventing potential safety events—though she sees it simply as ‘what a nurse does.’… She cultivates a culture of collaboration, respect, and continuous learning, strengthening both her team and the workplace environment.”

    Kate Medow, APRN, MSN, RN
    Lead Nurse Practitioner, Neuro-Oncology, Neag Comprehensive Cancer Center

    [embedded content]

    From her nomination:
     “She is a fierce advocate and clinical expert in her field, utilizing her compassionate approach and clinical expertise to grow the Neuro-Oncology program at UConn Health. Kate has made a lasting impact by advancing interdisciplinary collaboration and improving care for patients and families…. She also prioritized the well-being of the patient’s family, addressing their needs with compassion and skill. Over the years, I’ve witnessed her exceptional expertise in neurological care and her perceptive insight into psychosocial issues. Kate embodies Florence Nightingale’s attributes including compassion, dedication, leadership, self-sacrifice and whole person care.

    Rachel Meehan, APRN, MSN, RN ACNS-BC
    Nursing Professional Development Specialist, Age-Friendly Care, Professional Practice and Clinical Excellence

    [embedded content]

    From her nomination:
     “Through her specialized programs, she has developed and implemented a culture that is tailored to and meaningfully engages older adults. These programs focus on early mobility, and emotional support, ensuring that older adults receive holistic and comprehensive care…. She has empowered and equipped nurses with the knowledge and skills needed to provide quality care to and advocate for older adults.  Florence Nightingale and Rachel Meehan share a commitment to improving patient care and advancing the nursing profession. Nightingale’s pioneering work, as Rachel’s has done, laid the groundwork for the multifaceted role of modern-day nursing.”

    Erin Pietrowicz, MSN, RN, PCCN-CMC
    Staff Nurse, CN4, Intermediate Critical Care UT2

    From her nomination:
     “Erin is the colleague everyone wants by their side, encouraging others to succeed…. Erin has built a lasting legacy at UConn Health through her unwavering commitment to nursing, compassion, and leadership. Through her role as a mentor and preceptor, Erin has shaped the careers of many nurses, ensuring they are equipped with the knowledge and confidence to thrive in their roles…. She fosters teamwork, strengthens culture and empowers her colleagues to succeed both personally and professionally. Erin always goes above and beyond, and her selflessness is unparalleled -she has set the foundation for others to thrive.”

    MIL OSI USA News –

  • MIL-OSI USA: UConn Law Graduate Honored for Generosity and Impact

    Source: US State of Connecticut

    The Reading Room in William F. Starr Hall is considered the heart of the UConn Law campus, a place where the school community often gathers. So, it is fitting that the room is now named after Stuart F. Smith ’80, in honor of his extraordinary generosity and enduring impact on the law school.

    “Today’s special event demonstrates our deep appreciation for Stuart’s exceptional generosity, through which he has shared his time, his talent, and his treasure to help build upon a legacy of excellence here at the Law School,” said UConn Law Dean Eboni S. Nelson during a dedication ceremony on April 21. “Stuart’s remarkable support has had and will continue to have a profound impact on our law school community for years to come.”

    Stuart F. Smith ’80

    Smith established the Stuart Smith 1980 Dean’s Discretionary Fund in 2024 to support the ambitious goals of faculty, staff, and students. The previous year, he made a gift to create the Stuart F. Smith 1980 Teaching Fellowship, a two-year program that prepares aspiring law professors to enter the legal academy.

    “The Fellowship has given me the chance to be part of the intellectually vibrant, collegial, and supportive UConn Law faculty, where I’ve received valuable mentorship and feedback on my research and writing,” says Visiting Assistant Professor Gaurav Mukherjee, the inaugural Stuart F. Smith Teaching Fellow. “I’ve had the opportunity to teach courses on the intersections of human rights, education law, and constitutional change — topics that are especially urgent today. I’m deeply grateful to Mr. Smith for his principled vision, steadfast support, and commitment to excellence in legal education.”

    Stuart F. Smith ’80 and UConn School of Law Dean Eboni S. Nelson

    In addition to his philanthropic support, Smith has shared his expertise and his personal and professional journeys with students, such as members of the Business and Transactional Law Society, to help them achieve their career goals.

    Smith attended the dedication and was surrounded by family and friends there to celebrate with him.

    “When it comes to the Law School, I’ve gotten a lot more than I’ve given,” he said. “My most important ‘grade’ was my first year of law school because of the friendships I built and what I learned. And it’s such a privilege to be part of the community. So, I say, thank you, I’m really humbled by this. It’s very moving.”

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

    Source: US State of North Carolina

    Headline: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

    Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses
    lsaito

    Raleigh, NC

    Today Governor Josh Stein announced that the Dogwood Health Trust, the Duke Endowment, and the State of North Carolina have distributed $55 million to 2,182 small businesses through the Western North Carolina Small Business Initiative. These grants are supporting western North Carolina businesses impacted by Hurricane Helene and bolstering regional economic recovery. More than 7,300 businesses applied.

    “These grants will go a long way in helping western North Carolina’s beloved small business owners keep their doors open after Helene,” said Governor Josh Stein. “But the volume of unfunded applications makes it crystal clear – more help is desperately needed. I’m ready to work with the legislature to deliver support for small businesses that power our mountain economy.”

    “The Dogwood Health Trust is proud of this partnership’s work to support small business owners in western North Carolina,” said Dogwood President and CEO Dr. Susan Mims. “The Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts. These businesses are vital to the health of our communities, and we must continue to support them.”

    The Western North Carolina Small Business Initiative, initiated by the Dogwood Health Trust and then expanded by the State of North Carolina and the Duke Endowment, awarded grants of up to $50,000 to small business with an annual revenue of up to $2.5 million. Earlier this week, Governor Stein announced the new $55 million Small Business Infrastructure Grant Program, which directs up to $1 million in grants to local governments to rebuild public infrastructure like sewers and sidewalks, which small businesses rely upon to attract business. Governor Stein’s second Hurricane Helene relief budget proposal will include increased support for small businesses in western North Carolina. 

    Note: A previous version of this release stated the number of small businesses awarded grants as 2,812 rather than 2,182. 

    May 1, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Travel Advisory: RIDOT to Close the West River Street Bridge in Providence for Two Days for Final Paving

    Source: US State of Rhode Island

    The Rhode Island Department of Transportation (RIDOT) will temporarily close the West River Street Bridge, located between Branch Avenue and Charles Street in Providence, for two days this month for final paving following rehabilitation work on the bridge.

    The first closure is on Friday, May 9 from 6 a.m. to 3 p.m. for milling, followed by another full-day closure tentatively scheduled for Monday, May 12 for paving. Pedestrian access will be maintained during the closures.

    RIDOT completely replaced this bridge, which required a four-month closure last year. The same detours used during last year’s closure will be used during paving operations. They include using Branch Avenue to Silver Spring Street to Charles Street, or Branch Avenue to North Main Street to Barbara Leonard Way to Corliss Street. A detour map is available at www.ridot.net/DetourMaps.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather. Any changes to the schedule will be posted at www.ridot.net/TravelAdvisories#Providence.

    The replacement of the West River Street Bridge was made possible by RhodeWorks. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI: Plantro Ltd. Releases Investor Presentation to Fellow Shareholders of Information Services Corporation and Extends Tender Offer to May 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    Presentation Highlights the Opportunity to Unlock Value for All ISC Shareholders and Reverse Long-Term Decline

    Board Should Meaningfully Engage with Shareholders to Address Governance Issues at ISC

    Tender Offer to Acquire up to 14% of Class A Limited Voting Shares Extended Until 5:00pm Eastern Time on May 20, 2025

    BRIDGETOWN, Barbados, May 05, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it has released a presentation to fellow shareholders of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”). The presentation is available here and will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca.

