Category: Economy

MIL-Evening Report: Yes, Australia needs new homes – but they must be built to withstand disasters in a warmer world
Source: The Conversation (Au and NZ) – By Francesca Perugia, Senior Lecturer, School of Design and the Built Environment, Curtin University

Australia’s housing crisis has created a push for fast-tracked construction. Federal, state and territory governments have set a target of 1.2 million new homes over five years.

Increasing housing supply is essential. However, the homes must be thoughtfully located and designed, to avoid or withstand natural disasters such as bushfires, floods and cyclones.

Recent severe weather, including floods in Queensland and severe storms in north-east Victoria, underscore the growing vulnerability of Australian homes. As climate change worsens, the risk becomes ever-greater.

Our new research examined how disaster risk informs housing location and design in New South Wales, Victoria and Western Australia. We spoke to planners, developers, insurers and housing providers, and found crucial problems that leave communities exposed.

Getting to grips with disaster data

Australia’s towns and cities are increasingly affected by natural disasters. The consequences extend beyond physical destruction to social, psychological and health effects. Disasters also harm the economy.

Despite this, government housing policies and strategies often fail to adequately focus on natural disasters.

Accurate, up-to-date information is crucial when seeking to protect new homes from natural disasters. Informed decisions typically require three types of data:
- foundational: relating to vegetation, landscape features, weather, climate change and building characteristics such as height and materials
- hazards: the risks of different disaster types such as historical flood data, maps of bushfire-prone areas and the recurrence of cyclones
- vulnerability: the potential and actual impacts of natural disasters such as building damage, fatalities and injuries, displacement, psychological and health impacts and insurance losses.
Our research, for the Australian Housing and Urban Research Institute, examined how data could be better used and shared to plan and deliver new housing and protect Australians from disasters.

What we did

We started by identifying what data was available in Australia for bushfire, flood and cyclone risk.
Then we examined who owned and managed the data and how it was, or wasn’t, shared.

The next step was to explore how decision-makers use the data to assess disaster risks for new housing. This involves interviews, workshops and questionnaires with:
- government planning agencies (both state and local government)
- housing providers (public and not-for-profit/community housing)
- housing and land developers (private and public)
- banks and insurers.
What we found

Overall, we found data on disaster risk was fragmented and inconsistent across multiple agencies, and not regularly updated.

Decision-makers in state and local planning agencies often cannot access accurate information about disaster risk. This means they lack the power to restrict housing in areas prone to bushfires, floods or other extreme events.

Flood hazard data is particularly problematic. One planner from Queensland described it as “patchy, of variable quality and currency and not always open source” – the latter meaning it was hard to access.

Many households only learn about their disaster risk when discovering their homes are uninsurable or premiums are prohibitively high. Others become aware of the problem when premiums rise with an existing insurer.

A community housing provider told us:

I think the way people are finding out about risk now is by their insurance policies going up. That’s the market reality. When they get an increase in their insurance policy next year, that will wake them up that they are actually in a high-risk area.

Data held by emergency service agencies and insurers is mostly inaccessible to planners, developers and households due to privacy and commercial sensitivities.

However, this information is crucial. Government agencies should establish protocols to enable data-sharing while protecting privacy and commercial interests.

Lack of transparency for homebuyers

A recent report suggested only 29% of Australian home buyers know the disaster risks associated with the homes they live in.

Disclosure statements are required by the vendor (seller) when marketing their house or land for sale. These vary between states and territories and, in most cases, do not compel the owner to reveal all known risks.

For example, in Victoria, a vendor is required to disclose whether the land is in a designated bushfire-prone area, but not whether it is exposed to flooding.

What’s more, a vendor motivated to sell a house is probably not the best source to provide accurate, impartial information about its exposure to disaster. This is better left to an independent entity such as a local council.

Thorough investigations into a home’s disaster risk is usually at the discretion of the buyer.

Making this information readily available to prospective homebuyers prior to purchase would allow more informed consumer decisions. It would also pressure governments and housing suppliers to address disaster risks.

Where to next?

Australia urgently needs a national framework to ensure data on housing and disaster risk is comprehensive, current and embedded in housing development decisions.

The federal government’s Digital Transformation Agency could establish and implement this system, with input from state and local governments.

Technology known as “spatial digital twins” could also vastly improve how disaster risk is assessed and communicated. These tools enable users to pull together and arrange large amounts of data, to visualise it in the form of models.

For example, a spatial digital twin could combine real time flood sensor data with historical flooding patterns to predict and visualise flood risks before they occur. Federal and state governments are already investing in such technology.

Australia’s push to increase housing supply must be matched with a commitment from governments to ensure the homes are safe, resilient and sustainable in the face of our changing climate.

Addressing the housing crisis isn’t just about numbers – it’s about making sure homes are built in the right places, with the right protections, for the long-term safety of communities.

Francesca Perugia
receives funding from the Australian Housing and Urban Research Institute (AHURI)

Courtney Babb receives funding from the Australian Housing and Urban Research Institute (AHURI) and is a member of the Greens (WA).

Steven Rowley receives funding from the Australian Housing and Urban Research Institute and the Australian Research Council. He is a member of the Housing Industry Forecasting Group in Western Australia

– ref. Yes, Australia needs new homes – but they must be built to withstand disasters in a warmer world – https://theconversation.com/yes-australia-needs-new-homes-but-they-must-be-built-to-withstand-disasters-in-a-warmer-world-249702
MIL OSI Analysis – EveningReport.nz –
February 19, 2025
MIL-OSI USA: Kennedy champions bill to stop bureaucrats from crushing America’s chemical industry
US Senate News:
Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.) today introduced the No Industrial Restrictions In Secret (No IRIS) Act to prevent the Environmental Protection Agency (EPA) from using data from the Integrated Risk Information System (IRIS) to make rules that punish America’s chemical manufacturing industry.

“For four years, the Biden administration weaponized the EPA’s IRIS program against America’s chemical industry. My bill would prevent this kind of abuse from happening again and safeguard American businesses from government overreach,” said Kennedy.

The No IRIS Act would prohibit the federal government from using the IRIS to inform its rulemakings unless Congress explicitly authorizes the program.

Rep. Glenn Grothman (R-Wis.) is leading the companion legislation in the House of Representatives.

“Unelected bureaucrats have often disrupted the work of Wisconsin’s chemical manufacturers and inhibited the success of the industry through the abuse of the EPA’s IRIS program. Instead of grounding regulatory decisions in sound science, IRIS has demonstrated a poor track record by issuing assessments that conflict with the industry’s best available scientific expertise and methodologies. The No IRIS Act will protect American jobs, promote innovation, and hold the EPA accountable for acting against the best interest of the industry and our economy,” said Grothman.

“American success relies on American chemistry. Computer chips, national defense, modern healthcare, housing, infrastructure, agriculture, and energy are all made possible by America’s chemical industry. Unfortunately, the EPA’s IRIS program puts many critical chemistries in jeopardy. The IRIS program has a troubling history of being out of step with the best available science and methods, lacking transparency, and being unresponsive to peer review and stakeholder recommendations. It’s time for Congress and EPA to take action and put sound science at the forefront of regulatory decision-making, and we applaud Senator Kennedy and Congressman Grothman for their leadership on this important issue,” said Chris Jahn, President and CEO of the American Chemistry Council.

Background:
- The EPA established the IRIS program in 1985 to gather data on how chemicals impact human health. The EPA designed the system to spot health hazards—not make policy.
- The IRIS program is not currently authorized in statute. As a result, unelected bureaucrats have abused the system to hurt chemical makers in Louisiana and across the country with virtually zero Congressional oversight.
- President Joe Biden’s EPA used unscientific methods in the IRIS to justify rules that hurt businesses and cost Americans their jobs.
- As of 2023, Louisiana was the second-largest chemical-producing state in the country, with its chemical industry paying $3.49 billion in wages.
The full bill text is available here.
MIL OSI USA News –
February 19, 2025

MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

INDEPENDENT RESERVES EVALUATION
The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

HIGHLIGHTS

Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.

		Company Gross Reserves	Company Net Reserves
		Conventional. Natural Gas	Conventional. Natural Gas
		MMcf	MMcf
Proved
	Developed Producing	40,244	28,020
	Developed Non-Producing	–	–
	Undeveloped	–	–
Total Proved		40,244	28,020
Probable		1,224	803
Total Proved plus Probable		41,469	28,823

Net Present Value of Future Net Revenue of Gas Reserves

	Before and After Future Income Tax Expenses Discounted at										Unit Value
	Before and After Future Income Tax Expenses Discounted at										Before and After Tax at 10%
	0	%	5	%	10	%	15	%	20	%	$/Mcf
($’000)
Proved
Developed Producing	67,574		64,549		61,824		59,357		57,112		2.21
Developed Non-Producing	–		–		–		–		–		–
Undeveloped	–		–		–		–		–		–
Total Proved	67,574		64,549		61,824		59,357		57,112		2.21
Probable	3,160		3,016		2,887		2,769		2,663		3.60
Total Proved plus Probable	70,735		67,565		64,710		62,126		59,775		2.25

Notes:

During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
“Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
“Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

			Songo Songo gas prices
Year	Brent crude $/bbl	Proved $/Mcf		Proved plus probable $/Mcf	Annual inflation %

2025	76.50	5.15		5.20	2
2026	78.03	5.25		5.32	2

Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast.

The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

Orca Energy Group Inc.

Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

For further information please contact:

Jay Lyons
Chief Executive Officer
+44 (0)20 8434 2754
ir@orcaenergygroup.com

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
Orca@celicourt.uk
+44 (0)20 8434 2754

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Abbreviations

bbl	cubic meters
Mcf	thousand cubic feet
MMcf	million standard cubic feet

Forward Looking Information

Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Oil and Gas Advisory

The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

The MIL Network –

February 19, 2025

MIL-OSI USA: 02.18.2025 Sen. Cruz Files Bill to Repeal Costly Chemical Tax on American Manufacturers

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced the Chemical Tax Repeal Act today. The bill eliminates the Superfund excise tax imposed by the Infrastructure Investment and Jobs Act passed in 2021. That law re-imposed taxes on 42 different chemicals, critical minerals, and metallic elements used in common household items such as plastics, rubber, concrete, soap, lightbulbs, and electronics.
Upon reintroduction, Sen. Cruz said, “We should be unleashing American manufacturing and strengthening our economy, not increasing the tax burden on Texan and American businesses. Repealing this tax will strengthen the competitiveness of American industries, protect jobs, and ensure everyday essentials remain affordable for American families. I urge my colleagues to expeditiously take up and advance this bill.”
U.S. Chamber of Commerce said, “The U.S. Chamber of Commerce supports the efforts of Senator Ted Cruz and Representative Beth Van Duyne to repeal the Superfund Tax. This tax has increased costs for essential household items and undermined the competitiveness of American manufacturers, yet the EPA has failed to accelerate site cleanups despite the additional revenue. We urge Congress to act swiftly to remove this burden and strengthen the U.S. economy.”
American Chemistry Council said, “We welcome the Senate reintroduction of the Chemical Tax Repeal Act and commend Senators Cruz, Barrasso, Kennedy, Lee, and Cornyn for their leadership on this key issue for America’s economy. Estimates by the Joint Committee on Taxation indicate that the excise taxes could result in a nearly $15 billion hit to the U.S. economy by the time they expire at the end of 2031. The taxes are affecting chemical supply chains and markets and continue to increase costs for consumers and businesses. … We urge additional lawmakers to join the legislation and look forward to swift passage by both chambers.”
Eric R. Byer, President & CEO, Alliance for Chemical Distribution (ACD) said, “The Alliance for Chemical Distribution (ACD) commends Senators Cruz, Kennedy, Cornyn, Barrasso, and Lee for championing the Chemical Tax Repeal Act, which aims to alleviate the undue burdens and uncertainties imposed by the reinstated Superfund Tax. Since its reimplementation in 2021, this tax has posed significant regulatory and financial hurdles for our members, many of whom operate small, family-owned businesses. The situation is further exacerbated by unclear guidance from the Internal Revenue Service. ACD strongly advocates for the prompt enactment of the Chemical Tax Repeal Act to enable the chemical distribution industry to continue its essential operations without the constraints of this excise tax.”
The bill was co-sponsored by Sens. John Kennedy (R-La.), John Cornyn (R-Texas), John Barrasso (R-Wyo.), and Mike Lee (R-Utah).
Read the bill text here.
BACKGROUND
The Chemical Tax, also known as the Superfund Tax, existed from 1987-1995 and was used to mitigate certain contaminated sites around the country with mixed success and high costs. The 2021 Infrastructure Investment and Jobs Act re-imposed the tax at twice its prior levels. The costs imposed by this measure travel down the supply chain, increasing prices for manufacturing materials to final products. Texas is home to forty percent of the nation’s chemical manufacturing plants.
Sen. Cruz’s legislation received support from the U.S. Chamber of Commerce, American Chemistry Council, Alliance for Chemical Distribution (ACD), Vinyl Institute, National Taxpayers Union (NTU), Taxpayer Protection Alliance (TPA), Battery Council International (BCI), Americans for Prosperity (AFP), and Institute of Makers of Explosives (IME).
Sen. Cruz previously introduced the Chemical Tax Repeal Act in April 2023 and December 2021.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: arner, Colleagues Warn IRS that Staffing Cuts will Wreak Havoc on Tax Refunds, Taxpayer Service, and Undermine Law Enforcement

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Finance Committee, joined colleagues in warning the Trump administration and Internal Revenue Service (IRS) leadership that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service and undermine law enforcement efforts.
The senators urged the administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism and sanctions evasion.
Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”
Regarding the impact on law enforcement and national security they continued, “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”
The letter was also signed by Finance Committee Ranking Member Ron Wyden (D-OR), and U.S. Sens. Chuck Schumer (D-NY), Sheldon Whitehouse (D-RI), Elizabeth Warren (D-MA) Bernie Sanders, (I-VT), Tina Smith (D-MN), Ben Ray Luján (D-NM), and Peter Welch (D-VT).

