Category: housing

  • 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

  • MIL-OSI USA: An Updated Climate Change Vulnerability Index (CCVI 4.0) for Species Climate Adaptation Planning

    Source: US Geological Survey

    NatureServe recently released CCVI 4.0, the latest version of the Climate Change Vulnerability Index for terrestrial and freshwater species. Developed in collaboration with multiple CASCs, the update integrates a decade of new science and features a new web-based platform. 

    A new version of NatureServe’s Climate Change Vulnerability Index (CCVI 4.0) is now available online, offering practitioners and policymakers an improved cost-effective way to evaluate species vulnerability to climate change. The newest update was developed in collaboration with multiple USGS Climate Adaptation Science Centers and incorporated direct input from partners, including many state fish and wildlife agencies who use the CCVI to inform State Wildlife Action Plans. The CCVI tool can be used in many ways, including to identify at-risk species and areas home to a high number of at-risk species, to determine which climatic factors are significant for a species, and to help researchers identify species that have been insufficiently studied. 

    The CCVI determines species vulnerability using three key factors: Climate exposure, sensitivity, and adaptive capacity. Climate exposure refers to the magnitude and rate of climate change a species experiences, sensitivity evaluates how strongly those changes affect it, and adaptive capacity describes the species’ ability to adjust to changing conditions. The last major update to the CCVI was made in 2015, but much has changed since then. The updated CCVI 4.0 now incorporates a decade of new scientific insights on how climate change impacts terrestrial and freshwater species and provides a new web-based platform to improve data sharing and collaboration. It also includes updated climate exposure data, a new vulnerability comparison across two future emissions scenarios, and a refined adaptive capacity framework created by researchers from the Northwest CASC.  

    Looking ahead, researchers from NatureServe and the USGS CASC network plan to keep refining the CCVI 4.0 by testing additional climate variables and including scenario-planning features. These improvements will help natural resource managers navigate uncertain futures in conservation planning and decision-making. 

    Access CCVI 4.0 on the NatureServe website 

    MIL OSI USA News

  • 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

  • MIL-OSI Security: Will Thompson Concludes His Service as United States Attorney

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Will Thompson announced today that he has concluded his tenure as the United States Attorney for the Southern District of West Virginia, effective immediately.

    “Serving as the United States Attorney has genuinely been a career highlight,” Thompson said. “Thinking that a boy who grew up in Boone County, West Virginia, would be able to serve his country in such a prestigious and vital role leaves me in awe. I am proud of the office’s work under my leadership and that my team has strengthened its relationship and reputation with our federal, state, and local law enforcement partners, as well as with the judiciary and general public.”

    Thompson was nominated by President Joseph R. Biden, Jr., on August 10, 2021. The United States Senate confirmed Thompson by voice vote on October 5, 2021. After taking his oath of office on October 13, 2021, Thompson led an office of 34 attorneys and 41 non-attorney personnel located in offices in Charleston, Huntington, and Beckley.

    Thompson appreciates the role that former Senator Joe Manchin played in securing his nomination from President Biden, and the role that Manchin and Senator Shelley Moore Capito played in getting him confirmed by the United States Senate. Thompson also appreciates the relationships he built and strengthened with state officials and the district’s state prosecutors, sheriffs, and chiefs of police.

    Thompson commends the Assistant United States Attorneys and support personnel who served with him. He appreciates the career people who there when he entered the office and the employees he hired during his tenure.

    “The people of this office are the true backbone of federal prosecution and representation in this district,” Thompson said. “They all serve with dignity and respect for the rule of law.  They are vital to the mission of the Department of Justice, which is to keep our communities safe.”

    Thompson is most proud of three accomplishments while he was in office. The first is the significant decline in overdose deaths. He attributes that to his office’s change of strategy from targeting street-level drug dealers to mid- and upper-level drug distributors. This strategy has removed hundreds of pounds of this poison from communities throughout the district. His office has disrupted supply chains of fentanyl that were coming directly into the district from China and methamphetamine that was coming directly from the cartels in Mexico. As part of his plan to lower the overdose rates, Thompson also championed prevention and treatment opportunities across the district.

    Thompson is also proud of his work in reducing violent crime and overall crime in the district. Thompson attributes this reduction to several factors. He improved communications and relationships with the office’s law enforcement partners. Thompson also worked with state and local partners to obtain federal grants to give them more resources to their jobs more. Finally, given that the majority of crimes in West Virginia are connected to the drug trade, the office’s revised strategy has helped reduce the crime rate.

    The third accomplishment that Thompson is proud of is using his skills as a former trial court judge to instigate a vigorous review process of cases to ensure there were no evidentiary issues. Thompson met with law enforcement partners throughout the district and informed them of this new review process. He had his office work more closely with the officers to address the issues, assist with writing search warrants, and help with other search and seizure issues.

    As United States Attorney, Thompson was the chief federal law enforcement officer in the southern half of West Virginia. The office is responsible for prosecuting federal crimes in the district, including crimes related to terrorism, public corruption, child exploitation, firearms, and narcotics. The office also defends the United States in civil cases and collects debts owed to the United States.

    The results of the revised approach to drug cases under Thompson include Operation Smoke and Mirrors, which dismantled a high-volume drug trafficking organization (DTO) that operated in the Charleston area and yielded the largest methamphetamine seizure in West Virginia history.

    Following the trail of methamphetamine in West Virginia back to Los Angeles, California, and the U.S. southern border, investigators seized well over 400 pounds of methamphetamine, 40 pounds of cocaine, 3 pounds of fentanyl, 19 firearms, and $935,000 in cash. The DTO was directly involved in price fixing in the methamphetamine trade by raising the price of methamphetamine coming into the United States from Mexico based on fluctuations in the currency conversion rate.

    Four separate indictments led to the convictions of 31 defendants, including the DTO’s in-state leaders and California-based suppliers. Over 20 defendants have been sentenced to prison, including eight to terms of more than 10 years. Three low-level defendants were referred to the Alternative Treatment Court (ATC). Thompson also supported the ATC program, which provides a blend of treatment that focuses on drug and mental health treatment, and alternative sanctions to effectively address offender behavior, rehabilitation, and education and job skills training.

    Thompson also led the prosecution of a Kanawha County man who was sentenced to 14 years in prison for possession with the intent to distribute fentanyl. The defendant set up a workshop in a rented St. Albans apartment were he made fake 30-milligram oxycodone pills. The defendant admitted that the fentanyl came from a source outside the United States and that the pill press came from China. Investigators seized over 10,000 pills and nearly $80,000 in this case.

    Thompson’s office also obtained guilty verdicts against a Logan County physician for four counts of distribution of a controlled substance. The defendant had previously pleaded guilty to using a registration number in violation of federal law and engaging in monetary transactions in property derived from specified unlawful activity. His medical license and office are subject to forfeit to the government as a result of the latest convictions.

    The office under Thompson also secured convictions against the majority of the defendants in prosecutions that dismantled a Huntington-area DTO responsible for distributing large quantities of methamphetamine and fentanyl and a Beckley-area DTO that distributed methamphetamine, fentanyl, and cocaine base, also known as “crack.”

    While having the utmost respect for law enforcement officers, Thompson had zero tolerance for officers who break the law and violate people’s civil rights. In what Thompson considered the most critical civil rights case during his tenure, he personally participated in the investigation and prosecution of eight former West Virginia correctional officers who were charged and convicted in connection with a March 1, 2022, assault that resulted in the death of a Southern Regional Jail inmate and the subsequent cover-up. After four days of trial, the final defendant was found guilty on January 27, 2025.

    A former Fayette County law enforcement officer was sentenced to 25 years in prison, to be followed by 10 years of supervised release, and ordered to pay $80,000 in restitution for sex trafficking a 17-year-old minor female and obstructing the resulting investigation. Following four days of trial, a federal jury found the defendant guilty on April 28, 2023, of conspiracy to engage in sex trafficking of a minor via coercion, sex trafficking of a minor via coercion, and two counts of obstruction of justice.

    A former Nicholas County deputy sheriff was convicted of the production of child pornography and sentenced to 20 years in prison. The defendant took two videos of the child victim, who was under the age of 12 and was sleeping on a couch. In the first video, he walked toward her and zoomed in on her buttocks.  In the second video, he recorded his exposed penis and him masturbating near the sleeping girl. He then used Snapchat to distribute the videos to multiple users. When Snapchat shut down his account, he created another Snapchat account to distribute child pornography.

    A former Logan police officer was sentenced to nine years in prison after a jury convicted him of using excessive force against an arrestee.  At the trial, the jury heard evidence that he assaulted the victim in a bathroom, then dragged him into another room and rammed his head against a door frame, leaving the victim unconscious and lying in a pool of his own blood.

    The office successfully prosecuted 18 individuals in connection with a scheme to traffic over 140 firearms from southern West Virginia to Philadelphia, Pennsylvania. Over 50 of the firearms were recovered at crime scenes, primarily in Philadelphia, and were connected to two homicides, crimes of domestic violence, and other violent offenses. The ringleader was sentenced to 25 years in prison, to be followed by three years of supervised release.

    The Southern District of West Virginia became a national leader in prosecuting bankruptcy fraud under Thompson’s leadership. Among those cases, a Charleston developer was sentenced to one year and one day in prison, followed by three years of supervised release, and ordered to pay $730,326.43 in restitution for falsifying bankruptcy records. The former chief executive officer of the entity that operated the West Virginia Courtesy Patrol was sentenced to five years of federal probation and ordered to pay $205,802.49 for fraudulent receipt of property from a debtor. A Putnam County man was sentenced to 30 days in prison to be followed by three years of supervised release, including five months on home detention, and ordered to pay $24,662.56 in restitution for knowingly and fraudulently making a false declaration in a bankruptcy case.

    The office successfully prosecuted other forms of white-collar crime under Thompson. A Kentucky businessman pleaded guilty on behalf of himself and two limited liability companies for their roles in the January 2018 discharge of oil into the Big Sandy River. The defendants were sentenced to terms of probation and also ordered to pay $1,856,957.92 in restitution. The LLC defendants cannot conduct or operate any business during their five-year terms of corporate probation.

    Nine defendants were convicted in connection with multiple internet-based fraud schemes operated in the Huntington area that defrauded hundreds of individuals across the country. The schemes defrauded at least 200 victims, many of whom are elderly, of at least $2.5 million. The final convicted defendant was sentenced to one year and one day in prison, followed by three years of supervised release, ordered to pay $904,126.96 in restitution, and participated in a digital awareness campaign to alert West Virginians to online fraud scams.

    The office also secured 20 convictions related to COVID-19 benefits fraud under Thompson, with court-ordered restitution and a civil penalty in these cases exceeding $1,330,000.

    Under Thompson’s leadership, the office secured a 15-count indictment charging a Kanawha County man with wire fraud, money laundering, and obstruction. The indictment alleges the defendant conceived and carried out two real estate-related investment fraud schemes that caused losses of between $395,000 and $434,501.42. The defendant’s mother pleaded guilty late last year to aiding and abetting the sale and offer of unregistered securities as a result of the investigation in this case.

    The office also secured an 18-count indictment charging the former maintenance director for Boone County Schools with mail fraud, conspiracy to commit mail fraud, theft concerning programs receiving federal funds, and money laundering. The indictment alleges the defendant used his position to defraud the Boone County Board of Education out of approximately $3,400,000. To date, three other individuals have been charged as a result of this investigation.

    An indictment is merely an allegation and all defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    Before taking office as United States Attorney, Thompson was a Circuit Court Judge in West Virginia’s 25th Judicial Circuit. He was appointed to that position in 2007 and re-elected in 2008 and 2016. Thompson presided over several treatment courts, including the first family treatment court in West Virginia. Before becoming a Circuit Court Judge, Thompson practiced law at the Cook and Cook law firm in Boone County.  There, he focused on litigation, which included representing several hundred indigent clients in criminal defense and other matters. Thompson also previously served as President of Madison Healthcare, Inc. and as Vice President of Danville Lumber Company.

    Thompson was born in Charleston and raised in Boone County, West Virginia.  He earned a degree in civil engineering from West Virginia University and a law degree from West Virginia University College of Law.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

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    MIL Security OSI

  • 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

  • MIL-OSI USA: Kaine Introduces Bill to Raise Minimum Age to Buy Assault Weapons to 21

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – U.S. Senator Tim Kaine (D-VA) joined 18 Senate colleagues to introduce the Age 21 Act, legislation that would raise the minimum age to purchase assault weapons and high-capacity ammunition magazines from 18 to 21, the same age requirement that already applies to purchasing handguns from federally-licensed dealers. Assault weapons have been used by individuals under 21 to carry out some of the most devasting school shootings in U.S. history, including the shooting at Marjory Stoneman Douglas High School in Parkland, Florida that killed 17 people on February 14, 2018.

    “Everyone in America should be able to live free from the fear of injury or death caused by a firearm,” said Kaine. “One of many commonsense steps we can take to reduce that risk is limiting young people’s access to assault weapons—just like we already limit their access to handguns. I’m proud to help introduce this bill to raise the legal purchasing age for assault weapons to 21, and will keep pushing for additional legislation to make our communities safer from gun violence.”

    Gun violence is a national crisis, claiming over 46,000 lives in 2023. Firearms are the leading cause of death for children and teenagers in America. Assault weapons, originally engineered for the battlefield to maximize damage inflicted on enemy soldiers, are frequently used in mass shootings. More than 85 percent of deaths in public mass shootings involving four or more fatalities were caused by assault rifles, and shootings involving assault weapons or large-capacity magazines result in twice as many deaths and fourteen-times as many injuries compared to incidents involving other firearms.

    The Age 21 Act is endorsed by organizations including Brady: United Against Gun Violence, March for Our Lives, Giffords, Newtown Action Alliance, and Everytown for Gun Safety.

    “Six of the deadliest mass shootings since 2018 were committed by individuals 21 and under. The Age 21 Act could have saved lives then, and will continue to do so if passed into law,” said Alexa Browning, Policy Manager at March For Our Lives. “Firearms are still the leading cause of death for young people, yet we continue to allow access to deadly weapons while restricting substances like alcohol and tobacco. We are deeply grateful to Senator Padilla for taking decisive action in this fight to prevent further tragedies and protect our future.”

    “People ages 18 to 20 are responsible for perpetrating a disproportionate share of school shootings, public mass shootings, and gun homicides overall. Raising the minimum age of purchase not only protects communities, but kids as well, as states with minimum age laws have seen significant declines in firearm suicides and other types of gun violence among young adults and children. Senator Padilla’s bill sets a national standard for something that has already proven effective at the state level, and we urge Congress to implement this common sense legislation,” said Vanessa Gonzalez, Vice President of Government & Political Affairs at GIFFORDS.

    The Age 21 Act is led by U.S. Senator Alex Padilla (D-CA) and cosponsored by U.S. Senators Richard Blumenthal (D-CT), Cory Booker (D-NJ), Chris Coons (D-DE), Tammy Duckworth (D-IL), Dick Durbin (D-IL), Kirsten Gillibrand (D-NY), Mazie Hirono (D-HI), Amy Klobuchar (D-MN), Chris Murphy (D-CT), Patty Murray (D-WA), Jack Reed (D-RI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).

    The full text of the bill is available here. A one-pager is available here.

    MIL OSI USA News

  • MIL-OSI USA: Baldwin, Colleagues Tell Trump and Republicans: Hands Off Medicare and Medicaid

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and a group of her colleagues are demanding the Trump administration, Elon Musk, and the Department of Government Efficiency (DOGE) make no cuts to Medicare and Medicaid to pay for tax cuts for billionaires. This follows reports that Elon Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). CMS is in charge of Medicare and Medicaid.

    “We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs,” wrote Baldwin and the lawmakers. “Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.”

    In 2024, 68 million seniors and people with disabilities relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. This includes the nearly 1.2 million Wisconsin veterans, children, and seniors who rely on Medicaid for health care.

    “We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder,” continued the lawmakers. “Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.”

    “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans,” Baldwin and the lawmakers urged. “No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.”

    A full version of this letter is available here and below.

    Dear President Trump:

    We write with alarm at recent actions by your Administration that put Medicare and Medicaid at risk – threatening access to care for 140 million Americans. On February 5, Elon Musk and representatives of his Department of Government Efficiency (DOGE) gained access to key payment and contracting systems at the Centers for Medicare & Medicaid Services (CMS), the agency that administers these vital programs. Masquerading as a false crusade against waste, fraud, and abuse, Musk appears intent to break the programs that seniors, people with disabilities, children, and families rely on to get their health care. We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs.

    Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Medicare and Medicaid are lifelines for millions of Americans. In 2024, 68 million seniors and people with disabilities seniors relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. Nearly 80 million Americans relied on Medicaid, making it the largest public health insurance program in the United States. Medicaid provides funding to states for services at nursing homes, hospitals, rural health clinics as well as home health services, addiction and mental health services, and family planning. Americans rely on Medicaid for pregnancy and childbirth, as well as long-term services and supports to care for people with disabilities, older adults, and chronically ill Americans.

    But now, DOGE is invading CMS, posing immeasurable risks to Americans’ health care. DOGE representatives, with no training or expertise, could make unilateral, politically motivated decisions to target both beneficiaries and health care providers while blocking access to care and essential payments for services. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.

    We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder. Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.

