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Category: Politics

  • MIL-OSI: Nasdaq Reports April 2025 Volumes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Cautionary Note Regarding Forward-Looking Statements
    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, May 05, 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 first quarter ended March 31, 2025.

    First Quarter 2025 Summary & Recent Business Highlights:

    • Total revenue increased 0.3% year-over-year to $61.3 million
    • Gross margin of 74% versus 71% in Q1 2024
    • Net loss of $3.0 million versus $2.2 million in Q1 2024
    • Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024
    • Repurchased $10.0 million of stock under the Company’s share repurchase program
    • Expanded launch of Nimbl to include patients with lower extremity conditions, the largest segment of the lymphedema market
    • Completed launch of a new customer relationship management (CRM) tool and previously announced optimization of sales organization

    “Through the first quarter our team executed on several highly strategic, growth-oriented priorities. We launched Nimbl for lower extremity lymphedema, completed efforts to optimize our sales organization for scale and efficiency, and implemented a new CRM tool that equips our team with best-in-class resources to more efficiently reach lymphedema patients,” said Sheri Dodd, Chief Executive Officer of Tactile Medical.

    “While these efforts have had a temporary impact on sales force productivity, we are thrilled with the progress made and firmly believe these transformational actions are essential to positioning Tactile for consistent, long-term growth. Our underlying business fundamentals remain firmly in place and we are meaningfully advancing each of our three 2025 strategic priorities to remain the competitive market share leader in medical device lymphatic therapy.”

    First Quarter 2025 Financial Results

    Total revenue in the first quarter of 2025 increased $180 thousand, or 0.3%, to $61.3 million, compared to $61.1 million in the first quarter of 2024. The increase in total revenue was attributable to an increase of $1.9 million, or 22%, in sales of the airway clearance product line, offset by a decrease of $1.8 million, or 3%, in sales and rentals of the lymphedema product line in the quarter ended March 31, 2025, compared to the first quarter of 2024. The increase in airway clearance product line revenue was primarily attributable to increased placements of AffloVest among our durable medical equipment (DME) partners, while the decrease in lymphedema product line revenue was primarily attributable to a decrease in headcount of our field sales team.

    Gross profit in the first quarter of 2025 increased $1.9 million, or 4%, to $45.3 million, compared to $43.4 million in the first quarter of 2024. Gross margin was 74% of revenue, compared to 71% of revenue in the first quarter of 2024. The increase in gross profit was primarily attributable to lower manufacturing and warranty costs.

    Operating expenses in the first quarter of 2025 increased $3.5 million, or 8%, to $49.9 million, compared to $46.4 million in the first quarter of 2024. The increase in operating expenses was primarily attributable to planned strategic investments.

    Operating loss was $4.5 million in the first quarter of 2025, compared to $3.0 million in the first quarter of 2024.

    Other income was $0.5 million in the first quarter of 2025, compared to $0.2 million in the first quarter of 2024, and consisted primarily of interest income, net.

    Income tax benefit was $1.1 million in the first quarter of 2025, compared to $0.6 million in the first quarter of 2024.

    Net loss in the first quarter of 2025 was $3.0 million, or $(0.13) per diluted share, compared to $2.2 million, or $(0.09) per diluted share, in the first quarter of 2024.

    Weighted average shares used to compute diluted net loss per share were 23.7 million in each of the first quarters of 2025 and 2024.

    Adjusted EBITDA loss was $0.3 million in the first quarter of 2025, compared to positive Adjusted EBITDA of $1.0 million in the first quarter of 2024.

    Balance Sheet Summary

    As of March 31, 2025, the Company had $83.6 million in cash and $25.5 million of outstanding borrowings under its credit agreement, compared to $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement as of December 31, 2024. The Company repurchased $10.0 million of its stock during the first quarter under its repurchase program. As of March 31, 2025, $16.5 million remained available under the Company’s $30.0 million share repurchase program, which expires October 31, 2026.