    Plantro’s investor presentation, which is based on publicly available facts and data, highlights that the economics of ISC are ‘upside down’ and do not benefit long-term shareholders. Since ISC’s IPO in 2013, there has been a clear troubling trend: expense growth has consistently outpaced revenue growth. When expenses consistently outpace revenue, it sets the stage for serious financial challenges over the long-term. This has resulted in a long-term financial decline and decreasing returns.

    Plantro has heard from other ISC shareholders who share its concerns that it is impossible for ISC to fund its ‘buy-to-grow’ strategy to meet its 2028 revenue and adjusted EBITDA targets through cash flow generation or without incurring significant new debt or issuing substantial equity. Plantro’s representatives have made multiple attempts to engage with the board of directors (the “Board”) and management of ISC to discuss these concerns and share Plantro’s plan to unlock near- and long-term value for shareholders. Unfortunately, the Board appears entrenched, as at every step, Plantro has been met with limited and perfunctory engagement.

    Plantro calls on the Board to:

    1. recommend in favour of its ongoing Tender Offer; and
    2. meet with Plantro this week to discuss the governance and business issues at ISC.

    Plantro anticipates that the Board, rather than address ISC’s governance issues, will further entrench and impugn Plantro’s motives. However, ISC shareholders should review the presentation, consider ISC’s current trajectory, and determine for themselves whether the status quo is acceptable.

    Plantro believes that ISC has an exciting opportunity to unlock significant upside for shareholders. However, it has become clear that ISC’s serious governance issues are holding the Company back.

    Tender Offer Extension & Elimination of Voting Tender

    Plantro also announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire up to 2,593,142 class A limited voting shares (the “Class A Shares”) in the capital of ISC. Pursuant to the terms of a second amended and restated offer document dated May 5, 2025 (the “Offer Document”), Plantro has extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on May 20, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “Expiry Time”).

    Despite the Board’s unwillingness to engage with Plantro, in order to be constructive, the Tender Offer has also been amended to eliminate the proxy voting tender, about which the Board had previously objected. Plantro is no longer asking shareholders to appoint representatives of Plantro as their nominee and proxy in respect of such shares owned by a shareholder. For clarity, Plantro is not soliciting shareholder proxies in respect of the upcoming 2025 annual meeting of shareholders of ISC scheduled to be held on May 13, 2025.

    Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.

    In addition to the above amendments, the size of the Tender Offer has been reduced by 184,100 Class A Shares to reflect that Plantro has acquired such number of shares in the market, all in compliance with the terms of the Tender Offer.

    Other than as set out herein, all other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the Offer Document (the Offer Document and the second amended and restated letter of transmittal dated May 5, 2025, the “Offer Documents”). The Offer Documents will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.

    About Plantro

    Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

    Shareholder Questions

    Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary or the information agent for the Tender Offer at the contact details below:

    Depositary: Odyssey Trust Company
    Toll Free (US & Canada): 1-888-290-1175
    Calls (All Regions): 587-885-0960
    Email: corp.actions@odysseytrust.com

    Information Agent: Carson Proxy
    North America Toll Free: 1-800-530-5189
    Local and Text: 416-751-2066
    Email: info@carsonproxy.com

    Cautionary Statement Regarding Forward-Looking Information

    This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, the expiry of the Tender Offer, Plantro’s perceived governance failings at ISC, and Plantro’s plan to unlock near- and long-term value at ISC, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

    Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

    Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

    Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

    Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

    Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

    Media Contact: Gagnier Communications
    Riyaz Lalani / Dan Gagnier
    Email: Plantro@gagnierfc.com

    A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/a15f0631-205c-4781-9fea-5ac936ebd5bd

    The MIL Network –

  • MIL-OSI: Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2025.

    Key Highlights:

    • All-time high volumes at both the Gateway and Edmonton terminals drove record Infrastructure Adjusted EBITDA(1) of $155 million
    • Realized recurring and non-recurring cost savings of approximately $6 million, increasing DCF per share in the first quarter by 7%, with line of sight to $18 million of total savings, relative to our target of over $25 million
    • Secured a strategic long-term partnership with Baytex Energy Corp. (“Baytex”)
    • Appointed Riley Hicks as Senior Vice President and Chief Financial Officer effective February 4, 2025, and Dave Gosse as Senior Vice President and Chief Operating Officer to become effective May 20, 2025
    • Subsequent to the quarter, completed the Gateway dredging project safely, on time and on budget

    “We are off to a solid start to 2025, delivering record quarterly Infrastructure EBITDA,” said Curtis Philippon, President & Chief Executive Officer. “Our cost focus efforts continue to deliver results, and we are seeing great progress on our key capital projects at Gateway. With a revitalized leadership team in place and disciplined execution underway, we are well positioned to deliver a strong finish to the year.”

    Financial Highlights:

    • Revenue of $2,748 million decreased by $541 million in the first quarter, compared to $3,289 million in the first quarter of 2024, primarily due to the impact of reduced sales volumes and lower commodity prices within the Marketing segment
    • Infrastructure Adjusted EBITDA(1) of $155 million in the first quarter, a $4 million or 2% increase from the first quarter of 2024, primarily due to increased throughput at the Edmonton Terminal and Gateway, and lower operating and other costs, partially offset by lower volume at the Hardisty Terminal, and the disposal of non-core assets in the prior period
    • Marketing Adjusted EBITDA(1) of $0 in the first quarter, a $33 million decrease from the first quarter of 2024, primarily due to the Crude Marketing business’ lower contribution as continued increased demand for Canadian heavy oil has maintained steep backwardation and limited volatility, impacting storage, quality and time-based opportunities. For the Refined Products business, slightly stronger crack spreads during the quarter were offset by higher feedstock costs driven by continued strength in the WCS differential, as well as the impact of seasonal reduction in demand for asphalt products
    • Adjusted EBITDA(1) on a consolidated basis of $142 million in the first quarter, a $28 million or 16% decrease from the first quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above, as well as the impact of unrealized gains and losses on derivative financial instruments recorded in both periods
    • Net income of $50 million in the first quarter, a $9 million or 23% increase from the first quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above as well as lower general and administrative costs primarily due to executive transition and restructuring costs in the prior period, partially offset by higher corporate foreign exchange losses
    • Distributable Cash Flow(1) of $91 million in the first quarter, a $24 million or 21% decrease from the first quarter of 2024, primarily due to lower Adjusted EBITDA from the Marketing segment, partially offset by increased Infrastructure Adjusted EBITDA
    • Dividend Payout ratio(2) on a trailing twelve-month basis of 77%, which is within the 70% – 80% target range
    • Net debt to Adjusted EBITDA(2) ratio of 3.7x at March 31, 2025, compared to 3.5x at March 31, 2024, primarily due to lower contributions from the Company’s Marketing segment and higher interest expenses compared to the same period last year

    Strategic Developments:

    • Appointed Riley Hicks as Senior Vice President and Chief Financial Officer, effective February 4, 2025; Riley joined Gibson in 2018 and has held various finance and commercial roles, including most recently Senior Vice President Corporate Development, Marketing and Strategy
    • Entered into a long-term strategic partnership with Baytex; under the initial 10-year take-or-pay and area dedication agreement, Gibson will invest approximately $50 million in new liquids infrastructure and Baytex will direct production to Gibson’s core Edmonton terminal, enhancing the Company’s quality of cash flows
    • Surpassed a major safety milestone, with over 9 million hours worked without a lost time injury
    • Subsequent to the quarter, Dave Gosse was appointed as Senior Vice President and Chief Operating Officer, to become effective May 20, 2025; with more than 30 years of operational and engineering leadership, in roles including President of Energy Transfer Canada, Dave adds strong expertise to Gibson’s executive team
    • Subsequent to the quarter, successfully completed the dredging project at Gateway safely, on time and on budget, making Gateway one of only two terminals in Texas capable of loading up to 1.6 million barrels on a Very Large Crude Carrier and up to full capacity on a Suezmax vessel

    (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
    (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

    Management’s Discussion and Analysis and Financial Statements
    The 2025 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

    Earnings Conference Call & Webcast Details
    A conference call and webcast will be held to discuss the 2025 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 6, 2025.

