Category: Business

MIL-OSI: EverQuote Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Revenue Growth of 83% Year-Over-Year to $166.6 million
First Quarter Variable Marketing Dollars Increase of 52% Year-Over-Year to $46.9 million
Delivers First Quarter Net Income of $8.0 million and Record Adjusted EBITDA of $22.5 million

CAMBRIDGE, Mass., May 05, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the first quarter ended March 31, 2025.

“2025 is off to a strong start, building on our momentum from last year, and we once again achieved record financial performance across our key financial metrics of revenue, Variable Marketing Dollars or VMD and Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “Our scale and technology are enabling us to build a competitive moat and leverage a data advantage as we extend AI throughout our traffic and distribution systems. We are delivering strong performance to carriers and agents, and they are rewarding us with increased budgets, which supports continued traffic growth. We remain steadfast in our focus to become the leading growth partner for P&C insurance providers.”

“The first quarter marks our fourth consecutive quarter of record revenue and Adjusted EBITDA performance, and we ended the quarter with a strong cash position and no debt outstanding,” said Joseph Sanborn, CFO of EverQuote. “EverQuote remains resilient to macro conditions and is well positioned for continued success as a broad number of carriers are benefiting from healthy combined ratios and are focusing on driving policy growth. Given this favorable environment, we believe that the long-term thesis of insurance advertising spend shifting to digital channels remains firmly intact.”

First Quarter 2025 Highlights:
(Unless otherwise noted, all comparisons are relative to the first quarter of 2024).

Total revenue grew 83% to $166.6 million.
Automotive insurance vertical revenue of $152.7 million, an increase of 97%.
Home and renters insurance vertical revenue of $13.9 million, an increase of 10%.
VMD grew to $46.9 million, compared to $30.8 million, an increase of 52%.
GAAP net income of $8.0 million, compared to a GAAP net income of $1.9 million. GAAP net income in Q1 2025 included a non-cash charge of $7.9 million related to divesting the remaining P&C direct-to-consumer agency assets to settle an existing legal matter with the former owners of PolicyFuel, which was acquired in 2021.
Adjusted EBITDA of $22.5 million, compared to $7.6 million.
Operating cash flow of $23.3 million, compared to $10.4 million.
Ended the quarter with $125.0 million in cash and cash equivalents, an increase of 22% from $102.1 million at the end of the fourth quarter of 2024.

Second Quarter 2025 Outlook:

Revenue of $155.0 – $160.0 million, representing 34% year-over-year growth at the midpoint.
Variable Marketing Dollars of $45.0 – $47.0 million, representing 26% year-over-year growth at the midpoint.
Adjusted EBITDA of $20.0 – $22.0 million, representing 62% year-over-year growth at the midpoint.

With respect to the Company’s expectations under “Second Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

Conference Call and Webcast Information

EverQuote will host a conference call and live webcast to discuss its first quarter 2025 financial results at 4:30 p.m. Eastern Time today, May 5, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

Safe Harbor Statement

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; (16) any impacts of economic developments, including inflation and potential tariffs; and (17) the future trading prices of our Class A common stock.

About EverQuote

EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

For more information, visit https://investors.everquote.com and follow on LinkedIn.

Investor Relations Contact

Brinlea Johnson
The Blueshirt Group
(415) 269-2645


EVERQUOTE, INC.
STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025			2024
	(in thousands except per share)
Revenue	$	166,632		$	91,065
Cost and operating expenses(1):
Cost of revenue		5,380			5,041
Sales and marketing		129,430			70,784
Research and development		7,485			6,844
General and administrative		8,440			6,630
Legal settlement		7,900			—
Total cost and operating expenses		158,635			89,299
Income from operations		7,997			1,766
Other income (expense):
Interest income		708			386
Other income (expense), net		(31	)		41
Total other income, net		677			427
Income before income taxes		8,674			2,193
Income tax expense		(684	)		(286	)
Net income	$	7,990		$	1,907
Net income per share:
Basic	$	0.22		$	0.06
Diluted	$	0.21		$	0.05
Weighted average common shares outstanding, basic and diluted:
Basic		35,879			34,387
Diluted		37,667			35,608

^{(1) Amounts include stock-based compensation expense, as follows:}
	Three Months Ended March 31,
	2025			2024
	(in thousands)
Cost of revenue	$	9		$	36
Sales and marketing		1,565			1,594
Research and development		1,370			1,312
General and administrative		2,476			1,576
	$	5,420		$	4,518

EVERQUOTE, INC.
BALANCE SHEET DATA

	March 31,		December 31,
	2025		2024
	(in thousands)
Cash and cash equivalents	$	124,968	$	102,116
Working capital		113,927		99,131
Total assets		232,145		210,530
Total liabilities		82,645		75,162
Total stockholders’ equity		149,500		135,368

EVERQUOTE, INC.
STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025			2024
	(in thousands)
Cash flows from operating activities:
Net income	$	7,990		$	1,907
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		1,221			1,263
Stock-based compensation expense		5,420			4,518
Provision for bad debt		—			18
Unrealized foreign currency transaction (gains) losses		35			(4	)
Changes in operating assets and liabilities:
Accounts receivable		(457	)		(17,123	)
Prepaid expenses and other current assets		496			972
Commissions receivable, current and non-current		1,014			1,323
Operating lease right-of-use assets		267			497
Accounts payable		(2,765	)		15,868
Accrued expenses and other current liabilities		10,018			1,870
Deferred revenue		335			(2	)
Operating lease liabilities		(268	)		(667	)
Net cash provided by operating activities		23,306			10,440
Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software		(1,133	)		(770	)
Net cash used in investing activities		(1,133	)		(770	)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,962			1,428
Tax withholding payments related to net share settlement		(1,293	)		(429	)
Net cash provided by financing activities		669			999
Effect of exchange rate changes on cash, cash equivalents and restricted cash		10			(5	)
Net increase in cash, cash equivalents and restricted cash		22,852			10,664
Cash, cash equivalents and restricted cash at beginning of period		102,116			37,956
Cash, cash equivalents and restricted cash at end of period	$	124,968		$	48,620

EVERQUOTE, INC.
FINANCIAL AND OPERATING METRICS

Revenue by vertical:

	Three Months Ended March 31,				Change
	2025		2024		%
	(in thousands)
Automotive	$	152,715	$	77,538		97.0	%
Home and renters		13,904		12,689		9.6	%
Other		13		838		-98.4	%
Total revenue	$	166,632	$	91,065		83.0	%

Other financial and non-financial metrics:

	Three Months Ended March31,				Change
	2025		2024		%
	(in thousands)
Income from operations	$	7,997	$	1,766		352.8	%
Net income	$	7,990	$	1,907		319.0	%
Variable marketing dollars	$	46,860	$	30,818		52.1	%
Adjusted EBITDA(1)	$	22,507	$	7,588		196.6	%

^{(1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.}

To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; legal settlement expense; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.


EVERQUOTE, INC.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP

	Three Months Ended March 31,
	2025			2024
	(in thousands)
Net income	$	7,990		$	1,907
Stock-based compensation		5,420			4,518
Depreciation and amortization		1,221			1,263
Legal settlement		7,900			—
Interest income		(708	)		(386	)
Income tax expense		684			286
Adjusted EBITDA	$	22,507		$	7,588

The MIL Network –

May 6, 2025

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 –

May 6, 2025

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 –

May 6, 2025
MIL-OSI: Vimeo Q1 2025 Shareholder Letter Available on Company’s IR Site

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Vimeo posted its first quarter 2025 shareholder letter on the investor relations section of its website at https://www.vimeo.com/investors. Vimeo will live stream a video conference to answer questions regarding its first quarter results today at 5:00 p.m. Eastern Time. This live stream will include disclosure of certain information, including forward-looking information, which may be material to an investor’s understanding of Vimeo’s business. The live stream will be open to the public at https://www.vimeo.com/investors.

About Vimeo
Vimeo (NASDAQ: VMEO) is the world’s most innovative video experience platform. We enable anyone to create high-quality video experiences to better connect and bring ideas to life. We proudly serve our community of millions of users – from creative storytellers to globally distributed teams at the world’s largest companies – whose videos receive billions of views each month. Learn more at www.vimeo.com.

Contact Us

Vimeo Investor Relations
ir@vimeo.com

Vimeo Communications
Ronda Morra
press@vimeo.com

The MIL Network –

May 6, 2025

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 –

May 6, 2025

MIL-Evening Report: Labor has the chance to do something big in its second term. What policy reforms should it take on?

Source: The Conversation (Au and NZ) – By Yee-Fui Ng, Associate Professor, Faculty of Law, Monash University

Dan Breckwoldt/Shutterstock

Labor’s historic election victory means the Albanese government has a rare opportunity to pursue a big, bold reform agenda. The scale of the victory all but guarantees a third term in office after the next election in 2028, and entrenches Anthony Albanese’s authority as prime minister.

The government may opt to play it safe and limit its legislative agenda to the policies it took to the election. But if it was to chance its arm, which substantial changes should it pursue that could make a real difference to Australia’s long-term future?

We asked three experts to nominate the top policy priorities for a second Albanese government. Here are their responses.

Yee-Fui Ng

Associate Professor of Law, Monash University

Advancing Voice and Truth with Indigenous Australians should be a priority. This would build on the comprehensive rejection of the politics of division by the Australian people.

After the defeat of the Voice referendum on Indigenous constitutional recognition, the Coalition reignited the culture wars by criticising “woke” schools and Peter Dutton’s attack on Indigenous welcome to country at Anzac Day ceremonies.

But that negative message did not resonate with modern multicultural Australia, with its diverse population and identities. Anthony Albanese and Penny Wong’s victory speeches on Saturday night emphasised a kinder and more inclusive politics, where all Australians are recognised and no one is left behind.

The Labor government now has a strong mandate to take more significant action on Indigenous issues. Aboriginal people experience higher rates of incarceration, and significant disparities in health, education and employment compared to non-Indigenous Australians. Reform measures could be introduced through legislation, rather than by trying to change the constitution.

Closing the gap and revisiting Voice and Truth should be a priority for the second Albanese government.
ChameleonsEye/Shutterstock

Another pressing reform is bolder action on climate change. There is a growing urgency to tackle the effects of global warming, with an increase in environmental degradation and natural disasters globally.

Peter Dutton’s proposal to build seven nuclear reactors on Australian soil was comprehensively repudiated at the election.

European countries have harnessed the potential of regenerative energies, with the proliferation of wind farms and electric cars. Australia needs to lift its game and be on the same path towards a more sustainable future.