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: Welch Provides Opening Remarks at NOFA’s Winter Conference

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
BURLINGTON, VT — U.S. Senator Peter Welch (D-Vt.) delivered remarks to a gathering of over 300 organic farmers and food businesses at the Northeast Organic Farmers’ Association of Vermont’s (NOFA-VT) annual winter conference this weekend.
“Vermont was an early pioneer of organic farming, and our organic farmers and producers remain crucial to our economy. Last year, I was proud to work across the aisle and secure bipartisan provisions in the Farm Bill to support Vermont’s organic industry. But thanks to Elon Musk’s influence, Republicans removed crucial funding for organic programs from the bill at the eleventh hour,” said Senator Welch. “Finding common ground to protect people and industries under threat from the Trump Administration, like our organic farmers and producers, will be vital in the days ahead. I’ll do everything I can to find common ground to support and strengthen our organic farms in Vermont.
As Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, Senator Welch has led efforts to support Vermont’s organic farms and the transition to organics.
Senator Welch has introduced several bills to support Vermont’s dairy, organic, and specialty crop farmers; strengthen rural development and infrastructure; increase energy efficiency and renewable energy adoption; improve access to nutrition; strengthen our local food systems and expand markets; and make our communities more resilient to flooding—all of which were included in the Senate’s draft Farm Bill text during the 118th Congress, the Rural Prosperity and Food Security Act. Senator Welch plans to reintroduce many of these bills and policy provisions in the 119th Congress.

MIL OSI USA News –

February 19, 2025

MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	02/26/2025	03/04/2025	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	02/26/2025	03/04/2025	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.0850	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0970	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0815	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield – ETF Units	ETHY	$0.0405	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0500	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units	ETHY.U	US $0.0395	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units	FLX.B	$0.0551	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units	FLX.U	US $0.0385	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	02/26/2025	03/04/2025	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units	MSFY	$0.1100	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	02/26/2025	03/04/2025	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	02/26/2025	03/04/2025	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	02/26/2025	03/04/2025	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	02/26/2025	03/04/2025	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	02/26/2025	03/04/2025	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	02/26/2025	03/04/2025	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	02/26/2025	03/04/2025	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series	PYF.B	$0.1230¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series	PYF.U	US $0.1200¹	02/26/2025	03/04/2025	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	02/26/2025	03/04/2025	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units²	RPU.B / RPU.U	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	02/26/2025	03/04/2025	Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series	YAMD	$0.2000	02/26/2025	03/04/2025	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.4000	02/26/2025	03/04/2025	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2500	02/26/2025	03/04/2025	Monthly
META (META) Yield Shares Purpose ETF – ETF Series	YMET	$0.1600	02/26/2025	03/04/2025	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	02/26/2025	03/04/2025	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.5500	02/26/2025	03/04/2025	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp, Class A	BNK	$0.1200¹	02/28/2025	03/14/2025	Monthly
Big Banc Split Corp, Preferred Shares	BNK.PR.A	$0.0700¹	02/28/2025	03/14/2025	Monthly

Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.3407	02/26/2025	03/04/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2707	02/26/2025	03/04/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1125	02/26/2025	03/04/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.3244	02/26/2025	03/04/2025	Monthly

Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

(1)	Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)	Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please email us at info@purposeinvest.com

Media inquiries:
Keera Hart
keera.hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

The MIL Network –

February 19, 2025

MIL-OSI New Zealand: Ahuwhenua Trophy award finalists

Source: New Zealand Government

Agriculture Minister, Todd McClay and Minister for Māori Development, Tama Potaka today congratulated the finalists for this year’s Ahuwhenua Trophy, celebrating excellence in Māori sheep and beef farming.

The two finalists for 2025 are Whangaroa Ngaiotonga Trust and Tawapata South Māori Incorporation Onenui Station.

“The Ahuwhenua Trophy is a prestigious award celebrating the vital role Māori sheep and beef farmers play in New Zealand’s economy,” Mr McClay says.

“This year’s finalists exemplify excellence in agribusiness, driving growth in our food and fibre sector while creating jobs in rural communities.

“Māori agribusiness remains a key part of our rural economy, with sheep and beef operations alone employing over 10,000 Māori across the value chain.”

“Their hard work will help achieve the Government’s ambitious goal of doubling New Zealand’s exports by value in 10 years, while meeting the global demand for high-quality, safe and sustainable food and fibre products,” Mr McClay says.

Mr Potaka says the Ahuwhenua Trophy recognises excellence in farming know-how, as well as the wider role that Māori intergenerational farming entities play in our regional communities and in protecting the environment.

“Māori agribusiness provides employment and vital reinvestment back into marae, papakāinga, kura and education scholarships.

“The prosperity and wellbeing farming generates for Iwi and Māori across the motu has far reaching impacts. I tautoko the outstanding work these finalists are doing.”

Each Ahuwhenua Trophy finalist will host a field day to demonstrate their farming operations. These field days and a second round of judging will determine the overall winner. The winner will be announced on 6 June in Palmerston North.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI: Value Partners Announces Proposed Fund Merger

Source: GlobeNewswire (MIL-OSI)

WINNIPEG, Manitoba, Feb. 18, 2025 (GLOBE NEWSWIRE) — Value Partners Investments Inc. (“Value Partners”), the manager of the Value Partners Pools, today announces its proposal to merge (the “Merger”) VPI Mortgage Pool (the “Terminating Fund”) into a high interest savings pool, effective on or about April 17, 2025, subject to unitholder approval. The high interest savings pool is anticipated to begin operations on or about March 24, 2025, pending regulatory approval. Effective on or about March 17, 2025, securities of the Terminating Fund will no longer be available for purchase.

A unitholder meeting of the Terminating Fund will be scheduled on or about April 16, 2025, where unitholders will be asked to approve the Merger. A notice of meeting will be mailed on or about March 26, 2025 to all investors of record as of March 17, 2025.

The Independent Review Committee has provided a positive recommendation that the Merger, if implemented, will achieve a fair and reasonable result for the Terminating Fund.

About Value Partners Investments Inc.
Value Partners is an investment management firm founded in 2005 that offers investment products and services through experienced financial advisors at investment dealers and mutual fund dealers across Canada. Value Partners is a registered investment fund manager, portfolio manager and exempt market dealer with approximately $5.4 billion in assets under management on behalf of Canadian families and businesses.

For further information, please contact:

Gregg Filmon
President
Value Partners Investments Inc.
Phone: (204) 949-0059

The MIL Network –

February 19, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Requires Transparency for the American People About Wasteful Spending

US Senate News:

Source: The White House
PROMOTING TRANSPRENCY AND ACCOUNTABILITY: Today, President Donald J. Trump signed a memorandum requiring radical transparency regarding wasteful spending of taxpayer dollars by the federal government.
It requires all departments and agencies to disclose details about terminated programs, cancelled contracts, and discontinued grants to the fullest extent allowed by law.
PUTTING AN END TO WASTEFUL SPENDING: By signing this memorandum, President Trump recognizes that the American people have a right to see how the federal government has wasted their hard-earned wages.
The United States government has wasted taxpayer dollars on programs, contracts, and grants that do not serve the American public’s interests.
For too long, taxpayers have subsidized ideological projects overseas and domestic organizations engaged in actions that undermine the national interest.
The Biden Administration spent billions on electric vehicle charging stations, yet only a fraction were completed.
The Trump Administration recently canceled a Biden-era $50 million environmental justice grant to an organization that believes “climate justice travels through a Free Palestine.”
Numerous USAID grants have come under review, including $1.5 million to “advance diversity equity and inclusion in Serbia’s workplaces and business communities.”
The Biden Administration gave nearly $4.6 million to help foreign groups promote LGBT projects like drag shows and pride parades.
The Trump Administration found $20 billion parked at a financial institution by the Biden Administration to fund partisan pet projects.
President Trump’s Department of Education canceled $881 million in unnecessary contracts that were not benefiting students, including a $4.6 million contract just to coordinate Zoom and in-person meetings.
President Trump’s Department of Government Efficiency (DOGE) has already recovered $1.9 billion in taxpayer funds “misplaced” by the Biden Administration.
The Government Accountability Office released a report last year estimating that the federal government “could lose between $233 billion and $521 billion annually to fraud.”
KEEPING HIS PROMISE TO THE AMERICAN PEOPLE: President Trump campaigned on a promise to return power back to the American people by “cleaning out the Deep State, firing rogue bureaucrats and career politicians, and targeting government corruption.”
President Trump recently signed a memorandum to stop last-minute collective bargaining agreements issued by the Biden Administration designed to constrain the incoming Trump Administration from reforming government.
President Trump created the Department of Government Efficiency (DOGE) to bring accountability and transparency to federal spending, ensuring taxpayer dollars are spent wisely and effectively.
President Trump launched a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits for taxpayers.
The Trump Administration is aggressively investigating Biden-era programs that wasted billions of taxpayer dollars on inefficient and politically-driven projects, including canceling unnecessary government contracts and grants that do not serve the national interest.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Expands Access to In Vitro Fertilization (IVF)

US Senate News:

Source: The White House
LOWERING COSTS AND REDUCING BARRIERS TO IVF: Today, President Donald J. Trump signed an Executive Order expanding access to in vitro fertilization (IVF) for Americans.
The Order directs policy recommendations to protect IVF access and aggressively reduce out-of-pocket and health plan costs for such treatments.
The recommendations will focus on how to ensure reliable access to IVF.
Priority will also be placed on addressing any current policies, including those that require legislation, that exacerbate the cost of IVF treatments.

The Order recognizes the importance of family formation and that our Nation’s public policy must make it easier for loving and longing mothers and fathers to have children.
SUPPORTING AMERICAN FAMILIES: As many as one in seven couples trying to have a baby are unable to conceive, and many face significant financial hurdles to accessing IVF.
Avenues to more affordable IVF treatments are needed.
The cost can range from $12,000 to $25,000 per cycle and multiple cycles may be needed to get pregnant.
IVF is often not fully covered by health insurance.
Only a quarter of employers report coverage of IVF for their employees.
Just a handful of states require some sort of coverage for IVF in state-regulated insurance plans.
The federal government covers IVF in a limited capacity for military personnel, veterans, and federal employees.

Department of Health and Human Services data reports that more than 85,000 infants were born as a result of IVF in 2021.
The general U.S. fertility rate is at another historic low.
The rate dropped 3% in 2023 from 2022. From 2014-2020, the rate consistently decreased by 2% annually.

DELIVERING ON PROMISES FOR AMERICAN FAMILIES: President Trump promised to advance IVF and help American families with the associated costs so American families can have more babies, building on his record of supporting family formation and stability.
In his first Administration, President Trump doubled the child tax credit and expanded the eligibility of receiving the credit.
He also signed into law a provision that enables new parents to withdraw up to $5,000 from their retirement accounts without penalty when they give birth to or adopt a child.
President Trump has long advocated for more babies and expanding American families: “Because we want more babies, to put it very nicely. And for this same reason, we will also allow new parents to deduct major newborn expenses from their taxes, so that parents that have a beautiful baby will be able, so we’re pro family. But the IVF treatments are expensive. It’s very hard for many people to do it and to get it, but I’ve been in favor of IVF, right from the beginning.”

MIL OSI USA News –

February 19, 2025
MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act
Source: GlobeNewswire (MIL-OSI)
- Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
- Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.
TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

“The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

Toll Free: 1 (800) 717-1738

Conference ID number: 00133

About Currency Exchange International, Corp.

Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

Contact Information

For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.cxifx.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

The MIL Network –
February 19, 2025
MIL-OSI: Talonvest Secures $14.4M in Financings for two California Properties

Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. is proud to announce two recent closings for SoCal Self Storage. The first was a $7,200,000 non-recourse permanent loan for a self storage facility located at 2550 Willow Lane in Thousand Oaks, California. The property spans 54,937 NRSF and features a total of 525 units. The property benefits from its prime location along the 101 Freeway, which sees over 170,000 vehicles per day. Concurrently, Talonvest negotiated a second loan on behalf of SoCal Self Storage for a facility encompassing 42,979 NRSF spanning 499 units and located in the economically vibrant community of Torrance, California. The $7,200,000 non-recourse refinance loan features a 10-year loan, full-term interest only payments, and an attractive fixed interest rate.