    2025 Financial Outlook

    The Company is updating its 2025 financial outlook and now expects full year 2025 total revenue in the range of $309 million to $315 million, representing growth of approximately 5% to 8% year-over-year, compared to total revenue of $293.0 million in 2024. The Company’s prior 2025 guidance expectation was total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year.

    The Company now also expects full year 2025 adjusted EBITDA in the range of $32 million to $34 million, compared to adjusted EBITDA of $37.1 million in 2024. The Company’s prior 2025 guidance expectation was adjusted EBITDA in the range of $35 million to $37 million.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. 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 13752588. 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; adverse economic conditions, including inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; price increases for supplies and components; wage and component price inflation; loss of a key supplier or other supply chain disruptions; entry of new competitors and/or competitive products; compliance with and changes in federal, state and local government regulation; technological obsolescence of, or quality issues with, the Company’s 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 (loss), 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 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.
    Condensed Consolidated Balance Sheets
    (Unaudited)
        March 31,   December 31,
    (In thousands, except share and per share data)   2025   2024
    Assets          
    Current assets            
    Cash   $ 83,619   $ 94,367
    Accounts receivable, net     35,693     44,937
    Net investment in leases     14,850     14,540
    Inventories     18,867     18,666
    Income taxes receivable     1,193     —
    Prepaid expenses and other current assets     5,900     5,053
    Total current assets     160,122     177,563
    Non-current assets            
    Property and equipment, net     5,391     5,603
    Right of use operating lease assets     16,174     16,633
    Intangible assets, net     41,866     42,789
    Goodwill     31,063     31,063
    Deferred income taxes     18,059     18,311
    Other non-current assets     7,567     5,962
    Total non-current assets     120,120     120,361
    Total assets   $ 280,242   $ 297,924
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 7,224   $ 5,648
    Note payable     2,956     2,956
    Accrued payroll and related taxes     10,929     17,923
    Accrued expenses     7,177     7,780
    Income taxes payable     —     270
    Operating lease liabilities     3,036     2,980
    Other current liabilities     4,079     3,147
    Total current liabilities     35,401     40,704
    Non-current liabilities            
    Note payable, non-current     22,481     23,220
    Accrued warranty reserve, non-current     1,201     1,209
    Income taxes payable, non-current     355     239
    Operating lease liabilities, non-current     15,173     15,955
    Total non-current liabilities     39,210     40,623
    Total liabilities     74,611     81,327
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024     —     —
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,584,471 shares issued and outstanding as of March 31, 2025; 23,883,475 shares issued and outstanding as of December 31, 2024     24     24
    Additional paid-in capital     172,727     180,719
    Retained earnings     32,880     35,854
    Total stockholders’ equity     205,631     216,597
    Total liabilities and stockholders’ equity   $ 280,242   $ 297,924
                 
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
                 
                 
        Three Months Ended
        March 31,
    (In thousands, except share and per share data)   2025   2024
    Revenue            
    Sales revenue   $ 52,469     $ 53,307  
    Rental revenue     8,799       7,781  
    Total revenue     61,268       61,088  
    Cost of revenue            
    Cost of sales revenue     13,891       14,944  
    Cost of rental revenue     2,031       2,715  
    Total cost of revenue     15,922       17,659  
    Gross profit            
    Gross profit – sales revenue     38,578       38,363  
    Gross profit – rental revenue     6,768       5,066  
    Gross profit     45,346       43,429  
    Operating expenses            
    Sales and marketing     27,516       27,357  
    Research and development     1,741       2,143  
    Reimbursement, general and administrative     19,998       16,261  
    Intangible asset amortization and earn-out     633       632  
    Total operating expenses     49,888       46,393  
    Loss from operations     (4,542 )     (2,964 )
    Interest income     895       713  
    Interest expense     (424 )     (567 )
    Other income     —       9  
    Loss before income taxes     (4,071 )     (2,809 )
    Income tax benefit     (1,097 )     (600 )
    Net loss   $ (2,974 )   $ (2,209 )
    Net loss per common share            
    Basic   $ (0.13 )   $ (0.09 )
    Diluted   $ (0.13 )   $ (0.09 )
    Weighted-average common shares used to compute net loss per common share            
    Basic     23,710,643       23,665,829  
    Diluted     23,710,643       23,665,829  
                     