We are custodians of the Earth for future generations. It is incumbent on the Labor government to put forward a stronger agenda for a cleaner, more liveable planet.

Helen Hodgson

Professor at Curtin Law School and Curtin Business School, Curtin University

Second terms are often regarded as the best time strategically for governments to legislate difficult, but necessary reforms. It will be no different for the re-elected Albanese government, which will command a large majority in the new parliament.

Genuine tax reform should be a priority for Labor over the next three years, starting with a reduction in the 50% capital gains tax (CGT) discount and taxing superannuation withdrawals on high balance accounts.

While many people consider negative gearing to be the main concern in relation to investment in housing, reforming the CGT discount would be a more effective way to address increases in housing prices.

Negative gearing is only effective as a wealth-building strategy if there is a payoff at the end through the concessional taxation on the capital gain. Reducing the CGT discount would limit the appeal of negative gearing.

It would also flow through to other forms of investment that might not be delivering productivity gains, including some investments within family trusts.

Reforming CGT would revisit a contentious Labor policy that was roundly rejected at the 2019 election. But the housing crisis has deepened since then and many voters would now see an overhaul as necessary and timely.

The second recommendation I would make would be to address the inequalities that arise from tax exempt superannuation. Prior to 2007, withdrawals from super funds were taxed concessionally, but were not fully exempt.

In the retirement phase, members are required to withdraw a minimum amount from their superannuation accounts. But these days they do it totally tax-free.

The government should consider taxing these withdrawals, subject to a tax credit that reflects the tax paid by the fund prior to retirement phase. It would also be subject to the existing Seniors and Pensioners Tax Offset, which can reduce the amount of tax paid.

The rates of these credits could be tweaked to ensure that only those in the wealthiest 20% are affected. This would level the playing field so the tax payable by most retirees with modest superannuation balances would fall within these two concessions.

These two reforms would help reduce wealth inequality in Australia and raise funds for social spending, including increases in the JobSeeker payment.

Intifar Chowdhury

Lecturer in Government, Flinders University

Despite being one of the most pressing concerns for young Australians, mental health did not get much airtime during the election campaign.

This is striking given the evidence. According to the 2024 Australian Youth Barometer, 98% of young people aged 18–24 report feelings of anxiety or depression, and nearly 40% experience a diagnosable mental disorder in any given year. These aren’t fringe numbers, they are endemic.

Labor has pledged $1 billion to expand access to free public mental health care, with a welcome focus on young people. But funding more services is only part of the solution.

Experts argue that simply increasing the number of people given access to treatment and support won’t go far enough if those people only receive short term or fragmented care. A more meaningful step would be to double the number of free sessions available to people suffering complex mental health needs. Good care takes time, trust and continuity.

More fundamentally, the current policy focus remains too clinical. By contrast, the most effective models for youth care are more holistic. Many young people grappling with mental illness are also dealing with unstable housing, drug use, educational disruption, or loneliness.

Psychosocial supports such as social workers, peer mentors and housing liaisons, are essential to wraparound care. Yet, they remain underfunded.

The new Medicare Mental Health Centres and Youth Specialist Care Centres, which were promised by Labor during the campaign, should not just offer more of the same. Policymakers must rethink the model entirely: multidisciplinary, community-driven, culturally safe, and youth-informed.

They must also address why young men, who make up a majority of suicide deaths, are the least likely to seek help.

Mental health policy should be local, flexible, and expansive. Right now, it still feels centralised, cautious, and underdone.

Improving the mental health and wellbeing of all Australians, especially young people, would be a valuable way of ensuring the government doesn’t squander the time and space its been given by voters to do something truly valuable and reformative.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Labor has the chance to do something big in its second term. What policy reforms should it take on? – https://theconversation.com/labor-has-the-chance-to-do-something-big-in-its-second-term-what-policy-reforms-should-it-take-on-255849

MIL OSI Analysis – EveningReport.nz –

May 6, 2025
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 –

May 6, 2025
MIL-OSI Security: Former Amtrak Director of Network Planning and Engineering, Two Vendors Indicted for Extensive Bribery Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

PHILADELPHIA – United States Attorney David Metcalf announced that Richard Thompson, 57, of Falls Church, Virginia, Shaun Hanrahan, 66, of Hampton, Virginia, and Darren Hannam, 57, of Haymarket, Virginia, were charged by indictment with honest services fraud through bribery for engaging in schemes to pay off Thompson, in exchange for Thompson steering millions of dollars in Amtrak work to companies owned by Hanrahan, Hannam, and others.

Thompson was the Director of Network Planning and Engineering for Amtrak and had a leadership role in designing information technology (“IT”) systems and selecting IT vendors and subcontractors to perform IT work for Amtrak. Hanrahan was the owner of Awarity, LLC, a small business providing management consulting and computer-related services. Hannam and Co-schemer #1 were the principals of Arch Technology, an IT company.

The indictment alleges that, from about 2015 through 2021, Thompson engaged in bribery schemes with each of three companies who were his favored vendors in the Amtrak contracting process — Awarity, Arch Technology, and 20/20 Teknology, owned by Co-schemer #2. In each of these schemes, as alleged, Thompson repeatedly shared proprietary Amtrak bid information and other documents with his favored vendors before Amtrak contracts were awarded, giving the favored vendors advantages in the Amtrak contracting processes.

The indictment further alleges that Thompson likewise collaborated with them on bid and contracting documents, manipulated bidding lists, and structured existing contractual relationships, so that his favored vendors would get lucrative subcontracting deals and bypass Amtrak’s competitive bidding process. The defendants allegedly tried to conceal their scheme from Amtrak and other authorities by communicating with Thompson on his personal email accounts rather than his Amtrak email.

The Amtrak work involved in these schemes included, among other things, the design and installation of nationwide WiFi networks, IT equipment purchases, the installation of audio-visual equipment in Amtrak’s offices in Washington, DC, and a major project to improve the gates that provided access to Amtrak railroad tracks across the country. According to the indictment, for steering and attempting to steer this work to his favored vendors, Thompson received a stream of benefits from each vendor. For example, Hanrahan provided Thompson with payments of cash totaling at least $97,000; Hannam and Co-schemer #1 provided Thompson with expensive electronics valued at approximately $9,500, including Apple computers. Co-schemer #2 provided Thompson with an automobile, free hotel and condominium stays in Ocean City, Maryland, and $40,000 in cash.

The defendants are all charged with multiple counts of honest services wire fraud through bribery. Hannam is also charged with falsification of records for allegedly trying to cover up the scheme after federal agents executed search warrants in this matter.

If convicted, the defendants face maximum possible sentences of 20 years in prison for each count of honest services fraud in the indictment.

The case was investigated by the FBI and the Amtrak Office of Inspector General and is being prosecuted by Assistant United States Attorneys Louis D. Lappen and Jason Grenell.

The charges and allegations contained in the indictment are merely accusations. Every defendant is presumed to be innocent unless and until proven guilty in court.

MIL Security OSI –

May 6, 2025
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
Skip to main content

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 –

May 6, 2025
MIL-OSI: Draganfly Announces Closing of US$3.6 Million Underwritten Public Offering

Source: GlobeNewswire (MIL-OSI)

Saskatoon, SK., May 05, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced the closing of its previously announced underwritten public offering (the “Offering”) of 1,715,000 units (the “Units”), with each Unit consisting of one common share and one warrant to purchase one common share (each, a “Warrant”). Each Unit was sold at a public offering price of US$2.10, for gross proceeds of approximately US$3.6 million, before deducting underwriting discounts and offering expenses. The Warrants have an exercise price of CA$3.9779 (or US$2.875) per share, are exercisable immediately and will expire five years following the date of issuance. In addition, the Company granted the Underwriter (as defined below) a 45-day over-allotment option to purchase up to an additional 15% of the number of common shares and/or warrants offered in the Offering, of which the Underwriter has partially exercised its option to purchase an additional 100,000 Warrants.

Maxim Group LLC (the “Underwriter”) acted as sole book-running manager for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

The Offering was made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

A final prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in the Canadian provinces of British Columbia, Saskatchewan and Ontario, and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the final prospectus supplements and accompanying Base Shelf Prospectus relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

Media Contact
media@draganfly.com

Company Contact
Email: info@draganfly.com

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds of the Offering. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

The MIL Network –

May 6, 2025
MIL-OSI USA: Moolenaar, Obernolte, Goldman, Introduce LOCOMOTIVES Act to Stop California Regulations from Impacting Nation

Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

Today, Congressmen John Moolenaar, Jay Obernolte (R-CA), and Craig Goldman (R-TX) introduced the LOCOMOTIVES Act to limit the State of California’s ability to place unsustainable regulations on trains crossing into the state. The legislation revises Section 209 of the Clean Air Act to close a loophole which allows the California Air Resources Board to request waivers from the Environmental Protection Agency which would require interstate trains to abide by environmental standards stricter than the federal government’s.

“Nearly every industry relies on railway to ship their goods and access markets across the world. Unfortunately, bureaucrats in California maintain the ability to supersede federal standards and institute policies that would keep vital parts of Michigan’s economy, including the agriculture and auto industries, from accessing global markets. The LOCOMOTIVES Act is a commonsense proposal that stops California’s policies from impacting our state, and the rest of the country,” said Moolenaar.

“California should not be hijacking national freight policy with unreasonable emissions mandates,” said Obernolte. “CARB’s proposed locomotive standards would have wreaked havoc on interstate commerce, driven up costs for American families, and crippled rail operations across the country. I’m thankful that, after sustained pressure, CARB recognized the consequences of its overreach and withdrew its request. I’m proud to support the LOCOMOTIVES Act to prevent these illogical actions in the future and protect the infrastructure that keeps our economy moving.”

“As railways continue to serve as a cost-effective and reliable means of transporting goods, California’s extreme green energy regulations will prevent most locomotives from operating within the state. I’m proud to co-sponsor Representative Moolenaar’s LOCOMOTIVES Act, which prevents states like California from imposing unnecessary restrictions that would disrupt Texas’ interstate commerce and drive-up costs for consumers. This bill is an important measure to standardize locomotive regulations across states and ensure that Texas remains a key hub for interstate trade,” said Goldman.

The LOCOMOTIVES Act is endorsed by the U.S. Chamber of Commerce, the Association of American Railroads, the American Short Line and Regional Railroad Association, the North American Millers Association, the Supply Chain Federation, and the National Grain and Feed Association.

“We applaud Congressman Moolenaar’s leadership in introducing legislation that would prevent the possibility of unworkable and infeasible state regulation of locomotives involved in interstate commerce. This bill would close a Clean Air Act loophole that could be used by a state to circumvent federal regulation of locomotives and create a de facto national rule that would risk the viability of small business freight railroads,” said Chuck Baker, President of the American Short Line and Regional Railroad Association.