Thanks to the lender competition facilitated by Talonvest, the client secured cash out, loan terms surpassing those offered by life companies, financial cash management triggers waived, and a loan spread well below 200 bps on both transactions. Bill Bromiley, Principal of Syndicated Real Estate Investments, remarked, “The Talonvest team secured an excellent interest rate while structuring favorable loan terms for us, and they proactively managed a seamless closing.” Denny Geiler, Principal of Polo Properties, LLC, added, “Their deep understanding of the capital markets was invaluable, and their hands-on involvement throughout the process had a direct and positive impact on our results.” The Talonvest team responsible for these assignments included Eric Snyder, Kim Bishop, Ivan Viramontes, Morgan Johnson and Lauren Maehler.

About Talonvest Capital Inc.

Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients. Learn more at https://talonvest.com.

Thousand Oaks, CA

Torrance, CA

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/df7d6e81-7b58-458f-bb15-905101bbcc6c

https://www.globenewswire.com/NewsRoom/AttachmentNg/7078ee40-6c8a-4c41-b9db-ec8708468e8e

The MIL Network –

February 19, 2025
MIL-OSI United Nations: In Day-Long Security Council Debate, Speakers Offer Divergent Views on ‘New’ Global Order, Stress Need to Update Global Governance

Source: United Nations General Assembly and Security Council

During a day-long Security Council debate on practicing multilateralism and reforming global governance today, speakers stressed the urgent need to update the United Nations — founded 80 years ago — including reforms to the Council itself and to the global economic order to better address twenty-first-century challenges.

“One can draw a direct line between the creation of the United Nations and the prevention of a third world war,” said António Guterres, Secretary-General of the United Nations, recalling that the UN was “born out of the ashes” of the second. The UN remains the “essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights”, he said. However, “eight decades is a long time”, he said, emphasizing that while the “hardware” for international cooperation exists, “the software needs an update”.

As global challenges demand multilateral solutions, he pointed out that the Pact for the Future puts forward concrete solutions to strengthen the machinery of peace, advance coordination with regional organizations and includes the first multilateral agreement on nuclear disarmament in more than a decade. It also includes efforts to prevent an arms race in outer space, advance discussions on lethal autonomous weapons and recognizes the UN’s role in preventive diplomacy.

“But the Pact does even more for peace,” he said, as it recognizes that the international community must address the root causes of conflict and tension and that the Council “must reflect the world of today”. Guided by the Pact, he said that multilateralism — “the beating heart of the United Nations” — can became an even more powerful instrument of peace. “But multilateralism is only as strong as each and every country’s commitment to it,” he added, urging all Member States to continue updating global problem-solving mechanisms to “make them fit for purpose, fit for people and fit for peace”.

Shift of Power to Global South

Wang Yi, Minister for Foreign Affairs of China — Council President for February — then spoke in his national capacity to recall that representatives of his country were the first to sign the Charter of the United Nations, “writing with the Chinese calligraphy brush an important chapter in world history”. Now, though, comprehensive peace and shared prosperity remain elusive. Noting the rise of the Global South on the world stage, he insisted that “international affairs should no longer be monopolized by a small number of countries” and the fruits of global development should not be enjoyed by only a few countries. China, as the world’s largest developing country, has become the major trading partner of more than 150 countries and regions and is promoting high-quality Belt and Road cooperation to contribute to global prosperity and development.

“The continuing inequalities of the global financial system have further aggravated today’s crises,” said Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan, adding that “the very fabric of the world order established under the UN Charter is in danger of being torn apart”. Urging reform of the International Monetary Fund (IMF) and the World Bank, he pointed out that the current system favours the rich, while developing nations are trapped in a cycle of poverty and debt.

Also underlining the need to reform the global economic order, Selma Bakhta Mansouri, Secretary of State to the Minister for Foreign Affairs of Algeria, said that current financial arrangements are largely led by developed States. It is necessary to ensure a “flexible and sustainable financing mechanism for African States and to work towards improving or easing their debt burden,” she stressed. She also noted that Africa represents more than a quarter of UN Member States, but continues to be deprived of permanent representation on the Council.

Similarly, Francess Piagie Alghali, Deputy Minister for Foreign Affairs and International Cooperation of Sierra Leone, said that Africa remains the most glaring victim of inequitable Council composition. Without structural reform, the organ’s performance and legitimacy will continue to be questioned, she said, also highlighting Africa’s exclusion from multilateral development banks. Highlighting the African Union’s theme of the year — Justice for Africans and People of African Descent through Reparations — she stressed the need to urgently rectify the historical injustices perpetuated against the continent.

Push for Two Permanent Security Council Seats for Africa

Ahmed Moallim Fiqi, Minister for Foreign Affairs and International Cooperation of Somalia, also reiterated the need for a “deep-rooted reform” of the Council, stressing that African States should be granted two permanent seats that include the right to veto. Stating that the UN Charter must be the “linchpin” and “our lodestar” as the international community embarks on reforming the multilateral system, he also noted that Council resolutions are being trampled upon, calling for effective mechanisms to bolster the UN’s capacity to guarantee international peace and security.

“It is illogical that Africa does not feature among permanent members,” observed France’s representative, underscoring: “That must change.” Two African States must hold permanent seats on the Council, and he added that Africa’s demand for veto power is “legitimate”. The representative of Denmark, in that vein, stated that the world needs a more-representative Council — “one which redresses the historical injustice done to the African continent”. She added: “We cannot seriously tackle the issues facing multilateralism when the Security Council continues to operate in a reality of yesteryear.”

“The Security Council is arguably the least representative and most undemocratic of global institutions,” added Guyana’s representative, pointing out that the Council faces the risk of becoming irrelevant. “We have seen repeatedly how the current structure and decision-making format — particularly the use of the veto — have thwarted the will” of the wider membership, she said. Greece’s representative, for his part, expressed support for “any model of reform that is fair, strengthens the UN as a whole and transforms the Security Council into a more democratic, efficient, representative and accountable body”.

Russian Federation, China Accused of Being Drivers of Instability

Meanwhile, the representative of the United States said that “two of the greatest drivers of instability in the world today hold veto power”, spotlighting the Russian Federation’s bloody war in Ukraine and China’s exploitation of its developing-nation status. “We need to take a close look at where this institution is falling short,” she added. Therefore, the United States is currently reviewing its support to the UN, and she said that “we will consider whether actions of the Organization are serving American interests, and whether it can be reformed”.

As to why the UN is falling short of its ambitions, the representative of the United Kingdom observed that “there is more to this than the often-mentioned liquidity crisis”. While the Organization’s membership has increased, it is not fully representative of today’s “multipolar world”, she said. Further, the Council is often characterized as “ineffective geopolitical theatre”, and she added that — while reform is needed — “this body has the tools to implement its peace and security mandate”.

“It is time to rescue multilateralism from ruinous mistrust,” stressed Panama’s representative, urging States to ensure that, rather that floundering, the system flourishes and prospers. Observing that his country has been reaping the rewards of multilateralism since its independence, he said that diplomatic efforts lead to the end of the colonial enclave and to the recovery of “our Canal”.

BRICS Surpasses G7 in Gross Domestic Product

The representative of the Russian Federation noted that developed countries have siphoned off $62 trillion in resources from the Global South since 1960, highlighting Moscow’s efforts to advance anti-colonial agendas at the UN. And “there have been tectonic shifts in the global economy”, with BRICS (Brazil, Russian Federation, India, China, South Africa) accounting for 37 per cent of the global gross domestic product (GDP), surpassing 29 per cent represented by the Group of 7 (G7) countries, he added, stressing the need for a more equitable global financial architecture. Rejecting the West’s domination at the Security Council as “a relic of the past”, he said that his country advocates for indivisible security in Eurasia without infringing on others’ interests.

“It is extraordinary that 193 Member States — with each of us at different stages of political and economic development, like-minded or even antagonistic — gather every day in this very building to discuss and solve current and future issues,” observed the representative of the Republic of Korea. “This should not be taken for granted,” he stressed, stating that the UN’s convening role is the “driving engine of multilateralism”. Slovenia’s representative, similarly, noted that the UN “enabled the power of rules to replace the rule of power”. Citing former Secretary-General Dag Hammarskjöld, he said: “It is not big Powers who need the UN for their protection. It is all the others.”

Unilateralism Versus Multilateralism

As the floor opened to the wider membership, Celinda Sosa Lunda, Minister for Foreign Affairs of Bolivia, pointed to the need for radical change within the UN structure in view of the myriad threats to the planet’s very existence. “We are fighting for the transition towards a multipolar world,” she stressed. “Today the world is in a state of flux,” said Jeje Odongo Abubakhar, Minister for Foreign Affairs of Uganda, pointing to the “palpable loss of trust” in age-old institutions and mechanisms. Observing that many world leaders now favour unilateralism, he stressed: “The future of multilateralism depends on the willingness of State and non-State actors to re-imagine and revitalize the system.”

On that, Carlos Fernández de Cossío, Vice Minister for Foreign Affairs of Cuba, said that it has become crucial to defend multilateralism given “the withdrawal of the world’s greatest Power from international bodies”. He also opposed “trends towards the privatization of the Organization, turning it into a tool that represents the interests of major Powers and large transnational capital”. Meanwhile, Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary, said that, during the “global dictatorship of the international liberal mainstream”, the UN has failed to be a platform for peace. He therefore stressed that the UN must adjust itself to the new global political reality or “lose its significance”.

Waleed Abdul Karim El-Khereiji, Vice Minister for Foreign Affairs of Saudi Arabia, also said that the increasing crisis of confidence in the UN demands reform. Further, “current bloody incidents” call for firm responses from the multilateral system. “No people should feel abandoned by the international community,” stressed Fedor Rosocha, Director General of the Directorate for International Organizations and Human Rights in the Ministry for Foreign and European Affairs of Slovakia, stressing that the Council must not be passive in the fact of conflict, crisis and atrocity.

The fact that “no new world war has happened” is not a consolation to Ukrainians whose towns have been destroyed, observed Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine. Multilateral institutions are being undermined from within, she said, urging that permanent Council members be limited in their use of the veto when they have a conflict of interest in the matter under consideration. She added: “If the UN begins to resemble a boxing ring — with fighters, their supporters and passive spectators — the prospects for global security will be bleak.”

MIL OSI United Nations News –

February 19, 2025
MIL-OSI Submissions: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

SOURCE: African Development Bank Group (AfDB)

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

ABIDJAN, Ivory Coast, February 18, 2025 – “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
Governments across Africa pay tribute to Adesina’s exceptional leadership
UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

127 million people gained access to better services in terms of health.
61 million people gained access to clean water.
33 million people benefited from improved sanitation.
46 million people gained access to ICT services, and
25 million people gained access to electricity.

He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

Dr. Adesina’s speech (https://apo-opa.co/4kiP9Ph)
AU Summit pictures (https://apo-opa.co/4i03e1S)

MIL OSI – Submitted News –

February 19, 2025
MIL-OSI USA: Luján, Colleagues Warn IRS Staffing Cuts Will Cause a Tax Refund Train Wreck, Degrade Taxpayer Service, Undermine Law Enforcement

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

With Tax Filing Season Underway, Trump Cuts Have Already Hampered Key Tax Filing Assistance Programs; Democrats Warn Further Cuts Could Hurt Families Waiting for Refunds

Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, Finance Committee Ranking Member U.S. Senator Ron Wyden (D-Ore.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and six Democratic committee members warned the Trump administration and IRS leadership today that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service, and undermine law enforcement efforts. The senators urged the Administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism, and sanctions evasion.

Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send them refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”

Regarding the impact on law enforcement and national security: “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”

The complete text of the letter to Treasury Secretary Bessent, OMB Director Vought, acting OPM Director Ezell and acting IRS Commissioner O’Donnell is available here.

U.S. Senators Mark Warner (D-Va.), Sheldon Whitehouse (D-R.I), Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), Tina Smith (D-Minn.), and Peter Welch (D-Vt.) also signed the letter.

MIL OSI USA News –

February 19, 2025
MIL-OSI Canada: Alberta scores big with major sport events
Alberta is continuing to build upon the province’s strong reputation as a premier destination for world-class sporting events and sports fans, hosting five major national and international competitions over the next two months. These events will drive thousands of athletes, coaches, officials and spectators to the province, invigorating the local economies of the host communities and showcasing Alberta’s beauty, vibrancy and world-class facilities on the global stage.

Alberta’s government has committed more than $440,000 through the Major Sport Event grant program to support the success of these five events.

“Alberta is a rising star in sport tourism, garnering recognition as a must-see destination for sports fans worldwide, and it’s because of the continued success of the major national and international events we host each year. With each event we host, we’re driving economic growth, boosting tourism and supporting local businesses – and, most importantly, we’re creating lasting feelings of pride in our province and our athletes. Alberta’s government is proud to support events that build community, while giving a platform for our athletes to shine.”

Joseph Schow, Minister of Tourism and Sport

From Feb. 19 to 22, the 2025 FIS Snowboard Slopestyle and Halfpipe World Cups will be taking place at Winsport in Calgary. The events will feature about 380 of the world’s best snowboarders and are anticipated to generate more than $3 million for Calgary’s economy. Alberta’s government is providing a total of $250,000 in funding to the Canadian Snowboard Federation for the planning, staging and delivery of the two World Cups.