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
        Three Months Ended March 31,
    (In thousands)   2025   2024
    Cash flows from operating activities            
    Net loss   $ (2,974 )   $ (2,209 )
    Adjustments to reconcile net loss to net cash provided by operating activities:            
    Depreciation and amortization     1,726       1,634  
    Deferred income taxes     252       84  
    Stock-based compensation expense     2,066       2,039  
    Loss on disposal of property and equipment and intangibles     5       —  
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable, net     9,244       2,682  
    Net investment in leases     (310 )     (129 )
    Inventories     (201 )     1,683  
    Income taxes     (1,347 )     (693 )
    Prepaid expenses and other assets     (2,452 )     (787 )
    Right of use operating lease assets     (267 )     2  
    Accounts receivable, non-current     —       3,983  
    Accounts payable     1,387       (1,396 )
    Accrued payroll and related taxes     (6,994 )     (5,766 )
    Accrued expenses and other liabilities     282       (203 )
    Net cash provided by operating activities     417       924  
    Cash flows from investing activities            
    Purchases of property and equipment     (379 )     (482 )
    Intangible assets expenditures     (28 )     (20 )
    Net cash used in investing activities     (407 )     (502 )
    Cash flows from financing activities            
    Payments on note payable     (750 )     (750 )
    Proceeds from exercise of common stock options     10       1  
    Payments for repurchases of common stock     (10,018 )     —  
    Net cash used in financing activities     (10,758 )     (749 )
    Net decrease in cash     (10,748 )     (327 )
    Cash – beginning of period     94,367       61,033  
    Cash – end of period   $ 83,619     $ 60,706  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 444     $ 583  
    Cash paid for taxes   $ 15     $ 54  
    Accrued excise tax on stock repurchases   $ 50     $ —  
    Capital expenditures incurred but not yet paid   $ 189     $ 225  
                     

    The following table summarizes revenue by product line for the three months ended March 31, 2025 and 2024:

                 
        Three Months Ended
        March 31,
    (In thousands)      2025    2024 
    Revenue            
    Lymphedema products   $ 50,554     $ 52,313  
    Airway clearance products     10,714       8,775  
    Total   $ 61,268     $ 61,088  
                 
    Percentage of total revenue            
    Lymphedema products     83 %     86 %
    Airway clearance products     17 %     14 %
    Total     100 %     100 %
                     

    The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, as well as the dollar and percentage change between the comparable periods:

                             
    Tactile Systems Technology, Inc.
    Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
    (Unaudited)
                             
        Three Months Ended   Increase
        March 31,   (Decrease)
    (Dollars in thousands)   2025   2024   $   %
    Net loss   $ (2,974 )   $ (2,209 )   $ (765 )   35 %
    Interest (income) expense, net     (471 )     (146 )     (325 )   N.M. %
    Income tax benefit     (1,097 )     (600 )     (497 )   83 %
    Depreciation and amortization     1,726       1,634       92     6 %
    Stock-based compensation     2,066       2,039       27     1 %
    Executive transition costs     491       315       176     56 %
    Adjusted EBITDA   $ (259 )   $ 1,033     $ (1,292 )   (125 )%
                                   

    The following table contains a reconciliation of net income to Adjusted EBITDA for the year ended December 31, 2024:

           
    Tactile Systems Technology, Inc.
    Reconciliation of Net income to Non-GAAP Adjusted EBITDA
    (Unaudited)
           
        Year Ended
    (Dollars in thousands)   December 31, 2024
    Net income   $ 16,960  
    Interest (income) expense, net     (1,299 )
    Income tax expense     6,529  
    Depreciation and amortization     6,793  
    Stock-based compensation     7,819  
    Executive transition costs     248  
    Adjusted EBITDA   $ 37,050  
             

    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)
                 
        Twelve Months Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 13,400     $ 14,800  
    Interest income, net     (2,400 )     (2,400 )
    Income tax expense     5,200       5,800  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,600       8,600  
    Executive transition costs     500       500  
    Adjusted EBITDA   $ 32,000     $ 34,000  
     

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    First Quarter 2025 Highlights:

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

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

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

    First Quarter 2025 Operating Results

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

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

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

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

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

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

    Discontinued Operations

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

    Capital Management

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

    Tangible Common Equity Per Share

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

    Conference Call

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

    Forward-Looking Statements

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

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, and adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

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

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

    For more information contact:

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

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

    Underwriting Performance Ratios

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

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

    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

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

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

    Adjusted Net Operating Income

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Forward Looking Statements

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

    About James River Group Holdings, Ltd.