    To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

    Registration at least five minutes prior to the conference call is recommended.

    This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

    The webcast will remain accessible for a 12-month period at the above URL.

    Supplementary Information

    Gibson has also made available certain supplementary information regarding the 2025 first quarter financial and operating results, available at www.gibsonenergy.com.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future cost savings to be realized by the Company, the future effective date of appointment of the Company’s new Senior Vice President and Chief Operating Officer, results through the remainder of the current fiscal year, and the capital expenditure in relation to the project with Baytex, and Gibson’s ability to achieve the anticipated benefits of such project, including the enhancement of the quality of the Company’s cash flows. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated May 5, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations
    (403) 476-6334
    communications@gibsonenergy.com

    Specified Financial Measures
    This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

    For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

    a) Adjusted EBITDA

    Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:

    Three months ended March 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2025   2024   2025   2024   2025   2024   2025   2024  
                         
    Segment profit 154,079   145,663   13,860   19,381   —   —   167,939   165,044  
    Unrealized (gain) loss on financial instruments (455 ) 4,149   (13,746 ) 14,217   —   —   (14,201 ) 18,366  
    General and administrative —   —   —   —   (14,323 ) (21,920 ) (14,323 ) (21,920 )
    Adjustments to share of profit from equity accounted investees 1,173   1,481   —   —   —   —   1,173   1,481  
    Executive transition and restructuring costs —   —   —   —   2,405   7,135   2,405   7,135  
    Renewable power purchase agreement —   —   —   —   (806 ) —   (806 ) —  
    Adjusted EBITDA 154,797   151,293   114   33,598   (12,724 ) (14,785 ) 142,187   170,106  
      Three months ended March 31,
    		  
    ($ thousands) 2025   2024  
         
    Net Income 49,953   40,489  
         
    Income tax expense 14,044   12,455  
    Depreciation, amortization, and impairment charges 42,532   43,431  
    Finance costs, net 33,658   35,403  
    Unrealized (gain) loss on derivative financial instruments (14,201 ) 18,366  
    Unrealized loss on renewable power purchase agreement 6,787   9,476  
    Share-based compensation 3,128   5,064  
    Acquisition and integration costs —   1,305  
    Adjustments to share of profit from equity accounted investees 1,173   1,481  
    Corporate foreign exchange loss (gain) and other 2,708   (4,499 )
    Executive transition and restructuring costs 2,405   7,135  
    Adjusted EBITDA 142,187   170,106  

    b) Distributable Cash Flow

    The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

      Three months ended March 31,
    		  
    ($ thousands) 2025   2024  
         
    Cash flow from operating activities 121,852   192,833  
    Adjustments:    
    Changes in non-cash working capital and taxes paid 15,417   (26,078 )
    Replacement capital (5,808 ) (4,372 )
    Cash interest expense, including capitalized interest (31,549 ) (33,878 )
    Acquisition and integration costs(1) —   1,305  
    Executive transition and restructuring costs(1) 2,405   —  
    Lease payments (6,317 ) (8,034 )
    Current income tax (5,226 ) (7,312 )
    Distributable cash flow 90,774   114,464  

    c) Dividend Payout Ratio

      Twelve months ended March 31,  
      2025   2024  
    Distributable cash flow 351,583   392,853  
    Dividends declared 270,630   247,946  
    Dividend payout ratio 77 % 63 %

    d) Net Debt To Adjusted EBITDA Ratio

      Twelve months ended March 31,  
      2025   2024  
         
    Current and long-term debt 2,619,116   2,643,464  
    Lease liabilities 47,752   58,480  
    Less: unsecured hybrid debt (450,000 ) (450,000 )
    Less: cash and cash equivalents (46,090 ) (108,858 )
         
    Net debt 2,170,778   2,143,086  
    Adjusted EBITDA 582,223   605,095  
    Net debt to adjusted EBITDA ratio 3.7   3.5  

    The MIL Network –

  • MIL-OSI: ARRAY Technologies Enhances ARRAY STI H250™ Tracker with SmarTrack® Backtracking and Diffuse Capabilities

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., May 05, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, software and services, today announced the expansion of its SmarTrack® software to include backtracking and diffuse optimization capabilities for its ARRAY STI H250™ dual-row tracker. This advancement brings algorithm training and optimization tools, already proven on the DuraTrack® platform, to H250 installations across Europe and other global markets.

    “Our H250 tracker has long been a trusted solution in markets with challenging site conditions, and the addition of SmarTrack Backtracking and Diffuse takes its performance to the next level,” said Neil Manning, president and chief operating officer of ARRAY Technologies. “By applying algorithmic training and real-time sensor data, we’re empowering our customers to optimize their solar energy output across more geographies and more terrain types, ultimately improving project returns.”

    Engineered to tackle the challenges of irregular terrain, the H250 tracker is widely deployed in Europe, South America, and Africa. With the addition of SmarTrack® Backtracking and Diffuse, project developers and asset owners can now further improve energy production in complex environments and variable weather conditions. These tools help trackers automatically adjust to minimize shading and maximize light capture, even on cloudy days.

    • ARRAY SmarTrack™ Backtracking uses algorithmic training and terrain analysis and production data to reduce shading and maximize morning and evening energy generation. The system intelligently adjusts each motor block based on its unique slope characteristics, leading to sustained improvements in energy yield. Once optimized, backtracking parameters remain valid for the life of the project.
    • ARRAY SmarTrack™ Diffuse allows projects to continue performing at a high level during overcast conditions. By analyzing real-time Global Horizontal Irradiance (GHI) sensor data, the system dynamically flattens tracker angles to capture more scattered light, increasing energy capture when direct sunlight is limited.

    These capabilities were validated in Spain and Brazil and are available for immediate deployment on new and existing H250 projects. In combination with ARRAY’s hardware and integrated software platform, SmarTrack is currently optimizing over 5 GW of solar capacity worldwide.

    To learn more about SmarTrack software or the H250 tracker, visit arraytechinc.com.

    About ARRAY
    ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Forward Looking Statement
    This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Media Contact
    Nicole Stewart
    505-589-8257
    nicole.stewart@arraytechinc.com    

    Investor Relations Contact
    ARRAY Technologies, Inc.
    Investor Relations
    investors@arraytechinc.com

    The MIL Network –

  • MIL-OSI: James River Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) reported net income from continuing operations available to common shareholders of $9.0 million ($0.18 per diluted share) and adjusted net operating income1 of $9.1 million ($0.19 per diluted share) for the first quarter of 2025.

      Three Months Ended
    March 31,    		   Three Months Ended
    March 31,
    ($ in thousands, except for share data)   2025     per diluted
    share    		     2024     per diluted
    share
    Net income from continuing operations available to common shareholders $ 9,019     $ 0.18     $ 20,883     $ 0.53  
    Net loss from discontinued operations2   (1,414 )   $ (0.02 )     (8,105 )   $ (0.18 )
    Net income available to common shareholders   7,605     $ 0.16       12,778     $ 0.35  
    Adjusted net operating income1   9,102     $ 0.19       14,832     $ 0.39  
                                   

    Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting.