In addition to the FIS Snowboard World Cups, there are two other major national and international sporting events taking place in Calgary this week: the Western Transmountain Festival and the World Youth Open dodgeball tournament. The Western Transmountain Festival is currently ongoing at Calgary’s Brookfield Residential YMCA, where local swimmers are competing alongside Canada’s top swimming talent, including Team Canada Olympians. The inaugural World Youth Open dodgeball tournament will be taking place from Feb. 18 to 22, with more than 200 participants flocking to Calgary’s MNP Community and Sport Centre to take part in the fun.

“The impressive lineup of sporting events leading into March underscores the year-round impact that sport tourism brings to our city and province, driving visitation even during traditionally softer months. In February alone, sporting events secured by Tourism Calgary are projected to generate more than $11.2 million in economic impact, reinforcing the vital role these events play in our local economy.”

Carson Ackroyd, senior vice-president of sales, Tourism Calgary

Additionally, the 2025 Nordiq Canada Ski Nationals will return to the Canmore Nordic Centre March 17-23. More than 800 skiers will race in sprints, distance events, and team competitions on Canmore’s iconic trails. Alberta’s government has committed $95,000 in Major Sport Event grants for the planning, staging and delivery of the competition, which is expected to contribute $4.6 million to Alberta’s economy.

“The Canmore community welcomes the energy of more than 800 athletes and their support teams to our mountain home for the 2025 Nordiq Canada Nationals. Together, we work to grow winter experiences through sport tourism, providing our local businesses with important support during quieter months.”

Rachel Ludwig, CEO, Tourism Canmore Kananaskis

Alberta’s Major Sport Event grant program provides up to $250,000 to eligible sport events to help with costs associated with hosting national and international competitions, including facility rentals, venue enhancements, promotional and marketing campaigns, and more. Applications for the next round of Major Sport Event grants are open until April 1, 2025.

Quick facts
- International and national sport events funded in this intake:
  - 2025 Western Transmountain Festival – Calgary – Feb. 14-22, 2025
  - World Dodgeball Federation World Youth Open – Calgary – Feb. 18-22, 2025
  - 2025 FIS Snowboard Halfpipe World Cup – Calgary – Feb. 19-21, 2025
  - 2025 FIS Snowboard Slopestyle World Cup – Calgary – Feb. 20-22, 2025
  - 2025 Nordiq Canada Ski Nationals – Canmore – Mar. 17-23, 2025
Related information
- FIS Halfpipe and Slopestyle World Cup
- Western Transmountain Festival
- World Dodgeball Federation World Youth Open
- 2025 Nordiq Canada Ski Nationals
- Major Sport Event Grant Program
Related news
- Strengthening Alberta’s sport legacy (Aug. 8, 2024)
MIL OSI Canada News –
February 19, 2025
MIL-OSI Canada: Made-in-B.C.: Throne speech focuses on economic security in face of Trump tariffs
Lt. Gov. Wendy Cocchia has delivered the speech from the throne outlining the B.C. government’s plan to defend British Columbians from the economic impacts of the U.S. presidency and secure a stronger future for the province.

“We are at a crossroads. The journey ahead won’t be easy but there’s no place I would rather be to face the threat of tariffs than right here in B.C., and nothing I’d want to be more than Canadian,” said Premier David Eby. “We have everything we need to protect ourselves from the economic impacts of the Trump presidency and come out stronger. That includes our most precious resource of all: British Columbians. Our people are hard-working, resilient and ready to meet this moment the same we always have – by looking out for each other and building together.”

With U.S. President Donald J. Trump’s tariff threats looming over Canada and British Columbia, the throne speech outlined concrete steps the B.C. government will take to grow a more self-reliant economy at home that delivers good-paying jobs. The speech also noted the crucial importance of creating wealth and reorienting the government to meet the challenges of a changing world.

The B.C. government expects to introduce two bold new laws to get energy and critical infrastructure built faster, and British Columbia’s economy growing.

A new budget will be introduced that will focus on economic security and carefully managing finances to protect the front-line public services on which people rely.

Some highlights from the speech from the throne:
- Standing strong for Canada: with a tough and thoughtful response to any attack on Canada’s economy and sovereignty, as part of a united Team Canada approach.
- Creating good jobs in a growing economy: by fast-tracking major private-sector resource projects and building on B.C.’s strengths in technology, life sciences and film.
- Diversifying where B.C. sells its products: with new trade missions to strengthen relationships around the world and by breaking down trade barriers within Canada.
- Strengthening access to health care: by attaching more people to a family doctor and building new hospitals throughout the province.
- Helping with costs: by delivering more homes people can afford, locking in child care and car insurance savings, and passing new consumer-protection laws.
MIL OSI Canada News –
February 19, 2025
MIL-OSI Canada: Spring Sitting of Legislature will Begin with Budget on March 19

Source: Government of Canada regional news

Released on February 18, 2025

The spring sitting of the Saskatchewan Legislative Assembly will begin on March 19 with the tabling of the 2025-26 Provincial Budget.

Premier Scott Moe said the session and the budget will focus on delivering for Saskatchewan people.

“We will continue to deliver on our election commitments and deliver better health care, safer communities and the best possible education for our students,” Moe said. “We will also continue to focus on building a strong Saskatchewan economy – one that can withstand the potential tariff threat and protects Saskatchewan jobs.”

Moe said the government will continue to be very engaged in improving Saskatchewan’s trade relationships with the US and in other foreign markets.

-30-

For more information, contact:

View All News Stories

MIL OSI Canada News –

February 19, 2025
MIL-OSI New Zealand: Finance Sector – Comments on RBNZ interest rate decision from Leigh Hodgetts, country manager, Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

Source: Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

RBNZ interest rate decision – “If as expected, the Reserve Bank of New Zealand (RBNZ) reduces the official cash rate, we call on all banks to quickly pass on the full reduction to both new and existing borrowers.

“Our message to borrowers who do not see a reduction in their repayments is to contact your lender and ask why. If you don’t get satisfaction see your mortgage adviser as the market is becoming more competitive and advisers can assist you to refinance if necessary.

“The general feeling across New Zealand is that there will be further rate cuts during 2025, and we are already seeing competition heating up between the banks.

“Some lenders are already factoring this into their rates, with a few headline rates coming out from Westpac at 4.99 per cent for a three year fixed rate, and TSB moving yesterday on a two year fixed rate at 5.29 per cent.

“A rate cut will bring more good news for borrowers who are sitting on variable rates and looking for a good rate to lock in for 2025 and beyond.

“It will also increase the ability of consumers to borrow and purchase a home, while bringing some relief for those doing it tough after long periods of higher rates.

“The changing rates will present consumers with many options including whether to fix rates or not, and advisers are already receiving many of these types of enquiries. The type and structure of your loan will depend on your individual circumstances and we encourage borrowers to see a mortgage adviser so that this can be discussed. When rates are going down it is important not to make these decisions without advice.

“The New Zealand mortgage market is becoming more competitive, and mortgage advisers have played a large part in this. More people are choosing to use an adviser because we assist them to find the product that is in their best interests and best suits their specific individual needs.”

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI New Zealand: Rural News – Farmer confidence jumps to 10-year high – Federated Farmers

Source: Federated Farmers

Farmer confidence has risen to its highest level in over a decade, rebounding from record lows in recent years.

Federated Farmers’ latest Farm Confidence Survey shows falling interest rates, rising incomes and more favourable farming rules have all played a major role in that improvement.

“I’ve definitely noticed a significant shift in the mood of rural New Zealand. Farmers are feeling a lot more positive,” Federated Farmers president Wayne Langford says.

“The last few years have been bloody tough for a lot of our farming families, with falling incomes, rising interest rates and unpaid bills starting to pile up on the kitchen bench.

“At the same time, we’ve also been struggling with an incredibly challenging regulatory environment and farming rules that haven’t always been practical, affordable or fair.

“These survey results paint a clear picture of a sector finally able to breathe a sigh of relief as some of that weight is lifted.”

The January survey shows farmers’ confidence in current general economic conditions has surged from a deeply negative -66% in July 2024 to a net positive score of 2%.

This marks the largest one-off improvement since the question was introduced in 2016.

Meanwhile, a net 23% of farmers now expect better economic conditions over the next year – the highest confidence level since January 2014.

There has also been a sharp lift in profitability, with 54% of farmers now reporting making a profit – double the number in the last survey six months ago.

Langford says it’s important to note that, despite confidence being at its highest point in more than a decade, it’s still only just in the positive.

“It’s been a remarkable recovery in farmer confidence over a short period of time, but I’m very conscious that we were coming off an extremely low base.

“We’ve come a long way, but there’s a long way to go yet. Federated Farmers will keep pushing hard to cut costs out of farmers’ businesses and reduce some of that regulatory burden.”

The survey results show regulation and compliance costs remains the greatest concern for farmers, followed by interest rates and banks, and input costs.

“When it comes to farmer confidence, a lot of it comes down to what’s coming into our bank account, and what’s going out the other side. It’s a simple equation,” Langford says.

“A lot of that is market driven, and farmers are used to riding those highs and lows, but Government rules and regulations have a significant impact on farmers’ costs.

“Those compliance costs really can make or break your season and have a significant impact on a farmer’s confidence to keep investing in their business.

“The Government have made a great start cutting through red tape for farmers and repealing a lot of the most unworkable rules, but there’s still a lot of work to be done.”

Interest rates and banking issues have consistently been a top concern for farmers, which is why Federated Farmers fought so hard for a banking inquiry, Langford says.

“Interest payments are a huge cost for most farming businesses and farmers have been under massive pressure from their banks in recent years.

“We want to see the Government take a much closer look at our banking system and whether farmers are getting a fair deal from their lenders.”

The survey shows farmers’ highest priorities for the Government are the economy and business environment, fiscal policy, and reducing regulatory burdens.

“If the Government are serious about their ambitious growth agenda and doubling exports over the next decade, this is where they need to be focusing their energy,” Langford says.

“For farmers to have the confidence to invest in our businesses, employ more staff, and grow our economy, we need to have confidence in our direction of travel as a nation too.

“As a country, we’re never going be able to regulate our way to prosperity, but with the right policy settings, we might just be able to farm our way there.”

The report’s key findings include:

– General economic conditions (current): Farmer confidence has surged by 68 points since July 2024, rebounding from a deeply negative -66% to a net positive score of 2%. This marks the largest one-off improvement since the question was introduced in 2016.

– General economic conditions (expectations): Optimism is rising, with net expectations increasing by 29 points since January 2024. A net 23% of farmers now anticipate better conditions over the next year-the highest confidence level seen since January 2014.

– Farm profitability (current): The number of farmers making a profit has doubled since the last survey, with 54% of farmers now reporting a profit-up from just 27%. The net profitability score has surged by 60 points, the strongest turnaround since July 2022.

– Farm profitability (expectations): Confidence in future profitability continues to climb, with a net 31% of farmers expecting improvement over the next 12 months-a 41-point increase since July 2024. This is the highest forward-looking profitability score since July 2017.

– Farm production (expectations): A net 16% of farmers expect production to increase in the next year, extending a positive trend. This marks the first time since 2016/17 that there have been three consecutive periods of predicted growth.

– Farm spending (expectations): Spending intentions have strengthened, with a net 23% of farmers planning to increase spending over the next 12 months-up 26 points from July 2024. This is the strongest expected rise since January 2023.

– Farm debt (expectations): 41% of farmers plan to reduce their debt in the next year, up from 23% in July 2024. Lower interest rates, improved confidence, and stronger production forecasts are driving this shift.

– Ability to recruit (experienced): Hiring challenges persist, with a net 16% of respondents reporting difficulty recruiting skilled staff in the past six months, largely unchanged from July 2024. However, this is the least difficult period for recruitment since July 2012.

– Greatest concerns (current): The top concerns for farmers remain Regulation & Compliance Costs, Debt, Interest & Banks, and Input Costs.

– Highest government priorities: Farmers want the Government to prioritise the Economy & Business Environment, Fiscal Policy, and reducing Regulatory Burdens.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI New Zealand: Dairy Sector – Fonterra provides update on Consumer divestment process
Source: Fonterra

Fonterra Co-operative Group Ltd has today provided an update on the process to divest its global Consumer business and integrated businesses Fonterra Oceania and Sri Lanka.

Fonterra CEO Miles Hurrell says the Co-op’s decision to pursue a divestment is grounded in an understanding of where it creates the most value for farmers today and where there’s further room for growth.

“We are clear on our strategy and have a pathway to grow further value for farmer shareholders and the New Zealand economy through our innovative Foodservice and Ingredients businesses. At the same time, we recognise the responsibility we have to find the right steward for iconic brands such as Anchor , Mainland and Western Star and an ownership structure that allows these businesses to continue to grow.

“We announced in November 2024 that we are pursuing both a trade sale and Initial Public Offering (IPO) as potential divestment options. Our intention is to thoroughly test the terms and value of both a trade sale and IPO before selecting an option to put to farmer shareholders for a vote. Ahead of that, we are today indicating the next steps that are required in both processes,” says Mr Hurrell.

As part of the trade sale process, over the coming weeks Fonterra will be engaging with potential buyers of the Consumer and associated business.

Alongside this, as part of preparing for a potential IPO, Fonterra has named key management team members and chosen a corporate brand for the entity if it is to be publicly listed.

“Fonterra has chosen Mainland Group as the corporate brand for the group if we are to proceed with an IPO. The Mainland brand has strong New Zealand dairy heritage and is also well known by consumers in New Zealand, Australia and across many of our global markets,” says Mr Hurrell.