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

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

    The MIL Network –

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

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

    Dan Breckwoldt/Shutterstock

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

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

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

    Yee-Fui Ng

    Associate Professor of Law, Monash University

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

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

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

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

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

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

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

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

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

    Helen Hodgson

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

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

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

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

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

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

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

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

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

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

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

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

    Intifar Chowdhury

    Lecturer in Government, Flinders University

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Baltimore Man Charged in Second Superseding Indictment for Robbery, Kidnapping, and Shooting Death in Queens

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

    Defendant Jalon Lenny Garrett is One of Six Defendants Arrested in Connection with the July 25, 2024 Crime Spree

    Earlier today, a seven-count second superseding indictment was unsealed in federal court in Brooklyn charging Jalon Lenny Garrett, also known as “Lips,” Marcus Pittman, also known as “Nacho” and “Cheese,” Delonta Pittman, also known as “D Lo,” and Jerome Waters, also known as “the Engineer” and “Rome,” for their alleged roles in the kidnapping, robbery, and shooting of marijuana dealers on July 25, 2024.  Garrett was arrested this morning in Baltimore, Maryland, and will make his initial appearance in the Eastern District of New York at a later date.  Marcus Pittman is also newly charged with being a felon in possession of ammunition for his role in the fatal shooting.  The remaining defendants are already in custody and will be arraigned at a later date.

    John J. Durham, United States Attorney for the Eastern District of New York; Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD) announced the arrests and charges.

    “As alleged, the defendants took part in an interstate armed robbery and kidnapping scheme that resulted in the brutal murder of a targeted victim.  This prosecution underscores the ongoing threat of guns and drugs in our communities,” stated United States Attorney Durham.  “This Office is committed to holding violent offenders accountable and ensuring justice for every victim.”

    “These four defendants allegedly traveled across the northeast to brutally kidnap and rob two unsuspecting individuals, ultimately murdering one of the victims,” stated FBI Assistant Director-in-Charge Raia.  “This alleged fatal robbery highlights the volatile and random violence that the illicit drug trade can fuel. With our law enforcement partners, the FBI will continue to dismantle any organization implementing lethal tactics to bolster their criminal lifestyles and jeopardize the safety of our city.”

    “These individuals came to New York City armed with guns and zip ties — ready to rob, kidnap, and kill,” stated NYPD Commissioner Tisch.  “It was a deliberate, brutal attack meant to terrorize our communities.  They thought they could hit and run. They were wrong — and anyone else thinking the same should take note.  I’m grateful to our partners in Project Safe Neighborhoods for their shared commitment to protecting New Yorkers.”

    According to the superseding indictment and other public court filings, the defendants are members of a Baltimore-based robbery crew that conspired to commit an armed robbery and kidnapping of marijuana dealers in Queens, New York.  On the evening of July 24,2024, the defendants and their co-conspirators executed a violent armed robbery and kidnapping plot that resulted in John Doe #1’s death.  As described below, Garrett robbed and kidnapped John Doe #2 at gunpoint, and Marcus Pittman shot and killed John Doe #1.

    Specifically, the defendants drove from Maryland to New York for the purpose of robbing two drug dealers, John Doe #1 and John Doe #2. Once in New York, defendants Jerome Waters and William Barnett met with John Doe #1 and John Doe #2 at a stash house in Queens, New York, under the guise of purchasing marijuana.