    It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI: Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Summary & Recent Business Highlights:

    • Total revenue increased 10% year-over-year to $85.6 million
    • Gross margin of 75% versus 72% in Q4 2023
    • Net income of $9.7 million versus $8.2 million in Q4 2023
    • Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023
    • Expanded launch of Nimbl to include patients with lower extremity lymphedema
    • Appointed Laura King to Board of Directors
    • Promoted Aaron Snodgrass to Senior Vice President, Sales, effective February 18, 2025

    Full Year 2024 Summary:

    • Total revenue increased 7% year-over-year in 2024 to $293.0 million
    • Gross margin of 74% in 2024, compared to 71% in 2023
    • Operating cashflow of $40.7 million in 2024, compared to $35.9 million in 2023
    • Ended 2024 with $94.4 million in cash, up from $61.0 million at the end of 2023

    “Our fourth quarter results capped off a dynamic year for Tactile, during which we launched our next-generation lymphedema platform, generated clinical evidence supporting the value of our therapies, deployed new workflow-related tools to enhance speed and efficiency in order operations, and served over 79,000 patients with our lymphedema and airway clearance solutions,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Financially, we demonstrated a consistent ability to strengthen our balance sheet and expand profitability, while also delivering double-digit revenue growth in the fourth quarter.”

    Ms. Dodd concluded, “Our financial and operational progress in 2024, coupled with strong market fundamentals and an innovative portfolio, leaves us confident that we are well-positioned to advance our market leadership this year and over the long-term while delivering sustainable, profitable growth. In 2025, we will also continue investing in our strategic priority to enhance the overall patient experience, including through improving access to care, expanding treatment options, and supporting the end-to-end patient journey.”

    Fourth Quarter 2024 Financial Results

    Total revenue in the fourth quarter of 2024 increased $7.9 million, or 10%, to $85.6 million, compared to $77.7 million in the fourth quarter of 2023. The increase in total revenue was attributable to an increase of $7.6 million, or 11%, in sales and rentals of the lymphedema product line and an increase of $0.3 million, or 4%, in sales of the airway clearance product line in the quarter ended December 31, 2024, compared to the fourth quarter of 2023.

    Gross profit in the fourth quarter of 2024 increased $8.4 million, or 15%, to $64.4 million, compared to $56.0 million in the fourth quarter of 2023. Gross margin was 75.2% of revenue, compared to 72.1% of revenue in the fourth quarter of 2023.

    Operating expenses in the fourth quarter of 2024 increased $7.6 million, or 17%, to $51.9 million, compared to $44.2 million in the fourth quarter of 2023.

    Operating income was $12.5 million in the fourth quarter of 2024, compared to $11.8 million in the fourth quarter of 2023.

    Interest income was $0.9 million in each of the fourth quarters of 2024 and 2023.

    Interest expense was $0.5 million in the fourth quarter of 2024, compared to $0.9 million in the fourth quarter of 2023.

    Income tax expense was $3.3 million in the fourth quarter of 2024, compared to $3.6 million in the fourth quarter of 2023.

    Net income in the fourth quarter of 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in the fourth quarter of 2023.

    Weighted average shares used to compute diluted net income per share were 24.5 million and 23.8 million for the fourth quarters of 2024 and 2023, respectively.

    Adjusted EBITDA was $16.2 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter of 2023.

    Full Year 2024 Financial Results

    Total revenue in the full year of 2024 increased $18.6 million, or 7%, to $293.0 million, compared to $274.4 million in the full year of 2023. The increase in total revenue was attributable to an increase of $17.6 million, or 7%, in sales and rentals of the lymphedema product line and an increase of $0.9 million, or 3%, in sales of the airway clearance product line in the full year of 2024, compared to the full year of 2023.

    Net income in the full year of 2024 was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in the full year of 2023.

    Weighted average shares used to compute diluted net income per share were 24.1 million and 23.2 million in the full year of 2024 and 2023, respectively.

    Adjusted EBITDA was $37.1 million in the full year of 2024, compared to $29.7 million in the full year of 2023.

    Balance Sheet Summary

    As of December 31, 2024, the Company had $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023. As of December 31, 2024, $26.5 million remained available under the Company’s $30.0 million share repurchase program, which became effective on October 30, 2024, and expires October 31, 2026.

    2025 Financial Outlook

    The Company expects full year 2025 total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year, compared to total revenue of $293.0 million in 2024. The Company also expects full year 2025 adjusted EBITDA in the range of $35 million to $37 million, compared to adjusted EBITDA of $37.1 million in 2024.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on February 18, 2025, to discuss the results of the quarter and fiscal year. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13751026. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13751026. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

    This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

    Tactile Systems Technology, Inc.
    Consolidated Balance Sheets
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023
    Assets          
    Current assets            
    Cash   $ 94,367   $ 61,033
    Accounts receivable     44,937     43,173
    Net investment in leases     14,540     14,195
    Inventories     18,666     22,527
    Prepaid expenses and other current assets     5,053     4,366
    Total current assets     177,563     145,294
    Non-current assets            
    Property and equipment, net     5,603     6,195
    Right of use operating lease assets     16,633     19,128
    Intangible assets, net     42,789     46,724
    Goodwill     31,063     31,063
    Accounts receivable, non-current         10,936
    Deferred income taxes     18,311     19,378
    Other non-current assets     5,962     2,720
    Total non-current assets     120,361     136,144
    Total assets   $ 297,924   $ 281,438
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 5,648   $ 6,659
    Note payable     2,956     2,956
    Accrued payroll and related taxes     17,923     16,789
    Accrued expenses     7,780     5,904
    Income taxes payable     270     1,467
    Operating lease liabilities     2,980     2,807
    Other current liabilities     3,147     4,475
    Total current liabilities     40,704     41,057
    Non-current liabilities            
    Note payable, non-current     23,220     26,176
    Accrued warranty reserve, non-current     1,209     1,681
    Income taxes payable, non-current     239     446
    Operating lease liabilities, non-current     15,955     18,436
    Total non-current liabilities     40,623     46,739
    Total liabilities     81,327     87,796
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023        
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,883,475 shares issued and outstanding as of December 31, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023     24     24
    Additional paid-in capital     180,719     174,724
    Retained earnings     35,854     18,894
    Total stockholders’ equity     216,597     193,642
    Total liabilities and stockholders’ equity   $ 297,924   $ 281,438
                 
    Tactile Systems Technology, Inc.
    Consolidated Statements of Operations
                             
                             
        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands, except share and per share data)   2024   2023   2024   2023
    Revenue                        
    Sales revenue   $ 75,270     $ 67,407     $ 256,012     $ 239,493  
    Rental revenue     10,315       10,245       36,972       34,930  
    Total revenue     85,585       77,652       292,984       274,423  
    Cost of revenue                        
    Cost of sales revenue     18,005       18,190       64,815       66,713  
    Cost of rental revenue     3,211       3,455       11,481       12,577  
    Total cost of revenue     21,216       21,645       76,296       79,290  
    Gross profit                        
    Gross profit – sales revenue     57,265       49,217       191,197       172,780  
    Gross profit – rental revenue     7,104       6,790       25,491       22,353  
    Gross profit     64,369       56,007       216,688       195,133  
    Operating expenses                        
    Sales and marketing     29,206       26,581       112,009       107,119  
    Research and development     2,038       1,793       8,832       7,823  
    Reimbursement, general and administrative     19,977       15,200       71,135       62,074  
    Intangible asset amortization and earn-out     633       633       2,531       76  
    Total operating expenses     51,854       44,207       194,507       177,092  
    Income from operations     12,515       11,800       22,181       18,041  
    Interest income     948       859       3,384       1,874  
    Interest expense     (472 )     (897 )     (2,085 )     (4,147 )
    Other income           2       9       2  
    Income before income taxes     12,991       11,764       23,489       15,770  
    Income tax expense (benefit)     3,275       3,562       6,529       (12,745 )
    Net income   $ 9,716     $ 8,202     $ 16,960     $ 28,515  
    Net income per common share                        
    Basic   $ 0.40     $ 0.35     $ 0.71     $ 1.24  
    Diluted   $ 0.40     $ 0.35     $ 0.70     $ 1.23  
    Weighted-average common shares used to compute net income per common share                        
    Basic     24,007,863       23,551,388       23,883,729       22,925,497  
    Diluted     24,473,898       23,771,490       24,138,244       23,176,169  
                                     
    Tactile Systems Technology, Inc.
    Consolidated Statements of Cash Flows
         
        Year Ended December 31,
    (In thousands)   2024   2023
    Cash flows from operating activities            
    Net income   $ 16,960     $ 28,515  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     6,792       6,539  
    Deferred income taxes     1,067       (19,378 )
    Stock-based compensation expense     7,819       7,547  
    Loss on disposal of property and equipment and intangibles     308       3  
    Change in fair value of earn-out liability           (2,475 )
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable     (1,764 )     11,653  
    Net investment in leases     (345 )     1,935  
    Inventories     3,861       597  
    Income taxes     (1,404 )     (721 )
    Prepaid expenses and other assets     (3,929 )     72  
    Right of use operating lease assets     187       71  
    Accounts receivable, non-current     10,936       12,125  
    Accounts payable     (1,087 )     (3,853 )
    Accrued payroll and related taxes     1,134       (311 )
    Accrued expenses and other liabilities     120       (6,464 )
    Net cash provided by operating activities     40,655       35,855  
    Cash flows from investing activities            
    Purchases of property and equipment     (2,392 )     (2,324 )
    Proceeds from sale of property and equipment     12        
    Intangible assets expenditures     (117 )     (157 )
    Net cash used in investing activities     (2,497 )     (2,481 )
    Cash flows from financing activities            
    Proceeds from issuance of note payable           8,250  
    Payments on earn-out           (10,575 )
    Payments on note payable     (3,000 )     (3,000 )
    Payments on revolving line of credit           (25,000 )
    Payments of deferred debt issuance costs           (125 )
    Proceeds from exercise of common stock options     24       14  
    Proceeds from the issuance of common stock from the employee stock purchase plan     1,660       1,541  
    Payments for repurchases of common stock     (3,508 )      
    Proceeds from issuance of common stock at market           34,625  
    Net cash (used in) provided by financing activities     (4,824 )     5,730  
    Net increase (decrease) in cash     33,334       39,104  
    Cash – beginning of period     61,033       21,929  
    Cash – end of period   $ 94,367     $ 61,033  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 2,106     $ 4,560  
    Cash paid for taxes   $ 6,848     $ 5,815  
    Capital expenditures incurred but not yet paid   $ 76     $ 528  
                     

    The following table summarizes revenue by product line for the three and twelve months ended December 31, 2024 and 2023:

        Three Months Ended   Year Ended
        December 31,   December 31,
    (In thousands)   2024   2023   2024   2023
    Revenue                        
    Lymphedema products   $ 77,083     $ 69,464     $ 259,361     $ 241,721  
    Airway clearance products     8,502       8,188       33,623       32,702  
    Total   $ 85,585     $ 77,652     $ 292,984     $ 274,423  
                             
    Percentage of total revenue                        
    Lymphedema products     90 %     89 %     89 %     88 %
    Airway clearance products     10 %     11 %     11 %     12 %
    Total     100 %     100 %     100 %     100 %
                                     

    The following table contains a reconciliation of net income to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

    Tactile Systems Technology, Inc.
    Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
    (Unaudited)
                                                     
        Three Months Ended   Increase   Year Ended   Increase
        December 31,   (Decrease)   December 31,   (Decrease)
    (Dollars in thousands)   2024   2023   $   %   2024   2023   $   %
    Net income   $ 9,716     $ 8,202   $ 1,514     18   %   $ 16,960     $ 28,515     $ (11,555 )   41   %
    Interest (income) expense, net     (476 )     38     (514 )   N.M.   %     (1,299 )     2,273       (3,572 )   (157 ) %
    Income tax expense (benefit)     3,275       3,562     (287 )   (8 ) %     6,529       (12,745 )     19,274     (151 )  
    Depreciation and amortization     1,714       1,624     90     6   %     6,793       6,539       254     4   %
    Stock-based compensation     1,850       1,950     (100 )   (5 ) %     7,819       7,547       272     4   %
    Change in fair value of earn-out                     %           (2,475 )     2,475     (100 ) %
    Executive transition costs     137           137       %     248             248       %
    Adjusted EBITDA   $ 16,216     $ 15,376   $ 840     5   %   $ 37,050     $ 29,654     $ 7,396     25   %
                                                                   

    The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:

                 
    Tactile Systems Technology, Inc.
    Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
    (Unaudited)
                 
        Year Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 15,750     $ 17,150  
    Interest income, net     (2,500 )     (2,500 )
    Income tax expense benefit     6,100       6,700  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,800       8,800  
    Executive transition costs     150       150  
    Adjusted EBITDA   $ 35,000     $ 37,000  
                     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network

  • MIL-OSI: NextNRG, Inc. Announces Closing of Public Offering

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a company focused on renewable energy, mobile fueling, and next-generation energy infrastructure, today announced the closing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, NextNRG has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

    NextNRG previously announced the closing of its previous share exchange agreement with EzFill Holdings, Inc. Effective February 14, 2025, the Company changed its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock ceased trading under the ticker symbol “EZFL” and began trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025.

    The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

    ThinkEquity acted as sole book-runner for the offering.

    Anthony, Linder & Cacomanolis, PLLC acted as legal counsel to NextNRG and Loeb & Loeb LLP acted as legal counsel to ThinkEquity in connection with the offering.

    A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.  

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

    About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)

    NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

    At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

    By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

    The combined entity, NextNRG, is trading under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include statements regarding, among other things, NextNRG’s expectations regarding NextNRG’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and NextNRG’s anticipated use of the net proceeds from the proposed offering. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the offering to be filed with the SEC. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact:

    Jeff Ramson, CEO

    PCG Advisory, Inc.

    jramson@pcgadvisory.com

    The MIL Network

  • MIL-OSI United Nations: World News in Brief: $53.2 billion needed for Palestinian recovery, UN condemns UNRWA schools raid, Lebanon-Israel tensions continue

    Source: United Nations 2

    Humanitarian Aid

    The reconstruction of Gaza and the occupied West Bank will require an estimated $53.2 billion over the next ten years, according to the latest Damage and Needs Assessment from the UN and partners. 

    “Palestinians will need joint action to address the immense recovery and reconstruction challenges ahead. A sustainable recovery process must restore hope, dignity, and livelihoods for the two million people in Gaza,” said Muhannad Hadi, UN Resident and Humanitarian Coordinator in the Occupied Palestinian Territory.

    The assessment estimates that $29.9 billion is required to repair physical infrastructure, while $19.1 billion is needed to address economic and social losses.

    Housing remains the most severely affected sector, accounting for the largest share of recovery needs, with $15.2 billion – or 30 percent of the total cost – earmarked for rebuilding homes.

    Over the next three years alone, $20 billion will be required to stabilise essential services and lay the foundation for long-term recovery.

    Commitment to Gaza’s future 

    Mr. Hadi reaffirmed the UN’s continued support, stating: “The UN stands ready to support the Palestinian people both on humanitarian assistance and a future recovery and reconstruction process.”

    “Once conditions are in place, temporary shelters will be established, basic services restored, the economy kick-started, and individual and social rehabilitation begun while the longer-term recovery and reconstruction advances,” he added.

    A crucial element of Gaza’s recovery will be restoring the administrative authority of the Palestinian Authority (PA) in the Strip.

    “The international community must make collective efforts to support a just and lasting peace,” said Mr. Hadi, emphasising that Gaza is an integral part of this effort based on UN resolutions and international law, with Jerusalem as the capital of both States.

    UN condemns raid on UNRWA schools 

    In East Jerusalem, Philippe Lazzarini, Commissioner-General of the UN Relief and Works Agency for Palestine Refugees (UNRWA), reported that Israeli forces accompanied by local authorities forcibly entered the UNRWA Kalandia Training Centre, ordering its immediate evacuation.

    At least 350 students and 30 staff were present at the time. Tear gas and sound bombs were deployed during the incident.

    Earlier on Tuesday morning, Israeli police officers, accompanied by municipal staff, also visited several UNRWA schools in East Jerusalem, demanding their closure.

    The incidents disrupted the education of approximately 250 students attending three UNRWA schools, alongside the 350 trainees affected at the Kalandia Training Centre.

    UN chief condemns violations

    UN Secretary-General António Guterres strongly condemned the breach of the UN’s inviolable premises in occupied East Jerusalem, including the attempt to forcibly enter three UNRWA schools.

    “The use of tear gas and sound bombs in educational environments while students are learning is both unnecessary and unacceptable,” said the Secretary-General Spokesperson Stéphane Dujarric.

    “This is a clear violation of Israel’s obligations under international law, including obligations concerning the privileges and immunities of the UN and its personnel,” he added.

    Mr. Dujarric emphasised that Israel’s internal legal provisions do not alter its international legal obligations and cannot justify their breach.

    Lebanon: Tensions ease along the Blue Line of separation

    In northern Lebanon, Tuesday marked the deadline for the Israel Defense Forces’ withdrawal south of the Blue Line, alongside the parallel deployment of Lebanese Armed Forces to positions in southern Lebanon, under the cessation of hostilities agreement reached between Israel and Hezbollah leaders on 26 November 2024.

    UN peacekeepers report that Lebanese troops continue their deployment across southern Lebanon with active support from the UN Interim Force in Lebanon (UNIFIL), while displaced families are gradually returning to their homes.