“I’m pleased to share that René Dedoncker has been named as CEO-elect for Mainland Group. René is currently Fonterra’s Managing Director Global Markets Consumer and Foodservice, leading the businesses in scope for divestment. He joined Fonterra in 2005 and has held several global leadership positions during that time. He has led our Australian business since 2017, including through its recent merger with Fonterra Brands New Zealand to form Fonterra Oceania. 

“We have also appointed Paul Victor as CFO-elect for Mainland Group. Paul has joined Fonterra from ASX-listed Incitec Pivot Limited, where he was Chief Financial Officer. Paul brings more than 30 years of experience, working across functions including finance, treasury, tax, financial planning and analysis, control, M&A, investor relations and IT.

“René and Paul are very capable leaders with the experience to take these businesses forward into their next phase. Both will lead roadshow meetings with potential investor groups, commencing in March.

“We recognise the ongoing interest in the divestment process and will provide further updates as we make progress,” says Mr Hurrell.

Fonterra’s chosen option will balance:

Maximising long term value for farmer shareholders, including the best return on capital invested;

Cementing Fonterra’s competitive advantage in Ingredients and Foodservice; and

Expanding international channels to market for high-quality New Zealand dairy.

Fonterra continues to target a significant capital return to be made to farmer shareholders and unit holders following the divestment.

About Fonterra 

Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer,foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together. 
MIL OSI New Zealand News –
February 19, 2025
MIL-OSI New Zealand: Health – Patients, clinicians to pay price for Te Whatu Ora digital services cuts – RACS

Source: Royal Australasian College of Surgeons (RACS)

Te Whare Piki Ora o Māhutonga – the Royal Australasian College of Surgeons (RACS) – says proposed cuts to Te Whatu Ora’s digital services were made with reference to financial considerations, not clinical ones.

It argues any projected cost savings don’t factor in the potential impact on clinical staff, clinical standards and patient safety and wellbeing.

“These proposed changes may seem like a simple money saver, but we haven’t seen any analysis that weighs the expected cost savings against the risks to patient outcomes,” says Dr Ros Pochin, Chair of the RACS Aotearoa New Zealand National Committee.

She says the current state of the IT systems hospital clinicians rely on are “not what you would hope for from a modern healthcare system”.

“We need systems that talk to each other across hospitals and regions; reliable technology and uninterrupted remote access, especially for the smaller rural and regional centres; and a support team with the capacity to help when there are issues or outages. I can’t see how the proposals allow for these much-needed upgrades. In fact, they’ll likely make matters worse. The loser is always the patient and the clinicians trying to do their best for them.”

The Digital Services Consultation Document proposes significant changes to Te Whatu Ora’s digital infrastructure, including the termination or deferral of 136 digital projects and a near 50% reductions in digital services staff. The changes aim to address financial deficits but raise concerns regarding their potential impact on clinical standards, patient safety, and the overall effectiveness of the healthcare system.

“These drastic changes, focused almost exclusively on cost-saving measures, have been made without consulting those who are most affected – the frontline medical professionals who deliver care,” says Dr Pochin.

“This is a strategic shift being pushed through without the necessary evidence or clinical scrutiny. While it may offer short-term savings, the long-term performance and human cost could be profound.”

RACS, which is committed to equitable, quality healthcare, is voicing its strong objections to these changes, which threaten to destabilise an already fragile health workforce and undermine the safety and efficacy of patient care. It is calling for an immediate suspension of the current decision-making process and urges Te Whatu Ora to engage in a thorough, evidence-based consultation with clinical professionals

As Aotearoa New Zealand navigates its future healthcare needs, RACS remains committed to advocating for the changes that will best serve the health and wellbeing of all communities, and is ready to work alongside Te Whatu Ora and other stakeholders to shape a better, safer, and more equitable system for the country.

About the Royal Australasian College of Surgeons (RACS)

RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 7000 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. www.surgeons.org

MIL OSI New Zealand News –

February 19, 2025

MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

“CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

“CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

Petroleum Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Full-Year 2024 Compared to Full-Year 2023

The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

Full-Year 2024 Compared to Full-Year 2023

The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

Nitrogen Fertilizer Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

Full-Year 2024 Compared to Full-Year 2023

The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

Corporate and Other

The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

Cash, Debt and Dividend

During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

Fourth Quarter 2024 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

Forward-Looking Statements
This news release may contain 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; asset utilization, capture, production volume, throughput product yield and crude oil gathering rates; cash flow generation; operating income and net sales; throughput; refining margin; crack spreads, including the improvement thereof; capacity rationalization; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

CVR Energy, Inc.
(unaudited)

Consolidated Statement of Operations Data

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except per share data)	2024			2023			2024			2023
Net sales	$	1,947		$	2,202		$	7,610		$	9,247
Operating costs and expenses:
Cost of materials and other		1,653			1,802			6,448			7,013
Direct operating expenses (exclusive of depreciation and amortization)		165			166			667			670
Depreciation and amortization		72			75			290			291
Cost of sales		1,890			2,043			7,405			7,974
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35			34			139			141
Depreciation and amortization		2			1			8			7
(Gain) loss on asset disposal		(1	)		—			—			2
Operating income		21			124			58			1,123
Other income (expense):
Interest expense, net		(20	)		(9	)		(77	)		(52	)
Other income, net		27			4			38			14
Income before income tax expense		28			119			19			1,085
Income tax expense (benefit)		(12	)		22			(26	)		207
Net income		40			97			45			878
Less: Net income attributable to noncontrolling interest		12			6			38			109
Net income attributable to CVR Energy stockholders	$	28		$	91		$	7		$	769

Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Dividends declared per share	$	—		$	2.00		$	1.50		$	4.50

Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64
EBITDA^*	$	122		$	204		$	394		$	1,435
Adjusted EBITDA^*	$	67		$	170		$	317		$	1,164

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

____________________

* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	987	$	581
Working capital		726		497
Total assets		4,263		4,707
Total debt and finance lease obligations, including current portion		1,919		2,185
Total liabilities		3,375		3,669
Total CVR stockholders’ equity		703		847

Selected Consolidated Cash Flow Data

	Three Months Ended December 31,					Year Ended December 31,
(in millions)	2024		2023			2024			2023
Net cash flows provided by (used in):
Operating activities	$	98	$	(36	)	$	404		$	948
Investing activities		43		(58	)		(121	)		(239	)
Financing activities		312		384			(482	)		(40	)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	453	$	290		$	(199	)	$	669

Free cash flow ^*	$	40	$	(94	)	$	181		$	708

_____________________

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,755	$	93		$	140	$	1,947	$	1,997	$	110		$	142	$	2,202
Operating income (loss)		4		(3	)		26		21		144		(31	)		17		124
Net income (loss)		35		(3	)		18		40		158		(30	)		10		97
EBITDA ^*		72		3			50		122		196		(26	)		38		204

Capital Expenditures: ⁽¹⁾
Maintenance	$	24	$	1		$	15	$	40	$	24	$	1		$	11	$	36
Growth		7		—			3		11		5		8			—		13
Total capital expenditures	$	31	$	1		$	18	$	51	$	29	$	9		$	11	$	49

	Year Ended December 31, 2024									Year Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	6,920	$	289		$	525	$	7,610	$	8,287	$	559		$	681	$	9,247
Operating income (loss)		12		(22	)		90		58		982		(37	)		201		1,123
Net income (loss)		70		(21	)		61		45		1,071		(36	)		172		878
EBITDA ^*		223		3			179		394		1,185		(17	)		281		1,435

Capital Expenditures: ⁽¹⁾
Maintenance	$	90	$	3		$	30	$	127	$	94	$	2		$	28	$	128
Growth		38		8			7		54		14		54			1		69
Total capital expenditures	$	128	$	11		$	37	$	181	$	108	$	56		$	29	$	197

______________________

* See “Non-GAAP Reconciliations” section below.

(1)

Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

	December 31, 2024								December 31, 2023
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	735	$	13	$	91	$	987	$	375	$	16	$	45	$	581
Total assets		3,288		420		1,019		4,263		2,978		344		975		4,707
Total debt and finance lease obligations, including current portion ⁽²⁾		354		—		569		1,919		44		5		547		2,185

___________________________

(1)		Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
(2)		Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Refining margin ^*	$	8.37	$	15.01	$	9.53	$	21.82
Adjusted refining margin ^*		6.45		12.91		8.67		18.11
Direct operating expenses ^*		5.13		4.69		5.86		5.34

___________________

* See “Non-GAAP Reconciliations” section below.

Throughput Data by Refinery

	Three Months Ended December 31,		Year Ended December 31,
(in bpd)	2024	2023	2024	2023
Coffeyville
Gathered crude	69,560	61,733	71,382	62,263
Other domestic	47,732	57,161	39,360	49,930
Canadian	3,969	6,109	7,304	3,265
Condensate	—	7,115	3,177	7,566
Other crude oil	5,709	—	2,546	—
Other feedstocks and blendstocks	14,997	16,321	12,511	13,490
Wynnewood
Gathered crude	55,507	49,061	46,185	50,900
Other domestic	—	2,974	980	2,112
Condensate	10,747	17,192	9,165	15,228
Other feedstocks and blendstocks	5,482	4,888	3,668	3,465
Total throughput	213,703	222,554	196,278	208,219

Production Data by Refinery

	Three Months Ended December 31,				Year Ended December 31,
(in bpd)	2024		2023		2024		2023
Coffeyville
Gasoline	72,868		76,921		69,771		69,847
Distillate	61,016		62,570		56,690		57,888
Other liquid products	3,775		4,168		5,125		4,388
Solids	4,349		4,798		4,762		4,123
Wynnewood
Gasoline	40,139		42,363		33,106		38,843
Distillate	24,473		25,432		20,917		24,978
Other liquid products	4,405		5,480		4,551		6,882
Solids	12		9		9		10
Total production	211,037		221,741		194,931		206,959

Light product yield (as % of total crude throughput) ⁽¹⁾	102.7	%	103.0	%	100.2	%	100.2	%
Liquid volume yield (as % of total throughput) ⁽²⁾	96.7	%	97.5	%	96.9	%	97.4	%
Distillate yield (as % of total crude throughput) ⁽³⁾	44.2	%	43.7	%	43.1	%	43.3	%

______________________

(1)		Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
(2)		Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(3)		Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended December 31,						Year Ended December 31,
(dollars per barrel)	2024			2023			2024			2023
West Texas Intermediate (WTI) NYMEX	$	70.32		$	78.53		$	75.77		$	77.57
Crude Oil Differentials to WTI:
Brent		3.69			4.32			4.09			4.60
WCS (heavy sour)		(12.25	)		(22.91	)		(13.86	)		(17.97	)
Condensate		(0.24	)		(0.30	)		(0.48	)		(0.21	)
Midland Cushing		0.87			1.09			1.10			1.26
NYMEX Crack Spreads:
Gasoline		13.84			13.69			20.91			27.88
Heating Oil		23.40			41.34			26.67			40.60
NYMEX 2-1-1 Crack Spread		18.62			27.52			23.79			34.24
PADD II Group 3 Product Basis:
Gasoline		(4.03	)		(4.75	)		(6.52	)		(2.92	)
Ultra Low Sulfur Diesel (ULSD)		(4.57	)		(2.96	)		(4.96	)		(1.02	)
PADD II Group 3 Product Crack Spread:
Gasoline		9.81			8.94			14.40			24.96
ULSD		18.83			38.38			21.71			39.57
PADD II Group 3 2-1-1		14.32			23.66			18.05			32.27

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended December 31,					Year Ended December 31,
	2024		2023			2024		2023
Renewables margin ^*	$	0.79	$	(0.90	)	$	0.80	$	0.27
Adjusted renewables margin ^*		1.16		(0.43	)		0.93		0.41
Direct operating expenses ^*		0.48		0.37			0.57		0.35

__________________________

* See “Non-GAAP Reconciliations” section below.