    First Quarter 2025 Highlights:

    • Annualized adjusted net operating return on tangible common equity1 of 11.5% and year to date growth in tangible common equity1 of 7.1%.
    • E&S segment combined ratio of 91.5% and renewal rate change of 7.8%, with the majority of underwriting divisions reporting pricing increases.
    • Specialty Admitted Insurance segment combined ratio of 102.1%, with fronting and program gross written premium declining 21.3%.
    • De minimis overall prior year reserve activity. Group combined ratio of 99.5%.
    • Final independent accounting firm determination in the purchase price adjustment dispute related to the sale of JRG Reinsurance Company Ltd. (“JRG Re”), finding in favor of the Company on $53.6 million of the aggregate $54.1 million of items in dispute, resulting in a small downward adjustment to the purchase price of ($0.5) million. This is reflected in the first quarter results.

    Frank D’Orazio, the Company’s Chief Executive Officer, commented on the first quarter, “Coming out of 2024, our first quarter results show progress in strengthening our underwriting performance and positioning the franchise for long-term, sustainable profitability. Our disciplined approach to risk selection, combined with the actions taken over the past year to strengthen our reserve position, are showing tangible results. As we move forward, we remain focused on delivering value to shareholders as we take advantage of the attractive E&S underwriting environment while closely managing our expenses.”

    • E&S Segment Highlights:
      • For the first quarter of 2025, the segment’s gross written premium was largely flat to the comparable quarter last year.
      • Renewal rate increases across the segment were 7.8% during the quarter.
      • The segment continued to experience strong submission growth, with the 6% growth in renewal submissions exceeding 2024 levels.
      • There was de minimis favorable reserve development during the quarter.
    • Specialty Admitted Insurance Segment Highlights:
      • Gross written premium for the fronting and program business declined 21.3% compared to the prior year quarter, as the Company manages this segment to retain minimal risk. This excludes the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Overall, premium declined 30.7%
      • While the fronting business of the segment is transactional in nature, the Company remains focused on managing its expenses in this segment over the course of the calendar year.
      • There was de minimis prior year reserve movement during the quarter.

    First Quarter 2025 Operating Results

    • Gross written premium of $294.4 million, consisting of the following:
      Three Months Ended
    March 31,    		  
    ($ in thousands) 2025   2024   % Change
    Excess and Surplus Lines $ 213,243   $ 213,691   0 %
    Specialty Admitted Insurance   81,118     117,119   (31 )%
      $ 294,361   $ 330,810   (11 )%
                   
    • Net written premium of $128.0 million, consisting of the following:
      Three Months Ended
    March 31,    		    
    ($ in thousands) 2025   2024   % Change  
    Excess and Surplus Lines $ 115,079   $ 117,425   (2 )%
    Specialty Admitted Insurance   12,877     20,747   (38 )%
      $ 127,956   $ 138,172   (7 )%
                     
    • Net earned premium of $151.9 million, consisting of the following:
      Three Months Ended
    March 31,    		    
    ($ in thousands) 2025   2024   % Change  
    Excess and Surplus Lines $ 137,028   $ 145,623   (6 )%
    Specialty Admitted Insurance   14,874     26,068   (43 )%
      $ 151,902   $ 171,691   (12 )%
                     
    • As cited above, the first quarter of 2025 included de minimis favorable reserve development in each of the two insurance segments. There remains $116.2 million of aggregate limit on the two E&S segment retroactive reinsurance structures which cover the majority of James River’s E&S segment net reserves for James River’s E&S segment for accident years 2010 -2023.
    • Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting for loss portfolio transfers was as follows:
      Three Months Ended
    March 31,
    ($ in thousands)  2025    2024 
    Excess and Surplus Lines $ 10   $ (40 )
    Specialty Admitted Insurance   121     438  
      $ 131   $ 398  
                 
    • Retroactive benefits of $1.9 million were recorded in loss and loss adjustment expenses during the first quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $56.0 million as of March 31, 2025.
    • The consolidated expense ratio was 32.7% for the first quarter of 2025, which was an increase from 28.9% in the prior year quarter. The expense ratio increase was primarily driven by higher compensation expenses on lower net earned premium.

    Investment Results
    Net investment income for the first quarter of 2025 was $20.0 million, a decline of 11.6% compared to $22.6 million in the prior year quarter. The comparable decline in income was primarily due to a smaller asset base following the funding of retroactive reinsurance structures for the E&S segment which were purchased in the second half of 2024.

    The Company’s net investment income consisted of the following:

      Three Months Ended
    March 31,    		    
    ($ in thousands) 2025   2024   % Change
    Private Investments   200     (145 )   NM  
    All Other Investments   19,808     22,777     (13 )%
    Total Net Investment Income $ 20,008   $ 22,632     (12 )%
                       

    The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended March 31, 2025 was 4.6% (versus 4.8% for the three months ended March 31, 2024).

    Net realized and unrealized losses on investments of ($1.4) million for the three months ended March 31, 2025 compared to net realized and unrealized gains on investments of $4.6 million in the prior year quarter. The majority of the realized and unrealized losses during the quarter were related to realized losses on sales in our bank loan portfolio, partially offset by increases in the fair value of our preferred stock portfolio.

    Discontinued Operations

    In connection with the process outlined in the Stock Purchase Agreement, and as previously disclosed, the buyer of JRG Re claimed a $54.1 million downward adjustment to the closing purchase price, which the Company disputed. As per the Stock Purchase Agreement, the disputed items (totaling $54.1 million) were submitted to an independent accounting firm for final resolution. On April 18, 2025, the independent accounting firm issued its final determination which resulted in a small downward adjustment to the closing purchase price of $0.5 million. The determination by the independent accounting firm is final and binding with regards to the purchase price.

    Capital Management

    The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on Monday, June 30, 2025 to all shareholders of record on Monday, June 9, 2025.

    Tangible Common Equity Per Share

    Shareholders’ equity of $484.5 million at March 31, 2025 increased 5.1% compared to shareholders’ equity of $460.9 million at December 31, 2024. Tangible common equity3 per share of $7.11 at March 31, 2025 increased 6.6% compared to tangible common equity per share of $6.67 at December 31, 2024, due to net income from continuing operations, partially offset by a small net loss from discontinued operations. Other comprehensive income benefited by $14.3 million during the first quarter of 2025, improving AOCI to ($55.7) million due to a decline in interest rates.

    Conference Call

    James River will hold a conference call to discuss its first quarter results tomorrow, May 6, 2025 at 8:00 a.m. Eastern Time. Investors may access the conference call by dialing (800) 715-9871, Conference ID 8501569, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our estimate used to compute loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’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 underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, and adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

    Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investments and Investor Relations
    980-249-6848
    InvestorRelations@james-river-group.com

     
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Balance Sheet Data (Unaudited)
     
    ($ in thousands, except for share data)  March 31,
    2025    		   December 31,
    2024
    ASSETS      
    Invested assets:      
    Fixed maturity securities, available-for-sale, at fair value $ 1,259,627   $ 1,189,733
    Equity securities, at fair value   87,746     86,479
    Bank loan participations, at fair value   144,014     142,410
    Short-term investments   79,091     97,074
    Other invested assets   52,768     36,700
    Total invested assets   1,623,246     1,552,396
           
    Cash and cash equivalents   279,427     362,345
    Restricted cash equivalents (a)   29,012     28,705
    Accrued investment income   10,567     10,534
    Premiums receivable and agents’ balances, net   205,965     243,882
    Reinsurance recoverable on unpaid losses, net   1,984,292     1,996,913
    Reinsurance recoverable on paid losses   127,627     101,210
    Deferred policy acquisition costs   27,844     30,175
    Goodwill and intangible assets   214,190     214,281
    Other assets   446,845     466,635
    Total assets $ 4,949,015   $ 5,007,076
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Reserve for losses and loss adjustment expenses $ 3,081,540   $ 3,084,406
    Unearned premiums   526,506     572,034
    Funds held (a)   25,157     25,157
    Deferred reinsurance gain   56,042     57,970
    Senior debt   225,800     200,800
    Junior subordinated debt   104,055     104,055
    Accrued expenses   39,196     53,178
    Other liabilities   273,124     315,446
    Total liabilities   4,331,420     4,413,046
           