“Railroads remain the most fuel-efficient way to move goods over land and continue to deliver reliably for the nation’s businesses and communities,” said AAR President and CEO Ian Jefferies. “Currently, there are no commercially viable zero-emissions locomotives available—despite claims made by the California Air Resources Board in its now-abandoned in-use locomotive rule. As the industry pursues scalable, alternative solutions, Rep. Moolenaar’s legislation would provide much-needed regulatory certainty and prevent an impractical and infeasible state mandate from disrupting the entire nation’s supply chain.”

“Railroads are among the most fuel-efficient and environmentally responsible modes of freight transport. Subjecting them to a patchwork of state-level emissions standards would not only disrupt the flow of goods, but also discourage investment in cleaner technologies by creating uncertainty,” said Sarah Wiltfong, Chief Policy and Advocacy Officer, the Supply Chain Federation. “By reinforcing the federal government’s longstanding authority over mobile emissions on existing locomotives and their engines, the LOCOMOTIVE Act helps preserve regulatory consistency for a freight rail system that is critical to our supply chain and national economy.”

“Railroads are among the most fuel-efficient and environmentally responsible modes of freight transport. Subjecting them to a patchwork of state-level emissions standards would not only disrupt the flow of goods, but also discourage investment in cleaner technologies by creating uncertainty,” said Sarah Wiltfong, Chief Policy and Advocacy Officer, the Supply Chain Federation. “By reinforcing the federal government’s longstanding authority over mobile emissions on existing locomotives and their engines, the LOCOMOTIVES Act helps preserve regulatory consistency for a freight rail system that is critical to our supply chain and national economy.”

In 2023, the California Air Resources Board requested a waiver from the EPA, which would prohibit trains older than 23 years old operating from operating in the state unless it operates on a zero emissions configuration. The waiver was withdrawn last year, however, California is able to resubmit a similar request at any time. If California’s waiver request was granted, effectively two-thirds of all currently operating trains could not cross into the state, leaving them unable to access two of the largest ports in the country.

###

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: Ranking Members Markey, Velázquez Introduce Bicameral Legislation to Make Small Business Innovation Programs Permanent Ahead of September Expiration
US Senate News:
Source: United States Senator for Massachusetts Ed Markey

Bill Text (PDF) | One-Pager

Washington (May 1, 2025) – Senate Committee on Small Business and Entrepreneurship Ranking Member Edward J. Markey (D-Mass.) today introduced the SBIR/STTR Reauthorization Act of 2025, which would make permanent and expand the Small Business Innovation Research Program and the Small Business Technology Transfer Program (SBIR/STTR). House Committee on Small Business Ranking Member Nydia Velázquez (NY-07) is introducing companion legislation in the House.

For over 40 years, the SBIR and STTR programs have delivered more than $70 billion in research and development (R&D) funding to over 30,000 small businesses nationwide, ushering in technological breakthroughs that have benefited everyday Americans across the country and strengthened our national security. The SBIR and STTR programs are set to expire on September 30, 2025, if they are not reauthorized by Congress.

“Thanks in part to the SBIR/STTR programs, America has experienced a ‘golden age of innovation’ over the last forty years. And now, as Trump’s reckless tariffs threaten to decimate our most effective innovators–our small businesses–and the Administration slashes research dollars to institutions, it is even more urgent that we make the SBIR and STTR programs permanent,” said Ranking Member Markey. “These programs work because they prioritize merit and promote competition, and I am committed to ensuring that they retain their initial intent of fostering innovation in truly small businesses. I thank Ranking Member Velázquez for her partnership in promoting innovation through small businesses and providing certainty for these programs for decades to come.”

“For over 40 years, SBIR and STTR have helped America’s small businesses lead the way in cutting-edge research and innovation,” said Ranking Member Velázquez. “At a time when the Trump administration is working to dismantle vital public programs, it is more important than ever to protect what works. This bill gives these programs the long-term support they need by providing stable funding, expanding access, and strengthening safeguards against foreign threats. I am proud to work with Ranking Member Markey to secure the future of these programs.”

Specifically, the SBIR and STTR Reauthorization Act of 2025 would:
- Make permanent the SBIR and STTR programs. Permanently authorizing the SBIR and STTR programs would give both small businesses and government agencies the stability needed to continue their collaboration to spur innovation.
- Maintain competitiveness of SBIR and STTR programs. The legislation maintains the program’s 40-year long practice of facilitating merit-based competition to determine which innovative small businesses receive awards. This legislation would place no caps or limits on small businesses or the number of awards they can receive to ensure unbridled innovation for America.
- Increase research funding for small businesses and partnering research institutions. Agencies, over the course of 7 years, would be required to allocate at least 7 percent of their extramural R&D budgets to SBIR and 1 percent to STTR—up from 3.2 percent and 0.45 percent, respectively.
- Strengthen commercialization efforts. Agencies often fail to identify SBIR/STTR-funded technologies that demonstrate a solution to their needs, fueling a belief that many technologies simply do not showcase commercialization potential. Requiring agencies to designate a Technology Commercialization Official and undergo acquisition training would result in a greater number of SBIR/STTR technologies being commercialized by the federal government.
- Maintain bipartisan foreign due diligence efforts. The legislation extends the bipartisan due diligence program until 2030.
- Dismantle barriers to broaden participation. The time and resources required to develop an SBIR/STTR proposal can be a significant barrier to entry for many small businesses, particularly those who have limited resources. By reauthorizing the Federal and State Technology Partnership (FAST) Program and allowing agencies to use a portion of their SBIR/STTR funding to assist businesses in developing competitive proposals, the bill would help diversify the applicant pool and bring in new participants, including those from states that have historically received fewer awards. The bill also allows agencies to use a portion of their SBIR and STTR funding to establish internship and fellowship opportunities to spur innovation with a targeted effort to reach women and socially and economically disadvantaged individuals.
Massachusetts has the highest per-capita award rate of any state and is the second largest recipient of SBIR/STTR awards in the country, receiving more than 24,000 SBIR awards totaling $8.3 billion, and 2,000 STTR awards totaling over $720 million.

“The Small Business Technology Council (SBTC) is pleased to offer its endorsement to the bicameral SBIR/STTR Reauthorization Act of 2025. The SBIR/STTR Reauthorization Act of 2025 will build on the successes of the programs, while maintaining what has made them successful in the first place. We particularly appreciate the SBIR/STTR programs being made permanent, a long-overdue step for programs that have proven their worth for over 40 years in the case of SBIR. Small businesses thrive on certainty and making these programs permanent sends a powerful message to small businesses that the government will continue to be a reliable partner and customer for them. SBTC also supports increasing the SBIR and STTR allocations, for the first time since 2011. These programs continue to provide an enormous return on the taxpayer investment, and deserve to a larger investment of Federal R&D expenditures,” said Jere Glover, Executive Director of Small Business Technology Council.

“The New England Innovation Alliance, a coalition of small, disruptive innovation businesses located in Massachusetts and New Hampshire, strongly supports The SBIR and STTR Reauthorization Act of 2025 introduced by Senator Edward Markey, Ranking Member of the Senate Committee on Small Business and Entrepreneurship, and Representative Nydia Velázquez, Ranking Member of the House Small Business Committee,” said the New England Innovation Alliance. “The SBIR and STTR Reauthorization Act of 2025 would maintain the competitive, merit-based fundamentals of the programs to ensure the best technology is developed to keep America as the world leader. The measure appropriately recognizes that there should be no arbitrary award caps, submission limits, or forced graduation from programs.”

“Startups in medical technology face a daunting timeline of development, FDA clearance, and coverage determination. The CMS process alone can take more than five years. As a result, the industry has seen private investment move to other sectors with quicker returns. SBIR grants fill a critical gap in early-stage capital for healthcare innovation, a key growth driver for the Commonwealth. MassMEDIC deeply appreciates Sen. Markey’s leadership, collaboration, and commitment to building upon the success of the SBIR program and enthusiastically endorses his SBIR and STTR Reauthorization Act of 2025,” said Brian Johnson, President of MassMEDIC.

“VentureWell supports the strategic emphasis on entrepreneurial support in the SBIR/STTR Reauthorization Act of 2025, particularly the expansion of the I-Corps program. By recognizing that SBIR and STTR funding is essential—but not alone sufficient—for bridging the ‘valley of death’ between research and commercialization, this legislation rightly positions the federal government as a proactive partner in cultivating top-tier innovators and ensuring their work produces the maximum return on America’s investment in science,” said Phil Weilerstein, President and CEO of VentureWell.

The legislation is also endorsed by the National Small Business Association (NSBA).

Ranking Member Markey has been a longtime champion of the SBIR and STTR programs. In 2011, during his time serving in the House of Representatives, Ranking Member Markey played an integral role in SBIR and STTR’s reauthorization efforts. This reauthorization effort was the last time the program’s budget was increased significantly. Ranking Member Markey also introduced a reauthorization bill to improve the programs in 2019 and advocated on behalf of SBIR and STTR small businesses to the Trump administration during the COVID-19 pandemic.

In March 2025, Ranking Member Markey attended a Senate Small Business and Entrepreneurship Committee hearing titled, “Golden Age of American Innovation: Reforming SBIR-STTR for the 21^st Century,” where his witness highlighted the success of the SBIR/STTR programs.
MIL OSI USA News –
May 6, 2025
MIL-OSI USA: Markey, Ernst Celebrate American Spirit of Entrepreneurship During National Small Business Week

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (May 5, 2025) – U.S. Senate Committee on Small Business and Entrepreneurship Ranking Member Edward J. Markey (D-Mass.) and Chair Joni Ernst (R-Iowa) led 81 of their colleagues in declaring this week as “National Small Business Week” to recognize the innovators and job creators who power our economy.

“This National Small Business Week, we celebrate the contributions of small businesses that create jobs, drive our local economies, and make up the fabric of our communities,” said Senator Markey. “By supporting local businesses and aspiring entrepreneurs, we make our communities and our country stronger. I’m committed to ensuring that our nation’s 34 million small businesses and the 722,500 small businesses in Massachusetts receive the tools and resources they need to compete and thrive.”

“Small businesses are the lifeblood of Iowa’s economy, making up more than 99% of all businesses,” said Senator Ernst. “These shops mean so much more than the livelihoods they support and the jobs they create, they embody the American spirit and shape the culture of big cities and rural communities across America. These innovators drive our nation forward every day, I’m proud to recognize their tremendous contributions.”