Renewables Throughput Data

	Three Months Ended December 31,		Year Ended December 31,
(in gallons per day)	2024	2023	2024	2023
Corn Oil	81,497	90,932	52,807	53,661
Soybean Oil	105,351	109,242	98,439	172,297
Other feedstocks and blendstocks	91,709	46,210	58,730	51,039
Total throughput	278,557	246,384	209,976	276,997

Renewables Production Data

	Three Months Ended December 31,				Year Ended December 31,
(in gallons per day)	2024		2023		2024		2023
Renewable diesel	163,110		176,200		134,399		200,015
Renewable naphtha	19,731		32,886		17,101		34,099
Renewable light ends	88,938		94,952		62,424		92,802
Other	67,293		42,106		41,064		45,552
Total production	339,072		346,144		254,988		372,468

Renewable diesel yield (as % of corn and soybean oil throughput)	87.8	%	88.0	%	89.2	%	88.5	%

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.43	$	0.52	$	0.44	$	0.58
Midwest crude corn oil (dollars per pound)		0.46		0.62		0.50		0.61
CARB ULSD (dollars per gallon)		2.28		2.90		2.47		2.89
NYMEX ULSD (dollars per gallon)		2.23		2.85		2.44		2.81
California LCFS (dollars per metric ton)		72.05		68.71		60.07		72.52
Biodiesel RINs (dollars per RIN)		0.66		0.84		0.59		1.35

Nitrogen Fertilizer Segment

	Three Months Ended December 31,				Year Ended December 31,
(percent of capacity utilization)	2024		2023		2024		2023
Ammonia utilization rate ⁽¹⁾	96	%	94	%	96	%	100	%

_____________________

(1)

Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Consolidated sales (thousands of tons):
Ammonia		97		98		271		281
UAN		310		320		1,260		1,395

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	475	$	461	$	479	$	573
UAN		229		241		248		309

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		210		205		836		864
Ammonia (net available for sale) ⁽²⁾		80		75		270		270
UAN		310		306		1,273		1,369

Feedstock:
Petroleum coke used in production (thousands tons)		123		131		517		518
Petroleum coke used in production (dollars per ton)	$	55.71	$	77.09	$	59.69	$	78.14
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,224		2,033		8,667		8,462
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.00	$	2.95	$	2.56	$	3.42
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,352		2,317		7,755		8,671
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	2.50	$	2.83	$	2.50	$	3.84

______________________

(1)		Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)		Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)		The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Ammonia — Southern plains (dollars per ton)	$	526	$	648	$	526	$	564
Ammonia — Corn belt (dollars per ton)		595		704		573		644
UAN — Corn belt (dollars per ton)		274		301		277		311

Natural gas NYMEX (dollars per MMBtu)	$	2.98	$	2.92	$	2.41	$	2.67

Q1 2025 Outlook

The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

	Q1 2025
	Low			High
Petroleum
Total throughput (bpd)		120,000			135,000
Direct operating expenses (in millions) ⁽¹⁾	$	95		$	105
Turnaround ⁽²⁾		150			165

Renewables
Total throughput (in millions of gallons)		13			16
Direct Operating expenses (in millions) ⁽¹⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		95	%		100	%
Direct operating expenses (in millions) ⁽¹⁾	$	55		$	65

Capital Expenditures (in millions) ⁽²⁾
Petroleum	$	30		$	40
Renewables		2			5
Nitrogen Fertilizer		12			16
Other		—			2
Total capital expenditures	$	44		$	63

____________________

(1)		Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(2)		Turnaround and capital expenditures are disclosed on an accrual basis.

Non-GAAP Reconciliations

Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net income	$	40		$	97		$	45		$	878
Interest expense, net		20			9			77			52
Income tax (benefit) expense		(12	)		22			(26	)		207
Depreciation and amortization		74			76			298			298
EBITDA		122			204			394			1,435
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives		6			(67	)		22			(32	)
Inventory valuation impacts, unfavorable		20			90			14			45
Gain on sale of equity method investment		(24	)		—			(24	)		—
Adjusted EBITDA	$	67		$	170		$	317		$	1,164

Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Adjustments: ⁽¹⁾
Revaluation of RFS liability, favorable		(0.43	)		(0.42	)		(0.67	)		(2.12	)
Unrealized loss (gain) on derivatives		0.04			(0.50	)		0.16			(0.23	)
Inventory valuation impacts, unfavorable		0.16			0.66			0.12			0.34
Gain on sale of equity method investment		(0.18	)		—			(0.18	)		—
Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64

___________________

(1)

Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net cash provided by (used in) operating activities	$	98		$	(36	)	$	404		$	948
Less:
Capital expenditures		(55	)		(55	)		(179	)		(205	)
Capitalized turnaround expenditures		(7	)		(4	)		(53	)		(57	)
Return on equity method investment		4			1			9			22
Free cash flow	$	40		$	(94	)	$	181		$	708

Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Petroleum net income	$	35		$	158		$	70		$	1,071
Interest income, net		(4	)		(10	)		(21	)		(75	)
Depreciation and amortization		41			48			174			189
Petroleum EBITDA		72			196			223			1,185
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Gain on sale of equity method investment		(24	)		—			(24	)		—
Petroleum Adjusted EBITDA		9			152			138			903

Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	1,755		$	1,997		$	6,920		$	8,287
Less:
Cost of materials and other		(1,590	)		(1,690	)		(6,236	)		(6,629	)
Direct operating expenses (exclusive of depreciation and amortization)		(101	)		(96	)		(421	)		(406	)
Depreciation and amortization		(41	)		(47	)		(174	)		(185	)
Gross profit		23			164			89			1,067
Add:
Direct operating expenses (exclusive of depreciation and amortization)		101			96			421			406
Depreciation and amortization		41			47			174			185
Refining margin		165			307			684			1,658
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Adjusted refining margin	$	126		$	263		$	623		$	1,376

Total throughput barrels per day		213,703			222,554			196,278			208,219
Days in the period		92			92			366			365
Total throughput barrels		19,660,650			20,474,980			71,837,644			75,999,905

Refining margin per total throughput barrel	$	8.37		$	15.01		$	9.53		$	21.82
Adjusted refining margin per total throughput barrel		6.45			12.91			8.67			18.11
Direct operating expenses per total throughput barrel		5.13			4.69			5.86			5.34

_____________________

(1)

The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Renewables net loss	$	(3	)	$	(30	)	$	(21	)	$	(36	)
Interest expense, net		—			(1	)		(1	)		(1	)
Depreciation and amortization		6			5			25			20
Renewables EBITDA		3			(26	)		3			(17	)
Adjustments:
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Renewables Adjusted EBITDA	$	9		$	(17	)	$	10		$	(5	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	93		$	110		$	289		$	559
Less:
Cost of materials and other		(79	)		(127	)		(245	)		(537	)
Direct operating expenses (exclusive of depreciation and amortization)		(8	)		(7	)		(31	)		(28	)
Depreciation and amortization		(6	)		(5	)		(25	)		(20	)
Gross loss		—			(29	)		(12	)		(26	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		8			7			31			28
Depreciation and amortization		6			5			25			20
Renewables margin		14			(17	)		44			22
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Adjusted renewables margin	$	20		$	(8	)	$	51		$	34

Total vegetable oil throughput gallons per day		186,970			200,174			151,278			225,957
Days in the period		92			92			366			365
Total vegetable oil throughput gallons		17,201,274			18,416,045			55,367,620			82,474,473

Renewables margin per vegetable oil throughput gallon	$	0.79		$	(0.90	)	$	0.80		$	0.27
Adjusted renewables margin per vegetable oil throughput gallon		1.16			(0.43	)		0.93			0.41
Direct operating expenses per vegetable oil throughput gallon		0.48			0.37			0.57			0.35

____________________

(1)

The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2024		2023		2024		2023
Nitrogen Fertilizer net income	$	18	$	10	$	61	$	172
Add:
Interest expense, net		7		7		30		29
Depreciation and amortization		25		21		88		80
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	50	$	38	$	179	$	281

The MIL Network –

February 19, 2025

MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2024 Fourth Quarter & Year End Results and Details of Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 fourth quarter and year ended December 31, 2024, financial and operating results on Monday, February 24, 2025, before market open. Gran Tierra will host its conference call on the same day, Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time and 4:00 p.m. Greenwich Mean Time.

Interested parties may register for the conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 24, 2026.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221, info@grantierra.com

The MIL Network –

February 19, 2025
MIL-OSI: Meriwest Credit Union Elevates Chad Maze to Executive Vice President

Source: GlobeNewswire (MIL-OSI)

SILICON VALLEY, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Meriwest Credit Union proudly announces the promotion of Chad Maze to the role of Executive Vice President and Chief Operating Officer. As Executive Vice President, Mr. Maze will continue to lead all member-centric business functions, including consumer, mortgage, and business lending; retail and virtual branch operations; marketing; and wealth management. Mr. Maze will also lead philanthropic and community efforts as chair of the Meriwest Community Foundation.

Leveraging his three decades of experience in the financial services industry, Mr. Maze’s strategic insights and business acumen have consistently highlighted his invaluable contributions to Meriwest. His proactive approach to challenges and proven track record of achieving results have played a vital role in driving the credit union’s sustained success.

Lisa Pesta, President & CEO, expressed, “Chad’s promotion is truly well-deserved. His dedication and proactive approach to problem-solving have made a significant impact on Meriwest and our communities. We have full confidence that Chad will continue to be an integral part of our future success.”

Asked for comment, Mr. Maze stated, “Lisa, our Board of Directors, and the entire Meriwest team are wonderful people to work with. My job as ‘coach’ is so much more fun when you get to be a part of one of the best teams in the business. I am sincerely honored and grateful. This recognition belongs to all of us.”

Mr. Maze’s promotion to Executive Vice President and Chief Operating Officer further enhances Meriwest’s commitment to delivering member value, driving growth, fostering innovation, and serving our communities with unparalleled dedication.

About Meriwest Credit Union

Founded in San Jose, California in 1961, Meriwest Credit Union, ($2.1B in assets) is one of Silicon Valley’s most established financial institutions. Dedicated to delivering advice-based, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona, Meriwest offers a wide array of personal banking, business services, and wealth advisory services. Meriwest has been voted one of the ‘Best Credit Unions in Silicon Valley’ in the Mercury News’ Annual ‘Readers’ Choice Awards’ and a “Best Place to Work” by the Silicon Valley Business Journal 2020 through 2024. More information can be found at www.meriwest.com.

Media Contact:
Jeffrey Zane
Meriwest Credit Union
Public Relations
408-612-1484
jzane@meriwest.com

The MIL Network –

February 19, 2025
MIL-OSI: Capital Southwest Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

Michael Sarner to Succeed Bowen Diehl as President & Chief Executive Officer
Chris Rehberger Promoted to Chief Financial Officer, Treasurer & Secretary
Tabitha Geiger Promoted to Chief Compliance Officer

DALLAS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that Chief Financial Officer Michael Sarner has been appointed by the Board of Directors (the “Board”) to succeed Bowen Diehl as President and Chief Executive Officer of Capital Southwest. Mr. Sarner has also been appointed to serve on the Board. Both appointments are effective February 17, 2025. Mr. Diehl will continue to serve the Company in an advisory capacity for at least another year.

In addition, Chris Rehberger has been promoted from Executive Vice President of Finance and Treasurer to Chief Financial Officer, Treasurer & Secretary of the Company, and Tabitha Geiger has been promoted from Deputy Compliance Officer to Chief Compliance Officer of the Company, effective February 17, 2025.

“On behalf of the Board, we want to both acknowledge and celebrate Bowen’s long career at Capital Southwest,” said David Brooks, Chairman of the Board. “We greatly appreciate the leadership he has provided to Capital Southwest over the past decade and we wish him the very best. Succession planning has always been a priority for the Company, and Michael, Bowen and the Board are all in agreement that it is time to transition the leadership of Capital Southwest. Michael and Bowen have both been fully immersed in the strategy and operations of the Company, which will make this a smooth transition.”

“I couldn’t be more optimistic about the future of Capital Southwest under Michael’s leadership. He has worked tirelessly by my side over the past decade building a best-in-class BDC and, together with the rest of our leadership team, I am confident the firm has the right team to continue executing Capital Southwest’s strategy going forward,” said Bowen Diehl. “I am very proud of what we have built here together and I am grateful for having had the opportunity over the past ten years to lead Capital Southwest’s transformation into a BDC with one of the most robust business models in the industry. While stepping down is clearly bittersweet, succession planning is an important part of a company’s evolution, and I very much look forward to supporting Capital Southwest in any way that Michael and the team find helpful, in the short term as an advisor, and in the long term as a fellow shareholder.”

Mr. Sarner joined Capital Southwest in 2015 and brings more than thirty years of financial, treasury and BDC experience to his new role. He has been instrumental in planning and executing on both the corporate and capitalization strategy for Capital Southwest, raising over $2 billion in both debt and equity. In addition to serving as Chief Financial Officer, Mr. Sarner also served as the Company’s Chief Compliance Officer and Secretary. He also has served on the Investment Committee for the entirety of his time with Capital Southwest. Previously, he spent fifteen years at American Capital in a variety of financial roles, including Executive Vice President and Treasurer.

“I’m honored to be entrusted with Capital Southwest’s future,” said Michael Sarner, President and Chief Executive Officer. “The Company is well-positioned for growth with a strong and cohesive leadership team – including Chris with whom I’ve worked closely with for the past two decades. I look forward to fostering the growth of the entire Capital Southwest team, as well as providing leadership for the Company with a renewed vision for the future.”

Mr. Rehberger joined Capital Southwest in 2015 and has twenty years of experience in corporate finance roles within the BDC space. Mr. Rehberger additionally spent ten years in corporate finance roles at American Capital working alongside Mr. Sarner. Mr. Rehberger earned a bachelor’s in commerce with a concentration in finance from the McIntire School and a master’s from the Darden School of Business, both from the University of Virginia.

Ms. Geiger has almost a decade of experience. Previously, she spent eight years in compliance consulting with IQ-EQ, where she was responsible for implementing and overseeing compliance programs for private equity, venture capital and hedge fund managers. Ms. Geiger earned a BS in Agricultural Communications and Journalism from Texas A&M University and her JD from South Texas College of Law. She is licensed to practice law in Texas.

About Capital Southwest
Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Media Relations Contact:
Lauren DiGeronimo
laurend@trailrunnerint.com

Investor Relations Contact:
Michael Sarner
msarner@capitalsouthwest.com

The MIL Network –

February 19, 2025
MIL-OSI USA: Senators Hassan and Cornyn Reintroduce Bipartisan Legislation to Protect Against Child Identify Theft

US Senate News:

Source: United States Senator for New Hampshire Maggie Hassan

WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and John Cornyn (R-TX) reintroduced bipartisan legislation to help parents protect their children from identity theft.