    Lebanese troops continue to dispose of “unauthorised weapons” abandoned during the conflict in UNIFIL’s area of operations, said Mr. Dujarric.

    Call for stability

    UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert and Lieutenant General Aroldo Lázaro Sáenz, Force Commander of UNIFIL urged both parties to honour ceasefire commitments to ensure communities in southern Lebanon and northern Israel can feel safe again following the weeks of deadly fighting last year.

    The UN remains committed to supporting all parties in upholding their obligations, Mr. Dujarric affirmed.

    MIL OSI United Nations News

  • MIL-OSI USA: Attorney General James and HCR Commissioner Visnauskas Return 21 New York City Apartments to Rent Stabilization

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James and New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas today announced the re-regulation of 21 New York City apartments owned by Emerald Equity Group, LLC (Emerald), a real estate company with a number of buildings in East Harlem, Manhattan. An Office of the Attorney General (OAG) and HCR investigation found that Emerald had improperly and illegally deregulated rent-stabilized units, overcharged tenants, and failed to keep tenants’ security deposits in separate accounts as required by law. In addition to returning the illegally deregulated apartments to rent stabilization, Attorney General James is requiring Emerald to repay $54,799.66 to the tenants who were overcharged for their rent.

    “Emerald blatantly ignored rent stabilization laws, denying many New Yorkers access to affordable, reliable housing,” said Attorney General James. “By returning these units to rent stabilization and ensuring tenants are reimbursed for overcharges, we are bringing justice to the families that Emerald harmed and ensuring more fair and equitable housing for future renters. Every New Yorker deserves a fair, stable, and secure place to live.”

    “This case exemplifies how the longstanding enforcement partnership between HCR’s Tenant Protection Unit and Attorney General James continues to protect New Yorkers from unlawful schemes to deregulate apartments and overcharge tenants,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. “By systematically rooting out fraudulent deregulation and restoring legal rents, we are securing the rights of millions of rent-regulated tenants and building on Governor Hochul’s efforts to strengthen tenant protections and improve enforcement of the rent laws.”

    In March 2020, OAG and HCR separately opened investigations into the rent stabilization status of Emerald’s properties and the enforcement of legal rents at certain rent-stabilized units. Both OAG and HCR found that Emerald had illegally deregulated units and overcharged tenants for rent, in clear violation of New York’s Rent Stabilization Law. When investigating the illegal deregulation and improper rents, OAG and HCR also discovered that Emerald had failed to keep tenants’ security deposits in separate security deposit savings accounts, as is required by New York law. These individual accounts are necessary to protect tenants’ funds from being mixed with their landlord’s general business funds and can shield security deposits from being used for improper purposes. It also ensures that security deposits accrue the appropriate interest while being held by the landlord.

    Emerald must return 21 improperly deregulated units to rent stabilization within 60 days and correct the rent price for any apartments whose rents were improperly inflated. Emerald has 30 days to notify all impacted tenants of the changes and, for any tenants that were overcharged, return the excess rent money they illegally collected directly to the renters. It must also establish segregated accounts for all tenant security deposits and ensure all of its units are brought into compliance with rent regulation laws moving forward. If Emerald fails to execute any aspect of this agreement, they must pay a $500 daily penalty for each violation until resolved.

    Emerald has filed for bankruptcy for several of its rent-stabilized properties, including those re-regulated as part of this settlement. As part of bankruptcy proceedings, the company was required to conduct an audit of its portfolio, which uncovered at least 20 units whose registered rents differed from the legal regulated rent. Those units’ legal rents are being adjusted accordingly.

    Emerald owns and manages several rent-stabilized properties in New York, including:

    • 203 West 107th Street;
    • 210 West 107th Street;
    • 220 West 107th Street;
    • 230 West 107th Street;
    • 124 – 136 East 117th Street;
    • 215 East 117th Street;
    • 231 East 117th Street;
    • 235 East 117th Street;
    • 244 East 117th Street;
    • 316 East 117th Street;
    • 322 East 117th Street;
    • 326 East 117th Street; and
    • 1661 Park Avenue.

    These 13 buildings are currently the subject of Emerald’s bankruptcy proceeding and will soon be transferred to Emerald’s lender. The OAG and HCR have also secured an agreement with the lender ensuring that new owners will be bound to the settlement as well in the event that Emerald is not able to comply with the rent regulation and security deposit measures before the transfer of the buildings.

    This settlement is the latest action in Attorney General James’ ongoing efforts to protect tenants and enforce New York’s rent regulation laws. In September 2024, Attorney General James, in partnership with HCR, re-regulated 263 illegally deregulated apartments and reduced rents in 43 additional units. In August 2022, Attorney General James secured $4 million from a group of 29 New York City landlords after uncovering an illegal kickback scheme to deregulate hundreds of rent-stabilized apartments in New York City. In January 2022, Attorney General James banned Raphael Toledano from real estate business in New York, after he failed to uphold his 2019 $3 million agreement with Attorney General James for harassing tenants and violating rent stabilization laws. In December 2020, Attorney General James also won more than $1 million in rent credits from Madison Realty Capital for aiding and abetting Toledano’s harassment and illegal deregulation.

    This matter was handled for OAG by Housing Protection Unit Chief Brent Meltzer with assistance from Assistant Attorney General Jane Landry-Reyes. The Housing Protection Unit is part of the Division for Social Justice, which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News

  • MIL-OSI USA: Attorney General Bonta Files Charges Against Los Angeles Real Estate Agent, Landlord for Price Gouging in Wake of Eaton Fire

    Source: US State of California

    In addition, DOJ has sent more than 700 price gouging warning letters to hotels and landlords

    LOS ANGELES — California Attorney General Rob Bonta today announced the filing of charges against a Southern California real estate agent and a landlord for price gouging a victim who was evacuated due to the Eaton Fire. This investigation began when a complaint was filed with the California Department of Justice (DOJ) after the victim took steps to rent a Hermosa Beach home after the Governor’s Emergency Order, which protects against price gouging, went into effect. The investigation revealed that after the Emergency Order was in place, the defendants increased the rental price by 36%, which exceeded the 10% limit laid out in Penal Code section 396. The charge carries a potential penalty of a $10,000 maximum fine and the possibility of 12 months in jail. 

    “The California Department of Justice remains focused on putting a stop to price gouging,” said Attorney General Bonta. “Following the devastating fires in Southern California, I have been urging the public to report price gouging to local authorities, or to my office at oag.ca.gov/report or by reaching out to our hotline at (800) 952-5225. Today, we’ve announced price gouging charges against both a real estate agent and a landlord for price gouging in the wake of the Eaton Fire. DOJ will continue relentlessly pursuing those who are trying to capitalize off of the chaos and pain of Southern California’s natural disaster.”  

    As part of Attorney General Bonta’s work to protect Californians following the Southern California wildfires, DOJ has also sent more than 700 warning letters – and counting – to hotels and landlords who have been accused of price gouging. In addition, the office has more active criminal investigations into price gouging underway.
     
    Working alongside our District Attorneys, City Attorneys, and other law enforcement partners, DOJ has opened active investigations into price gouging as it continues to ramp up deployment of resources to Los Angeles County to investigate and prosecute price gouging, fraud, scams, and unsolicited low-ball offers on property during the state of emergency. DOJ has been working diligently to tackle this unlawful and unscrupulous conduct since a state of emergency was declared on January 7, 2025, and to further those efforts, the launch of a website dedicated to its response: oag.ca.gov/LAFires.
     
    California law – specifically, Penal Code section 396 – generally prohibits charging a price that exceeds, by more than 10%, the price a seller charged for an item before a state or local declaration of emergency. For items a seller only began selling after an emergency declaration, the law generally prohibits charging a price that exceeds the seller’s cost of the item by more than 50%. This law applies to those who sell food, emergency supplies, medical supplies, building materials, and gasoline. The law also applies to repair or reconstruction services, emergency cleanup services, transportation, freight and storage services, hotel accommodations, and long- and short-term rental housing. Exceptions to this prohibition exist if, for example, the price of labor, goods, or materials has increased for the business. 

    Violators of the price gouging statute are subject to criminal prosecution that can result in a one-year imprisonment in county jail and/or a fine of up to $10,000. Violators are also subject to civil enforcement actions including civil penalties of up to $2,500 per violation, injunctive relief, and mandatory restitution. The Attorney General and local prosecutors can enforce the statute.

    TIPS FOR REPORTING PRICE GOUGING, SCAMS, FRAUD AND OTHER CRIMES:

    1. Visit oag.ca.gov/LAfires or call our hotline at: (800) 952-5225.
    2. Include screenshots of all correspondence including conversations, text messages, direct messages (DMs), and voicemails
    3. Provide anything that shows what prices you were offered, when, and by whom.
    4. If you’re on a site like Zillow, you can also send screenshots of the price history and a link to the listing. 
    5. Include first and last names of the realtors, listing agents, or business owners you spoke to. Be sure to include phone numbers, email addresses, home and business addresses, websites, social media accounts.
    6. Don’t leave out any information that can help us find and contact the business or landlord.

    Californians who believe they have been the victim of price gouging should report it to their local authorities or to the Attorney General at oag.ca.gov/LAfires. To view a list of all price gouging restrictions currently in effect as a result of proclamations by the Governor, please see here.

    A copy of the complaint can be found here. 

    MIL OSI USA News

  • MIL-OSI Australia: House fire Croydon

    Source: South Australia Police

    Police and emergency services were called to reports of a house fire at Scotia Street earlier this morning.

    Just after 12.10am today Wednesday 19 February police and emergency services were called to reports of a house fire.

    When MFS entered the property they located cannabis plants and hydroponic equipment.

    The fire was contained to the roof space causing minor damage to the structure.

    The property was vacant and no reports of injuries.

    Police will return to the scene to dismantle the grow house and investigations are ongoing.

    Anyone with information is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au – you can remain anonymous.

    MIL OSI News

  • MIL-OSI Asia-Pac: Union Minister of Jal Shakti Shri C R Patil inaugurates the second All-India State Water Ministers’ Conference

    Source: Government of India

    Union Minister of Jal Shakti Shri C R Patil inaugurates the second All-India State Water Ministers’ Conference

    This high-level dialogue stresses on the water security in our country

    The first day discussions of this conference revolves around the development and maintenance of water storage infrastructure

    The conference reaffirms its commitment to sustaining the Jal Jeevan Mission (JJM), with a particular emphasis on community-led operation

    Posted On: 18 FEB 2025 10:25PM by PIB Delhi

    The Second All-India State Water Ministers’ Conference, organized by the Ministry of Jal Shakti, Government of India, commenced today in Udaipur, Rajastan. Inaugurated by the Union  Minister of Jal Shakti  Shri C R Patil in  the presence of  Chief Minister of Rajasthan shri Bhajan Lal Sharma.The conference witnessed the participation of Chief Ministers of Odisha and Tripura, Deputy Chief Ministers of Himachal Pradesh, Chhattisgarh, and Karnataka, along with 30 Ministers and over 300 delegates. This high-level dialogue builds on the Water Vision @ 2047, first formulated at the 2023 Bhopal Conference  and further reviewed at the Secretaries’ Conference in Mahabalipuram in 2024.

    On the first day, deliberations revolved around strengthening water governance, enhancing storage infrastructure, improving irrigation systems, and increasing water-use efficiency. Discussions emphasized the need for Integrated Water Resources Management (IWRM) tailored to state-specific requirements, participatory governance at the grassroots level, and water budgeting to optimize demand and availability. The importance of leveraging data, technology, and innovation to improve efficiency and sustainability was also highlighted. Additionally, there was a strong push to scale up the ‘Jal Sanchay Jan Bhagidari’ initiative nationwide to promote community-driven water conservation efforts.

    A key focus area was the development and maintenance of water storage infrastructure, not only through new projects but also by prioritizing Extension, Renovation, and Modernization (ERM) of existing systems. Discussions underscored the importance of accelerating river interlinking projects through consensus-building, alongside the repair, renovation, and restoration of smaller water bodies to enhance water availability. Delegates also stressed the need for automated reservoir operations for better storage management, as well as comprehensive interventions to promote water conservation at every level.

    The conference reaffirmed its commitment to sustaining the Jal Jeevan Mission (JJM), with a particular emphasis on community-led operation and maintenance through Village Water & Sanitation Committees (VWSCs). Water quality testing remains a priority, ensuring safe drinking water reaches every household. Discussions also explored measures to achieve urban water security through the AMRUT Scheme and integrate greywater management under Swachh Bharat Mission 2.0. Special attention was given to vulnerable regions, ensuring that potable water reaches the most underserved communities.

    As discussions continue on Day Two, the conference is set to finalize concrete action plans that will drive India’s long-term water security strategy and contribute to the vision of Viksit Bharat @ 2047.

    ***

    Dhanya Sanal K

    (Release ID: 2104533) Visitor Counter : 6

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: “With Jal Jeevan Mission, 25 lakh women trained to test water quality using field testing kits”: Shri C R Patil

    Source: Government of India

    “With Jal Jeevan Mission, 25 lakh women trained to test water quality using field testing kits”: Shri C R Patil

    “This Government is committed to ensure safe and sustainable drinking water for every rural household in India”: Shri C R Patil

    “Over 80% of rural households now having access to tap water connections”: Union Minister

    Union Minister of Jal Shakti, Shri C R Patil inaugurates the 2nd State Water Ministers’ Conference on Water Security with a traditional Jal Kalash Ceremony

    Posted On: 18 FEB 2025 8:38PM by PIB Delhi

    Union Minister of Jal Shakti, Shri C R Patil inaugurated the 2nd State Water Ministers’ Conference on Water Security in the presence of Chief Minister of Rajastan, Shri Bhajan Lal Sharma with a traditional Jal Kalash Ceremony.

     

    Speaking at the 2nd State Water Ministers’ Conference on Water Security, Union Minister of Jal Shakti, Shri C R Patil highlighted the remarkable progress of the Jal Jeevan Mission (JJM) and reaffirmed the Government’s commitment to ensuring safe and sustainable drinking water for every rural household in India.

    Shri Patil emphasized that under Prime Minister Shri Narendra Modi’s leadership, the mission has made unprecedented strides, with over 80% of rural households now having access to tap water connections. As a result, more than 15 crore families are benefiting from clean and safe drinking water at their doorstep.

    The Minister underscored the transformative impact of JJM on public health, women’s empowerment, and community participation. According to WHO estimates, the mission has contributed to the prevention of 4 lakh deaths caused by waterborne diseases like diarrhea. Moreover, the initiative has led to a significant reduction in health-related expenses, improving the overall well-being of rural populations.

    A key highlight of the mission is the empowerment of women, with 25 lakh women trained to test water quality using field testing kits. This initiative has strengthened community-led monitoring, ensuring that water reaching households meets quality standards. Additionally, the availability of tap water has saved 5.5 crore hours per day for women, allowing them to engage in economic, educational, and social activities.

    Reaffirming the Government’s vision, Shri Patil stated that Water security is a fundamental pillar of Viksit Bharat @ 2047, and the Jal Jeevan Mission is a key driver in achieving this goal. With steady progress and strong community participation, we are committed to making clean drinking water a reality for all.

    ***

    Dhanya Sanal K

    (Release ID: 2104497) Visitor Counter : 46

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: WAVES 2025 Platform for Electronic Music Producers and DJs : ‘Resonate: The EDM Challenge’

    Source: Government of India

    WAVES 2025 Platform for Electronic Music Producers and DJs : ‘Resonate: The EDM Challenge’

    A ‘Create in India Challenge’ for EDM Genre of Music practitioners to showcase their Talents

    Registration to Participate Closes on 10th March, 2025

    Posted On: 18 FEB 2025 7:12PM by PIB Mumbai

    : Mumbai, February 18, 2025

    If you are an electronic music producer and have a flair for DJing, then the World Audio Visual & Entertainment Summit (WAVES) 2025 is the ultimate stage to showcase your talents! The Indian Music Industry (IMI) in collaboration with Union Ministry of Information & Broadcasting (I&B) is organizing “Resonate: The EDM Challenge” as part of the ‘Create in India Challenge’ which offers an exciting opportunity to showcase your creative talents and innovation in the world of audio, visual, and entertainment.  This challenge seeks to strengthen India’s status as a global center for music fusion, electronic music and DJing artistry.

    “Resonate: The EDM Challenge” is open to individual artists and creative teams to perform in front of industry experts, Indian music consumers and a global audience and turn one’s passion for electronic music into international recognition. This platform is open for both emerging and seasoned musicians to compete across two thrilling stages:

    • Preliminary Round: Participants will submit their original EDM tracks online, which will be evaluated by a panel of industry experts to shortlist the top 10 entries.
    • Grand Finale: The finalists will perform live at WAVES 2025, competing for the top honors in front of a distinguished jury and a global audience.

    Winners will receive substantial cash prizes (₹2,00,000 for the Grand Prize winner and ₹50,000 for runners-up), along with a chance to feature in promotional materials, gain international exposure, and perform on a global stage.

    For detailed information on the Challenge, please visit the website https://indianmi.org/resonate-the-edm-challenge/

    It is important to familiarize yourself with the Terms and Conditions. For details on the competition’s participation rules and criteria, please refer to the following link: Terms and Conditions.