    At the stash house, Waters and Barnett pulled out their weapons and held up John Doe #1 and John Doe #2 at gunpoint. Next, they let their co-defendants into the stash house to assist in the robbery and kidnapping.  While in the stash house, the defendants and their co-conspirators tied up John Doe #1 and John Doe #2 with zip ties and forced them outside and into the back of a Jeep and a U-Haul van, which were driven by Barnett and Israel.  At the same time, the defendants and their co-conspirators stole approximately 30 pounds of marijuana from the stash house.

    The defendants and their co-conspirators drove John Doe #1 and John Doe #2, who were still tied up, through Queens at gunpoint, demanding drugs and money.  Garrett held a gun to John Doe #2 as he was being driven through Queens.  Marcus Pittman shot John Doe #1 to death in the back of the U-Haul van.  When his body was found by first responders, John Doe #1 still had a zip tie binding one of his hands and was surrounded by bags of marijuana.  After the shooting, the defendants fled back to Maryland.

    If convicted, defendants Marcus Pittman, Delonta Pittman, and Waters each face mandatory minimum sentences of life imprisonment, and Garrett faces a mandatory minimum of ten years’ imprisonment and a maximum sentence of life imprisonment.  The charges in the superseding indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

    This case was brought as part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and make our neighborhoods safer for everyone.  As part of the program, U.S. Attorneys’ Offices work in partnership with federal, state, local and tribal law enforcement and their local communities to develop effective, locally based strategies to reduce violent crime. 

    The government’s case is being handled by the Office’s International Narcotics and Money Laundering Section.  Assistant United States  Attorneys Chand Edwards-Balfour and Adam Amir are in charge of the prosecution, with the assistance of Paralegal Specialist Samuel Ronchetti.

    New Defendant:

    JALON LENNY GARRETT
    Age: 20
    Maryland

    Previously Charged Defendants:

    MARCUS PITTMAN (also known as “Nacho” and “Cheese”)
    Age:  30
    Maryland

    DELONTA PITTMAN (also known as “D Lo”)
    Age:  31
    Maryland

    JEROME WATERS (also known as “the Engineer” and “Rome”)
    Age:  23
    Maryland

    CALVIN ISRAEL
    Age:  23
    Maryland

    WILLIAM BARNETT
    Age:  27
    Maryland

    E.D.N.Y. Docket No. 24-CR-413 (S-2) (KAM)

    MIL Security OSI –

  • MIL-OSI Security: Boston City Councilor Pleads Guilty to Federal Public Corruption Charges

    Source: Office of United States Attorneys

    City Councilor for Boston’s District 7, Tania Fernandes Anderson, pocketed $7,000 cash from staff member’s city-funded bonus

    BOSTON – Boston City Councilor Tania Fernandes Anderson pleaded guilty today in federal court in Boston to public corruption charges after receiving a $7,000 kickback from a staff member’s city funded bonus.

    Tania Fernandes Anderson, 46, of Boston, pleaded guilty to one count of wire fraud and one count of theft concerning a program receiving federal funds. U.S. District Court Judge Indira Talwani scheduled sentencing for July 29, 2025. Fernandes Anderson was indicted in December 2024. Per the plea agreement, the government is recommending a sentence of one year and one day in prison to be followed by three years of supervised release and restitution in the amount of $13,000.

    “Councilor Fernandes Anderson abused her position of trust for personal gain and turned a public checkbook into her own private slush fund. Her constituents deserve better than this. They deserve a city representative who respects the role of public service and does not use the power and position to line her own pockets,” said United States Attorney Leah B. Foley. “Her guilty plea today says what she refuses to admit in her media interviews: she broke the law, lied to the public, and used her office for her own personal gain. Ms. Fernandes Anderson leaves a legacy not of a selfless trailblazer, but one of fraud, greed, and deceit. The United States Attorney’s Office is committed to ensuring elected officials are held accountable for this kind of corruption and dishonesty.”

    “Tania Fernandes Anderson used the city of Boston.  She wielded her official powers for her own financial gain, and grossly betrayed the trust of the residents she was elected to serve,” said James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Insidious corruption like this undermines people’s faith in, and expectations of, their government. Today’s conviction should reinforce, to both Boston’s politicos and the public, that the FBI remains committed to bringing to justice any elected official who deprives constituents of the honest services to which they are entitled.”