“New parents have enough to juggle without having to jump through hoops to protect their children’s financial future,” said Senator Hassan. “Identity theft can be especially damaging to children because they may not be aware that their identity was stolen until they become adults. This bipartisan bill will streamline the process for parents to protect their children’s credit file by freezing it.”

“Children are easy targets for identity theft, leaving them vulnerable to years of undetected fraud,” said Senator Cornyn. “By streamlining the process for parents to freeze their children’s credit files, our bill would help protect families from financial damage and identity theft.”

“TransUnion welcomes the opportunity to help parents protect their children’s financial well-being with this legislation,” said TransUnion. “We are proud to be a partner in every parent’s mission to safeguard their children and help them build for a bright future.”

Studies show that nearly one million children a year are victims of identity theft, costing families nearly $1 billion annually as criminals can use the identities to open up credit cards and make transactions in a child’s name. The best way to protect against this form of identity theft is for parents to freeze their children’s credit file. However, today the process can be cumbersome, requiring parents to contact each of the three major credit bureaus individually.

The Credit Freeze for Kids Act will allow parents to contact only one of the agencies to freeze their children’s credit file and then require the notified credit bureau to inform the other credit bureaus of the freeze within three days.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: Klobuchar Joins Fischer, Duckworth and Colleagues to Introduce Bipartisan Legislation to Make E15 Available Year-Round

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar

WASHINGTON — U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture Committee, joined Senators Deb Fischer (R-NE), Tammy Duckworth (D-IL) and 11 other Senators to introduce bipartisan legislation to make E15 available year-round. The Nationwide Consumer and Fuel Retailer Choice Act of 2025 would enable the year-round, nationwide sale of ethanol blends higher than 10 percent, helping to lower fuel prices and provide certainty in fuel markets for farmers and consumers.

“I have long pushed to make E15 available year-round because investing in affordable, readily-available biofuels produced in the U.S. is good for drivers and farmers alike,” said Klobuchar. “By ensuring consumers can access E15 gasoline throughout the year, our bipartisan legislation will lower prices at the pump, support farmers, benefit our broader economy, and reduce our dependence on foreign oil. It’s critical that we diversify our fuel supply and invest in affordable energy solutions. I look forward to working with Senators Fischer and Duckworth to pass this bipartisan bill.”

“It’s time to once and for all solidify President Trump’s pledge to allow the sale of year-round E15—giving America’s producers and consumers the certainty they deserve. My bill will put an end to years of patchwork regulations and finally make nationwide, year-round E15 a reality. I look forward to working with my colleagues in the House and the Senate, as well as with President Trump, to get this bill signed into law,” said Fischer.

“For our country to remain a global energy leader, we must continue to invest in renewable and clean energy so we can decrease our emissions and dependence on foreign oil,” said Duckworth. “Producing less expensive fuel choices like E15 that can be sold year-round would help lower gas prices, protect the environment, support our farmers and drive economic opportunity throughout the Midwest. I’m proud to join Senator Fischer in reintroducing our bipartisan legislation that would do just that.”

Additional cosponsors of this bipartisan bill include U.S. Senators Shelley Moore Capito (R-WV), John Thune (R-SD), Pete Ricketts (R-NE), Dick Durbin (D-IL), Jerry Moran (R-KS), Chuck Grassley (R-IA), Roger Marshall (R-KS), Tammy Baldwin (D-WI), Joni Ernst (R-IA), Tina Smith (D-MN), and Mike Rounds (R-SD). Representatives Adrian Smith (R-NE) and Angie Craig (D-MN) lead companion legislation in the House.

Renewable Fuels Association, Growth Energy, American Petroleum Institute, National Corn Growers Association, National Farmer Union, and National Association of Convenience Stores endorsed the legislation.

Klobuchar has long been a strong advocate for investing in renewable fuel infrastructure, increasing American biofuel production, and upholding the Clean Air Act’s RFS.

In 2023, Klobuchar and Grassley led a bipartisan letter urging the EPA to strengthen the RFS by maintaining the blending requirements for 2023; denying all pending Small Refinery Exemptions (SREs); eliminating proposed retroactive cuts to the renewable volume obligations (RVOs); and setting RFS volumes at the statutory levels.

In February 2024, Klobuchar and Senators John Thune (R-SD) and Tammy Duckworth (D-IL) led a group of 40 bipartisan members of Congress urging the Biden Administration to act quickly to ensure that the model used to determine eligibility for Sustainable Aviation Fuel (SAF) tax credits unlocks the potential held by farmers, ethanol producers, and airlines to reduce carbon emissions from aviation.

In January 2024, Klobuchar, along with Senators Jerry Moran (R-KS), Joni Ernst (R-IA), Tammy Duckworth (D-IL.) and Chuck Grassley (R-IA) introduced the Farm to Fly Act. This legislation would help accelerate the production and development of sustainable aviation fuel (SAF) through existing U.S. Department of Agriculture (USDA) programs and allow further growth for alternative fuels to be used in the aviation sector, creating new markets for American farmers.

In June 2021, Klobuchar announced the introduction of a package of bipartisan bills to expand the availability of low-carbon renewable fuels, incentivize the use of higher blends of biofuels, and reduce greenhouse gas emissions.

In 2021, Klobuchar and Senator Joni Ernst (R-IA) reintroduced the bipartisan Renewable Fuel Infrastructure Investment and Market Expansion Act to create a renewable fuel infrastructure grant program and streamline regulatory requirements to help fuel retailers sell higher blends of ethanol.

MIL OSI USA News –

February 19, 2025

MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

Fourth Quarter 2024 Highlights

Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
Core net services fee income of $10.4 million, with service margin of 20.2%
Net investment income of $68.9 million and total investment result of $29.0 million
Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
Annualized return on average common equity of (4.0)%

Year Ended December 31, 2024

Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
Core net services fee income of $46.7 million, with service margin of 21.0%
Net investment income of $303.6 million and total investment result of $224.6 million
Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
Return on average common equity of 9.1%
Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

Key Financial Metrics

The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions, except for per share data and ratios)
Combined ratio		94.4	%		93.6	%		88.3	%		84.5	%
Core underwriting income (1)	$	56.3		$	37.0		$	200.0		$	250.2
Core net services income (1)	$	10.4		$	9.3		$	44.6		$	41.2
Core income (1)	$	66.7		$	46.3		$	244.6		$	291.4
Core combined ratio (1)		90.2	%		93.4	%		91.0	%		89.1	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%
Book value per common share	$	14.92		$	13.76		$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35		$	14.60		$	13.35
Book value per diluted common share ex. AOCI (1)	$	14.64		$	13.33		$	14.64		$	13.33
Tangible book value per diluted common share (1)	$	13.42		$	12.47		$	13.42		$	12.47

(1)

Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”

Fourth Quarter 2024 Summary

Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Three months ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

Core Results

Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

Year ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

Core Results

Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

Reinsurance Segment

Three months ended December 31, 2024 and 2023

Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Year ended December 31, 2024 and 2023

Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

Insurance & Services Segment

Three months ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

Year ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

Investments

Three months ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

Year ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

Webcast Details

The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’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”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 20 3772 3102


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of December 31, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	December 31, 2024			December 31, 2023
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6)	$	5,131.0		$	4,755.4
Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)		162.2			534.9
Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)		95.8			371.6
Investments in related party investment funds, at fair value		116.5			105.6
Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))		200.0			310.1
Total investments		5,705.5			6,077.6
Cash and cash equivalents		682.0			969.2
Restricted cash and cash equivalents		212.6			132.1
Redemption receivable from related party investment fund		—			3.0
Due from brokers		11.2			5.6
Interest and dividends receivable		44.0			42.3
Insurance and reinsurance balances receivable, net		2,054.4			1,966.3
Deferred acquisition costs, net		327.5			308.9
Unearned premiums ceded		463.9			449.2
Loss and loss adjustment expenses recoverable, net		2,315.3			2,295.1
Deferred tax asset		297.0			293.6
Intangible assets		140.8			152.7
Other assets		270.7			175.9
Total assets	$	12,524.9		$	12,871.5
Liabilities
Loss and loss adjustment expense reserves	$	5,653.9		$	5,608.1
Unearned premium reserves		1,639.2			1,627.3
Reinsurance balances payable		1,781.6			1,736.7
Deposit liabilities		17.4			134.4
Deferred gain on retroactive reinsurance		8.5			27.9
Debt		639.1			786.2
Due to brokers		18.0			6.2
Deferred tax liability		76.2			68.7
Liability-classified capital instruments		—			67.3
Share repurchase liability		483.0			—
Accounts payable, accrued expenses and other liabilities		269.2			278.1
Total liabilities		10,586.1			10,340.9
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0			200.0
Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)		11.6			16.8
Additional paid-in capital		945.0			1,693.0
Retained earnings		784.9			601.0
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Shareholders’ equity attributable to SiriusPoint shareholders		1,937.4			2,513.9
Noncontrolling interests		1.4			16.7
Total shareholders’ equity		1,938.8			2,530.6
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,524.9		$	12,871.5

SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) For the three and twelve months ended December 31, 2024 and 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues
Net premiums earned	$	590.3		$	578.0		$	2,343.5		$	2,426.2
Net investment income		68.9			78.4			303.6			283.7
Net realized and unrealized investment losses		(40.7	)		(12.4	)		(88.7	)		(10.0	)
Net realized and unrealized investment gains (losses) from related party investment funds		0.8			(1.0	)		9.7			(1.0	)
Net investment income and net realized and unrealized investment gains (losses)		29.0			65.0			224.6			272.7
Other revenues		19.4			17.8			184.2			97.8
Loss on settlement and change in fair value of liability-classified capital instruments		(25.9	)		(15.0	)		(148.5	)		(59.4	)
Total revenues		612.8			645.8			2,603.8			2,737.3
Expenses
Loss and loss adjustment expenses incurred, net		369.1			365.4			1,368.5			1,381.3
Acquisition costs, net		134.6			111.7			516.9			472.7
Other underwriting expenses		53.9			64.2			181.7			196.3
Net corporate and other expenses		58.1			64.5			232.1			258.2
Intangible asset amortization		3.0			2.9			11.9			11.1
Interest expense		19.6			19.8			69.6			64.1
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Total expenses		625.4			647.7			2,370.7			2,418.6
Income (loss) before income tax (expense) benefit		(12.6	)		(1.9	)		233.1			318.7
Income tax (expense) benefit		(4.4	)		101.6			(30.7	)		45.0
Net income (loss)		(17.0	)		99.7			202.4			363.7
Net income attributable to noncontrolling interests		(0.3	)		(2.2	)		(2.5	)		(8.9	)
Net income (loss) available to SiriusPoint		(17.3	)		97.5			199.9			354.8
Dividends on Series B preference shares		(4.0	)		(4.0	)		(16.0	)		(16.0	)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.52		$	1.06		$	1.93
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.50		$	1.04		$	1.85
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic		161,378,360			166,640,624			166,537,394			163,341,448
Diluted		161,378,360			173,609,940			169,470,681			169,607,348

SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	312.2		$	450.3		$	762.5		$	—		$	(3.0	)	$	—		$	759.5
Net premiums written		237.5			322.7			560.2			—			4.8			—			565.0
Net premiums earned		265.9			315.7			581.6			—			8.7			—			590.3
Loss and loss adjustment expenses incurred, net		148.3			175.3			323.6			(1.4	)		46.9			—			369.1
Acquisition costs, net		73.1			77.8			150.9			(27.6	)		11.3			—			134.6
Other underwriting expenses		26.2			24.6			50.8			—			3.1			—			53.9
Underwriting income (loss)		18.3			38.0			56.3			29.0			(52.6	)		—			32.7
Services revenues		—			51.6			51.6			(31.4	)		—			(20.2	)		—
Services expenses		—			41.2			41.2			—			—			(41.2	)		—
Net services income		—			10.4			10.4			(31.4	)		—			21.0			—
Segment income (loss)		18.3			48.4			66.7			(2.4	)		(52.6	)		21.0			32.7
Net investment income														68.9			—			68.9
Net realized and unrealized investment losses														(40.7	)		—			(40.7	)
Net realized and unrealized investment gains from related party investment funds														0.8			—			0.8
Other revenues														(0.8	)		20.2			19.4
Loss on settlement and change in fair value of liability-classified capital instruments														(25.9	)		—			(25.9	)
Net corporate and other expenses														(16.9	)		(41.2	)		(58.1	)
Intangible asset amortization														(3.0	)		—			(3.0	)
Interest expense														(19.6	)		—			(19.6	)
Foreign exchange gains														12.9			—			12.9
Income (loss) before income tax expense	$	18.3		$	48.4			66.7			(2.4	)		(76.9	)		—			(12.6	)
Income tax expense								—			—			(4.4	)		—			(4.4	)
Net income (loss)								66.7			(2.4	)		(81.3	)		—			(17.0	)
Net income attributable to noncontrolling interest								—			—			(0.3	)		—			(0.3	)
Net income (loss) available to SiriusPoint							$	66.7		$	(2.4	)	$	(81.6	)	$	—		$	(17.3	)