There are more than 34.7 million small businesses in America, accounting for more than 99.9% of all businesses and employing 45.9% of American workers, or about 59 million people.

Click here to read the resolution.

MIL OSI USA News –

May 6, 2025
MIL-OSI Africa: Workers’ rights essential to building an inclusive economy

Source: South Africa News Agency

President Cyril Ramaphosa has emphasised the need for collective action to drive inclusive economic growth and job creation, while safeguarding the rights and gains of South African workers.

“At a time when our singular focus is on inclusive economic growth and job creation, we must continue to work together to improve the lives of every South African worker. Let us use the hard-won gains of workers to create new opportunities for all,” President Ramaphosa said in his weekly newsletter.

The President’s newsletter comes as the nation has just observed Workers’ Day on 1 May, which is commemorated across the world in honour of the struggles of workers for fair labour standards and conditions of work.

The President noted that over the past 31 years, the country has made considerable progress in improving its labour laws and protecting the rights of workers.

He highlighted that the country emerged from a past where black workers were deliberately denied their rights.

For many years, he said, black workers could not be organised into unions. Through job reservation, they were denied access to certain occupations and they often worked in unsafe and unhealthy conditions.

“Today, the rights of workers in South Africa are protected and enforced. The Constitution enshrines the rights of workers as it does the rights of every person who lives in South Africa. Since 1994, we have passed progressive laws to give effect to the rights of workers,” the President said.

Following extensive consultation with business, labour and civil society, government introduced a National Minimum Wage in 2019, setting a wage below which no worker may be paid.

Studies have found that since its introduction, the National Minimum Wage has led to a significant increase in hourly wages for workers and has also played a role in reducing the gap between the highest and lowest paid workers.

“We have sought to break from our apartheid past, where workers laboured under oppressive conditions to swell the profits of companies without receiving even the most basic benefits. This includes measures to advance worker ownership in companies. An increasing number of workers are part of worker share ownership programmes,” he said.

The President emphasised that government has been deliberate in its efforts to protect the rights of women workers.

He highlighted that the Employment Equity Act prohibits unfair discrimination on the basis of sex, gender, pregnancy and marital status.

“Female workers are guaranteed specific entitlements such as maternity and family responsibility leave, and we have laws that safeguard against sexual harassment and gender-based violence in the workplace,” he said.

At a time of constrained economic growth and high unemployment, the President said there have been calls from some people, including political parties, for the country’s labour laws to be ‘relaxed’ in response to the prevailing economic climate.

“Stimulating economic growth and job creation and retaining worker protections are not mutually exclusive. In fact, worker rights have been found to improve productivity and thereby enhance the growth of companies and the economy. They also help to distribute the benefits of growth more equally and improve economic stability.

“In addition, South Africa’s labour laws are part of our effort to overcome the structural inequality of apartheid,” he said.

President Ramaphosa noted that the latest report from the Employment Equity Commission has revealed how far the country still have to go in ending the race-based disparities that exist in the economy.

Despite Africans constituting the majority of the economically active population, he said the majority of top management positions in the private sector are still held by white males.

This trend is observed at senior management level in nearly every economic category. Black South Africans are predominantly in the semi-skilled and unskilled categories.

While President Ramaphosa acknowledged progress made since the introduction of employment equity legislation, he said the findings showed that much more needs to be done to transform the racial composition of economic ownership, control, and management.

“Employment equity is not the only area where challenges remain. The International Labour Organisation has highlighted problems of compliance with labour laws in South Africa, as well as inadequate safeguards for workers in the burgeoning informal sector.

“That is why part of our G20 Presidency involves engagements with labour over the consolidation of worker rights. We have held fruitful discussions in this regard with the International Trade Union Confederation and others.

“Despite these challenges, as a country we will continue to use our progressive labour laws to correct the imbalances of the past, and to ensure that these protections translate into tangible benefits for workers,” President Ramaphosa said.

He also called on business in particular to take the necessary measures to ensure that their workplaces reflect both the letter and spirit of laws such as the Labour Relations Act, Basic Conditions of Employment Act, Employment Equity Act and Occupational Health and Safety Act.

“Companies should go beyond compliance by actively fostering diversity and inclusion as envisaged in our Constitution by addressing historical inequalities and create opportunities for under-represented groups among their workers, such as women, the youth and persons with disabilities.

“They should also ensure that their workplaces are spaces where dignity, respect and human rights are upheld in daily practice and not just in policies,” the President said. – SAnews.gov.za

MIL OSI Africa –

May 6, 2025
MIL-OSI Africa: Transformation Fund to drive inclusive economic growth

Source: South Africa News Agency

Deputy President Paul Mashatile has lauded the launch of the Transformation Fund as a significant step towards inclusive economic growth and transformation in South Africa.

The Deputy President was delivering a keynote address at a Business Breakfast Session and launch of the Transformation Fund at the Freedom Park Heritage Site and Museum in Pretoria on Monday.

“Today is an important and historic day for South Africa as it marks a key milestone in our journey towards economic transformation. We fully welcome the launch of the Transformation Fund, as it will serve as a strategic vehicle for businesses to embrace change, foster innovation, and drive growth.

“This fund will serve as a catalyst for financial support, guiding organisations through crucial transitions and enabling them to seize new opportunities that arise in the market,” the Deputy President said.

The Transformation Fund, which brings together both public and private sector contributions, aims to unlock the potential of Enterprise and Supplier Development (ESD) and the Equity Equivalent Investment Programme, with a strong emphasis on economic inclusion and participation by historically disadvantaged communities.

“As enterprises seek improved access to capital and the need to remain competitive in this dynamic environment, I believe that the Transformation Fund will be invaluable. The proposed Transformation Fund will unleash Enterprise and Supplier Development’s (ESD’s) potency in driving economic inclusion and participation,” Deputy President Mashatile said.

He emphasised the centrality of the initiative within government’s economic agenda.

“We are going to make sure that the Transformation Fund is at the centre of government, specifically the Presidency,” he said, adding that they will work with the Minister of Trade, Industry and Competition Parks Tau as well as key Economic Cluster Ministers to ensure that targets are met, especially in the procurement of goods and services.

He noted that the National Treasury and Department of Women, Youth, and People with Disabilities have already collaborated to develop a framework. The focus now is to ensure speedy execution and equally implement the Preferential Procurement Policy Framework Act.

The Deputy President moved to recognise the involvement of the private sector in co-funding the initiative.

“It is commendable that the fund is anchored by private and public sector contributions to the Enterprise Supplier Development and Equity Equivalent Investment Programme obligations,” he said.

The centralised administration of the fund in partnership with business will help increase access to funding, especially for black-owned businesses operating in rural and township settings.

“Funding will be allocated to various productive sectors of the economy, which includes, among others, services industry, tourism, and agriculture, thereby supporting majority black-owned entities. Technical support and market access will be prioritised to ensure sustainability through inclusive interventions,” he said.

The Deputy President underlined the long-term benefits of the fund, noting that it would foster resilience and adaptability in the face of economic challenges.

Investing in a Transformation Fund signifies a commitment to progress and a dedication to long-term sustainability. “It will enable businesses to navigate challenges with resilience, adjust in response to changing dynamics, and establish themselves as adaptive leaders in their respective industries,” he said.

Fighting corruption key to an inclusive economy

The Deputy President made it clear that economic transformation cannot be achieved without tackling the scourge of corruption in both the public and private sectors.

Corruption undermines small businesses by increasing costs, reducing profits, and creating instability.

“To promote an inclusive economy, we must commit to addressing corruption by strengthening our institutions, fostering transparency and accountability, and promoting citizen engagement.

“This includes developing and implementing robust anti-corruption frameworks, strengthening our criminal justice system, and encouraging public participation and oversight,” he said.

Access to finance for black businesses

The Deputy President further stressed the need to find solutions pertaining to access to finance for Black businesses.

He emphasised that it was important to recognise that the funding deficits in South Africa are a contributing factor to the failure of small businesses.

Despite government intervention, such as Enterprise and Supplier Development, which is a critical component of the B-BBEE framework, he said there was still a need for additional measures to be taken to expand fund access to SMMEs.

“Loans are the most common financial instrument for micro, small, and medium-sized enterprises in South Africa, but they often have stringent underwriting standards, making them difficult for smaller businesses with limited collateral and financial records to secure.

“This is why we encourage small businesses seeking financial assistance to explore government funding programmes, and business support agencies such as the National Empowerment Fund, Small Enterprise Finance Agency and the Small Enterprise Development Agency,” the Deputy President said. – SAnews.gov.za

MIL OSI Africa –

May 6, 2025

MIL-OSI USA: Malliotakis Rallies Support for Senior Tax Relief

Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

(STATEN ISLAND, NY) – Congresswoman Nicole Malliotakis was joined by Beth Finkel, State Director of AARP New York, Marie Santangelo, leader of all Staten Island AARP Chapters, and local senior citizens at the New Dorp Beach Friendship Club to rally support for her effort to reduce taxes on Social Security income for seniors. As a member of the House Ways & Means Committee, Malliotakis has played a key role in negotiations and is working to build momentum in Washington to pass this big, beautiful bill as part of the upcoming budget reconciliation tax package.

As tax package negotiations continue, Malliotakis is working to include key provisions of her legislation in the upcoming reconciliation bill including:

H.R. 1130, The Bonus Tax Relief for America’s Seniors Act, and would amend the Internal Revenue Code of 1986 to increase the additional bonus deduction for seniors age 65 and over from $1,950 to $5,000 for single filers, and from $3,100 to $10,000 for married couples. On average, this bipartisan legislation would reduce federal taxes by $2,100 for married couples filing jointly earning $85,000 per year.

Increasing the SALT Cap, the current $10,000 cap on State and Local Tax (SALT) deductions has disproportionately impacted seniors and middle-class families in high-tax states like New York. Malliotakis is fighting to increase the deduction to provide meaningful relief to hardworking taxpayers burdened by high city & state taxes, and to ensure the Alternative Minimum Tax does not return.

“As we work to finalize the details of our tax relief package, I remain hopeful that key provisions of my legislation will be included in our one big, beautiful bill to reduce the tax burden on our seniors and muddle-class families in our community,” said Rep. Nicole Malliotakis. “Too many seniors are being forced to stretch their retirement savings further than ever before. After a lifetime of hard work and paying taxes, they deserve to keep more of their Social Security and retirement income without Uncle Sam reaching into their pockets again.”