    “The guilty plea of Tania Fernandes Anderson demonstrates IRS-CI’s commitment to identifying, investigating, and prosecuting all instances of public corruption, both in the Commonwealth and across New England,” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “Elected officials are held to a higher standard when they take an oath to serve their constituents, but Fernandes Anderson forsook this oath when she conspired to orchestrate a kickback scheme to enrich herself at the cost of the American taxpayers.”

    Fernandes Anderson currently serves as City Councilor for Boston’s District 7, which includes Roxbury, Dorchester, Fenway and part of the South End. She was first elected to a two-year term in November 2021 and won re-election in November 2023.

    In or about 2022, Fernandes Anderson hired two members of her immediate family as salaried employees of her City Councilor Staff. Because City Councilors are prohibited by law from hiring immediate family members to their paid staff, Fernandes Anderson was required to terminate their salaried employment in or about August 2022. Additionally, in May 2023, the Massachusetts State Ethics Commission notified Fernandes Anderson that it would be seeking a $5,000 civil penalty payment from her as a result of the violation.

    In or about November 2022, Fernandes Anderson emailed a City of Boston employee regarding her hiring of Staff Member A – a relative of Fernandes Anderson who was not an immediate family member – as a salaried employee. In her email to the City of Boston employee, Fernandes Anderson falsely represented that she and Staff Member A were not related:

    From in or about early to mid-2023, Fernandes Anderson was facing personal financial difficulty, which included the outstanding $5,000 civil penalty payment to the Ethics Commission. In or about early May 2023, Fernandes Anderson told Staff Member A that she would give them extra pay in the form of a large bonus, but that Staff Member A would have to give a portion of the bonus back to Fernandes Anderson. Staff Member A agreed to the arrangement with Fernandes Anderson.  

    On May 3, 2023, Fernandes Anderson emailed a City of Boston employee instructing them to process a $13,000 bonus for Staff Member A – more than twice the total bonuses given to her other staff – without disclosing the repayment arrangement. Staff Member A deposited the check on May 26, 2023 and, following Fernandes Anderson’s instructions, made three separate cash withdrawals over the following weeks in the amounts of $3,000; $3,000; and $4,000. Following the last withdrawal on June 9, 2023, the two met in a bathroom at Boston City Hall, where Staff Member A handed Fernandes Anderson $7,000 in cash.

    According to the signed plea agreement, in 2022 and 2023, Fernandes Anderson used funds from her campaign account for her own personal enrichment, and not for campaign-related expenses. Additionally, for tax years 2021, 2022 and 2023, Fernandes Anderson filed fraudulent federal income tax returns with the IRS. Specifically, Fernandes Anderson omitted approximately $11,000 in income that she earned from a Massachusetts-based corporation from her 2021 tax return; willfully omitted campaign funds that she used for her own personal enrichment from her 2022 and 2023 tax returns; and willfully omitted the $7,000 kickback that she received from Staff Member A from her 2023 tax return.

    The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000. The charge of theft concerning programs receiving federal funds provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    U.S. Attorney Foley, FBI Acting SAC Crowley and IRS Acting SAC Demeo made the announcement today. Assistant U.S. Attorneys John T. Mulcahy and Dustin Chao of the Public Corruption & Special Prosecutions Unit are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Joseph Nocella, Jr. Appointed Interim United States Attorney for the Eastern District Of New York

    Source: Office of United States Attorneys

    Joseph Nocella, Jr. has begun serving as Interim United States Attorney for the Eastern District of New York as per the authority of United States Attorney Pamela Bondi. Judge Nocella was sworn in on Monday, May 5, 2025 by United States Chief District Judge Margo K. Brodie.  He will serve as Interim United States Attorney for a period of 120 days or until a Presidential nominee has been confirmed by the Senate.