    The last date to register for participation is 10th March, 2025. The participants must mail their participation interest at wavesatinfo@indianmi.org. Participants must use the provided template to submit their participation details, which can be accessed at the following link: Submission Template.

    About WAVES 2025:

    WAVES 2025 is a global summit scheduled to be held at Jio Convention Centre in Mumbai from 1st May to 4th May 2025, aimed at fostering innovation, creativity, and collaboration in the media, entertainment, and technology sectors. WAVES will bring together creators, industry leaders, and investors to explore new opportunities in animation, gaming, visual effects, and XR (Extended Reality). With a vision to position India as a global powerhouse in the AVGC-XR sector, WAVES 2025 promotes skill development, entrepreneurship, and cross-border collaborations.

     

    Sriyanka/Preeti

    Follow us on social media:  @PIBMumbai     /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com

     

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  • MIL-OSI USA: Our Pale Blue Dot

    Source: NASA

    Earth is but a tiny light blue dot in this 30th anniversary version of the iconic “Pale Blue Dot” image. The original photo, taken by NASA’s Voyager 1 spacecraft on Feb. 14, 1990, is now 35 years old. Voyager 1 was 3.7 billion miles (6 billion km) away from the Sun, giving it a unique vantage point to take a series of photos that created a “family portrait” of our solar system. Voyager’s view was important to Carl Sagan and the Voyager Imaging Team; they felt this photo was needed to show Earth’s vulnerability and that our home world is just a tiny, fragile speck in the cosmic ocean.
    Learn more about this famous image of our home planet.
    Image credit: NASA/JPL-Caltech

    MIL OSI USA News

  • MIL-OSI USA: Get Repair, Rebuilding Advice Feb. 17-March 1 in Hawkins County

    Source: US Federal Emergency Management Agency

    Headline: Get Repair, Rebuilding Advice Feb. 17-March 1 in Hawkins County

    Get Repair, Rebuilding Advice Feb. 17-March 1 in Hawkins County

    FEMA’s mitigation specialists have partnered with Lowe’s Home Improvement to offer free advice and tips on rebuilding homes stronger and safer as Tennessee residents repair, rebuild and make improvements after Tropical Storm Helene.FEMA specialists will be available as detailed below: Monday, Feb. 17, to Saturday, March 17 a.m. to 6 p.m. ET Monday to Friday; 8 a.m. to 5 p.m. ET SaturdayHawkins CountyLowe’s Home Improvement2526 East Stone Dr. Kingsport, TN 37660The mitigation specialists are available to answer questions and offer home-improvement tips and proven methods to help reduce damage from disasters. Most information is aimed at general contractors or those who do the work on their own.
    kwei.nwaogu
    Tue, 02/18/2025 – 17:37

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  • MIL-OSI Asia-Pac: CCI approves amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited

    Source: Government of India (2)

    Posted On: 18 FEB 2025 7:09PM by PIB Delhi

    The Competition Commission of India has  approved amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited.

    The proposed transaction relates to the amalgamation of Svatantra Holdings Private Limited (SHPL) and Chaitanya India Fin Credit Private Limited (CIFCPL) into Svatantra Microfin Private Limited (SMPL), through the Scheme of Amalgamation entered into between SHPL, CIFCPL, SMPL and their respective shareholders as has been approved by the board of directors. Further, as a consequence of the foregoing, Svatantra Micro Housing Finance Corporation Limited (SMHFCL) will become a wholly owned subsidiary of SMPL.

    SHPL is engaged in the business of making investments in equity shares, preference shares and other securities. It is an unregistered Core Investment Company in terms of Core Investment Companies (Reserve Bank) Directions, 2016.

    SMPL is engaged in the business of providing micro finance loans and personal loans to low-income individuals and households in rural/semi-urban areas. SMPL is a middle layer non-deposit taking Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) registered with the RBI.

    CIFCPL is engaged in the business of providing micro finance loans and personal loans to low-income individuals and households in rural/ semi-urban areas. CIFCPL is a middle layer non-deposit taking NBFC-MFI registered with the RBI. in 2009.

    SMHFCL is a registered Non-deposit Taking Housing Finance Company (NBFC HFC) (Middle Layer) and is engaged in the business of providing secured housing loans to the financially excluded rural and urban low-income families, loans to individuals against property and loans to corporations/institutions for construction/real estate projects.

    Detailed order of the Commission will follow.

    *****

    NB/AD

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  • MIL-OSI USA: What is an Engineer? (Grades K-4)

    Source: NASA

    This article is for students grades K-4.
    Engineers solve problems. They use science and math to create new things or make things work better. There are different kinds of engineers. They work on different kinds of projects. Some engineers design buildings or machines. Others find ways to move heat, power, or water from one place to another. Some create new tools.
    NASA needs engineers. They design the things humans need to fly in space or on airplanes. Engineers make great ideas become real.

    [embedded content]

    NASA has many missions. These missions need different kinds of engineers. Here are some of the ways engineers help NASA get the job done.

    Spacecraft: These are vehicles that fly in space. NASA engineers decide how a spacecraft should be built and what it should do. They also make sure it will keep astronauts safe.
    Airplanes: NASA engineers work on airplanes. They design how the plane will look, how fast it will fly, and how much fuel it will use.
    Telescopes: Telescopes help us see space objects like stars and planets. Some telescopes are placed in orbit for the best view. NASA engineers design them to work in space.
    Computers: Computers can do complex tasks faster than people. NASA engineers write code that tells computers what to do.

    At NASA, engineers get to work on cool projects. They use science and creativity to find new ways to reach big goals. Here are some of the reasons they like their work.

    “Being an engineer is like solving a huge puzzle or building something cool with building blocks. The difference is that the things we make help make the world better and improve people’s lives.” – Othmane Benefan, materials research engineer
    “I like being an engineer because I get to learn new things almost every day. Most of the engineering projects at NASA are super unique because we are building satellites that study new places all over the solar system (planets, asteroids, even the Sun), and it’s really fun to learn all the ways that we can use robots to explore.” – Phillip Hargrove, launch mission integration engineer
    “I love to build and create things. At NASA, there’s always something to do, and I get to work with people I enjoy.” – Jenna Sayler, aerospace engineer
    “I love being an engineer because I love trying to understand how things work. There’s a lot of stuff in our universe. Engineering is the tool I’ve chosen to help make sense of it all.” – Brian Kusnick, mechanical engineer

    Be curious and excited to learn new things.
    Learn more about how different types of machines work.
    Practice making, building, or tinkering with things.
    Work hard in math and science classes.
    When you get to middle school or high school, try a NASA student challenge or apply to be a NASA intern. Students over age 16 can apply for NASA internships. Interns work on real projects. NASA team members help guide interns as they learn.

    NASA has fun engineering activities that you can do at home. Here are a few to try:

    Make and color a paper airplane. Let your imagination fly!
    Build a tower with pasta! How tall can you build it?
    Make a paper Mars helicopter. See which design works best!
    Build a new spacecraft using items in your house!
    A CubeSat is a small satellite. Try to build a CubeSat in this online game.

    When you do these projects, try them more than once. Make a small change each time. See if it makes your design work better. Engineering is all about testing ideas!
    Learn More

    MIL OSI USA News

  • MIL-OSI USA: FEMA to Host Housing Resource Fair Feb. 22 in Savannah

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair Feb. 22 in Savannah

    FEMA to Host Housing Resource Fair Feb. 22 in Savannah

    FEMA is hosting a Housing Resource Fair from 9 a.m. to 5 p.m., Saturday, Feb. 22, in Savannah at the following location:Carver Village Community Center905 Collat AveSavannah, GA 31415                                                                                                                    The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.Survivors will meet with local housing organizations, property owners and landlords, as well as gain information on the HEARTS Georgia Sheltering Program, and U.S. Small Business Administration (SBA) loans.The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs.Meet with representatives from local housing organizations, landlords and property managers.Gain access to resources for displaced individuals and families.Learn about community partners that will provide educational funding resources to attendees. For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair will give survivors that needed one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”Anyone who was affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend.
    jakia.randolph
    Tue, 02/18/2025 – 13:27

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Bharat Tex 2025

    Source: Government of India (2)

    Bharat Tex 2025

    Revolutionizing Fashion, Sustainability, and Innovation

    Posted On: 18 FEB 2025 6:18PM by PIB Delhi

    World is adopting the vision of Fashion for Environment and Empowerment, and India can lead the way in this regard.
     –
    Prime Minister Shri Narendra Modi

     

    Bharat Tex 2025, India’s largest global textile event, was successfully organized from February 14 to 17, 2025, at Bharat Mandapam, New Delhi. The event spanned 2.2 million square feet and featured over 5,000 exhibitors, providing a comprehensive showcase of India’s textile ecosystem. More than 1,20,000 trade visitors, from 120+ countries including global CEOs, policymakers, and industry leaders, attended the event.

    Bharat Tex 2025 served as a platform to accelerate the government’s “Farm to Fibre, Fabric, Fashion, and Foreign Markets” vision. India’s textile exports have already reached ₹3 lakh crore, and the goal is to triple this to ₹9 lakh crore by 2030 by strengthening domestic manufacturing and expanding global reach. The event demonstrated India’s leadership in the textile sector and its commitment to innovation, sustainability, and global collaboration.

    Defining Achievements of Bharat Tex 2025

     

    India’s Textile Industry: A Key Driver of Economic Growth

    India is the sixth-largest exporter of textiles globally, contributing 8.21% to the country’s total exports in 2023-24. The sector holds a 4.5% share in global trade, with the United States and European Union accounting for 47% of India’s textile and apparel exports.

    From an employment perspective, the textile industry provides direct employment to over 45 million people and supports the livelihoods of over 100 million individuals indirectly, including a large proportion of women and rural workers. It aligns with key government initiatives such as Make in India, Skill India, Women Empowerment, and Rural Youth Employment, reinforcing its role in inclusive economic development.

    The government’s focus on increasing textile manufacturing, modernizing infrastructure, fostering innovation, and upgrading technology has strengthened India’s position as a global textile hub. Bharat Tex 2025 provided a platform to showcase these advancements while promoting sustainable and high-value textile production.

    Supportive Policy Framework

    Vested by forward-thinking government initiatives, the Indian textile sector is set to spin a remarkable tale of innovation, fortitude, and economic flourishing in the years to come. With the support of proactive policies, the industry is primed to unleash creative potential, demonstrate resilience, drive economic growth etc.

    1. Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme
    Creating an Integrated Textiles Value Chain
    7 mega textile parks with an expected investment of USD 10 Bn are being set up with world class infrastructure, plug and play facilities and an integrated ecosystem.

    2. Production Linked Incentive (PLI) Scheme
    Boosting manufacturing of MMF fabrics, Apparel & Technical Textiles
    Production Linked Incentive (PLI) Scheme with approved incentives of INR 10,683 crore (~USD 1 Bn) to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles

    3. Samarth
    Building Capacity, addressing skill gaps in the textile value chain
    The scheme is a demand-driven and placement-oriented program across the textile value chain. In addition, various States have their own skilling/training support schemes.

    4. National Technical Education, Training
    Promoting Technical Textiles – towards USD 300 Bn by 2047
    National Mission to support and promote Research, Innovation and Development, Education Training, Skill development and Market Development in Technical Textiles

    5. Liberal State Policies
    Generous support & incentives by State Governments / Union Territories – Capital support, wage and skilling incentives, power and water support

    To boost the textile industry, the Ministry of Textiles, in the 10th Empowered Programme Committee (EPC) meeting, approved four Start-Ups under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme, granting each INR 50 Lakhs for innovations in Medical, Industrial, and Protective Textiles. Additionally, three educational institutes, including IIT Indore and NIT Patna, received INR 6.5 Crores to introduce specialized courses in Geotextiles, Geosynthetics, and Sports Textiles, aiming to strengthen technical expertise in the sector. Further, 12 Skill Development Courses in Medical, Protective, Mobile, and Agriculture Textiles, developed by SITRA, NITRA, and SASMIRA, were approved to provide industry-focused training across the textile value chain.

    Global Textiles redefined from India to the World

    Bharat Tex 2025 is where India’s rich textile heritage meets modern innovation, setting the stage for global textile leadership. As the world’s youngest and largest global textile show, it’s a platform for forging partnerships and driving economic growth.

    It serves as a premier platform for industry leaders, manufacturers, exporters, and innovators, bringing together key stakeholders from across the textile sector. The event facilitates collaboration among manufacturers, exporters, and importers, providing them with an opportunity to showcase their expertise, cutting-edge innovations, and latest collections to a global audience.

     

    Focused Zones for Focused Business

    Intelligent Manufacturing

    Intelligent manufacturing is revolutionizing the textile industry by integrating advanced technologies and data-driven approaches to improve efficiency, quality, and innovation. This transformation leverages automation, artificial intelligence (AI), the Internet of Things (IoT), and advanced analytics to modernize traditional textile production processes.

    Technical Textile

    Technical textiles are revolutionizing the textile industry in India by offering innovative solutions across various sectors. These specialized fabrics are designed for specific performance attributes and applications, ranging from automotive and aerospace to healthcare and construction. With a growing emphasis on technology and research, India is positioning itself as a global leader in this field, leveraging its strong textile heritage and advanced manufacturing capabilities.

    Home Textile

    India’s home textile sector is known for its rich traditions and craftsmanship, with various regions specializing in unique textile techniques and patterns. Gujarat is renowned for its vibrant and intricate embroidery, while Kashmir is famous for its luxurious woollen shawls and rugs. This diversity reflects India’s extensive heritage and expertise in textile production.
     

       

    Fabrics

    India is one of the world’s largest producers and exporters of fabrics, catering to both domestic and international markets. The sector is characterized by a mix of large-scale industrial manufacturing and small-scale artisanal production, reflecting a vibrant tapestry of innovation and tradition. Major fabric hubs in the country include Gujarat, Tamil Nadu, Punjab, and West Bengal, each known for its unique textile specialties.

     

    Apparel & Fashion

    In India, the apparel and fashion industry is a major economic driver, contributing significantly to GDP and employment. The country is renowned for its rich heritage in textiles and traditional craftsmanship, including intricate handloom fabrics, embroidery, and dyeing techniques. India’s apparel sector is characterized by a vibrant blend of traditional and contemporary styles, catering to diverse consumer preferences both domestically and internationally.

    Handloom

    India’s handloom sector is renowned for its variety of textiles, including intricate saris, shawls, scarves, and other woven items. Each region of India boasts distinct handloom traditions and techniques. For example, the Banarasi silk from Varanasi, the Kanjeevaram silk from Tamil Nadu, and the Jamdani from West Bengal are highly esteemed for their quality and craftsmanship. These textiles often feature elaborate patterns, vibrant colors, and traditional motifs, making them highly sought after both domestically and internationally.

    Handicrafts & Carpets

    The handicraft and carpets sector in India is a vibrant and culturally significant component of the country’s artisan economy, renowned for its rich heritage and exceptional craftsmanship. This sector encompasses a wide range of products, from intricate handcrafted textiles and decorative artifacts to exquisite hand-knotted carpets. Each region in India contributes its unique traditions and techniques, resulting in a diverse array of products that reflect the country’s artistic diversity.

    A key attraction of the event was “Indie Haat,” held from February 12 to 18, 2025, at the National Crafts Museum and Hastkala Academy, New Delhi. It showcased over 80 different types of handcrafted and handwoven products, created by 85 artisans and weavers from various states. Indie Haat underscored India’s vast handloom and handicraft traditions, aligning with the government’s vision of promoting rural artisans.

    Breathing Threads: Fashion Show at Bharat Tex 2025

    The office of the Development Commissioner for Handlooms, Ministry of Textiles, Government of India organized a fashion event titled “Breathing Threads” to feel the pulse of craftsmanship, honour a living legacy, and witness the timeless elegance of Indian handlooms in modern silhouettes.

    The beauty of handloom and the brand’s mission align with sustainability and a zero-waste strategy, reflecting the living habits of Indian villages. The event attracted international buyers and key stakeholders, reinforcing India’s potential in sustainable fashion and craftsmanship.

     

     

    Bharat Tex 2024: A Landmark Event

    Bharat Tex 2024 set the stage for India’s emergence as a global textile powerhouse, bringing together 3,500+ exhibitors, 3,000+ overseas buyers, and over 1,00,000 visitors from across the world. Covering an expansive 2 lakh sq. meters, Bharat Tex 2024 featured 50+ knowledge sessions, fostering discussions on global trade, innovation, and industry transformation.

    The event played a pivotal role in reinforcing India’s position as a key player in the global textile supply chain. Its success laid a strong foundation for Bharat Tex 2025, which scaled new heights in exhibitor participation, international collaboration, and industry impact.

    Weaving Tomorrow: India’s Textile Revolution

    Embodied in a vibrant tapestry of timeless craftsmanship and pioneering innovation, the Indian textile industry stands at the threshold of a resplendent future. With each passing year, it continues to evolve—leveraging cutting-edge technology, embracing sustainability, and setting global trends.

    As it forges ahead, the industry is not only preserving its rich heritage but also redefining excellence through research-driven advancements and digital integration. With a strong commitment to sustainability and a vision for global leadership, India’s textile sector is poised to shape the future of fashion, technical textiles, and intelligent manufacturing, reinforcing its position as a key driver of economic growth and innovation on the world stage.