    Series A redeemable preferred shares   133,115     133,115
    Total shareholders’ equity   484,480     460,915
    Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 4,949,015   $ 5,007,076
           
    Tangible equity (b) $ 459,447   $ 437,719
    Tangible equity per share (b) $ 7.73   $ 7.40
    Tangible common equity per share (b) $ 7.11   $ 6.67
    Shareholders’ equity per share $ 10.56   $ 10.10
    Common shares outstanding   45,892,706     45,644,318
           
    (a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
    (b) See “Reconciliation of Non-GAAP Measures”      
     
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Income Statement Data (Unaudited)
     
      Three Months Ended
    March 31,
    ($ in thousands, except for share data)   2025       2024  
    REVENUES      
    Gross written premiums $ 294,361     $ 330,810  
    Net written premiums   127,956       138,172  
           
    Net earned premiums   151,902       171,691  
    Net investment income   20,008       22,632  
    Net realized and unrealized (losses) gains on investments   (1,371 )     4,583  
    Other income   1,750       2,221  
    Total revenues   172,289       201,127  
           
    EXPENSES      
    Losses and loss adjustment expenses (a)   99,525       110,049  
    Other operating expenses   50,560       50,810  
    Other expenses   563       732  
    Interest expense   5,541       6,485  
    Intangible asset amortization and impairment   91       91  
    Total expenses   156,280       168,167  
    Income from continuing operations before income taxes   16,009       32,960  
    Income tax expense on continuing operations   5,021       9,452  
    Net income from continuing operations   10,988       23,508  
    Net loss from discontinued operations   (1,414 )     (8,105 )
    NET INCOME   9,574       15,403  
    Dividends on Series A preferred shares   (1,969 )     (2,625 )
    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 7,605     $ 12,778  
    ADJUSTED NET OPERATING INCOME (b) $ 9,102     $ 14,832  
           
    INCOME (LOSS) PER COMMON SHARE      
    Basic      
    Continuing operations $ 0.20     $ 0.55  
    Discontinued operations $ (0.03 )   $ (0.21 )
      $ 0.17     $ 0.34  
    Diluted      
    Continuing operations (c) $ 0.18     $ 0.53  
    Discontinued operations $ (0.02 )   $ (0.18 )
      $ 0.16     $ 0.35  
           
    ADJUSTED NET OPERATING INCOME PER COMMON SHARE      
    Basic $ 0.20     $ 0.39  
    Diluted (c) $ 0.19     $ 0.39  
           
    Weighted-average common shares outstanding:      
    Basic   45,803,501       37,733,710  
    Diluted   59,659,075       44,638,969  
    Cash dividends declared per common share $ 0.01     $ 0.05  
           
    Ratios:      
    Loss ratio   66.8 %     66.4 %
    Expense ratio (d)   32.7 %     28.9 %
    Combined ratio   99.5 %     95.3 %
    Accident year loss ratio (e)   65.5 %     66.7 %
           
    (a) Losses and loss adjustment expenses include benefits of $1.9 million and $4.0 million for deferred retroactive reinsurance gains (benefits) for the three months ended March 31, 2025 and 2024, respectively.
    (b) See “Reconciliation of Non-GAAP Measures”.
    (c) The outstanding Series A preferred shares were dilutive in both periods. Dividends on the Series A preferred shares were added back to the numerator of the calculation and common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
    (d) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $0.8 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively.
    (e) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
     
    James River Group Holdings, Ltd. and Subsidiaries
    Segment Results
     
    EXCESS AND SURPLUS LINES
     
      Three Months Ended
    March 31,    		    
    ($ in thousands)   2025       2024     % Change
    Gross written premiums $ 213,243     $ 213,691     (0.2 )%
    Net written premiums $ 115,079     $ 117,425     (2.0 )%
               
    Net earned premiums $ 137,028     $ 145,623     (5.9 )%
    Losses and loss adjustment expenses excluding retroactive reinsurance   (88,804 )     (93,605 )   (5.1 )%
    Underwriting expenses   (36,566 )     (33,527 )   9.1 %
    Underwriting profit (a) $ 11,658     $ 18,491     (37.0 )%
               
    Ratios:          
    Loss ratio   64.8 %     64.3 %    
    Expense ratio   26.7 %     23.0 %    
    Combined ratio   91.5 %     87.3 %    
    Accident year loss ratio (b)   63.4 %     64.3 %    
               
    (a) See “Reconciliation of Non-GAAP Measures”.
    (b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
       
    SPECIALTY ADMITTED INSURANCE  
       
      Three Months Ended
    March 31,    		      
    ($ in thousands)   2025       2024     % Change  
    Gross written premiums $ 81,118     $ 117,119     (30.7 )%
    Net written premiums $ 12,877     $ 20,747     (37.9 )%
                 
    Net earned premiums $ 14,874     $ 26,068     (42.9 )%
    Losses and loss adjustment expenses   (12,649 )     (20,446 )   (38.1 )%
    Underwriting expenses   (2,531 )     (4,836 )   (47.7 )%
    Underwriting profit (a), (b) $ (306 )   $ 786     —  
                 
    Ratios:            
    Loss ratio   85.0 %     78.4 %      
    Expense ratio   17.1 %     18.6 %      
    Combined ratio   102.1 %     97.0 %      
    Accident year loss ratio   85.9 %     80.1 %      
                 
    (a) See “Reconciliation of Non-GAAP Measures”.            
    (b) Underwriting results for the three months ended March 31, 2025 and 2024 include gross fee income of $4.3 million and $5.3 million, respectively.  
       

    Underwriting Performance Ratios

    The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a retroactive reinsurance contract so long as any additional losses subject to the contract are within the limit of the contract and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting gives the users of our financial statements useful information in evaluating our current and ongoing operations.

      Three Months Ended
    March 31,
      2025   2024
    Excess and Surplus Lines:      
    Loss Ratio 64.8 %   64.3 %
    Impact of retroactive reinsurance (1.4 )%   (2.7 )%
    Loss Ratio including impact of retroactive reinsurance 63.4 %   61.6 %
           
    Combined Ratio 91.5 %   87.3 %
    Impact of retroactive reinsurance (1.4 )%   (2.7 )%
    Combined Ratio including impact of retroactive reinsurance 90.1 %   84.6 %
           
    Consolidated:      
    Loss Ratio 66.8 %   66.4 %
    Impact of retroactive reinsurance (1.3 )%   (2.3 )%
    Loss Ratio including impact of retroactive reinsurance 65.5 %   64.1 %
           
    Combined Ratio 99.5 %   95.3 %
    Impact of retroactive reinsurance (1.3 )%   (2.3 )%
    Combined Ratio including impact of retroactive reinsurance 98.2 %   93.0 %
               

    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

    The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

      Three Months Ended
    March 31,
    ($ in thousands)   2025       2024  
    Underwriting profit of the operating segments:      
    Excess and Surplus Lines $ 11,658     $ 18,491  
    Specialty Admitted Insurance   (306 )     786  
    Total underwriting profit of operating segments   11,352       19,277  
    Other operating expenses of the Corporate and Other segment   (10,631 )     (11,137 )
    Underwriting profit (a)   721       8,140  
    Losses and loss adjustment expenses – retroactive reinsurance   1,928       4,002  
    Net investment income   20,008       22,632  
    Net realized and unrealized gains on investments   (1,371 )     4,583  
    Other income (expense)   355       179  
    Interest expense   (5,541 )     (6,485 )
    Amortization of intangible assets   (91 )     (91 )
    Income from continuing operations before taxes $ 16,009     $ 32,960  
           
    (a) Included in underwriting results for the three months ended March 31, 2025 and 2024 is gross fee income of $4.3 million and $5.3 million, respectively.
     