    Judge Nocella stated: “I am deeply honored that President Donald J. Trump and Attorney General Pamela Bondi have appointed me United States Attorney for the Eastern District of New York.  It is especially gratifying to return to the very District where I began my prosecutorial career.  Together with the exemplary staff that has made the Eastern District renown for its excellence, and the dedicated law enforcement agencies that work with the District, I look forward to prosecuting zealously the narcotics-traffickers, gang members, terrorists, human-traffickers and other criminals who have plagued the people of Nassau, Suffolk, Kings, Queens and Richmond Counties.  I would also like to thank Acting United States Attorney John J. Durham for his service and leadership.”

    Immediately before his appointment, Judge Nocella, 60, was serving as a Nassau County Family Court Judge, following several years of service as a Nassau County District Judge.  Judge Nocella began his career in public service as the first law clerk to the Honorable Lawrence M. McKenna, United States District Judge for the Southern District of New York.  Judge Nocella continued his career in public service as an Assistant U.S. Attorney in the Criminal Division of the Eastern District of New York, where he served from 1991 to 1995, prosecuting cases involving narcotics-trafficking, organized crime, money laundering and fraud, among others.  Judge Nocella was in private practice in New York and Los Angeles from 1989 to 1990, and from 1995 to 2010.  He also held various public service roles in government on Long Island, including Hempstead Town Attorney, Oyster Bay Town Attorney, Managing Attorney of the Nassau County Attorney’s Office and Counsel to the Nassau County Executive and Legislative Offices.  Judge Nocella graduated from Chaminade High School in 1982, received his bachelor’s degree from Fordham University in 1986 and graduated from Columbia University School of Law in 1989. 

    MIL Security OSI –

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

    Source: US Commodity Futures Trading Commission

    CFTC Staff on Leave Pending Investigation | CFTC

    /PressRoom/PressReleases/9071-25
    Skip to main content

    May 05, 2025

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

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI Security: Charlotte Clinic Owner Agrees to Settle Allegations of Medicaid Fraud

    Source: Federal Bureau of Investigation FBI Crime News (b)

    CHARLOTTE, N.C. – Steven Osbey, of Kernersville, N.C., has agreed to entry of a consent judgment against him in the amount of $4,711,159.00 in favor of the United States and State of North Carolina (the Governments), subject to a separate agreement regarding his participation in the Governments’ ability to pay process. The judgment represents repayment to the government for allegations that Reign & Inspirations, LLC (R&I), a clinic co-owned by Osbey and Aljihad Shabazz, charged Medicaid for physician home visits that never occurred.

    More specifically, the Governments alleged Osbey and Shabazz conspired to carry out an extensive health care fraud scheme wherein they submitted or caused to be submitted claims to NC Medicaid for in-home physician visits with patients that simply never occurred—in all, billing more than 30,000 hours of these purported physician visits and sometimes billing as if the physician provided over 100 in-home visits in a single day, purportedly lasting an hour each (an obvious physical impossibility).

    This investigation was conducted in parallel between the civil and criminal divisions of the U.S. Attorney’s Office. Shabazz pleaded guilty to criminal healthcare fraud conspiracy and money laundering charges and was sentenced to 52 months in prison followed by two years of supervised release.

    The civil settlement obtained in this matter was the result of a coordinated effort between the Department of Justice and the FBI field offices in Charlotte, with assistance from the Medicaid Investigations Division of the North Carolina Attorney General’s Office, and the Office of Inspector General of the United States Department of Health and Human Services. AUSAs Caroline McLean and Seth Johnson were responsible for the civil investigation.