    References

     

    Click here to see PDF:

    Santosh Kumar/Sarla Meena/ Anchal Patiyal

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  • MIL-OSI Economics: Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

    Frankfurt am Main, 18 February 2025

    Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

    In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

    During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs).[1] As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

    Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

    Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

    At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

    Against this background, the Governing Council has gradually been reducing the degree of monetary policy restriction by cutting policy rates towards neutral territory. While our direction is clear, we are very attentive to incoming information in view of the prevailing uncertainty about the economic environment. We continue to make decisions on a meeting-by-meeting and data-dependent basis. This gives us the option to adapt our interest rate path if necessary to ensure that inflation stabilises sustainably at our 2% medium-term target.

    However, given the importance of financial conditions in determining the inflation outlook, we also need to consider the role played by the reduction of our balance sheet. In the tightening phase our rate decisions and balance sheet policies complemented each other, but they are now going in opposing directions.

    This divergence has important implications across at least two dimensions.

    First, it contributes to a steepening of the yield curve. Our rate cuts exert downward pressure primarily at the short end of the yield curve. At the same time, the gradual runoff of our asset purchase portfolios exerts upward pressure on long-term and, to a lesser extent, intermediate yields. This has been compounded by recent spillovers from the US.[2]

    Second, it may affect credit supply. Declining levels of central bank liquidity could constrain banks’ ability to extend credit, resulting in tighter credit conditions and potentially slowing down the investment and consumption that are critical for economic recovery.

    In setting the policy stance, we therefore need to consider the impact of the overall set of financial conditions resulting from our interest rate and balance sheet policies. In other words, we need to strike the right balance if we are to achieve our inflation aim without an undue negative impact on incomes and employment. A rate cut has a more contained easing effect when the balance sheet is simultaneously reduced. This has implications when discussing the appropriate policy rate path.

    We also need to consider the potential risks to the transmission of our monetary policy. In the past, abundant levels of liquidity have acted as a safeguard against spikes in liquidity needs that emerged regardless of where our rates stood. With this in mind, we need to carefully monitor the transition from abundant to less ample excess liquidity, mindful of the potential implications for financial stability.

    Today, I would like to take stock of the ECB’s experience with balance sheet policies, explaining why they remain a vital part of our monetary policy toolbox. I will then discuss the implications of the ECB’s balance sheet for our monetary policy in the current environment.

    The ECB’s experience with balance sheet policies

    At the ECB, balance sheet policies have served a dual purpose over time, allowing us to deliver on our price stability mandate amid exceptionally difficult circumstances.

    First, during periods when interest rates approached their effective lower bound and inflation remained below target, the ECB used asset purchases to support an accommodative monetary policy stance.

    For instance, the ECB launched its asset purchase programme (APP) in 2015 to stimulate the economy and inflation at a time when deflationary threats loomed large. Asset purchases and the associated provision of central bank liquidity worked in several ways – including through the portfolio rebalancing, exchange rate and credit channels – to generate a significant upward effect on both economic activity and inflation.[3]

    Second, balance sheet policies have been pivotal to ensuring the smooth transmission of our monetary policy to the real economy, in both tightening and easing phases.

    At times when we were lowering our policy rates, our TLTROs, launched in 2014, provided banks with long-term funding on favourable terms to incentivise them to lend to firms and households. This led to a persistent compression in lending rates and an increase in loan volumes over time.[4]

    But balance sheet policies were also instrumental in ensuring the smooth transmission of monetary policy at times when we were increasing our policy rates. The announcement of our Transmission Protection Instrument (TPI) in 2022 allowed us to embark on the fastest rate hiking cycle in our history without sparking financial fragmentation in the euro area.

    Of course, the stance and transmission functions of our balance sheet policies do not operate in isolation. There can be beneficial interactions between the two.

    As rates increased, for example, euro area banks had sufficient liquidity to manage any maturity mismatches that arose. This – alongside strengthened regulation and supervision – helped them to emerge unscathed from the market turbulence in March 2023 that saw the collapse of three regional banks in the United States.

    The proportionate use of balance sheet policies in an evolving economic landscape

    The substantial expansion of the ECB’s balance sheet required careful monitoring of potential side effects. That is why the principle of proportionality lies at the core of how we use our balance sheet instruments.[5]

    In its 2021 strategy review, the Governing Council assessed that its use of balance sheet measures – alongside negative interest rates and forward guidance – had indeed been proportionate, taking into account any side effects, for instance on inequality and the financial sector.[6]

    Some concerns, however, require a more nuanced perspective.

    For example, there is little evidence to suggest that excessive risk appetite may be attributable to larger central bank balance sheets. If this were the case, we should have seen less risk-taking in markets as central banks began to withdraw their market footprint.

    But the opposite has been the case. Today equity markets are near all-time highs. This may be due to “animal spirits”[7], which have also been observed outside periods of central bank balance sheet growth. We saw them at play, for instance, during the dot-com bubble – a period when the cyclically adjusted price-to-earnings ratio hit its historic peak and central bank balance sheets were distinctly lean.

    Moreover, as the Eurosystem gradually reduces its footprint in sovereign bond markets by reducing its holdings of euro area government bonds, concerns about the size of the balance sheet are becoming less and less justified (Chart 1).[8]

    Chart 1

    Size of euro area government bond market and the Eurosystem’s market footprint

    (left-hand scale: EUR billions; right-hand scale: percentages)

    Sources: Eurosystem and Centralised Securities Database.

    Notes: The chart shows the evolution of the size of the euro area government bond market and splits it into outright holdings (yellow) and mobilised collateral (green), as well as what is not held or mobilised as collateral with the Eurosystem (blue). The Eurosystem market footprint is a relative measure, computed as the share of the Eurosystem’s euro area government bond (EGB) holdings compared with the nominal amount outstanding. Outright holdings are EGBs held by the Eurosystem via purchase programmes, adjusted by EGBs lent back via the securities lending against cash collateral facilities. Mobilised collateral includes EGBs mobilised as collateral for open market operations. The latest observations are for 31 January 2025.

    Going forward, an evolving economic landscape suggests that balance sheet policies could be increasingly useful as monetary policy instruments. Let me highlight two developments that are particularly relevant here.

    First, the non-bank financial sector has grown considerably over time and is becoming increasingly relevant in the funding of the real economy.

    In the euro area, the financial assets of non-banks have more than doubled since the global financial crisis.[9] Compared with banks, non-banks are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases.[10] Given that non-banks adjust their portfolios more actively in response to changes in interest rates, this also increases the need for sufficient liquidity in the system to facilitate these adjustments.

    Second, geopolitical fragmentation means that the global economy is becoming more shock prone and subject to higher levels of uncertainty (Chart 2).

    Chart 2

    Global Economic Policy Uncertainty index

    (index)

    Source: Bloomberg.

    Note: The latest observation is for December 2024.

    In this environment, we need to remember that the euro area is subject to fragmentation risk. A key lesson from the sovereign debt crisis is that balance sheet policies have been instrumental in making the euro area a more “normal” jurisdiction from the perspective of monetary policy.

    As we navigate an increasingly complex economic landscape, the transition from abundant to less ample excess liquidity represents an inflection point that also requires close monitoring.

    In this environment, banks’ liquidity needs are met via a broad mix of instruments under our new operational framework. These include our short-term main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs) and will also include – at a later stage – structural longer-term credit operations and a structural portfolio of securities.[11]

    However, the decline in excess liquidity warrants careful monitoring, as it could exert additional tightening pressures on financial and financing conditions, potentially exceeding the intended policy stance.

    The implications of the ECB’s balance sheet for monetary policy in the current environment

    It is in this context that I would like to talk about the implications of our balance sheet for monetary policy in the current environment.

    The ECB’s balance sheet has been reduced at a faster pace than those of central banks in other major economies during their tightening cycles (Chart 3). So far, much of this decline can be attributed to banks’ repayments of TLTRO loans.[12]

    Chart 3

    Central bank total assets

    (index = 100 at the start of the respective policy rate hiking cycles)

    Sources: Bloomberg and ECB calculations.

    Notes: The x-axis starts on 21 July 2022, 16 March 2022 and 15 December 2021 for the Eurosystem, Federal Reserve System, and Bank of England respectively. For the Bank of England, reserve balances are used as a proxy for the total balance sheet. The latest observations are for 12 February 2025.

    Looking ahead, however, any further reduction in the size of our balance sheet will stem from the gradual unwinding of our asset purchase portfolios, as the Eurosystem no longer reinvests the principal payments from maturing securities.

    As in the past, the normalisation of our balance sheet has implications for our monetary policy stance and the possible risks to monetary policy transmission.

    The monetary policy stance

    Let me start with the implications for our monetary policy stance.

    Our reaction function for rate decisions is built around three well-known criteria: (i) the inflation outlook, (ii) the dynamics of underlying inflation and (iii) the strength of monetary policy transmission.

    Inflation has fallen by around three-quarters from its peak in late 2022 (Chart 4). The disinflation process is well on track, and our staff projections see inflation averaging 2.1% this year, 1.9% next year and 2.1% in 2027.

    Chart 4

    Headline inflation

    (annual percentage changes)

    Source: Eurostat.
    Note: The latest observation is for January 2025 (flash estimate).

    Most measures of underlying inflation suggest that inflation will settle at around our 2% medium-term target on a sustained basis. In particular, the ECB’s measure of the persistent and common component of inflation (PCCI)[13] – a more forward-looking indicator of underlying inflationary pressures that tends to better predict future inflation – stood at 2.1% in December, and 2.0% when excluding energy.

    Domestic inflation remains high, as wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But our wage tracker is signalling a significant moderation in wage growth, and profits are partially buffering the impact on inflation.

    It is the third leg of our reaction function – the strength of monetary policy transmission – that I would like to discuss in more detail, however.

    As we cut interest rates, new borrowing for firms and households is becoming less expensive. But financing conditions continue to be tight – in part because our monetary policy remains restrictive and past rate hikes are still working their way through the economy.[14]

    While credit continues to expand, lending to firms and households remains subdued by historical standards. In December, the annual growth rate of lending to firms was roughly two-thirds below its historical average.[15] Growth in housing loans increased gradually but also remained muted overall, at around one-fifth of its long-term average (Chart 5).[16]

    Chart 5

    Loans to firms and households

    (percentage points)

    Sources: ECB (BSI) and ECB staff calculations.

    Note: The latest observations are for December 2024.

    At the same time, the recent gradual recovery in lending has not kept pace with the nominal growth of the economy, as reflected in the continued decline of the loan-to-GDP ratio (Chart 6).

    Chart 6

    Ratio of bank loans to GDP

    (percentages)

    Sources: ECB (BSI), Eurostat and ECB staff calculations.

    Note: The latest observation is for the third quarter of 2024.

    While policy rates remain our primary instrument for adjusting our monetary policy stance, the normalisation of our balance sheet may also affect the stance through two key channels.

    First, while our rate cuts exert downward pressure primarily at the short end of the yield curve, our quantitative tightening exerts upward pressure on long-term maturities and, to a lesser extent, intermediate ones. This serves to tighten financial conditions.[17]

    Indeed, the runoff of the asset portfolios of central banks has arguably been one of several factors contributing to a steepening of sovereign yield curves in recent months – akin to a reversal of the duration risk channel previously associated with central banks through quantitative easing (Chart 7).

    Chart 7

    New duration risk absorbed by private investors

    (EUR billions per basis point)

    Sources: Bloomberg and ECB.

    Notes: The chart shows the month-on-month change in the duration of government bonds held by private investors (i.e. investors other than the domestic central bank). Rates are approximated by weighted average maturity.

    At its peak in early 2022, the impact of current and expected Eurosystem bond holdings in our asset portfolios lowered ten-year sovereign bond yields by around 175 basis points.[18] Due to quantitative tightening, however, the easing impact has now fallen to around 75 basis points and is expected to further reduce over time (Chart 8).

    Chart 8

    Impact of APP and PEPP sovereign bond holdings on ten-year sovereign risk premia

    (basis points)

    Source: ECB calculations.

    Notes: The impacts are derived from an affine arbitrage-free model of the term structure with a quantity factor (see Eser et al., op. cit.) and an alternative version of the model recalibrated so that the model-implied yield reactions to the March PEPP announcement match the two-day yield changes observed after 18 March 2020. The model results are derived using GDP-weighted averages of the zero-coupon yields of the big-four sovereign issuers (DE, FR, IT and ES). The continuous line represents estimates based on real-time survey expectations. The dashed line is based on projections of the Eurosystem’s holdings of big-four sovereign bonds in the APP and PEPP as informed by the ECB’s December 2024 Survey of Monetary Analysts. The model abstracts from any potential holdings in a structural portfolio of securities. The latest observations are for January 2025 (monthly data).

    According to ECB research, an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 basis points (Chart 9).[19]

    Chart 9

    Expected term premium impact from running down the asset portfolio by €1 trillion

    (basis points)

    Sources: ECB December 2024 Survey of Monetary Analysts (SMA) and Akkaya, Y. et al., op.cit.

    Notes: The chart depicts the expected effect on the term premium of various assets with a ten-year maturity resulting from an expected €1 trillion decrease in the ECB’s bond holdings. Results are based on individual SMA responses from December 2022 until December 2023.

    Second, an environment marked by declining levels of central bank liquidity may constrain banks’ ability to extend credit.

    Research documents the strong relationship between loan supply and structural sources of liquidity, such as reserves obtained through credit easing programmes or those injected through quantitative easing interventions.

    More specifically, a €1 change in non-borrowed reserves or credit easing reserves is associated with a corresponding change in credit of approximately 15 cents or 10 cents respectively.[20] In other words, a €500 billion drop in non-borrowed reserves – similar to the one expected in 2025 as a result of the decline in our APP and PEPP holdings – is associated with a €75 billion decline in credit supply, equivalent to about 0.6 percentage points of downward pressure on loans to the non-financial private sector.[21]

    Accordingly, as central bank liquidity declines, we may see tighter credit conditions in the economy. This could slow down investment and consumption, with firms cutting back on capital expenditure and consumers reducing purchases of big-ticket items that require financing.[22]

    Incoming data suggest that euro area GDP growth will remain subdued in the short term. Industrial production decreased notably in December and surveys indicate that manufacturing is continuing to contract, whereas services activity is expanding at a moderate pace (Chart 10).

    Chart 10

    Purchasing Managers’ Index

    (diffusion indices)

    Source: S&P Global.

    Notes: “Output” and “New orders” correspond to the manufacturing and composite indices, and “Business activity” and “New business” to the services index. The latest observations are for January 2025.

    Given the uncertain economic environment, we are yet to see a sustained rebound in investment (Chart 11).[23] And while we continue to expect consumption to be the main driver of the recovery, rising real incomes have not yet encouraged households to increase their spending in a commensurate manner (Chart 12).[24] In the face of subdued domestic demand, our latest staff projections forecast a slower economic recovery than had been forecast in the September projections.[25]

    Chart 11

    Detailed decomposition of euro area real GDP

    (quarter-on-quarter percentage changes and percentage point contributions)

    Sources: Eurostat and ECB staff calculations.

    Note: The latest observations are for the fourth quarter of 2024 for real GDP, and for the third quarter of 2024 for the other components.

    Chart 12

    Real household disposable income and consumption

    (second quarter of 2022 = 100)

    Sources: Eurostat and ECB staff calculations.

    Note: The latest observations are for the third quarter of 2024.

    Moreover, geopolitical risks may create further headwinds for the recovery, which we will need to monitor carefully. Forthcoming findings from the ECB’s Consumer Expectations Survey (CES) suggest that consumers’ concerns about geopolitical risks are negatively affecting economic sentiment – leading to more pessimistic expectations, more elevated income uncertainty and, ultimately, a lower propensity to consume.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. As we gradually cut rates towards neutral territory, we need to be mindful of the fact that we now have two monetary policy tools working in opposing directions, given our ongoing quantitative tightening. This is a first in our history at the ECB.

    We therefore need to ensure that we factor in the tightening of our balance sheet when calibrating our rate cuts to achieve our inflation aim. This is because the stance effects stemming from our rate cuts will be somewhat dampened by the tightening induced by the normalisation of our balance sheet.

    This is an important consideration when discussing the appropriate policy rate path.

    Risks to the transmission of our monetary policy

    Similarly, we need to be mindful of the possible risks to the transmission of our monetary policy to the real economy in view of the prevailing uncertainty and potential risks to financial stability.

    This cautious approach is crucial, especially given historical precedents where central banks faced unexpected challenges.

    In late 2019, for instance, the Federal Reserve System was unexpectedly forced to temporarily reverse its balance sheet retrenchment due to liquidity challenges in financial markets.[26] In 2022 the Bank of England halted quantitative tightening and launched emergency gilt purchases to safeguard financial stability after pension funds’ liability-driven investment strategies exposed systemic risks.[27]

    Recent bouts of market volatility also underscore that we should remain alert to the emergence of financial stability risks that may endanger transmission. Last August several factors converged to spark substantial market volatility.[28] The VIX, a market index that measures the implied volatility of the S&P 500 index, recorded its largest ever one-day spike (Chart 13).[29]

    Chart 13

    VIX index

    (percentages)

    Source: ECB staff calculations.

    Notes: Long run average calculated since January 2000. The latest observations are for 7 February 2025.