    Adjusted Net Operating Income

    We define adjusted net operating income as income available to common shareholders excluding a) income (loss) from discontinued operations, b) the impact of retroactive reinsurance accounting, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to certain lawsuits, various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividends recorded with the amendment of the Series A Preferred Shares. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

    Our income available to common shareholders reconciles to our adjusted net operating income as follows:

      Three Months Ended March 31,
        2025       2024  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Income available to common shareholders $ 12,626     $ 7,605     $ 22,230     $ 12,778  
    Loss from discontinued operations   1,414       1,414       8,105       8,105  
    Losses and loss adjustment expenses – retroactive reinsurance   (1,928 )     (1,523 )     (4,002 )     (3,162 )
    Net realized and unrealized investment losses (gains)   1,371       1,083       (4,583 )     (3,621 )
    Other expenses   563       523       732       732  
    Adjusted net operating income $ 14,046     $ 9,102     $ 22,482     $ 14,832  
                                   

    Tangible Equity (per Share) and Tangible Common Equity (per Share)

    We define tangible equity as shareholders’ equity plus mezzanine Series A Preferred Shares and the deferred retroactive reinsurance gain less goodwill and intangible assets, net of amortization. Tangible equity per share represents tangible equity divided by the sum of total common shares outstanding plus the common shares resulting from an assumed conversion of the outstanding Series A Preferred Shares into common shares (at the conversion price effective as of the last day of the applicable period). We define tangible common equity as tangible equity less mezzanine Series A Preferred Shares and tangible common equity per share represents tangible common equity divided by the total common shares outstanding. Our definitions of tangible equity and tangible equity per share may not be comparable to that of other companies, and they should not be viewed as a substitute for shareholders’ equity and shareholders’ equity per share calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for March 31, 2025, December 31, 2024, March 31, 2024, and December 31, 2023.

      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   December 31,
    2023
    ($ in thousands, except for share data)              
    Shareholders’ equity $ 484,480     $ 460,915     $ 539,537     $ 534,621  
    Plus: Series A redeemable preferred shares   133,115       133,115       144,898       144,898  
    Plus: Deferred reinsurance gain   56,042       57,970       16,731       20,733  
    Less: Goodwill and intangible assets   214,190       214,281       214,553       214,644  
    Tangible equity $ 459,447     $ 437,719     $ 486,613     $ 485,608  
    Less: Series A redeemable preferred shares   133,115       133,115       144,898       144,898  
    Tangible common equity $ 326,332     $ 304,604     $ 341,715     $ 340,710  
                   
    Common shares outstanding   45,892,706       45,644,318       37,822,340       37,641,563  
    Common shares from assumed conversion of Series A preferred shares   13,521,635       13,521,635       6,750,567       5,971,184  
    Common shares outstanding after assumed conversion of Series A preferred shares   59,414,341       59,165,953       44,572,907       43,612,747  
                   
    Equity per share:              
    Shareholders’ equity $ 10.56     $ 10.10     $ 14.27     $ 14.20  
    Tangible equity $ 7.73     $ 7.40     $ 10.92     $ 11.13  
    Tangible common equity $ 7.11     $ 6.67     $ 9.03     $ 9.05  

    _______________
    1 Adjusted net operating income, tangible common equity and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.
    2 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods and includes the final adjustment determination to the closing purchase price pursuant to the Stock Purchase Agreement.
    3 Tangible common equity is a non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    The MIL Network –

  • MIL-OSI: James River Announces Excess and Surplus Lines Leadership Retirement and Succession Plan

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) announced today its plans for Todd Sutherland, current Senior Vice President, Management Liability within the Company’s Excess and Surplus Lines (“E&S”) segment, to succeed Richard Schmitzer as President of the E&S segment effective May 5, 2025. Mr. Schmitzer announced that he will step down as Chief Executive Officer of the E&S segment effective July 31, 2025, a position he has held since 2010, and retire during the fourth quarter of 2025 after more than 45 years in the insurance industry.

    “Richard Schmitzer has chosen to retire after a long and highly successful insurance career spanning over four decades,” said Frank D’Orazio, the Company’s Chief Executive Officer. “Under Richard’s leadership, we have built a meaningfully relevant and resilient E&S business. We are grateful for his many contributions to the organization and wish him well in his retirement.”

    “It has been an honor to serve as President and CEO of James River’s E&S segment, and I am very proud of our team, our relationship with the market and the franchise we have built,” said Mr. Schmitzer. “I am committed to working with Todd and the leadership team to achieve a seamless transition as we continue to execute on our strategic priorities and plans.”

    In his new role, Mr. Sutherland will report directly to Mr. D’Orazio and will remain based in Richmond, Virginia, the headquarters of the Company’s E&S segment. Concurrent with the succession plan, the title of E&S segment Chief Executive Officer will be retired in lieu of segment President.

    Mr. Sutherland joined James River in 2023 to establish the Management Liability division of the Company, aligned with efforts to drive diversified profitable growth across the E&S product portfolio. With over thirty years of industry experience, Mr. Sutherland previously served as Head of the US Central Zone at AXA XL (“AXA”) with oversight of a multi-billion-dollar portfolio of diversified property and casualty lines. Prior to AXA, Mr. Sutherland spent 13 years at Allied World Assurance Company, where he led the development and build out of the US Central Region across all commercial lines. Mr. Sutherland has also held underwriting management roles at Axis Capital and American International Group earlier in his career. He is a graduate of Miami University.

    “On behalf of our entire organization, I am very excited to announce our plan for Todd to become our next E&S segment President,” said Mr. D’Orazio. “Todd is a proven leader with a track record of building and leading substantial, profitable businesses at several specialty insurance organizations. Our history together, and his most recent assignment at James River, give me great confidence in his ability to lead and inspire our organization to achieve continued success and reach new heights in the years to come.”

    “Richard and his team have built a powerful franchise in the E&S marketplace, and I am thrilled to be in a position to lead the business as we continue to execute on our strategic plan of profitable growth,” said Mr. Sutherland. “I look forward to working with my colleagues across the Company as we deliver exceptional products and best in class service.”

    Forward Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our estimate used to compute loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

    Zachary Shytle
    Senior Analyst, Investor Relations and Investments
    (980) 249-6848
    InvestorRelations@james-river-group.com

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024.

    First Quarter 2025 Highlights

    • Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024
    • Net income of $42.9 million compared to $26.4 million in the first quarter of 2024
    • Adjusted net income(1) increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024
    • Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024
    • Catastrophe loss ratio(1) of -0.3% compared to 3.1% in the first quarter of 2024
    • Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024
    • Adjusted combined ratio(1) of 68.5% compared to 73.0%, in the first quarter of 2024
    • Adjusted combined ratio excluding catastrophe losses(1) of 68.9% compared to 69.8%, in the first quarter of 2024
    • Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024
    • Annualized adjusted return on equity(1) of 27.0% compared to 22.9% in the first quarter of 2024

     

    (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 strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio.  Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%(2), demonstrating the strong underlying momentum that exists across our portfolio of specialty products.”   

    Mr. Armstrong continued, “Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.”  

    (2) Excludes the impact of lines of business exited or discontinued since prior year.

    Underwriting Results

    Gross written premiums increased 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024, while net earned premiums increased 52.1% compared to the prior year’s first quarter. 