“This bill is a clear recognition of both the financial pressures facing older Americans and the additional cost of the taxation of Social Security benefits, the largest source of income for most seniors. It also reflects a bipartisan understanding that our tax code should better support those who have worked hard, earned benefits, and contributed to our economy throughout their lives. By allowing more older taxpayers to keep more of their income, this legislation would improve retirement security and support independence and dignity in aging,” said Nancy A. LeaMond, AARP Executive Vice President and Chief Advocacy and Engagement Officer.

Malliotakis is also sponsoring other measures to ease the burden on seniors, including:

H.R. 1129, The Tax Relief Unleashed for Seniors by Trump (TRUST) Act, would increase the amount of income that is tax exempt and index the threshold to inflation, allowing seniors to keep more of their benefits. Malliotakis’ legislation would double current exempt income from $25,000 to $50,000 for single filers and from $32,000 to $64,000 for married couples age 65 and older.

H.R. 2266, The Reducing Excessive Taxation and Inefficiencies by Reforming Elder Exemptions to Support Fairness, Inflation Relief, and Simpler Taxes Act (RETIREES FIRST Act) aimed at modernizing outdated Social Security tax thresholds to deliver tax relief to middle-class retirees.

Today, nearly 56% of retirees pay taxes on their Social Security benefits, compared to less than 10% in 1984 when the Social Security exemptions were first established. As this figure is projected to rise further, Malliotakis is taking action having introduced legislation to raise the provisional income thresholds to $34,000 for single filers and $68,000 for married filers—up from the current levels of $25,000 and $32,000, respectively. The legislation would exempt most middle-class retirees from paying taxes on their Social Security benefits by reducing their tax burden.

The income thresholds for taxation of benefits have remained unchanged since first established by Congress in 1984. At the time, less than 10 percent of beneficiaries paid federal income tax on their benefits, but because wages have increased, the proportion of beneficiaries who must pay federal income tax on benefits has risen over time.

LINKS TO LEGISLATIVE TEXTS

H.R. 1130 HERE

H.R. 1129 HERE

H.R. 2266 HERE

In addition to reducing the tax burden on America’s seniors, Malliotakis as a member of the House Committee on Ways & Means and is acutely focused on increasing the State and Local Tax Deduction (SALT), and increasing domestic production by incentivizing companies to bring their manufacturing facilities and supply chains home.

Watch The Press Conference HERE.

MIL OSI USA News –

May 6, 2025

MIL-OSI Security: Stephenville — Bay St. George RCMP responds to outdoor party in Barachois Brook where suspected bear spray was deployed, seeks public’s assistance

Source: Royal Canadian Mounted Police

Bay St. George RCMP is investigating the suspected deployment of bear spray at an outdoor graduation party that was held at Black Bank Beach in Barachois Brook over this past weekend. Police are looking to speak with anyone who may have been present at the party or who otherwise may have information.

At approximately 1:30 a.m. on Sunday, police received the report. On Saturday evening and into Sunday morning, a number of teenagers were gathered at the beach as part of a graduation celebration. An individual, who was not part of the party and who has since been identified by police, attended the area and deployed a substance that is believed to have been bear spray.

Most of those in attendance had departed the scene prior to police arrival. Some teens received minor skin irritations.

As part of the investigation, Bay St. George RCMP looks to speak with anyone who attended the gathering, including possible victims or witnesses of the incident, or those who may otherwise have information about this incident. Please call 709-643-2118.

MIL Security OSI –

May 6, 2025
MIL-OSI Africa: Zimbabwe’s Finance Minister to Present Energy Investment Outlook at Invest in African Energy (IAE) 2025

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 5, 2025/APO Group/ —

Mthuli Ncube, Zimbabwe’s Minister of Finance, Economic Planning and Investment Promotion, will address global investors at the Invest in African Energy (IAE) 2025 Forum in Paris next week. As a keynote speaker, Minister Ncube will present Zimbabwe’s energy investment outlook, economic reform agenda and efforts to mobilize private capital across the power, hydrocarbons and renewable energy value chains.

Zimbabwe is targeting rapid energy sector expansion to meet rising industrial and consumer demand, reduce reliance on electricity imports and support long-term economic transformation. Key investment opportunities span power generation, transmission infrastructure, oil and gas exploration and the deployment of renewable energy – with a particular emphasis on solar and hydroelectric resources. The country is estimated to have a $4.8-billion funding gap for large-scale solar projects and is actively working to expand the pool of available capital. Efforts are also underway to enhance financial inclusion and secure more favorable terms for foreign investors in energy infrastructure.

IAE 2025 (http://apo-opa.co/3GH3mpN) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Meanwhile, Zimbabwe is home to the Muzarabani Prospect in the north, currently being explored by Australian-listed Invictus Energy. The company has identified eight high-potential gas and condensate prospects in the eastern portion of its Cabora Bassa Basin project, with the Musuma prospect emerging as a key target for exploration drilling in 2025. Recent survey results revealed significant prospectivity in the eastern basin, estimating approximately 2.9 trillion cubic feet of gas and 184 million barrels of condensate across the eight prospects on a gross mean unrisked basis.

Minister Ncube’s participation signals Zimbabwe’s commitment to fostering an enabling investment environment and positioning energy as a central pillar of national development. The country’s strategic location, resource potential and improving macroeconomic stability make it a compelling destination for long-term infrastructure and energy investment.

“Minister Ncube’s keynote will offer investors direct insight into the policy direction and financing mechanisms shaping Zimbabwe’s energy future. His presence at IAE 2025 underscores the country’s strong push to deepen international investment partnerships in support of energy access and industrialization,” says Sandra Jeque, Events & Project Director at Energy Capital & Power.

MIL OSI Africa –

May 6, 2025
MIL-OSI Economics: Unlock what’s next: Microsoft at May 19-22 Red Hat Summit 2025
Source: Microsoft

Headline: Unlock what’s next: Microsoft at May 19-22 Red Hat Summit 2025

Learn more about the solutions that Microsoft and Red Hat have to offer that drive technological advancements and empower organizations.

As the tech world eagerly anticipates Red Hat Summit 2025, Microsoft is proud to announce its role as a platinum sponsor at the event. Red Hat Summit is a premier enterprise open source event for IT professionals to learn, collaborate, and innovate on technologies from the datacenter and public cloud to edge and beyond. This year, Microsoft’s collaboration with Red Hat promises to be a highlight, showcasing the power of partnership and the innovative solutions that arise from it.

Over the years, this partnership has achieved significant milestones, transforming the way businesses operate and deliver value to their customers. By combining Microsoft’s cloud expertise with Red Hat’s open-source leadership, we have created a synergy that drives technological advancements and empowers organizations to achieve more.

One of the key benefits of this partnership is the seamless integration of Red Hat technologies with Microsoft Azure. This integration provides customers with a robust and flexible platform to build, deploy, and manage their applications. Whether it’s modernizing legacy systems or developing new cloud-native applications, the combination of Azure and Red Hat offers a plethora of capabilities and support. For instance, Red Hat OpenShift on Azure enables organizations to run containerized applications with ease, leveraging the scalability and security of Azure. Additionally, Red Hat Enterprise Linux on Azure provides a reliable and secure operating system for mission-critical workloads.

Build your next great app with free Azure services today >

At Red Hat Summit 2025, attendees will have the opportunity to explore these technologies in depth. Microsoft and Red Hat will showcase new features and integrations that enhance the capabilities of Azure and Red Hat solutions. From improved performance to enhanced security, these advancements are designed to meet the evolving needs of businesses in today’s digital landscape.
- RHEL for WSL: Red Hat Enterprise Linux (RHEL) is now available for use with Windows Subsystem for Linux (WSL). WSL is a feature of Microsoft Windows that allows developers to run Linux distributions. With RHEL for WSL, developers can run a RHEL development environment on Windows without having to spin up a traditional virtual machine (VM). With a no-cost Red Hat Developer subscription, developers can download the latest release of RHEL as a WSL image during their install and easily run both Windows and RHEL at the same time on their Windows machine.
- Azure Red Hat OpenShift: Microsoft and Red Hat are enhancing security with Confidential Containers on Azure Red Hat OpenShift, now in public preview. This feature offers hardware-level protection for workloads via memory encryption and secure execution environments, addressing compliance needs in sectors like healthcare and financial services. Managed identity for Azure Red Hat OpenShift is also in public preview, transitioning organizations from static service principals to dynamic, token-based credentials. This reduces operational complexity and security risks, facilitating container platform adoption in regulated environments. Azure Red Hat OpenShift has expanded to the Spain Central region with plans for the United Arab Emirates (UAE) Central and Microsoft Azure Government (MAG) regions by Q2 2025. Enhancements include OpenShift 4.16 support, enterprise-grade cluster-wide proxy, and Ddsv5 instance performance optimization. Additionally, OpenShift Virtualization on Azure Red Hat OpenShift is entering public preview, enabling customers to accelerate VM migration to Azure without refactoring while unifying management of VMs and containers on a single platform.
- RHEL landing zone: The Red Hat Enterprise Linux (RHEL) on Azure Landing Zone guide provides everything needed to deploy, manage, and scale RHEL instances using Azure-specific system images. Software lifecycle automation is simplified with Red Hat Satellite and Red Hat Satellite Capsule, ensuring timely updates and patches. Business Continuity and Disaster Recovery (BCDR) are enhanced through Azure’s on-demand capacity reservations, guaranteeing reliable availability in Azure regions. Optimized identity management infrastructure deployment minimizes latencies and eliminates replication failures.
- Application awareness and wave planning in Azure Migrate: The new application-aware method sets the stage for grouping dependent resources into waves and provides technical and business insights for the entire application to help you decide on Azure targets and tooling. Migrate applications with dependent workloads, as one to collocate in Azure for optimal performance and cost.
- JBoss EAP on App Service: JBoss EAP on App Service is a jointly developed and supported managed solution from Red Hat and Microsoft for running enterprise Java applications with maximum productivity. We have recently made important changes to make JBoss EAP on App Service as cost-effective as possible. This includes a 60% plus license fee price reduction for Pay-As-You-Go plans, memory optimized SKUs, a free tier for a lower barrier to entry, the availability of JBoss EAP 8, as well as a soon-to-be-released ability to Bring-Your-Own-Subscription to App Service.
- JBoss EAP on Azure Virtual Machines: Robust solutions to run JBoss EAP on Azure Virtual Machines are now generally available (GA). The solutions are developed and supported by Red Hat and Microsoft. The solutions include templates available in the Azure Portal to automate most boilerplate resource provisioning tasks. The solutions also include JBoss EAP VM images published in the Azure Marketplace.
Customer success stories

The success of the Microsoft and Red Hat partnership is best demonstrated through the experiences of our customers. Organizations across various industries have leveraged Azure and Red Hat solutions to achieve remarkable results. For example, Teranet utilized Azure Red Hat OpenShift for a digital transformation, migrating mission-critical systems from on-premises to Azure. Outcomes included improved automation, enhanced customer confidence, and significant cost savings to the tune of CA5.6 million.