    Faced with such episodes of volatility, the further decline in our balance sheet must remain on a gradual and predictable path to avoid financial amplification effects.[30] This is especially important in an environment where euro area banks are already tightening their credit standards, especially for firms and consumer credit, due to higher perceived risks related to the economic outlook (Chart 14).[31]

    Chart 14

    Credit standards, demand for loans to firms and contributing factors

    (net percentages)

    Source: ECB (bank lending survey).

    Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for the questions on credit standards for loans are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. “Other financing needs” as unweighted average of “M&A and corporate restructuring” and “debt refinancing/restructuring and renegotiation”; “Use of alternative finance” as unweighted average of “internal financing”, “loans from other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards or changes in loan demand, respectively. The latest observations are for the fourth quarter of 2024 (January 2025 bank lending survey).

    Our balance sheet policy instruments continue to be a crucial item in our toolbox. The expectation that we will use them if necessary protects the smooth transmission of our monetary policy and reduces the likelihood that we will need to use these tools in the first place.

    Moreover, in an environment of heightened uncertainty, even in the context of excess liquidity, we need to remain prudent and be ready to step in should another shock emerge. We should maintain the flexibility to swiftly expand liquidity facilities if stressful conditions arise.

    Conclusion

    Let me conclude.

    The ECB’s experience with balance sheet policies to date demonstrates their importance both for the monetary policy stance and for the transmission of our monetary policy to the real economy. They are a vital part of our toolkit.

    While policy rates remain our primary instrument for adjusting the monetary policy stance, we should also consider the role played by quantitative tightening in influencing overall financial and financing conditions – be it through the yield curve or through the bank lending channel.

    To strike the right balance, we should ensure that our rate decisions adequately compensate for the tightening induced by the reduction of our balance sheet.

    Thank you.

    MIL OSI Economics

  • MIL-OSI USA: With University Of Rochester And Rochester Institute Of Technology Set To Lose A Total Of $50 Million In Federal Funding, Senator Gillibrand Highlights Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
    Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
    University of Rochester Is Region’s Largest Employer, Employs 3,000 Biomedical Researchers; 
    Gillibrand Leading Bipartisan Call To Reverse Cuts
    Today, U.S. Senator Kirsten Gillibrand joined University of Rochester and Rochester Institute of Technology leadership at the University of Rochester to highlight the impact of President Trump’s recent attempts to cut National Institutes of Health (NIH) funding on the universities and the local economy.
    The University of Rochester receives hundreds of NIH grants to study cancer, cardiovascular disease, arthritis, diabetes, allergies, aging, mental health, children’s health, and much more. Slashed funding would force researchers to abandon this critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone. 
    “New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for the University of Rochester and Rochester Institute of Technology, as well as other research institutions, is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Morelle, to call on the Trump administration to reverse them.”
    “I want to thank Senator Gillibrand for her leadership in opposing these draconian cuts and for her tremendous and unwavering support to our Rochester scientists, doctors, and patients. Arbitrarily and abruptly cutting groundbreaking biomedical research that has led to countless breakthroughs and that saves, extends, and improves human lives is no way to make government more efficient. It is detrimental to our efforts to improve health in the Rochester/Finger Lakes region and in the Southern Tier, threatens the future health of all Americans, and puts in jeopardy the nation’s position as the scientific and clinical research leader of the world,” said Sarah C. Mangelsdorf, President of the University of Rochester
    “NIH-funded research forms the backbone for scientific innovation in medicine, driving discoveries that improve lives and strengthen our nation’s global leadership in healthcare and related technologies. To remain competitive, universities must have the resources necessary to support groundbreaking research, including the associated indirect costs, such as laboratory facilities and infrastructure, compliance, and administrative assistance.  Indirect costs are not optional; they are fundamental to sustaining a research environment where faculty, staff and students can focus on advancing knowledge and solving the world’s most pressing challenges,” said David C. Munson, President, Rochester Institute of Technology. “Continued investment in NIH research at higher education institutions across the nation, and the full restoration of NIH indirect cost recovery, are necessary to ensure that we continue to attract the best talent and maintain our worldwide leadership in healthcare science and innovation.“
    Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. The University of Rochester is set to lose $40 million in funding for indirect costs, and Rochester Institute of Technology is set to lost $10 million, which would cripple their ability to continue to conduct much of their research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, they have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding. 
    The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer and Representatives Morelle, Garbarino, Lawler, Clarke, Espaillat, Gillen, Goldman, Kennedy, Latimer, Mannion, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley, and Ryan highlighting the impact these cuts would have on New York is available here.
    The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here. 

    MIL OSI USA News

  • MIL-OSI USA: With University At Buffalo Set To Lose $47 Million In Federal Funding, Senator Gillibrand, Rep. Kennedy, Highlight Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
    Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
    Gillibrand Leading Bipartisan Call To Reverse Cuts
    Today, U.S. Senator Kirsten Gillibrand and Representative Tim Kennedy visited the University at Buffalo to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy. 
    The University at Buffalo receives hundreds of NIH grants to study cancer, cardiovascular disease, diabetes, infectious disease, arthritis, allergies, mental health, and much more. Slashed funding would force researchers to abandon critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone. 
    “New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for the University at Buffalo and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Kennedy, to call on the Trump administration to reverse them.”
    “The administration’s arbitrary cuts to NIH funding are a matter of life and death,” said Congressman Tim Kennedy. “This funding is the difference between a grandparent keeping cancer at bay long enough to meet their grandchild or an infant benefiting from lifesaving research—these scenarios play out every day across our region and nation. The federal government should be investing in our future, not defunding cancer research and other critical health programs. These cuts need to be rescinded immediately, and we need to let scientists and doctors get back to the business of researching lifesaving technologies.”
    “NIH has been an exceptional partner to the University at Buffalo and universities nationwide, enabling life changing and lifesaving discoveries in all aspects of health, wellness, and healthcare,” said Venu Govindaraju, PhD, vice president for research and economic at the University at Buffalo. “The proposed changes to the NIH funding structure will make vital research difficult if not impossible to undertake and impede decades of scientific advancements.”
    “The Jacobs School, along with the health science community at the University at Buffalo, is dedicated to advancing scientific discovery and significantly improving health outcomes across Western New York. Through cutting-edge research funded in part by the National Institutes of Health, we aim to transform health care by developing innovative solutions, generating new knowledge, and training the next generation of health care professionals. We do research to enhance patient care and improve public health both locally and globally. However, the NIH’s recent announcement of a new policy capping the indirect cost payment rate for new and existing grants at 15% — a change that could threaten billions of dollars in funding for universities and health systems — will significantly diminish these efforts that are critical to the health of our community,” said Allison Brashear, Dean, Jacobs School of Medicine and Biomedical Sciences.
    “At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
    Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. The University at Buffalo is set to lose $47 million in funding for indirect costs, which would cripple its ability to continue to conduct much of its research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding. 
    The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer, and Representatives Kennedy, Garbarino, Lawler, Morelle, Clarke, Espaillat, Gillen, Goldman,Latimer, Mannion, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley and Ryan highlighting the impact these cuts would have on New York is available here.
    The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here.

    MIL OSI USA News

  • MIL-OSI USA: With SUNY Upstate Set To Lose Millions In Federal Funding, Senator Gillibrand, Rep. Mannion Highlights Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
    Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
    SUNY Research Foundation Would Lose An Estimated $79 Million 
    Gillibrand Leading Bipartisan Call To Reverse Cuts
    Today, U.S. Senator Kirsten Gillibrand and Representative John Mannion visited SUNY Upstate Medical University to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy. 
    SUNY Upstate receives dozens of NIH grants to study cancer, cardiovascular disease, infectious disease, aging, mental health, and much more. Slashed funding would force researchers to abandon this critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone. 
    “New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for SUNY Upstate and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Mannion, to call on the Trump administration to reverse them.”
    “I join Senator Gillibrand in rejecting cuts to NIH funding and staff that would have devastating consequences for lifesaving medical research happening right here in Central New York,” said Representative John W. Mannion said. “At the CNY Biotech Accelerator, researchers rely on NIH support to develop breakthrough treatments and technologies that improve and save lives. Slashing these resources will make government less efficient, put innovation at risk, delay critical medical advancements, and threaten local jobs in our growing biotech sector. We must protect federal investments in science and health.”
    “At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
    “Upstate Medical University is fortunate to have leading researchers among its faculty finding cures and better treatments for cancer, Alzheimer’s disease, lupus and many other disorders. Biomedical research is an essential part of being an academic medical institution that adds to the vibrancy of our CNY community,” said Upstate Medical University President Mantosh Dewan, MD.
    “Cutting NIH funding would be a devastating blow to the future of medical innovation and the fight against diseases like Alzheimer’s and cancer. These cuts threaten to stall groundbreaking research, delay critical treatments, and stifle the progress of startups working tirelessly to bring lifesaving therapies to patients. Right here in Central New York, the CNY Biotech Accelerator is home to incredible companies working on cutting-edge medical breakthroughs. Many of them rely on NIH support, and these cuts could mean fewer innovations, fewer jobs, and fewer solutions for the patients who need them most. We cannot afford to let innovation be the casualty of short-sighted policy decisions,” said NYS Senator Chris Ryan. 
    “The American people deserve the best medical research in the world and thanks to our historic investments in this area, scientists at universities and academic medical centers across New York State are finding cures and treatments for conditions like cancer, heart disease, Alzheimer’s, diabetes and stroke,” said Win Thurlow, Executive Director, LifeSciencesNY. “This work not only saves lives, but also strengthens the local economy.  Biomedical research creates jobs and opportunities for all New Yorkers. Cutting support for this research means that cures will go undiscovered, jobs will be lost and our communities will suffer.”
    “Basic and applied medical research at NYS higher education institutions and agencies is critical to improving and saving lives. Federal funding, particularly from NIH, is imperative. Any disruption in funding may cause delays in important discoveries and upheaval in the work and lives of researchers and patients. Federal funds help drive New York’s economy for all New Yorkers. Cutting NIH funding hobbles medical research resulting in both immediate and long-term consequences for all Americans,” said Assemblyman Al Stirpe.
    Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. SUNY Upstate is set to lose $5 million in funding for indirect costs, and the SUNY Research Foundation would lose an estimated $79 million overall, which would cripple New York scientists’ ability to continue to conduct much of their research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, they have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding. 
    The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer and Representatives Mannion, Morelle, Garbarino, Lawler, Clarke, Espaillat, Gillen, Goldman, Kennedy, Latimer, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley, and Ryan highlighting the impact these cuts would have on New York is available here.
    The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here. 

    MIL OSI USA News

  • MIL-OSI: Arogo Capital Acquisition Corp. Executes Business Combination Agreement with Bangkok Tellink Co., Ltd.

    Source: GlobeNewswire (MIL-OSI)

    The proposed transaction represents an equity value on a pro-forma basis of a total equity value of the combined company of USD350 million ~

    ~ Bangkok Tellink Co., Ltd. is an emerging leader in advanced telecommunications, mobile network technology, and Internet of Things (IoT) solutions ~

    ~ Leveraging its successful track record, Bangkok Tellink Co., Ltd. seeks enhanced access to U.S. capital markets to accelerate the rollout of its next-gen telecommunication technologies, foster broader geographic expansion, and provide increased financial flexibility to advance research and development efforts ~

    Miami, FL and Bangkok, Thailand, Feb. 18, 2025 (GLOBE NEWSWIRE) — Arogo Capital Acquisition Corp. (OTC: AOGO), a Delaware special purpose acquisition company (“Arogo”), and Bangkok Tellink Company Limited, a Thai registered company (“Bangkok Tellink”), today announced their execution of a definitive business combination agreement (the “Business Combination Agreement”) for a proposed business combination in a transaction valued at $350 million on February 14, 2025.

    The transaction contemplated in the Business Combination Agreement is expected to result in a newly combined company to be listed on The Nasdaq Global Market. Upon the closing of the transaction, Bangkok Tellink will continue to be led by its CEO, Mr. Nusttanakit Sasianon. The boards of directors of Bangkok Tellink and Arogo Capital Acquisition Corp. have unanimously approved the transaction

    Bangkok Tellink is a licensed Mobile Virtual Network Service Operator (“MVNO”) as well as a licensed Mobile Virtual Network Aggregator (“MVNA”) and offers mobile phone packages across multiple frequencies (e.g., 700MHz, 850MHz, 2100MHz, 2300MHz, and 26GHz) and, under its “INFINITE” brand, provides a range of services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development.  

    The eSIM market in Thailand is growing as it offers convenience for consumers and flexibility for businesses. eSIM technology allows users to switch mobile operators without changing physical SIM cards and is spearheading a transformative shift in connectivity, promoting Thailand’s progression towards a sophisticated digital economy. The exploding demand for eSims reflects Thailand’s commitment to expanding its telecommunications infrastructure and has positioned it as a leader in Southeast Asia.1

    Bangkok Tellink is uniquely positioned to facilitate the growth of Thailand’s digital economy that is driven by the need for enhanced economic competitiveness, improved public services, and sustainable growth. eSIM technology supports this transformation by simplifying connectivity for businesses and consumers alike, facilitating more efficient operations, and enhancing the accessibility of digital services across the country

    Nusttanakit Sasianon, CEO of Bangkok Tellink commented, “This is an exciting moment for Bangkok Tellink to expand our business, enhance our product and service offerings, and accelerate our growth. We are excited to continue to foster this business combination with the Arogo team to generate attractive value for our shareholders.”

    Suradech Taweesaengsakulthai, CEO of Arogo added, “We’re thrilled to partner with the Bangkok Tellink team to capitalize on their proven track record and support the expansion of their operations to meet the demand for its services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development. We have strong confidence in Bangkok Tellink’s management team and business model. We look forward to a successful closing of the business combination.” 

    The completion of the business combination is subject to regulatory approvals, the approval of the transaction by the shareholders of Arogo and Bangkok Tellink, and the satisfaction or waiver of other customary closing conditions.   Bangkok Tellink believes that its planned listing, in addition to creating a capital platform for its development and gaining the attention of investors in the international capital markets, will further promote Bangkok Tellink’s growth strategy.

    Additional information about the business combination, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by Arogo with the Securities and Exchange Commission (the “SEC”), followed by a Registration Statement on Form F-4 to be filed by Pubco with the SEC.

    Advisors
    Rimon P.C. (Washington D.C.) serves as United States legal counsel to Arogo.

    Araya & Partners Co., Ltd. (Bangkok) serves as legal counsel to Bangkok Tellink Co., Ltd.  

    ARC Group Limited is acting as sole financial advisor to Arogo.

    About Bangkok Tellink Co., Ltd.
    Bangkok Tellink Co., Ltd, established in 2019, is at the forefront of Thailand’s telecommunications industry. By offering mobile network infrastructure, IoT devices, E-sim services, and software development, Bangkok Tellink provides integrated solutions that foster connectivity and productivity. Bangkok Tellink invests in innovation, operational efficiency, and sustainability to position itself as a prominent telecommunications and technology leader.

    About Arogo Capital Acquisition Corp.
    Arogo Capital Acquisition Corp. is a blank check company formed in 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On December 29, 2021, Arogo consummated an initial public offering of its units that consisted of one share of Class A common stock and one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. For more information, visit www.arogocapital.com.

    Important Information and Where to Find It.

    For additional information on the proposed transaction, see Arogo’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, Arogo intends to file relevant materials with the SEC, including a registration statement on Form F-4 by Pubco, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction. Arogo’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/ prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about Bangkok Tellink and Arogo and the proposed business combination.

    Promptly after the Form F-4 is declared effective by the SEC, Arogo will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Arogo are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Arogo with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to Arogo Capital Acquisition Corp., 848 Brickell Avenue, Penthouse 5, Miami, FL 33131.

    Participants in the Solicitation

    Arogo and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Arogo’s shareholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in Arogo will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov.

    Information about Arogo’s directors and executive officers and their ownership of Arogo shares of common stock is set forth in Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above.

    Bangkok Tellink and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Arogo in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.

    Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus to be filed with the SEC on Form F-4. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the financial advisory industry, including changes in demand and supply related to Bangkok Tellink’s products; (ii) Bangkok Tellink’s growth prospects and Bangkok Tellink’s market size; (iii) Bangkok Tellink’s projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Bangkok Tellink may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Arogo securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of Arogo; (viii) the effect of the announcement or pendency of the proposed business combination on Arogo’s or Bangkok Tellink’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against Arogo or Bangkok Tellink related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of Arogo on OTC; (xi) the price of Arogo’s securities, including volatility resulting from changes in the competitive and regulated industry in which Bangkok Tellink operates, variations in performance across competitors, changes in laws and regulations affecting Bangkok Tellink’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding Arogo’s or Bangkok Tellink’s expectations, hopes, beliefs, intentions and strategies regarding the future.

    In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.

    You should carefully consider the risks and uncertainties described in the “Risk Factors” section of Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing and the proxy statement/prospectus relating to this transaction, which is expected to be filed by Arogo with the SEC, other documents filed by Arogo from time to time with SEC, and any risk factors made available to you in connection with Arogo, Bangkok Tellink, and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Bangkok Tellink and Arogo) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Arogo and Bangkok Tellink caution that the foregoing list of factors is not exclusive.