    Losses and loss adjustment expenses for the first quarter were $38.7 million, comprised of $39.2 million of attritional losses, offset by $0.5 million of favorable development on prior year catastrophe events. The loss ratio for the quarter was 23.6%, comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio(1) of -0.3% compared to a loss ratio of 24.9% during the same period last year comprised of an attritional loss ratio of 21.8% and a catastrophe loss ratio(1) of 3.1%.

    Underwriting income(1) for the first quarter was $44.1 million resulting in a combined ratio of 73.1% compared to underwriting income of $25.0 million resulting in a combined ratio of 76.9% during the same period last year. The Company’s adjusted underwriting income(1) was $51.6 million resulting in an adjusted combined ratio(1) of 68.5% in the first quarter compared to adjusted underwriting income(1) of $29.2 million and an adjusted combined ratio(1) of 73.0% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 68.9% compared to 69.8% during the same period last year.

    Investment Results
    Net investment income increased by 69.1% to $12.1 million compared to $7.1 million in the prior year’s first 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 March 31, 2025 due to cash generated from operations and proceeds from the August 2024 public offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.09 years at March 31, 2025. Cash and invested assets totaled $1.2 billion at March 31, 2025. During the first quarter, the Company recorded $2.3 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million during the same period last year.

    Tax Rate
    The effective tax rate for the three months ended March 31, 2025 was 20.1% compared to 23.2% for the three months ended March 31, 2024. 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 offset by non-deductible executive compensation expense.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $790.4 million at March 31, 2025, compared to $501.7 million at March 31, 2024. For the three months ended March 31, 2025, the Company’s annualized return on equity was 22.6% compared to 21.7% for the same period in the prior year while adjusted return on equity(1) was 27.0% compared to 22.9% for the same period in the prior year. 

    Full Year 2025 Outlook
    For the full year 2025, the Company expects to achieve adjusted net income of $186 million to $200 million, an increase from the Company’s initial outlook of adjusted net income of $180 million to $192 million. This range includes an estimate of $8 million to $12 million of catastrophe losses for the remainder of the year.

    Conference Call
    As previously announced, Palomar will host a conference call Tuesday, May 6, 2025, to discuss its first quarter 2025 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 First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025.

    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. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), 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, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating 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 months ended March 31, 2025 and 2024:

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands, except per share data)  
    Gross written premiums   $ 442,163     $ 368,078     $ 74,085       20.1 %
    Ceded written premiums     (230,745 )     (228,171 )     (2,574 )     1.1 %
    Net written premiums     211,418       139,907       71,511       51.1 %
    Net earned premiums     164,070       107,866       56,204       52.1 %
    Commission and other income     830       528       302       57.2 %
    Total underwriting revenue (1)     164,900       108,394       56,506       52.1 %
    Losses and loss adjustment expenses     38,743       26,837       11,906       44.4 %
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798       14,561       45.8 %
    Other underwriting expenses     35,733       24,804       10,929       44.1 %
    Underwriting income (1)     44,065       24,955       19,110       76.6 %
    Interest expense     (85 )     (740 )     655       (88.5 )%
    Net investment income     12,071       7,139       4,932       69.1 %
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002       (5,340 )     (177.9 )%
    Income before income taxes     53,713       34,356       19,357       56.3 %
    Income tax expense     10,791       7,974       2,817       35.3 %
    Net income   $ 42,922     $ 26,382     $ 16,540       62.7 %
    Adjustments:                                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )     5,340       (177.9 )%
    Expenses associated with transactions     2,088       —       2,088       — %
    Stock-based compensation expense     4,745       3,820       925       24.2 %
    Amortization of intangibles     707       390       317       81.3 %
    Tax impact     (1,494 )     204       (1,698 )     NM  
    Adjusted net income (1)   $ 51,306     $ 27,794     $ 23,512       84.6 %
    Key Financial and Operating Metrics                                
    Annualized return on equity     22.6 %     21.7 %                
    Annualized adjusted return on equity (1)     27.0 %     22.9 %                
    Loss ratio     23.6 %     24.9 %                
    Expense ratio     49.5 %     52.0 %                
    Combined ratio     73.1 %     76.9 %                
    Adjusted combined ratio (1)     68.5 %     73.0 %                
    Diluted earnings per share   $ 1.57     $ 1.04                  
    Diluted adjusted earnings per share (1)   $ 1.87     $ 1.09                  
    Catastrophe losses   $ (542 )   $ 3,359                  
    Catastrophe loss ratio (1)     (0.3 )%     3.1 %                
    Adjusted combined ratio excluding catastrophe losses (1)     68.9 %     69.8 %                
    Adjusted underwriting income (1)   $ 51,605     $ 29,165     $ 22,440       76.9 %
    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)

        March 31,     December 31,  
        2025     2024  
        (Unaudited)          
    Assets                
    Investments:                
    Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024)   $ 991,759     $ 939,046  
    Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024)     44,367       40,529  
    Equity method investment     2,259       2,277  
    Other investments     11,031       5,863  
    Total investments     1,049,416       987,715  
    Cash and cash equivalents     119,312       80,438  
    Restricted cash     15       101  
    Accrued investment income     8,590       8,440  
    Premiums receivable     334,247       305,724  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees     102,861       94,881  
    Reinsurance recoverable on paid losses and loss adjustment expenses     30,361       47,076  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses     361,227       348,083  
    Ceded unearned premiums     295,275       276,237  
    Prepaid expenses and other assets     92,292       91,086  
    Deferred tax assets, net     5,596       8,768  
    Property and equipment, net     2,393       429  
    Goodwill and intangible assets, net     24,925       13,242  
    Total assets   $ 2,426,510     $ 2,262,220  
    Liabilities and stockholders’ equity                
    Liabilities:                
    Accounts payable and other accrued liabilities   $ 65,405     $ 70,079  
    Reserve for losses and loss adjustment expenses     543,889       503,382  
    Unearned premiums     813,462       741,692  
    Ceded premium payable     179,105       190,168  
    Funds held under reinsurance treaty     34,200       27,869  
    Total liabilities     1,636,061       1,533,190  
    Stockholders’ equity:                
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3       3  
    Additional paid-in capital     501,950       493,656  
    Accumulated other comprehensive loss     (16,642 )     (26,845 )
    Retained earnings     305,138       262,216  
    Total stockholders’ equity     790,449       729,030  
    Total liabilities and stockholders’ equity   $ 2,426,510     $ 2,262,220  
     

    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  
        March 31,  
        2025     2024  
    Revenues:                
    Gross written premiums   $ 442,163     $ 368,078  
    Ceded written premiums     (230,745 )     (228,171 )
    Net written premiums     211,418       139,907  
    Change in unearned premiums     (47,348 )     (32,041 )
    Net earned premiums     164,070       107,866  
    Net investment income     12,071       7,139  
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002  
    Commission and other income     830       528  
    Total revenues     174,633       118,535  
    Expenses:                
    Losses and loss adjustment expenses     38,743       26,837  
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798  
    Other underwriting expenses     35,733       24,804  
    Interest expense     85       740  
    Total expenses     120,920       84,179  
    Income before income taxes     53,713       34,356  
    Income tax expense     10,791       7,974  
    Net income   $ 42,922     $ 26,382  
    Other comprehensive income, net:                
    Net unrealized gains (losses) on securities available for sale     10,203       (2,514 )
    Net comprehensive income   $ 53,125     $ 23,868  
    Per Share Data:                
    Basic earnings per share   $ 1.61     $ 1.06  
    Diluted earnings per share   $ 1.57     $ 1.04  
                     
    Weighted-average common shares outstanding:                
    Basic     26,658,106       24,862,367  
    Diluted     27,399,997       25,468,564  