Western Sydney University adopted Red Hat Enterprise Linux on Azure to enhance the security and reliability of its critical systems.

By providing innovative solutions and exceptional support, we empower our customers to overcome challenges and drive business growth.

What to expect at Red Hat Summit 2025

Red Hat Summit 2025 promises to be an exciting event, with a wide range of sessions, workshops, and presentations. Microsoft will be actively involved, sharing insights and expertise on various topics. Attendees can look forward to exclusive announcements and product launches that will shape the future of technology.

This is a unique opportunity to connect with industry leaders and gain valuable insights into the latest trends and innovations. Our vision is to deliver cutting-edge solutions that enable organizations to thrive in the digital age. We remain committed to our customers, ensuring that they have access to the best technologies and support.

Learn more about Red Hat on Azure

Join us to explore the innovative solutions that Microsoft and Red Hat have to offer. Register now to attend the summit and engage with our experts to learn more about how our collaboration can benefit your organization.

Visit the Red Hat on Azure page to learn more about our offerings and join us at the Microsoft booth number 424 at Red Hat Summit 2025!

Red Hat on Azure

Deploy security-focused, open, enterprise-grade Red Hat Enterprise Linux (RHEL) solutions in the cloud
MIL OSI Economics –
May 6, 2025
MIL-OSI USA: Press Release: Governor McKee, Congressional Delegation, RIDOT and QDC Break Ground on Route 4 ‘Missing Move’ Project

Source: US State of Rhode Island

Governor Dan McKee, Senators Jack Reed and Sheldon Whitehouse, Congressmen Seth Magaziner and Gabe Amo, Rhode Island Department of Transportation (RIDOT) Director Peter Alviti, Jr., and Quonset Development Corporation (QDC) Managing Director Steven King today joined with state and local officials to break ground on one of RIDOT’s newest projects, the I-95 “Missing Move” and Quonset Ramps Construction Project.

This $144 million project has been in discussion for decades. It includes construction of two critical ramps that were never built when Route 4 was constructed in the 1960s and will afford direct highway connections between I-95 North and Route 4 South, and Route 4 North and I-95 South. The project also will make numerous improvements at and near the Quonset Business Park, the state’s largest industrial park.

RIDOT was able to move forward with this project after receiving an $81 million federal Infrastructure for Rebuilding America (INFRA).

“This project has been talked about for decades, and today, we’re finally turning words into action,” said Governor Dan McKee. “This crucial infrastructure investment will improve traffic flow and unlock economic potential at Quonset�one of our state’s major job creators. I want to thank Rhode Island’s congressional delegation and all of our partners for helping us move this project forward.”

“This is a big win for drivers because it will improve efficiency, shorten commutes, and reduce congestion while also improving access for truck and freight operators approaching Quonset Business Park,” said Senator Reed. “This was a collaborative effort that builds upon decades of federal investment into Quonset. I was pleased to help lay the groundwork for this project by securing a $4-million planning grant in 2020.”

“The INFRA Program I championed through the Environment and Public Works Committee and into law is supporting a slew of major infrastructure projects across Rhode Island,” said Senator Whitehouse, who worked to create the INFRA Program to help meet Rhode Island’s need for large-scale infrastructure investments. “Today’s INFRA Grant-funded groundbreaking will support continued economic growth at Quonset and finally add the missing move to go between Route 4 and I-95.”

“By finally connecting Route 4 North to I-95 South, we will reduce congestion, improve safety, and make daily travel easier for tens of thousands of people every day,” said Congressman Magaziner. “I am pleased that we are able to deliver this meaningful federal funding for a local project like this and I am committed to continuing to fight for every federal dollar we can secure for Rhode Island.”

“Today’s announcement will improve our transportation system to benefit Ocean State residents, businesses, and visitors alike. I’m proud to have worked with our delegation to secure $81 million in federal funding to support the “Missing Move” and Quonset Ramps Construction Project,” said Congressman Amo. “This investment in Rhode Island’s infrastructure will make life easier and safer for all those who travel through I-95 and Route 4.”

“Once again our Congressional delegation put their shoulders into the federal grants process and helped Rhode Island get this funding so we can finally build these missing ramps,” Director Alviti said. “Their construction will reduce travel times, provide more efficient movement of freight traffic and alleviate congestion and delays, especially at the Division Street/South County Trail intersection which is overloaded with traffic that has had no choice but to use local roads to make certain connections between I-95 and Route 4.”

“Quonset Business Park is known for its convenient network of land, sea, air and rail infrastructure. By better connecting Route 403 to the West Davisville portion of the Business Park, getting to and moving throughout Quonset will be easier than it has ever been before,” said QDC Managing Director King. “I offer my sincere thanks to our federal delegation for delivering the funding to alleviate local traffic and create a more convenient commuting experience for the nearly 15,000 people who come to work at the Business Park each day.”

The project is divided into two main components. The first portion to be constructed includes three ramps on Route 403 in North Kingstown to connect the Quonset Business Park’s west Davisville district. The project also includes a new roundabout south of Route 403 at Compass Circle. The improvements will provide improved connectivity to all parts of the Business Park and add in ramps that were not included in the Route 403 reconstruction project in the late 2000s. These will be complete in summer 2026.

The second component, which will begin construction in early 2026, includes the missing moves at the I-95/Route 4 interchange in Warwick. RIDOT will build a new flyover bridge to link Route 4 North to I-95 South. The ramp will use an existing right-of-way for an at-grade link between I-95 North and Route 4 South. The missing moves are expected to be done in summer 2027.

To compensate for the missing ramps, RIDOT has made numerous adjustments to the traffic signals on Division Street and at its intersection with South County Trail (Route 2). As the area has continued to be developed, especially the growth at the nearby New England Institute of Technology campus, traffic and congestion has steadily increased. The Division Street/South County Trail intersection alone is the site of 60 crashes per year.

RIDOT also will make safety improvements on I-95 South at the Route 2 interchange on the Warwick/West Warwick line. RIDOT will rebuild the entrance to the Route 2 South to I-95 South ramp so those traveling on Route 2 North can use it. With that ramp accommodating both northbound and southbound traffic on Route 2, RIDOT will permanently close the Route 2 North to I-95 South ramp, removing a weaving conflict on I-95 South.

All these new ramps will give passenger vehicles, heavy trucks and other freight traffic freeway access without using local roads while reducing emissions from idling vehicles. The improved access also will make the Business Park more attractive to companies who wish to locate there.

All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings, and weather. Final completion of the entire project is expected in spring 2028.

The Missing Move project is 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 –

May 6, 2025
MIL-OSI: Join Intetics Live Webinar: ‘How AI Agents Fixed Our SDLC’
Source: GlobeNewswire (MIL-OSI)

NAPLES, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Intetics, a leading global technology company, is excited to announce an exclusive live webinar titled “How AI Agents Fixed Our SDLC.” The session will unveil how a swarm of AI agents transformed the company’s software delivery, increasing profit margins by 18%—without any major tool overhauls.

Date: May 29, 2025
Time: 12 PM – 13 PM EST
Register here: https://bit.ly/3S80nZN
Webinars Website: https://inteticsedu.com

In an age where software delivery challenges persist despite advanced tools, this session introduces a new layer of AI automation that runs silently within your existing stack—no migrations, no replacements.

What Attendees Will Learn:
- How AI integrates with Jira, GitHub, Slack, and Confluence to optimize workloads and generate reliable project estimates.
- Live demo of plug-and-play AI agents in action.
- Real-world use cases.
This 60-minute session will include a live walkthrough of 3 real-world scenarios with no slides, providing practical insights into the value of AI agents.

Bonus:

Every attendee will receive a free guide on “How to Improve Delivery Margins by 15-20% Using AI Agents,” including setup instructions.

Who Should Attend:

Project managers, engineering leaders, CTOs, and anyone looking to optimize software delivery, reduce delays, and improve resource allocation—without overhauling their current toolset.
This is a unique chance to see how AI agents are being used in practice—not just as chatbots, but as smart decision-makers integrated into daily workflows.

Join the session and see how your delivery can be faster, smarter, and more profitable: https://bit.ly/3S80nZN

The MIL Network –
May 6, 2025
MIL-OSI USA: In Bipartisan Push, Hawley & Welch Introduce Major Legislation to Lower Prescription Drug Prices

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Monday, May 05, 2025

Today U.S. Senator Josh Hawley (R-Mo.) and Senator Peter Welch (D-Vt.) introduced legislation to lower the cost of drug prices for Americans. The Fair Prescription Drug Prices for Americans Act would offer relief for millions of patients while ensuring Americans are no longer financing lower drug costs for foreigners.
This legislation 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.
“For too long, Americans have subsidized prescription drug costs for foreigners while paying outrageous prices for their own medications,” Senator Hawley said.“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.”
“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. I’m glad to partner with Senator Hawley on this bipartisan bill that offers the 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.”
The Fair Prescription Drug Prices for Americans Act would:
Prohibit pharmaceutical companies from selling drugs in the United States at higher prices than the international average, ending the practice of forcing Americans to pay the world’s highest prices for medications
Impose stiff civil monetary penalties on pharmaceutical companies that violate this rule. Specifically:
The penalty would equal 10 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.

Click here for full text of the bill.

MIL OSI USA News –

May 6, 2025
MIL-OSI Banking: Samsung Quantum Dot Display Technology Verified as No-Cadmium, Receives SGS Certification

Source: Samsung

Samsung announced that the quantum dot (QD) sheet used in its QD TVs has received independent certification of compliance with the Restriction of Hazardous Substances (RoHS) directive and has been verified to contain no cadmium by the global certification institute, Société Générale de Surveillance (SGS).
SGS, headquartered in Geneva, Switzerland, is a world-leading testing and certification body that provides services to ensure organizations meet stringent quality and safety standards across various industries, including electronic products, food and the environment.
In addition to receiving recognition from SGS for the no-cadmium technology in Samsung quantum dot film, the company’s compliance with the EU’s RoHS directive provides shoppers with additional comfort regarding the content of their screen as they watch TV.