    No Offer or Solicitation

    This press release relates to a proposed business combination between Arogo and Bangkok Tellink, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of Arogo or Bangkok Tellink, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    Contacts

    Arogo Capital Acquisition Corp.
    Attn: Ms. Nisachon Rattanamee
    Email: nisachon@arogocapital.com

    Bangkok Tellink Company Limited
    Attn: Daniel Fong
    Email: daniel@s1winconsultant.com

    Sources
    Arogo Capital Acquisition Corp and Bangkok Tellink Company Limited


    1eSIM Technology: Fueling Thailand’s Transition to a Digital Economy | Global YO

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Congratulate Rwanda on Number of New Jobs Created, Ask Questions on Women’s Political Representation and Recognising the Cultures of Rwanda’s Different Ethnic Groups

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the fifth periodic report of Rwanda, with Committee Experts commending the State on the number of new jobs created, while raising questions about women’s political representation and how Rwanda recognised the cultures of its different ethnic groups. 

    Preeti Saran, Committee Expert and Country Taskforce Member, was impressed with some of the figures shared, including seven per cent gross domestic product growth and 1.3 million jobs created.  These were commendable and Rwanda should be congratulated.   

    Peters Sunday Omologbe Emuze, Committee Vice-Chair and Country Rapporteur for Rwanda, said Rwanda had made significant progress in gender equality, and especially women’s political representation.  What steps were being taken to increase women’s representation in local administration and the private sector? How was the gender pay gap addressed? What was being done to combat discrimination against women and stereotypes? 

    Ms. Saran said each ethnic group in Rwanda had a rich cultural heritage.  For the sake of national unity and reconciliation, if everyone was being referred to as Rwandan, how did the State propagate the cultural richness of the population?   Rwanda had been extremely welcoming to refugees from all over the world, who brought their own specific languages and cultures.  What measures had the State party taken to ensure equal cultural rights for ethnic groups that had come as aliens, refugees or asylum seekers? 

    The delegation said over the years, Rwanda had implemented measures to achieve gender equality, particularly in Parliament, where it was around 63 per cent in the Chamber of Deputies and around 53 per cent in the Senate.  Quotas were in place which mandated that a minimum of 30 per cent of leaders should be women.  When the issue of equality was dealt with properly, this had a cascading effect on other policies.  A few years ago, the State recognised that gender-based violent crimes were specific in nature and needed to be treated in a certain way. 

    The delegation said there was no significant cultural diversity within the country, as everyone shared the same language and culture.  Traditionally the ethnic groups had been defined based on occupation and turning them into an ethnicity was introduced by the colonialists.  It had been entrenched in identity cards for Tutsis, Hutus and Twas.  This negated the fact that people could have moved from one group to another.   There were no significant differences in culture between these groups.  Rwanda had received a number of people who faced difficulties in their own countries. Diversity days were organised at schools, encouraging refugees and asylum seekers to share their culture. 

    Emmanuel Ugirashebuja, Minister of Justice and Attorney General of Rwanda and head of the delegation, said in 2023, Rwanda further refined its governance framework by aligning the schedules of presidential and parliamentary elections, enhancing efficiency and reducing electoral costs.  During the period under consideration, Rwanda successfully completed its ambitious 2020 Vision and adopted the Vision 2050.  From 2018 to 2024, Rwanda implemented its first national strategy for transformation, which laid the foundation for sustainable development, and was succeeded by the second national strategy for transformation, which ran until 2029.   Through these strategies, Rwanda maintained steady economic growth, with gross domestic product expanding at an average of 7 per cent and per capita income rising from $729 to $1,040 in 2023/2024. 

    In concluding remarks, Mr. Emuze thanked the Rwandan delegation for attending the dialogue, noting the high calibre of the delegation.  The Committee wished the delegation a safe journey home. 

    In his concluding remarks Mr. Ugirashebuja expressed appreciation for the constructive dialogue with the Committee.  The State had learnt many valuable lessons and looked forward to receiving the Committee’s recommendations.  Mr. Ugirashebuja extended an open invitation to the Committee to visit Rwanda in the future. 

    The delegation of Rwanda was comprised of representatives from the Ministry of Justice; the National Institute of Statistics; the Rwanda Education Board; the Department of International Justice Judicial Cooperation; and the Permanent Mission of Rwanda to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Tuesday, 18 February to begin its consideration of the seventh periodic report of the Philippines (E/C.12/PHL/7).

    Report

    The Committee has before it the fifth periodic report of Rwanda (E/C.12/RWA/5).

    Presentation of Report

    EMMANUEL UGIRASHEBUJA, Minister of Justice and Attorney General of Rwanda and head of the delegation, said since the last review by the Committee over a decade ago, Rwanda had undergone significant changes in its policy, legal and institutional landscape.  In 2023, Rwanda further refined its governance framework by aligning the schedules of presidential and parliamentary elections, enhancing efficiency, and reducing electoral costs. 

    At the institutional level, Rwanda established the Rwanda Forensic Laboratory in 2016, upgrading it to the Rwanda Forensic Institute in 2023.  The Institute had enhanced forensic and advisory services, strengthening accountability in sectors critical to economic, social and cultural rights.  Its digital forensic and document services helped combat financial crimes like fraud and embezzlement.  In 2017, the Rwanda Investigation Bureau was established to enhance specialisation and professionalism in crime investigation. 

    In the judiciary, Rwanda made significant strides in strengthening its justice system.  In 2018, the Court of Appeal was established, further enhancing the country’s capacity to provide effective legal recourse.   In 2024, the establishment of an Appeal Tribunal to hear matters relating to refugee and asylum claims reinforced Rwanda’s commitment to upholding the rights of individuals in vulnerable situations.  Rwanda’s legal framework strongly supported the protection of economic, social and cultural rights, as enshrined in the Constitution.  Since the last report, Rwanda had enacted several laws that aligned with the provisions of the Covenant and contributed to the progressive realisation of economic, social and cultural rights.  These included the education law that guaranteed access to quality education at all levels, as well as health laws. 

    During the period under consideration, Rwanda successfully completed its ambitious 2020 Vision and adopted the Vision 2050.  From 2018 to 2024, Rwanda implemented its first national strategy for transformation, which laid the foundation for sustainable development, and was succeeded by the second national strategy for transformation, which ran until 2029.   Through these strategies, Rwanda maintained steady economic growth, with gross domestic product expanding at an average of 7 per cent and per capita income rising from $729 to $1,040 in 2023/2024.  

    Infrastructure development advanced with the construction of over 1,600 kilometres of national roads and 4,137 kilometres of feeder roads.   Job creation efforts led to over 1.3 million decent and productive jobs, while financial inclusion improved from 89 per cent in 2017 to 96 per cent by 2024.  Life expectancy also increased from 66.6 in 2017 to 69.9 years in 2024. 

    Rwanda also significantly strengthened its healthcare system under the strategy. Seven new hospitals were added to the existing 52, while 23 were rehabilitated or expanded.  Community-based health insurance coverage reached 93 per cent of the population. Healthcare modernisation included advanced imaging, laboratory equipment, local pharmaceutical manufacturing, and digital health systems.  

    In 2023, Rwanda, in partnership with Germany Biotechnology Company BioNTech, set-up an mRNA vaccine manufacturing facility, the first of its kind on the African continent, which would have the capacity to produce between 50 and 100 million doses of mRNA vaccines annually, and conduct trials on new therapeutics for malaria, tuberculosis, HIV, cancers and other diseases.  

    Through the Girinka programme (one cow per family programme), Rwanda distributed 333,146 cows to an equivalent number of households.  Rwanda valued the opportunity to engage in a constructive dialogue with the Committee.

    Questions by a Committee Expert

    PETERS SUNDAY OMOLOGBE EMUZE, Committee Vice-Chair and Country Rapporteur for Rwanda, asked how the 2015 constitutional amendments had affected Rwanda’s commitment to international human rights standards.  Did it enable the State party to override Covenant protections in favour of domestic law? What measures were being taken to ensure that the provisions of the Covenant were invoked by domestic courts? 

    What training programmes were in place for judges, law enforcement and government officials to ensure consistent application of the Covenant?  The important work of Rwanda’s national human rights institution was noted.  Was the selection process of its members carried out by a committee appointed by the President?  Did members require clearance from the Prime Minister’s office for official travel outside Rwanda?  Had the State party accepted the recommendations of the Global Alliance of National Human Rights Institutions to strengthen the institution in line with the Paris Principles?

    What measures had been taken to guarantee that human rights defenders could continue their work without undue restrictions on freedoms of expression, peaceful assembly and association?  What steps were taken to protect them from risks of unlawful killings, enforced disappearances, harassment and intimidation, including judicial harassment?  Could the State party clarify the concerns regarding non-governmental organization registration requirements?  Were there any obstacles for opposition groups to promote and advocate for the promotion of human rights, including economic, social and cultural rights? 

    When would the State party finalise a national action plan for business and human rights?  What steps were being taken to put in place a comprehensive legal and regulatory framework for human rights due diligence for businesses?  What measures were in place to ensure Rwanda met its nationally determined contributions under the Paris Agreement? 

    What measures were in place to combat corruption, particularly in public procurement and State-owned enterprises?  What challenges did anti-corruption institutions face in maintaining independence and effectiveness?  What measures were being taken to address them?  The Committee noted Rwanda’s legislative efforts to combat discrimination.  However, reports indicated persistent structural inequalities, particularly affecting Batwa people, women and girls, people living in deprived urban and rural areas, persons with disabilities, people living in poverty, and lesbian, gay, bisexual, transgender and intersex persons.  How did Rwanda plan to address these challenges? 

    How did Rwanda plan to address the absence of disaggregated data to assess the situation of the Batwa people?  What steps were being taken to combat poverty, high infant mortality, malnutrition, and lower educational outcomes among the Batwa? What kind of barriers did the Batwa continue to face to land titling and how did Rwanda plan to secure their rights to land ownership?  What measures were in place to prevent forced displacement of the Batwa people from their ancestral lands?  How was adequate compensation provided when Batwa lands were expropriated?  How did the State party ensure consultations with Batwa people in decisions likely to affect them?

    Rwanda had made significant progress in gender equality, and especially women’s political representation.  What steps were being taken to increase women’s representation in local administration and the private sector?  How was the gender pay gap addressed?  What was being done to combat discrimination against women and stereotypes?  How had the Rwanda Gender Monitoring Office and its Gender Management Information System contributed to tracking gender equality initiatives? 

    Responses by the Delegation

    The delegation said since the 2015 Constitutional amendments, no new organic laws had come into place.  There was consistent training on the use of human rights in courts.  However, the members of the bar tended not to apply international conventions in the courts. The reason for this was because the Constitution provided for a whole section of bill of rights, which was a replica of the Covenant.  However, lawyers were still trained on the use of human rights conventions.   

    Members of the human rights institution were manually selected via a presidential order.  This was a rigorous process, and many candidates were considered.  The appointment process was comparable to any other country with human rights mechanisms.  Whenever Commissioners wanted to travel, they informed the Minister’s office and a document was provided, called the travel clearance. Given that this caused significant confusion, the Government had decided to do away with the travel clearance.   

    Rwanda did all it could to strengthen the National Commission of Human Rights, and put in place any recommendations received. Rwanda was on track to reach its goals regarding carbon emissions.  The State was encouraging businesses to go green, which in turn would create “green jobs” which would contribute to more employment.  An example of this could be seen in the State employing young people to plant trees.  The Rwandan Government had heavily invested in areas key to social equality.  The community-based insurance now extended to certain diseases previously not covered, including cancer. 

    Rwanda aimed to achieve zero tolerance for corruption.  Key institutions like the Ombudsman’s office had played a key role towards achieving this goal.  Rwanda had improved its global ranking from 49th to 43rd place in 2024 in the Transparency Index Global Corruption Index.

    Rwandans and the Batwa spoke the same language and had the same culture.  The Batwa people could be found throughout the country and did not live in a designated area.  Rwanda aimed to ensure no one was left behind, regardless of their status.  Land registration helped to resolve dispute around land, and to ensure that land was adequately registered. 

    Over the years, Rwanda had implemented measures to achieve gender equality, particularly in Parliament, where it was around 63 per cent in the Chamber of Deputies and around 53 per cent in the Senate.  Quotas were in place which mandated that a minimum of 30 per cent of leaders should be women.  When the issue of equality was dealt with properly, this had a cascading effect on other policies.  A few years ago, the State recognised that gender-based violent crimes were specific in nature and needed to be treated in a certain way. 

    No discrimination against any group was tolerated in Rwanda.  Measures had been put in place to ensure that anyone who faced discrimination was able to access fast reparations.  There were many issues which were largely context-specific to Rwanda. 

    Questions by Committee Experts

    PREETI SARAN, Committee Expert and Taskforce Member, was impressed with some of the figures shared, including seven per cent gross domestic product growth and 1.3 million jobs created.  These were commendable and Rwanda should be congratulated.   What kind of resource constraints had the State faced in budgetary allocations for social spending?  What challenges had there been when dealing with external partners? 

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, said marital violence affected 46 per cent of women who were married and 18 per cent of men, with many never seeking help for the violence they had suffered.  What measures had been put in place to combat the cultural norms which perpetuated marital violence?  How were victims of violence being supported so they could report the crime?

    A Committee Expert asked what steps were being taken by the Government to ensure safe access by humanitarian organizations to the population affected by the conflict in the Democratic Republic of the Congo?  How had the State ensured its policies and actions did not obstruct humanitarian aid? What was the coordination framework that the State had with armed groups operating in the Democratic Republic of the Congo, particularly the M23?  How might the State respond to the concerns regarding any potential support for these armed groups? 

    What measures had been put in place to prevent and punish any involvement by Rwandan stakeholders in conflict zones in the Democratic Republic of the Congo?  What measures had the State adopted to ensure that no armed group benefitted from support from the State?  What measures had been put in place to remedy any violations, including forced labour in mining areas under the control of armed groups, among others? 

    Another Expert asked about the role of civil society when drafting reports to treaty bodies?  Were all civil society organizations invited to participate in the drafting procedures?  What was the position of Rwanda on the Rome Statute?  Was there a possibility that the Government might consider acceding to it? Rwanda had extraterritorial obligations. The President had reiterated a lack of knowledge regarding the Rwandan military participating in the conflict of the Democratic Republic of the Congo.  How was oversight of the military activities ensured?  How did Rwanda ensure that armed groups operating in other countries received no support?

    A Committee Expert asked what the State was doing to combat the illicit trade of minerals?  What specific measures were taken to enhance specific imports and exports? 

    PETERS SUNDAY OMOLOGBE EMUZE, Vice-Chair and Taskforce Leader for Rwanda, said there had been allegations of Government members committing unlawful killings, enforced disappearances, and intimidation and reprisals, against those defending human rights.  What had the State party done to prevent this? Despite measures taken by the State party to improve rights for indigenous peoples, challenges remained. How did the State party intend to address challenges in this regard, including the lack of disaggregated data? How would Rwanda address challenges such as poverty, infant mortality, lower school attendance, and higher drop-out rates, among others? 

    Responses by the Delegation

    The delegation said Rwanda had challenges in terms of budget.  The State aimed to address this through development partners.  However, resources were not always permanent.  Although Rwanda worked with development partners, the State aimed to be financially stable in terms of its own financing. 

    Rwanda had developed mechanisms to capture data regarding gender-based violence.  Initially, people were scared to report cases due to stigmatisation.  Investigators had been trained to interview victims of gender-based violence.  When cases proceeded, it was ensured that they were not held in public, so as not to endanger the lives of the victims. 

    The Democratic Republic of the Congo had its own problems as did Rwanda, and the State could not bear the burden of others’ problems.  Anything happening beyond the territory of Rwanda should be dealt with by those States. 

    Civil society played an important role in the drafting of the report and in helping Rwanda achieve its human rights obligations. Rwanda had not yet joined the Rome Statute, but if the appropriate time came and if it was necessary, the State would willingly join the Statute.  At present, the State was not considering joining the Statue in the near future. 
    Rwanda was the first country in the Great Lakes region to commit to a due diligence mechanism.  This ensured Rwanda could not be used as a route for illicit mines. There were mechanisms in place to protect against enforced disappearances.  There was zero tolerance for anyone who threatened human rights defenders. 

    Questions by a Committee Expert

    PREETI SARAN, Committee Expert and Taskforce Member, asked what recent measures the State party had taken to address unemployment rates and to guarantee access to work?  What specific steps had been taken to address the problem of labour under-utilisation?  What major obstacles had Rwanda faced in addressing the employment challenge?  How was the integration of women into the labour force being promoted? 

    What specific steps had the State party taken for those facing discrimination to access the labour market.  What had Rwanda done to enforce laws dealing with discrimination at the workplace and to encourage employers to adopt anti-discrimination measures specifically related to sexual orientation at the workplace? How were systemic barriers for persons with disabilities being removed?  What measures had been taken to enable the transition of workers from the informal to the formal sector, particularly for women, the disadvantaged, and persons with disabilities?  What was the anticipated timeframe for establishing a minimum wage? 

    Many workers were reportedly exposed to frequent occupational accidents due to unsafe working conditions, leading to occupational injuries and fatalities.  Had the State party formulated an updated national policy on occupational health and safety?  How did the State party reinforce and implement the Labour Code on occupational health and safety?  Had the State party developed rights awareness programmes targeting domestic workers and employers? 