    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 March 31,                  
        2025     2024                  
        ($ in thousands)          
                % of             % of             %  
        Amount     GWP     Amount     GWP     Change     Change  
    Product                                                
    Earthquake   $ 130,245       29.5 %   $ 105,729       28.7 %   $ 24,516       23.2 %
    Casualty     110,487       25.0 %     51,935       14.1 %     58,552       112.7 %
    Inland Marine and Other Property     99,284       22.5 %     76,876       20.9 %     22,408       29.1 %
    Fronting     53,927       12.2 %     94,831       25.8 %     (40,904 )     (43.1 )%
    Crop     48,220       10.9 %     38,707       10.5 %     9,513       24.6 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %   $ 74,085       20.1 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    State                                
    California   $ 139,723       31.6 %   $ 157,217       42.7 %
    Texas     44,991       10.2 %     40,795       11.1 %
    Hawaii     20,358       4.6 %     12,516       3.4 %
    Florida     18,641       4.2 %     13,924       3.8 %
    Washington     15,669       3.5 %     12,002       3.3 %
    New York     14,597       3.3 %     8,030       2.2 %
    New Mexico     12,395       2.8 %     7,469       2.0 %
    Colorado     12,168       2.8 %     9,605       2.6 %
    Other     163,621       37.0 %     106,520       28.9 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    Subsidiary                                
    PSIC   $ 230,917       52.2 %   $ 222,657       60.5 %
    PESIC     190,786       43.1 %     136,493       37.1 %
    Laulima     16,037       3.7 %     8,928       2.4 %
    FIA     4,423       1.0 %     —       — %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       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                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Gross earned premiums   $ 375,776     $ 302,872     $ 72,904       24.1 %
    Ceded earned premiums     (211,706 )     (195,006 )     (16,700 )     8.6 %
    Net earned premiums   $ 164,070     $ 107,866     $ 56,204       52.1 %
                                     
    Net earned premium ratio     43.7 %     35.6 %                

    Loss detail

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Catastrophe losses   $ (542 )   $ 3,359     $ (3,901 )     (116.1 )%
    Non-catastrophe losses     39,285       23,478       15,807       67.3 %
    Total losses and loss adjustment expenses   $ 38,743     $ 26,837     $ 11,906       44.4 %
                                     
    Catastrophe loss ratio     (0.3 )%     3.1 %                
    Non-catastrophe loss ratio     23.9 %     21.8 %                
    Total loss ratio     23.6 %     24.9 %                

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

        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period   $ 155,299     $ 97,653  
    Add: Balance acquired from FIA(1)     6,788       —  
    Add: Incurred losses and LAE, net of reinsurance, related to:                
    Current year     43,059       26,333  
    Prior years     (4,316 )     504  
    Total incurred     38,743       26,837  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                
    Current year     4,998       4,895  
    Prior years     13,170       9,432  
    Total payments     18,168       14,327  
    Reserve for losses and LAE net of reinsurance recoverables at end of period     182,662       110,163  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period     361,227       292,024  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period   $ 543,889     $ 402,187  

    (1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations.

    Reconciliation of Non-GAAP Financial Measures

    For the three months ended March 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Total revenue   $ 174,633     $ 118,535  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Underwriting revenue   $ 164,900     $ 108,394  

    Underwriting income and adjusted underwriting income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Income before income taxes   $ 53,713     $ 34,356  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Interest expense     85       740  
    Underwriting income   $ 44,065     $ 24,955  
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Adjusted underwriting income   $ 51,605     $ 29,165  

    Adjusted net income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net income   $ 42,922     $ 26,382  
    Adjustments:                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Tax impact     (1,494 )     204  
    Adjusted net income   $ 51,306     $ 27,794  

    Annualized adjusted return on equity

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
                     
    Annualized adjusted net income   $ 205,224     $ 111,176  
    Average stockholders’ equity   $ 759,739     $ 486,455  
    Annualized adjusted return on equity     27.0 %     22.9 %

    Adjusted combined ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Adjusted combined ratio     68.5 %     73.0 %

    Diluted adjusted earnings per share

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands, except per share data)  
                     
    Adjusted net income   $ 51,306     $ 27,794  
    Weighted-average common shares outstanding, diluted     27,399,997       25,468,564  
    Diluted adjusted earnings per share   $ 1.87     $ 1.09  

    Catastrophe loss ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Losses and loss adjustment expenses   $ 38,743     $ 26,837  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Loss ratio     23.6 %     24.9 %
                     
    Numerator: Catastrophe losses   $ (542 )   $ 3,359  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Catastrophe loss ratio     (0.3 )%     3.1 %

    Adjusted combined ratio excluding catastrophe losses

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Catastrophe losses     542       (3,359 )
    Adjusted combined ratio excluding catastrophe losses     68.9 %     69.8 %

    Tangible Stockholders’ equity

        March 31,     December 31,  
        2025     2024  
        (in thousands)  
    Stockholders’ equity   $ 790,449     $ 729,030  
    Goodwill and intangible assets     (24,925 )     (13,242 )
    Tangible stockholders’ equity   $ 765,524     $ 715,788  

    The MIL Network –

  • MIL-OSI USA: Shapiro Administration Calls for New Investments in Maternal Health and the Rural Health Care Workforce During Visit to Uniontown Hospital’s New, Reopened Maternity Unit

    Source: US State of Pennsylvania

    May 05, 2025 – Uniontown, PA

    Shapiro Administration Calls for New Investments in Maternal Health and the Rural Health Care Workforce During Visit to Uniontown Hospital’s New, Reopened Maternity Unit

    Department of Human Services (DHS) Secretary Dr. Val Arkoosh toured the newly-opened WVU Medicine Children’s Birthing Center at Uniontown Hospital, which brings labor and delivery services back to Fayette County and the surrounding area. While there, Secretary Arkoosh highlighted Governor Josh Shapiro’s common-sense, strategic investments in the 2025-26 proposed budget to expand maternal health services and alleviate ongoing workforce recruitment challenges facing many rural hospitals by continuing to invest in rural health systems.

    “Everyone deserves access to high-quality, supportive, and accessible care before, during and following their birthing experience. Timely, comprehensive, and trusted pre- and postnatal care make a big difference in the overall health of both parents and newborns, but we know that when people do not have access to health care locally, it can be a significant barrier to healthy outcomes,” said Secretary Arkoosh. “The reopening of Uniontown Hospital’s birthing center is a shining example of progress being made in our rural communities to support growing families and ensure that no matter where people live in the Commonwealth, they benefit from a stable health care presence in their community. The Shapiro Administration is committed to being a partner as communities and health care providers work to improve access to high quality maternity care for all, including in our rural communities.”

    Speakers Include:
    Carrie Willetts, WVU Medicine Uniontown Hospital President and CEO
    Dr. Lawrence Glad, Medical Director, WVU Medicine Children’s Birthing Center at Uniontown Hospital
    Dr. Val Arkoosh, DHS Secretary

    MIL OSI USA News –

  • MIL-OSI USA: CFTC Staff on Leave Pending Investigation

    Source: US Commodity Futures Trading Commission

    CFTC Staff on Leave Pending Investigation | CFTC

    /PressRoom/PressReleases/9071-25
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    May 05, 2025

    WASHINGTON, D.C. — The CFTC is committed to holding employees to the highest standards, as expected by American taxpayers. Pursuant to the President’s executive orders on lawful governance and accountability, the CFTC has placed staff on administrative leave for potential violations of laws, government ethics requirements and professional rules of conduct. Investigations are currently ongoing into these matters and the CFTC will provide updates as appropriate. 

    -CFTC-

    MIL OSI USA News –