Attritional losses	$	154.9		$	188.2		$	343.1		$	(1.4	)	$	26.1		$	—		$	367.8
Catastrophe losses		35.2			3.4			38.6			—			—			—			38.6
Prior year loss reserve development		(41.8	)		(16.3	)		(58.1	)		—			20.8			—			(37.3	)
Loss and loss adjustment expenses incurred, net	$	148.3		$	175.3		$	323.6		$	(1.4	)	$	46.9		$	—		$	369.1

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		58.3	%		59.6	%		59.0	%											62.3	%
Catastrophe loss ratio		13.2	%		1.1	%		6.6	%											6.5	%
Prior year loss development ratio	(15.7		)%	(5.2		)%	(10.0		)%										(6.3		)%
Loss ratio		55.8	%		55.5	%		55.6	%											62.5	%
Acquisition cost ratio		27.5	%		24.6	%		25.9	%											22.8	%
Other underwriting expenses ratio		9.9	%		7.8	%		8.7	%											9.1	%
Combined ratio		93.2	%		87.9	%		90.2	%											94.4	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Three months ended December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	251.7		$	468.1		$	719.8		$	—		$	(4.2	)	$	—		$	715.6
Net premiums written		194.9			263.3			458.2			—			(3.6	)		—			454.6
Net premiums earned		243.2			315.2			558.4			—			19.6			—			578.0
Loss and loss adjustment expenses incurred, net		121.8			206.6			328.4			(1.4	)		38.4			—			365.4
Acquisition costs, net		65.5			66.8			132.3			(31.6	)		11.0			—			111.7
Other underwriting expenses		28.1			32.6			60.7			—			3.5			—			64.2
Underwriting income (loss)		27.8			9.2			37.0			33.0			(33.3	)		—			36.7
Services revenues		1.7			54.0			55.7			(40.0	)		—			(15.7	)		—
Services expenses		—			43.6			43.6			—			—			(43.6	)		—
Net services fee income		1.7			10.4			12.1			(40.0	)		—			27.9			—
Services noncontrolling income		—			(2.8	)		(2.8	)		—			—			2.8			—
Net services income		1.7			7.6			9.3			(40.0	)		—			30.7			—
Segment income (loss)		29.5			16.8			46.3			(7.0	)		(33.3	)		30.7			36.7
Net investment income														78.4			—			78.4
Net realized and unrealized investment losses														(12.4	)		—			(12.4	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														2.1			15.7			17.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.0	)		—			(15.0	)
Net corporate and other expenses														(20.9	)		(43.6	)		(64.5	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(19.8	)		—			(19.8	)
Foreign exchange losses														(19.2	)		—			(19.2	)
Income (loss) before income tax benefit	$	29.5		$	16.8			46.3			(7.0	)		(44.0	)		2.8			(1.9	)
Income tax benefit								—			—			101.6			—			101.6
Net income								46.3			(7.0	)		57.6			2.8			99.7
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(2.8	)		(2.2	)
Net income available to SiriusPoint							$	46.3		$	(7.0	)	$	58.2		$	—		$	97.5

Attritional losses	$	143.5		$	222.8		$	366.3		$	(1.4	)	$	11.7		$	—		$	376.6
Catastrophe losses		(0.6	)		0.4			(0.2	)		—			0.1			—			(0.1	)
Prior year loss reserve development		(21.1	)		(16.6	)		(37.7	)		—			26.6			—			(11.1	)
Loss and loss adjustment expenses incurred, net	$	121.8		$	206.6		$	328.4		$	(1.4	)	$	38.4		$	—		$	365.4

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		59.0	%		70.7	%		65.6	%											65.2	%
Catastrophe loss ratio	(0.2		)%		0.1	%		—	%											—	%
Prior year loss development ratio	(8.7		)%	(5.3		)%	(6.8		)%										(1.9		)%
Loss ratio		50.1	%		65.5	%		58.8	%											63.2	%
Acquisition cost ratio		26.9	%		21.2	%		23.7	%											19.3	%
Other underwriting expenses ratio		11.6	%		10.3	%		10.9	%											11.1	%
Combined ratio		88.6	%		97.0	%		93.4	%											93.6	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Twelve months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,335.6		$	1,840.8		$	3,176.4		$	—		$	68.2		$	—		$	3,244.6
Net premiums written		1,104.7			1,236.2			2,340.9			—			11.2			—			2,352.1
Net premiums earned		1,045.1			1,154.0			2,199.1			—			144.4			—			2,343.5
Loss and loss adjustment expenses incurred, net		554.3			714.1			1,268.4			(5.5	)		105.6			—			1,368.5
Acquisition costs, net		279.9			284.7			564.6			(121.4	)		73.7			—			516.9
Other underwriting expenses		86.1			80.0			166.1			—			15.6			—			181.7
Underwriting income (loss)		124.8			75.2			200.0			126.9			(50.5	)		—			276.4
Services revenues		—			222.9			222.9			(132.8	)		—			(90.1	)		—
Services expenses		—			176.2			176.2			—			—			(176.2	)		—
Net services fee income		—			46.7			46.7			(132.8	)		—			86.1			—
Services noncontrolling income		—			(2.1	)		(2.1	)		—			—			2.1			—
Net services income		—			44.6			44.6			(132.8	)		—			88.2			—
Segment income (loss)		124.8			119.8			244.6			(5.9	)		(50.5	)		88.2			276.4
Net investment income														303.6			—			303.6
Net realized and unrealized investment losses														(88.7	)		—			(88.7	)
Net realized and unrealized investment gains from related party investment funds														9.7			—			9.7
Other revenues														94.1			90.1			184.2
Loss on settlement and change in fair value of liability-classified capital instruments														(148.5	)		—			(148.5	)
Net corporate and other expenses														(55.9	)		(176.2	)		(232.1	)
Intangible asset amortization														(11.9	)		—			(11.9	)
Interest expense														(69.6	)		—			(69.6	)
Foreign exchange gains														10.0			—			10.0
Income (loss) before income tax expense	$	124.8		$	119.8			244.6			(5.9	)		(7.7	)		2.1			233.1
Income tax expense								—			—			(30.7	)		—			(30.7	)
Net income (loss)								244.6			(5.9	)		(38.4	)		2.1			202.4
Net income attributable to noncontrolling interest								—			—			(0.4	)		(2.1	)		(2.5	)
Net income (loss) available to SiriusPoint							$	244.6		$	(5.9	)	$	(38.8	)	$	—		$	199.9

Attritional losses	$	579.8		$	734.5		$	1,314.3		$	(5.5	)	$	112.8		$	—		$	1,421.6
Catastrophe losses		49.5			5.3			54.8			—			—			—			54.8
Prior year loss reserve development		(75.0	)		(25.7	)		(100.7	)		—			(7.2	)		—			(107.9	)
Loss and loss adjustment expenses incurred, net	$	554.3		$	714.1		$	1,268.4		$	(5.5	)	$	105.6		$	—		$	1,368.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		55.5	%		63.6	%		59.8	%											60.7	%
Catastrophe loss ratio		4.7	%		0.5	%		2.5	%											2.3	%
Prior year loss development ratio	(7.2		)%	(2.2		)%	(4.6		)%										(4.6		)%
Loss ratio		53.0	%		61.9	%		57.7	%											58.4	%
Acquisition cost ratio		26.8	%		24.7	%		25.7	%											22.1	%
Other underwriting expenses ratio		8.2	%		6.9	%		7.6	%											7.8	%
Combined ratio		88.0	%		93.5	%		91.0	%											88.3	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Twelve months ended December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,271.0		$	2,039.7		$	3,310.7		$	—		$	116.7		$	—		$	3,427.4
Net premiums written		1,061.0			1,282.7			2,343.7			—			94.2			—			2,437.9
Net premiums earned		1,031.4			1,249.2			2,280.6			—			145.6			—			2,426.2
Loss and loss adjustment expenses incurred, net		490.3			815.4			1,305.7			(5.4	)		81.0			—			1,381.3
Acquisition costs, net		252.2			295.5			547.7			(137.2	)		62.2			—			472.7
Other underwriting expenses		82.7			94.3			177.0			—			19.3			—			196.3
Underwriting income (loss)		206.2			44.0			250.2			142.6			(16.9	)		—			375.9
Services revenues		(1.1	)		238.6			237.5			(149.6	)		—			(87.9	)		—
Services expenses		—			187.8			187.8			—			—			(187.8	)		—
Net services fee income (loss)		(1.1	)		50.8			49.7			(149.6	)		—			99.9			—
Services noncontrolling income		—			(8.5	)		(8.5	)		—			—			8.5			—
Net services income (loss)		(1.1	)		42.3			41.2			(149.6	)		—			108.4			—
Segment income (loss)		205.1			86.3			291.4			(7.0	)		(16.9	)		108.4			375.9
Net investment income														283.7			—			283.7
Net realized and unrealized investment losses														(10.0	)		—			(10.0	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														9.9			87.9			97.8
Loss on settlement and change in fair value of liability-classified capital instruments														(59.4	)		—			(59.4	)
Net corporate and other expenses														(70.4	)		(187.8	)		(258.2	)
Intangible asset amortization														(11.1	)		—			(11.1	)
Interest expense														(64.1	)		—			(64.1	)
Foreign exchange losses														(34.9	)		—			(34.9	)
Income before income tax benefit	$	205.1		$	86.3			291.4			(7.0	)		25.8			8.5			318.7
Income tax benefit								—			—			45.0			—			45.0
Net income								291.4			(7.0	)		70.8			8.5			363.7
Net income attributable to noncontrolling interest								—			—			(0.4	)		(8.5	)		(8.9	)
Net income available to SiriusPoint							$	291.4		$	(7.0	)	$	70.4		$	—		$	354.8

Attritional losses	$	618.9		$	840.7		$	1,459.6		$	(5.4	)	$	76.5		$	—		$	1,530.7
Catastrophe losses		12.2			1.3			13.5			—			11.3			—			24.8
Prior year loss reserve development		(140.8	)		(26.6	)		(167.4	)		—			(6.8	)		—			(174.2	)
Loss and loss adjustment expenses incurred, net	$	490.3		$	815.4		$	1,305.7		$	(5.4	)	$	81.0		$	—		$	1,381.3

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		60.0	%		67.3	%		64.0	%											63.1	%
Catastrophe loss ratio		1.2	%		0.1	%		0.6	%											1.0	%
Prior year loss development ratio	(13.7		)%	(2.1		)%	(7.3		)%										(7.2		)%
Loss ratio		47.5	%		65.3	%		57.3	%											56.9	%
Acquisition cost ratio		24.5	%		23.7	%		24.0	%											19.5	%
Other underwriting expenses ratio		8.0	%		7.5	%		7.8	%											8.1	%
Combined ratio		80.0	%		96.5	%		89.1	%											84.5	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Book Value Per Diluted Common Share Metrics

Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:


	December 31, 2024			December 31, 2023
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,737.4		$	2,313.9

Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,741.5			2,310.8

Intangible assets		140.8			152.7
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,596.6		$	2,161.2

Common shares outstanding		116,429,057			168,120,022
Effect of dilutive stock options, restricted share units and warrants		2,559,359			5,193,920
Book value per diluted common share denominator		118,988,416			173,313,942

Book value per common share	$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35
Book value per diluted common share ex. AOCI	$	14.64		$	13.33
Tangible book value per diluted common share	$	13.42		$	12.47

Underlying Net Income

Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Non-recurring adjustments:
Gains on sale or deconsolidation of consolidated MGAs		—			—			(96.0	)		—
Losses on strategic and other investments		34.3			15.4			90.5			40.2
MGA & Strategic Investment Rationalization		34.3			15.4			(5.5	)		40.2

Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)		25.9			15.0			148.5			59.4
COVID-19 favorable reserve development ⁽¹⁾		—			—			(19.9	)		—
CMIG Instruments & Transactions		25.9			15.0			128.6			59.4

(Income) expense related to loss portfolio transfers		28.9			2.1			44.6			(101.6	)
Bermuda corporate income tax enactment		—			(100.8	)		—			(100.8	)
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Income tax expense on adjustments ⁽²⁾		(11.4	)		(7.8	)		(38.1	)		(4.9	)

Underlying net income available to SiriusPoint common shareholders	$	43.5		$	36.6		$	303.5		$	266.0

Return on average common shareholders’ equity attributable to SiriusPoint common shareholders		(4.0	)%		17.1	%		9.1	%		16.2	%

Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period	$	2,494.9		$	2,050.0		$	2,313.9		$	1,874.7
Accumulated other comprehensive income (loss), net of tax		81.5			(135.4	)		3.1			(45.0	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period		2,413.4			2,185.4			2,310.8			1,919.7

Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Impact of adjustments from above		64.8			(56.9	)		119.6			(72.8	)
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1			(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period		1,806.3			2,253.9			1,861.1			2,238.0

Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI	$	2,109.9		$	2,219.7		$	2,086.0		$	2,078.9

Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		8.2	%		6.6	%		14.5	%		12.8	%

(1)	This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
(2)	An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		2,494.9			2,050.0			2,313.9			1,874.7
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,116.2		$	2,182.0		$	2,025.7		$	2,094.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%

The MIL Network –

February 19, 2025

Category: Economy

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