    What steps had been taken to establish a safe reporting system for domestic workers to report workplace violence?  What initiatives were in place to provide confidential and accessible health care for domestic workers?  What steps had the State party taken to remove any such legal barriers to the enjoyment of the right to form trade unions and the right to strike.

    The adoption of the updated national social protection policy (2020), which aimed to ensure that Rwandan citizens had a dignified standard of living, was commendable.  Were there any proposals to improve and expand the coverage process to ensure that it included the widest possible population, particularly the most marginalised and disadvantaged in the informal sector?  What steps had the State party taken to expand the community-based health insurance scheme to cover specialised health services, medicines, assistive devices, and commodities required by persons with disabilities? 

    Responses by the Delegation

    The delegation said employment was a concern in Rwanda.  Rwanda had a young population and the State needed to create an enabling environment for the youth to thrive.  It was hoped the law on startups would ensure easy financing of start-ups for the youth. A proportion of the laws provided for special consideration for women and people living with disabilities, to ensure these traditionally marginalised groups could access these resources. 

    Despite the efforts that the Government had put in place, there were still instances of gender-based discrimination.  There had been instances in the private sector where questions had been asked about women’s marital status to ascertain if they would be looking to seek maternity leave.  The State was looking at how to incentivise the private sector to ensure they did not discriminate based on gender.  No one in Rwanda was discriminated against based on their sexual orientation.  If discrimination was there, the State worked with civil society to address this.  It was important to have a synergy with civil society organizations to address persistent discriminatory issues.  There were quotas of 30 per cent for women, and the State monitored these closely to ensure gender equity was being achieved.   

    There were a lot of workers employed in the informal sector, and the State tried to formalise these areas.  Cooperatives were important in ensuring people came together, and worked like trade unions to highlight challenges faced by people in the informal sector.  There had been a growth in the number of cooperatives registered over recent years. The State had seen unfortunate incidents where people had been trapped in mines due to unsuitable mining.  The Rwanda mining board ensured that it monitored mining sites; however, people sometimes ventured into illegal mining at nighttime and ended up being trapped.  Work was being done with the local governments to ensure these unfortunate situations were avoided. 

    The minimum wage was a difficult debate.  The Government was on the right path regarding what an acceptable minimum wage was in Rwanda.  The process was long, but the Government aimed to develop a suitable minimum wage for the greater good of the country.  Laws guaranteed safety for domestic workers, including salaries and leave. Labour inspectors took steps to ensure the legal mechanisms were being utilised. 

    Questions by Committee Experts

    A Committee Expert said the issues of the Democratic Republic of the Congo were relevant.  What tools and mechanisms had the State created to ensure there was respect for economic, cultural and social rights?  How was it ensured that impunity was combatted abroad, particularly in the context of the armed conflict? 

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, acknowledged that the State had extended fully-paid maternity leave for mothers in all sectors, but there were challenges to ensuring the legislation was enforced, particularly in the informal sector. What mechanisms were in place to ensure all working mothers could enjoy maternity leave?  Had the State considered implementing a specific measure to ensure women who gave birth to children with disabilities were given maternity leave commiserate with the situation of their child?  Were there incentives to encourage men to use paternity leave?

    What efforts were being carried out to punish employers who were in breach of child labour laws?  What results had the new national strategy on child labour yielded?  There were still high levels of poverty, especially for families.  What was the State doing in terms of the social schemes designed to eradicate extreme poverty?  What challenges did small-scale farmers meet when it came to increasing their yield and diversifying their crop?  What support programmes were in place for them?  Had the State considered expanding the food assistance programmes for vulnerable groups?

    A study of Rwanda’s development bank showed many people on low income still did not have access to affordable housing. What policies had been adopted to ensure the cost of housing was accessible?  What percentage of the national budget was set aside for the building and maintenance of social housing?  What initiatives had been launched to ensure that people who were vulnerable had access to affordable housing?  Had any laws been passed on rent control?  What measures could be implemented to ensure water rates were affordable? 

    Current adaptation measures were not enough to mitigate the impacts of climate change?  Had studies or surveys been carried out to assess the impact of climate change, and how had the State responded to findings?  What food resilience programmes could the State develop, including food storage programmes?  What measures had been implemented to ensure enough resources were set aside for the health sector, including for the most disadvantaged groups? What measures had been developed to extend the scope and coverage of mental health services?  What strategies had been developed to increase the number of qualified birth attendants in remote areas?  What measures had been implemented to strengthen investment in infrastructure?  How was equitable access to contraception guaranteed?   

    Responses by the Delegation

    The delegation said in January 2025, the Cabinet approved the resolution on the additional package of services for the community-based health insurance, including kidney transplants, cancer care, blood transfusions, knee and hips replacements, dialysis and prosthetics, among other procedures.  These were now all covered by the community-based health insurance. 

    The one cow per family programme provided a cow to families in the most vulnerable communities.  More than 14,500 families had been provided with furnished housing and 124 model villages had been established between 2017 and 2024, with all the essential amenities. 

    Rwanda did not have effective jurisdiction over any country and could not be held accountable for human rights violations beyond its borders.  The problems of the Democratic Republic of the Congo were internal.  Rwanda would welcome refugees from the Democratic Republic of the Congo if the problems persisted. 

    Since the COVID-19 pandemic, certain programmes had been implemented, including a voluntary saving scheme which was open to any citizen.  The International Labour Organization, in collaboration with Rwanda, had recruited a team to conduct a study on the barriers to social protection in the informal sector, and it would develop recommendations to address these. 

    Since 2023, paid maternity leave had increased from 12 to 14 weeks.  New changes in the law mandated that a pregnant woman or a breastfeeding mother should not be made to do any work that was too physically demanding or damaging to their overall health.  Those on maternity leave received their full salary.   Regular labour inspections were conducted, with more than 5,000 inspections carried out every year.  More than 1,500 of the enterprises where inspections took place were in the informal sector.   In the 2023-2024 fiscal year, 112 businesses were administratively sanctioned due to employment-related issues.  In the same period, 26 investigations had been conducted into cases of child labour, and 18 had been referred to the courts with five convicted. 

    The Government of Rwanda had implemented various social protection initiatives to eliminate extreme poverty.  In 2024, over 102,000 vulnerable individuals received monthly cash transfers and more than 80,000 households benefitted from flexible employment programmes.  As of May 2024, there had been an old age grant for impoverished individuals over the age of 65.  As of 2024, 315,327 households had been enrolled in the programme for sustainable graduation, where they received mentorship, financial support, and access to productive assets. 

    It was becoming more difficult for farmers to predict the weather, given the adverse impacts of climate change.  Pilot projects were launched to allow farmers to access buyers in value chains, by ensuring their quality standards were high. The Rwanda culture board helped to increase agriculture and animal resources, advising farmers on the best seeds for each area of the country to ensure the best harvest.  The Government heavily subsidised fertilizer for farmers to increase their output.  The Government subsidised up to 40 per cent of the cost of water, and access to clean water had increased substantially in the country. 

    Rwanda aimed to quadruple its workforce of healthcare service providers.  Below the age of 18, parental consent was required for any health intervention, including contraception and reproductive health services.  To enhance access to sexual reproductive health services, the age of consent should be reduced to 15 years.  To address this, a draft health service law was currently under consideration by the Parliament.  The level of teen pregnancy had decreased due to education and sensitisation, but it was also expected the draft health service law would result in a further decrease in teen pregnancy. 

    Questions by Committee Experts

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, asked if there was any recent study on the deficit in housing which would help address current challenges?  Were there any laws on rent control? 

    How was the State addressing social and economic gaps which could address the prevalence of non-communicable diseases. Despite progress made in public health, communicable diseases, including malaria and HIV/AIDS, were a cause for concern. What measures had been adopted to strengthen health infrastructure in areas where access was limited?  What was being done to improve the prevention programmes? 

    A Committee Expert asked about the national health insurance; how did it function?  Did the State consider sharing revenues with areas where they obtained the resources from? 

    Another Expert said the country’s drug policy was focused on criminalisation and punitive measures.  Would the State consider decriminalising drug use and changing the approach to one that was health-based?   What measures had been taken to provide specialised training to law enforcement agents?  What was being done to mainstream mental health in primary health services? 

    A Committee Expert asked whether Rwanda had considered using human rights methodologies to design and better assess public policies? 

    An Expert asked about access to water in rural areas? What measures had the State taken to address climate change and its impact on the agricultural sector? 

    Responses by the Delegation

    The delegation said there had been a survey on housing deficits which had been presented in the Cabinet.  There were no laws on rent to reduce increases, but it was illegal to charge rent in foreign currencies, which helped to ensure rent was controlled.  Community health care workers were taught to deal with non-communicable diseases. There were also free community-based activities which took place to ascertain the levels of non-communicable diseases.  Community health workers had also helped sensitise people around diseases such as HIV and tuberculosis.   

    Around 90 per cent of land had been registered, and everyone, including women and vulnerable groups, had access to land.  After Rwanda developed its own gold refinery, businesses from other places came with gold to the refinery.  The Government agreed that drug consumption should not be criminalised, but the distribution of drugs should be criminalised.  More than 82 per cent of households had access to improved drinking water, and in Kigali this went up to 97 percent.  Numbers were lower in the western part of the country at around 75 per cent. 

    The Government was intensely investing in areas of water availability. 

    Questions by Committee Experts

    ASLAN ABASHIDZE, Committee Expert and Taskforce Member, said dropout rates in Rwanda had decreased to 5.5 per cent in primary schools and 7.5 per cent in secondary schools.  Could statistics be provided for the last five years, from 2019 to 2023, specifically on how many children were expected to enrol in primary school, and how many transitioned to lower secondary school, and then to upper secondary school?  According to the statistics provided, what percentage in the mentioned 40,000 students with disabilities who began their studies in schools and universities during the 2022/23 academic year represented the total number of children with disabilities who were expected to start schooling in that academic year? 

    What was the overall state of school infrastructure? Did schools meet the minimum requirements for lighting, drinking water, sanitation, and nutrition?  What steps was the Government taking in this regard? How were these initiatives funded? Why was disaggregated data on the Batwa group unavailable?   Could information on higher education enrolment and completion rates disaggregated by sex, rural and urban areas, and economic status be provided? 

    Was there a shortage of teachers in certain subjects? If there were challenges in this area, were there programmes to address them?  Could more details about the “We are all Rwandans” programmes be provided? How was the National Digital Inclusion Council funded?  Were private companies involved, and if so, on what terms?

    Responses by the Delegation

    The delegation said the number of teachers had increased by around 73 per cent, from around 68,000 in 2013 to around 100,000 in 2023/2024.  A teacher management system helped to determine if there were any gaps across the country.  The school dropout rate continued to decline at all levels.  There was a programme called school feeding which provided adequate and nutritious meals in schools.  The Government had started the journey of constructing schools, with a focus on accessibility by adding ramps, widening doorways, improving ventilation and lowering blackboards, to ensure they were accessible for students using wheelchairs.  Of the 4,986 schools in Rwanda, 3,392 now met accessibility standards, a significant improvement from just 765 schools in 2017.  Rwanda was committed to promoting inclusive education for children with disabilities.

    Questions by Committee Experts

    A Committee Expert asked for clarification around the official languages?  What was the language taught in primary schools?  How many universities were there in Rwanda?  Were there international students who studied in Rwanda? Did the Government provide scholarships for foreign students, particularly Africans?  Was the Swahili language widely spoken? 

    PREETI SARAN, Committee Expert and Taskforce Member, said each ethnic group in Rwanda had a rich cultural heritage.  For the sake of national unity and reconciliation, if everyone was being referred to as Rwandan, how did the State propagate the cultural richness of the population?  Rwanda had been extremely welcoming to refugees from all over the world, who brought their own specific languages and culture.  What measures had the State party taken to ensure equal cultural rights for ethnic groups who had come as aliens, refugees or asylum seekers? 

    An Expert asked if the State was collecting data with regards to young people aged between 15 to 24, who neither studied nor worked?  If this issue was not resolved, it could generate major issues. 

    PETERS SUNDAY OMOLOGBE EMUZE, Committee Vice-Chair and Country Rapporteur for Rwanda, asked what Rwandan troops were doing in the Democratic Republic of the Congo? 

    Responses by the Delegation

    The delegation said Kinyarwanda was recognised as the official language.  Rwanda had just one language.  There was no significant cultural diversity within the country, as everyone shared the same language and culture.  Traditionally, the ethnic groups had been defined based on occupation and turning them into an ethnicity was introduced by the colonialists.  It had been entrenched in identity cards for Tutsis, Hutus and Twas.  This negated the fact that people could have moved from one group to another.   There were no significant differences in culture between these groups.  French was an official language in Rwanda, due to colonisation by Belgium.  However, the majority of instruction was in English.   

    As of 2025, there were 19 universities in Rwanda, comprised of three public universities and 16 private institutions.  Schools such as the Carnegie Melon University from the United States taught courses, and specific scholarships were offered to Africans.  Scholarships were also offered to people fleeing their countries due to dangers, such as women from Afghanistan and people from Sudan.  Education could solve a lot of issues, including criminality and unemployed youth. 

    Rwanda was doing its best to attain the highest standard of economic, social and cultural rights, and would take any opportunities to learn from other countries in this regard. 

    Swahili was now an official language, recognised in the Constitution as a Lingua Franca.  It was widely spoken and taught in schools. 

    Rwanda had received a number of people who faced difficulties in their own countries.  Diversity days were organised at schools, encouraging refugees and asylum seekers to share their culture. 

    Closing Remarks

    PETERS SUNDAY OMOLOGBE EMUZE, Vice-Chair and Country Rapporteur for Rwanda, thanked the Rwandan delegation for attending the dialogue, noting the high calibre of the delegation.  The Committee wished the delegation a safe journey home. 

    EMMANUEL UGIRASHEBUJA, Minister of Justice and Attorney General of Rwanda and head of the delegation, expressed appreciation for the constructive dialogue with the Committee.  The State had learnt many valuable lessons and looked forward to receiving the Committee’s recommendations.  Rwanda’s achievements in access to health, education, and employment demonstrated the Government’s commitment to sustainable development. The country had a lot of challenges, including addressing inequalities, mitigating the effects of the global crisis, and ensuring policies translated into tangible improvements for the lives of the most vulnerable.  Rwanda was committed to resolving these challenges and to implementing the Committee’s recommendations.  Mr. Ugirashebuja extended an open invitation to the Committee to visit Rwanda in the future. 

    __________

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  • MIL-OSI Europe: Answer to a written question – Strengthening the roaming initiative for the Western Balkan countries – E-003007/2024(ASW)

    Source: European Parliament

    The voluntary Roaming Declaration between the EU and the Western Balkan telecommunication operators has contributed to the lowering of retail data roaming prices.

    The Regional Cooperation Council (RCC) is in the lead for monitoring the implementation of the voluntary Declaration. The RCC initiated the review in 2024 and is currently finalising the first implementation report.

    The Western Balkans are already on a good path for lowering roaming charges between the region and the EU. In the Western Balkans ‘Roam-like-at-home’ is implemented in the region between the Western Balkan partners and a voluntary roaming agreement is in place between a number of EU and Western Balkan operators.

    As a follow-up to the Western Balkan growth plan, the Commission is exploring a legally viable option for bringing the Western Balkans into the EU ‘Roam-like-at-home’ area subject to meeting necessary legal conditions.

    Last updated: 18 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Deposit guarantee amount – E-002883/2024(ASW)

    Source: European Parliament

    Based on aggregate harmonised index of consumer prices[1] for EU Member States as published by the statistical office of the EU, aggregate inflation between December 2010 and November 2024 was 39,6%.

    Directive 2014/49/EU[2], does not include a mechanism to automatically adjust the coverage level to inflation. The primary objective of the directive is to improve depositors’ confidence that their deposits up to the guaranteed amount are protected. This confidence limits the risk of panic withdrawals which could threaten financial stability in the EU.

    In 2019, the European Banking Authority (EBA) has assessed the adequacy of the current coverage level for deposits, as per Article 19(6) of the directive.

    While this assessment[3] did not take into account inflation, the EBA concluded that the current coverage level under Directive 2014/49/EU is adequate and that the proportion of depositors fully covered by the EUR 100 000 coverage level has increased in comparison with 2007.

    EBA issued an additional report on deposit coverage in December 2023[4]. According to this report, 96% of depositors are fully covered and a potential increase of the coverage level would have no impact on the vast majority of depositors.

    For the above-mentioned reasons, the Commission does not intend to modify the corresponding provisions of the existing framework.

    • [1] The Harmonised Indices of Consumer Prices measure the changes over time in the prices of consumer goods and services acquired by households. They give a comparable measure of inflation as they are calculated according to harmonised definitions.
    • [2]  OJ L 173, 12.6.2014, p. 149-178.
    • [3] https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2622242/324e89ec-3523-4c5b-bd4f-e415367212bb/EBA%20Opinion%20on%20the%20eligibility%20of%20deposits%20coverage%20level%20and%20cooperation%20between%20DGSs.pdf?retry=1
    • [4] Report on Deposit Coverage in response to European Commission’s call for advice: https://www.eba.europa.eu/sites/default/files/2023-12/cfe9c89f-23ec-42d0-88fd-fc873ff26c76/EBA%20Report%20on%20deposit%20coverage%20in%20response%20to%20EC%20CfA.pdf
    Last updated: 18 February 2025

    MIL OSI Europe News