MIL OSI Global Banks –

May 6, 2025
MIL-OSI USA: Soldiers, stevedores set stage for successful African Lion 2025

Source: United States Army

1 / 2 Show Caption + Hide Caption – U.S. Army Lt. Col. Travis Michelena, center, the theater support team chief assigned to the 79th Theater Sustainment Command (Forward), speaks with Maj. Joshua Veal, left, a theater sustainment planner assigned to the 79th Theater Sustainment Command (Forward), and their Tunisian Armed Forces counterpart during port operations in preparation for Exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025.Multiple units joined the port operations in an effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

2 / 2 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. This photo has been altered for security purposes by blurring out the license plate. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

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U.S. Army Southern European Task Force, Africa (SETAF-AF)

GABES, Tunisia — A stevedore shouted over the diesel hum of cranes as the first storage container was lifted out of the cargo ship and onto Tunisian soil. For the untrained eye, it may have looked like just another port delivery. But for the Soldiers and civilians waiting at the port of Gabes, it marked the start of something much bigger.

This was the opening move in setting the theater for exercise African Lion 2025 (AL25).

Without the shipment of 95 pieces of cargo, including vehicles, equipment and weapon systems, the exercise would be dead in the Mediterranean water.

“We’re not just moving cargo; we’re enabling the entire exercise to happen,” said U.S. Army Chief Warrant Officer 2 Dustin VanFleet, a mobility officer assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command.

1 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

2 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

3 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload the very first shipping container from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

Along with setting the theater, VanFleet also set the record straight. A stevedore, he clarified, is a longshoreman who works at a port and is responsible for moving goods on and off ships.

“We’re the first ones in,” VanFleet explained. “Before troops land or vehicles roll, we’re on the ground establishing the logistical foundation that allows the rest of the force to operate. That’s how we set the theater.”

This does not happen overnight.

Setting the theater is a strategic concept that goes beyond logistics. It means having an adaptable and agile military with the infrastructure, agreements and relationships in place to shape conditions for successful Army, joint and combined operations. The combined force in Gabes validated those capabilities in a real-world environment.

“This is my first time participating in African Lion and working with the Tunisians. It’s been a seamless process allowing for the clearance of cargo at a rapid pace,” said VanFleet.

The Portuguese-flagged vessel, BBC Bergen, arrived to a welcome-party of Italians, Americans and Tunisians, highlighting the multinational effort involved. The Bergen’s journey took two and a half days across the Mediterranean from Livorno, Italy and all 95 pieces — including shipping containers filled with equipment, trailers, water purification systems, air defense vehicles and M119 howitzers — were offloaded in less than a day and a half.

1 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

2 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

3 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload a generator trailer during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

Multiple units joined the 839th Transportation Battalion’s offloading effort, including Soldiers assigned to U.S. Army Southern European Task Force, Africa (SETAF-AF), the 79th Theater Sustainment Command, the 173rd Airborne Brigade, 1st Battalion, 57th Air Defense Artillery Regiment (1-57 ADAR) and the 240th Composite Supply Company (240th CSC) — all there to ensure a successful offloading process.

Two members of the 1-57 ADAR accompanied the crew of the Bergen on its voyage from Italy. The escort is a requirement anytime sensitive U.S. military equipment, dubbed “super cargo,” is transported on a foreign-flagged vessel.

“Without the port operation, nothing downstream moves forward,” said VanFleet.

This first port operation in Tunisia set the foundation for the broader SETAF-AF-led African Lion exercise, showcasing the U.S. Army’s ability to operate in complex environments. Gabes was simply the first stop.

Immediately after offloading, equipment was loaded onto Tunisian Armed Forces vehicles and transported to exercise locations throughout the country.

The 839th Transportation Battalion is unique compared to most Army units. Along with Soldiers, it also employs two U.S. Army civilians and up to 10 local nationals per detachment. During port operations, the assigned detachment leads contract responsibilities, documentation and cargo handling, while the battalion sends military leadership to provide command oversight.

“Utilizing our local nationals is a huge asset,” said VanFleet. “Some individuals have been doing this for more than 30 years. Their knowledge of the area of operations and relationships with host-nation authorities are critical to mission success.”

1 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, work with the Tunisian Armed Forces and civilian officials to offload a shipping container during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (U.S. Army photo by Maj. Joe Legros) (Photo Credit: Maj. Joe Legros) VIEW ORIGINAL

2 / 3 Show Caption + Hide Caption – U.S. Army Chief Warrant Officer 2 Dustin VanFleet, second from left, a mobility officer assigned to the 839th Transportation Battalion, 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, speaks with civilian officials prior to offloading equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros)
3 / 3 Show Caption + Hide Caption – U.S. Soldiers and civilians assigned to the 839th Transportation Battalion, 598th Transportation Brigade, Surface Deployment and Distribution Command, U.S. Transportation Command, speak with the Tunisian Armed Forces and civilian officials prior to offloading equipment from the Portuguese-flagged BBC Bergen during port operations in preparation for exercise African Lion 2025 (AL25) in Gabes, Tunisia, April 8, 2025. Multiple units joined the 839th’s offloading effort to set the exercise theater, validating their ability to deploy personnel and equipment over long distances while maintaining operational readiness. AL25 is U.S. Africa Command’s premier annual exercise, led by U.S. Army Southern European Task Force, Africa (SETAF-AF), that strengthens the U.S. military’s ability to respond rapidly, operate forward and train alongside allies and partners. Designed to address shared security challenges, AL25 enhances readiness, reinforces strategic reach and fosters innovative solutions. (Photo Credit: U.S. Army photo by Maj. Joe Legros) VIEW ORIGINAL

In the first months of 2025 alone, the battalion supported missions in Poland, Turkey, Greece, Tunisia, Italy and Croatia, with additional deployments planned throughout the year.

“It’s vital we keep exercising these ports and working with our partners,” said VanFleet. “It allows everyone to create that muscle memory that only makes our relationships stronger.”

AL25, U.S. Africa Command’s largest annual exercise, brings together more than 10,000 troops from over 40 nations to enhance interoperability and strengthen multinational readiness. But before the first formation steps into the training area, port operations like the one in Gabes must succeed.

Every stevedore handshake and each offloaded vehicle contributes to the larger picture: the ability to quickly and efficiently project lethality anywhere, anytime.

About the 839th Transportation Battalion

The 839th supports both U.S. European Command and U.S. Africa Command, functioning as the single port manager for U.S. military cargo entering and exiting strategic seaports in both theaters. Its responsibilities include staging, reception, onward movement, customs clearance, agricultural inspections and overall integration of DoD assets at ports of embarkation and debarkation.

About African Lion

African Lion 25 (AL25) is set to be the largest annual military exercise in Africa, bringing together 41 nations, including seven NATO allies, and about 10,000 troops. Led by U.S. Africa Command (USAFRICOM), the exercise will take place from April 14 to May 23, 2025, across Ghana, Morocco, Senegal, and Tunisia.

AL25 is designed to restore the warrior ethos, sharpen lethality and strengthen military readiness alongside our African partners and allies. This large-scale exercise will enhance our ability to work together in complex, multi-domain operations—preparing forces to deploy, fight and win when it matters most.

African Lion provides an opportunity to conduct realistic, dynamic and collaborative readiness training in an austere environment that intersects multiple geographic and functional combatant commands including U.S. Africa Command, U.S. European Command, and U.S. Central Command; as well as strategic maritime choke points and global shipping lanes.

About SETAF-AF

U.S. Army Southern European Task Force, Africa (SETAF-AF) prepares Army forces, executes crisis response, enables strategic competition and strengthens partners to achieve U.S. Army Europe and Africa and U.S. Africa Command campaign objectives.

Follow SETAF-AF on:

Facebook, X, Instagram, YouTube, LinkedIn & DVIDS

MIL OSI USA News –

May 6, 2025
MIL-OSI Security: Florida Man Sentenced to 9 Years in Federal Prison for Multi-Year $1.1M Retail Fraud Scheme

Source: Office of United States Attorneys

CHARLESTON, S.C. — Daniel Cavey, 51, of Jacksonville Beach, Florida, has been sentenced to nine years in federal prison for his role in a multi-year wire fraud scheme to defraud a chain of home improvement stores.

Evidence obtained in the investigation revealed that Daniel Cavey, along with his conspirators, were involved in an extensive, multi-state scheme to defraud a chain of home improvement stores. Cavey, and others, would gain access to corporate accounts and then create fraudulent forms of identification for authorized users on the corporate account. Once at the home improvement store, Cavey would shop and charge the purchases to the various corporate accounts. Once the merchandise had been fraudulently obtained, Cavey would sell it for a profit.

“Defrauding businesses in this manner not only causes financial harm to the business but also drives up prices for consumers,” said U.S. Attorney Bryan P. Stirling for the District of South Carolina. “This prosecution demonstrates our commitment to holding individuals accountable for complex financial crimes and protecting our business community from such elaborate schemes.”

“The success of this investigation is a testament to the strong partnerships between the U.S. Secret Service, local law enforcement and the private sector,” said Ben Stafford, Resident Agent in Charge of the U.S. Secret Service Charleston Resident Office. “This sentencing reflects the seriousness of the crimes committed and sends a message that defrauding businesses and individuals in our state will not be tolerated. I appreciate the hard work and commitment of our South Carolina partners, especially the U.S. Attorney’s Office, the Charleston Police Department, and Synchrony Bank’s Special Investigations Team.”

United States District David C. Norton sentenced Cavey to 108 months imprisonment, to be followed by a three-year term of court-ordered supervision. The sentence was broken down as follows: 84-months for counts 1 and 2 and 24 months for count 8, which charged Cavey with aggravated identity theft. There is no parole in the federal system. Cavey was also ordered to pay $1,126,686.29 in restitution.

This case was investigated by the United States Secret Service and the City of Charleston Police Department. Assistant U.S. Attorney Amy Bower is prosecuting the case.

MIL Security OSI –

May 6, 2025
MIL-OSI: Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

Source: GlobeNewswire (MIL-OSI)

SADDLE BROOK, N.J., May 05, 2025 (GLOBE NEWSWIRE) — Special Opportunities Fund, Inc. (NYSE: SPE) and Bulldog Investors, LLP (together, “Bulldog”), holders of 2.1% of Tejon Ranch Co., urge shareholders of Tejon Ranch Co. (NYSE: TRC) (“Tejon”) to vote to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris as directors.   Bulldog strongly believes that electing these nominees to Tejon’s ten-person Board of Directors, will result in greater transparency and accountability and a higher stock price.

A prime concern among Tejon’s shareholders is whether the company’s massive expenditures will yield commensurate benefits. For example, the Board recently proclaimed that Tejon Mountain Village (“TMV”), an ambitious master-planned community, is fully entitled and “at near-execution stage” and that “incremental investments [now will generate] significant revenue.”   The problem is that it said almost the same thing in 2013: “TMV is fully entitled and all necessary permits have been issued to begin development.” Yet, since then, more than $100 million (or about $4 per share) has been spent on TMV, including a whopping $70 million to buy out Tejon’s joint venture partner. At the time, management characterized the buyout decision as one that “reflects the Company’s growth as a fully integrated real estate company and demonstrates our belief in the future success of the development.” Yet, TMV’s land looks the same today as it did twelve years ago and not a single shovel has yet touched the ground.

Andrew Dakos, a nominee for director, commented: “Shareholders have long complained about the Board’s failure to hold management accountable for questionable expenditures and that has likely had a dampening effect on Tejon’s stock price. There is an obvious need for directors who are dissatisfied with Tejon stock continuing to be a ‘dead money’ investment and that are committed to providing greater oversight, transparency and accountability.”

About Bulldog Investors

Bulldog Investors LLP is an SEC-registered investment adviser that manages three registered closed-end investment companies including Special Opportunities Fund, Inc., and separately managed accounts.

The MIL Network –

May 6, 2025
MIL-OSI Global: Mark Carney heads to Washington: His visit with Trump kicks off high-wire politics in Canada

Source: The Conversation – Canada – By Thomas Klassen, Professor, School of Public Policy and Administration, York University, Canada

Prime Minister Mark Carney is headed to Washington, D.C., for a high-stakes meeting with Donald Trump as the American president continues his trade war and annexation threats against Canada.

“We are meeting as heads of our government,” Carney said at a news conference late last week. “I am not pretending those discussions will be easy.”

The White House visit comes just a week after Carney led the Liberals to their fourth consecutive election victory.

It was a result that, at first blush, allowed each party to claim that it won, or at least that it did not totally lose. That sets up a Parliamentary session that will feature several interesting dynamics.

The Conservatives under Pierre Poilievre won several more seats than in 2021 and their highest share of the national vote in decades, though Poilievre himself lost his seat.

Read more:
Canada’s Conservatives, with an assist from Donald Trump, are down — but they’re far from out

The NDP under an outgoing Jagmeet Singh managed to hold onto the balance of power in the upcoming minority Parliament for a third consecutive time. Elizabeth May continues to represent the Green Party in the House of Commons. Yves-François Blanchet kept the Bloc Québécois relevant for voters in Québec.

Even Justin Trudeau, no longer in politics, won — his legacy is not in the gutter due to a predicted Conservative majority win that never materialized once Carney replaced him.

But in the coming weeks and months, the leaders and their parties face difficult circumstances that could turn them into losers — most importantly, how Carney manages the relationship with Trump.

The role of Trump

Carney and the Liberals capitalized on exceptional
circumstances driven by Donald Trump’s trade war and threats to make Canada the 51st state. Winning four consecutive elections is a rare feat for any political party in Canada.
But Carney cannot count on fortune continuing to smile upon him. He must now manage a party within which he has little history and few favours to call in — a party that he has dragged from centre-left under Trudeau to centre-right.

The new prime minister will have to rely on aides and advisers to a much greater extent than all former office-holders who had years or decades of experience in the political area, including the House of Commons. At the same time, he will have to demonstrate to Canadians that he is in charge and makes the final decisions.

Invariably, there will be Liberal missteps in the weeks ahead: ethical lapses for some MPs, ministerial appointments that go awry and disappointment among those not appointed to cabinet. Because Carney has been prime minister for less than two months, the upcoming Speech from the Throne on May 27 — to be delivered by King Charles — that sets the government’s goals is shrouded in mystery.

Beyond Ottawa, premiers from several different political parties — each with their own agenda — await Carney. South of the border, the unpredictable Trump, with his infuriating rhetoric and disruptive actions, is in office for another three-and-half-years.

As a newcomer to politics elected on his first attempt to the country’s highest political office, Carney could have at least have one topic of conversation in common with Trump when they meet on Tuesday. Trump too was a political outsider who catapulted into office on his first attempt. The two may find some bond in their shared experience.

The greatest danger for Carney is not from Trump’s rhetoric but from broader economic conditions. He ran for office on the promise of being able to manage economic turmoil. But politicians of any stripe have little control in a global economic slump or an all-out tariff war. If unemployment, inflation or the cost-of-living tick upward, Carney will quickly lose his lustre among many Canadians.

The new Parliament

For the Conservatives, Poilievre’s leadership will continue to weigh on the party in the weeks and months ahead. Losing his Ottawa seat weakens his claim to stay on as leader. He now needs to win a byelection in Alberta triggered by the resignation of Conservative MP Damien Kurek.

The worst outcome for the party is years of infighting between those who support giving Poilievre one more chance and those who believe that 2025 is the best the party can do under his leadership.

The best outcome is for Poilievre to become a bridge-builder within the party and to Conservatives across Canada, and to rebrand himself to be more palatable to Canadian voters. This will not be easy and he hasn’t shown much inclination to do so.

The NDP’s Singh has already announced his resignation and accepted responsibility for the party electing only seven MPs. A period of soul-searching leading to a leadership contest has already started. The loss of seats, and returning to Ottawa with an interim leader, lessens the voice of the party in political discourse. If a new leader is elected who is not an MP, the party will be further hampered.

The Greens remain in the House of Commons, but as a party of one. The jury continues is out on whether the party can exist without its leader, Elizabeth May, who has said she wouldn’t rule out joining Carney’s cabinet.

Blanchet returns to Ottawa with fewer Bloc MPs and a murky mission. He had hoped that the Bloc would hold the balance of power once the votes were counted, but was foiled by the NDP. He has already faced criticism from his own supporters when he promised to collaborate with other parties in Ottawa to secure Canada’s economic future.

Beginning with Carney’s handling of Trump this week, how skilfully each party, and leader, performs its distinct high-wire act in the next months will determine the ultimate winners and losers. The show is about to start.

Thomas Klassen does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Mark Carney heads to Washington: His visit with Trump kicks off high-wire politics in Canada – https://theconversation.com/mark-carney-heads-to-washington-his-visit-with-trump-kicks-off-high-wire-politics-in-canada-255675

MIL OSI – Global Reports –

May 6, 2025
MIL-OSI Video: University of Maryland visits Pentagon

Source: United States Department of Defense (video statements)

—————
Last week, ATSD for Public Affairs and Senior Advisor Sean Parnell shared words of appreciation with @UMDPublicPolicy graduate students at the Pentagon. He commended them as they presented their capstone projects, which tackled some of the DOD’s biggest challenges.

#BeyondtheBattlefield

For more on the Department of Defense, visit: http://www.defense.gov
—————
Keep up with the Department of Defense on social media!

Like the DoD on Facebook: http://facebook.com/DeptofDefense
Follow the DoD on Twitter: http://twitter.com/DeptofDefense
Follow the DoD on Instagram: http://instagram.com/DeptofDefense
Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

https://www.youtube.com/watch?v=py2pQBMtJqc

MIL OSI Video –

May 6, 2025
MIL-OSI USA: Ernst, Markey Celebrate American Spirit of Entrepreneurship During National Small Business Week

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

Published: May 5, 2025

WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and Ranking Member Ed Markey (D-Mass.) led 81 of their colleagues in declaring this week as “National Small Business Week” to recognize the innovators and job creators who power our economy.
“Small businesses are the lifeblood of Iowa’s economy, making up more than 99% of all businesses,” said Ernst. “These shops mean so much more than the livelihoods they support and the jobs they create, they embody the American spirit and shape the culture of big cities and rural communities across America. These innovators drive our nation forward every day, I’m proud to recognize their tremendous contributions.”
“This National Small Business Week, we celebrate the contributions of small businesses that create jobs, drive our local economies, and make up the fabric of our communities,” said Markey. “By supporting local businesses and aspiring entrepreneurs, we make our communities and our country stronger. I’m committed to ensuring that our nation’s 34 million small businesses and the 722,500 small businesses in Massachusetts receive the tools and resources they need to compete and thrive.”
There are more than 34.7 million small businesses in America, accounting for more than 99.9% of all businesses and employing 45.9% of American workers, or about 59 million people.
Click here to read the resolution.

MIL OSI USA News –

May 6, 2025
MIL-OSI: The Board of Directors of KH Group Plc resolved to establish a performance share plan for the Group’s key employees

Source: GlobeNewswire (MIL-OSI)

KH Group Plc
Stock Exchange Release 5 May 2025 at 9:15 pm EEST

The Board of Directors of KH Group Plc resolved to establish a performance share plan for the Group’s key employees

The Board of Directors of KH Group Plc resolved to establish a performance share plan for the key employees of KH-Koneet. The plan replaces the performance matching share plan announced on 31 May 2024. The aim of the new plan is to align the objectives of the shareholders and key employees to increase the value of the company in the long term, to steer them toward achieving the company’s strategic objectives, to retain them at the company and to offer them a competitive incentive plan that is based on acquiring and accumulating KH Group shares.

The performance share plan consists of one (1) two-year (2-year) performance period, covering the financial years of 2025–2026. In the plan, the key employees have an opportunity to earn KH Group shares based on performance.

The potential rewards from the plan will be paid within five months after the end of the performance period. The rewards will be paid partly in KH Group shares and partly in cash. The cash proportion is intended to cover taxes and social security contributions arising from the reward to the participant. As a rule, no reward will be paid if a participant’s employment or service terminates before the reward payment.

The performance criteria for the key employees of KH-Koneet are based on KH-Koneet’s EBIT in 2026 and Return on Invested Capital in 2026.

The target group of the plan consists of approximately 20 persons, including members of the KH-Koneet Management. The rewards to be paid on the basis of the plan correspond to the value of an approximate maximum total of 1,094,000 KH Group shares, including also the proportion to be paid in cash.

The members of KH-Koneet Management are obliged to hold 50 per cent of the reward shares received, until the total value of the Management member’s shareholding in KH Group equals to 50 per cent of their annual base salary of the year preceding the payment of the reward. Respectively, the CEO of KH-Koneet is obliged to hold 50 per cent of the reward shares received, until the person’s shareholding in KH Group equals to the annual base salary of the year preceding the payment of the reward. Such number of KH Group shares must be held as long as the membership in the Management or the position as the CEO continues.

KH GROUP PLC

Further information:
Chairman of the Board of Directors Juha Karttunen, tel. +358 40 555 4727

Distribution:
Nasdaq Helsinki Ltd
Main media
www.khgroup.com

KH Group Plc is a Nordic conglomerate operating in the business areas of KH-Koneet, Nordic Rescue Group and Indoor Group. We are a leading supplier of construction and earth-moving equipment, rescue vehicle manufacturer as well as furniture and interior decoration retailer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

The MIL Network –

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