    The investigation and resolution of this matter illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

    MIL Security OSI –

  • MIL-OSI USA: FAA Implements Recruitment and Retention Incentives in Line with Hoeven’s ATC Workforce Development Act

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    05.02.25
    Senator Advancing Legislation to Strengthen Enhanced AT-CTI Program at UND, Address ATC Staffing Shortages
    WASHINGTON – Senator John Hoeven today issued the following statement after the Federal Aviation Administration (FAA) implemented new recruitment and retention programs for air traffic controllers (ATC) consistent with the provisions in Hoeven’s ATC Workforce Development Act of 2025. Hoeven introduced the bill with Senators Jeanne Shaheen (D-N.H.), Jerry Moran (R-Kan.) and Tammy Duckworth (D-Ill.) to help address ATC staffing shortages, improve working conditions and ensure safe transportation within U.S. airspace. Specifically, the FAA, in coordination with the National Air Traffic Controllers Association (NATCA), established the following limited-time incentives:
    $5,000 award for academy graduates who successfully complete the initial qualification training.
    $5,000 award for new hires who successfully complete the initial qualification training.
    $10,000 award for academy graduates who are assigned to one of 13 hard-to-staff air traffic facilities.
    A 20 percent lump sum payment for certified professional controllers eligible to retire but under the mandatory retirement age (56) for each year they continue to work.
    “Our nation needs more qualified air traffic controllers to ensure safe and efficient air travel, and we appreciate the FAA for following the blueprint we laid out in our legislation when creating these new incentives,” said Hoeven. “I appreciate Secretary Duffy and Acting Administrator Rocheleau taking this first step, but more needs to be done to get students moving into the ATC workforce. To this end, our legislation would strengthen the Enhanced AT-CTI program, like the one at UND, while supporting a more efficient certification process. That means graduates can start working sooner and fulfill this critical aviation safety need.”
    In addition to the recruitment and retention incentives, Hoeven’s legislation would:
    Expand the ATC workforce training pipeline by codifying and strengthening the Enhanced Air Traffic-Collegiate Training Initiative (AT-CTI) program.
    The bill authorizes $20 million per year for grants to AT-CTI schools to invest in curriculum, high-fidelity simulators, faculty and classroom supplies.
    The legislation also removes disincentives that discourage retired air traffic controllers from working as instructors at AT-CTI schools.
    Hoeven worked to advance UND’s selection as an Enhanced AT-CTI program, under which graduates are immediately eligible for hire by the FAA and to begin localized training at an air traffic facility. Currently, four schools, including UND have been selected for the Enhanced AT-CTI program.

    Authorize the procurement and placement of Tower Simulator Systems at ATC facilities nationwide, supporting more efficient certification of ATC trainees.
    Support the development of mental health services equipped to address the particular stressors faced by the ATC workforce.
    The ATC Workforce Development Act is supported by the National Air Traffic Controllers Association (NATCA), Air Traffic Control Association (ATCA), Airlines for America (A4A), Regional Airline Association (RAA), American Association of Airport Executives (AAAE), U.S. Contract Towers Association and the Airports Council International – North America (ACI-NA).

    MIL OSI USA News –

  • MIL-OSI USA: Duckworth, Durbin Join Colleagues in Reintroduction of Historic Equality Act to Ban Discrimination Against LGBTQ+ Americans

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    May 01, 2025
    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) and U.S. Senate Democratic Whip Dick Durbin (D-IL) joined U.S. Senators Jeff Merkley (D-OR), Tammy Baldwin (D-WI), Cory Booker (D-NJ) and Congressional Equality Caucus Chair Rep. Mark Takano (D-CA-39) for the bicameral reintroduction of the Equality Act in an effort to push back against escalated attacks from the Trump Administration, MAGA Republicans, and state legislatures on the rights and freedoms of LGBTQ+ Americans nationwide.
    “It is absolutely unacceptable that someone can be fired from their job, evicted from their home and experience discrimination just because of who they are or who they love,” said Duckworth.  “As Trump continues his dangerous anti-LGBTQ+ attacks and we see a growing wave of legislation targeting the LGBTQ+ community across the country, we must protect their rights at the federal level. I’m proud to join Senator Durbin and my colleagues in re-introducing the Equality Act to finally enshrine critical civil rights protections for LGBTQ+ Americans in federal law.”
    “No one should be treated as less than equal because of who they love or who they are. While we’ve taken big steps in the fight for equality for the LGBTQ+ community, Republican-led state legislatures and the Trump Administration are relentlessly attacking the rights and humanity of LGBTQ+ Americans. We must act,” said Durbin. “I’m joining my colleagues in introducing the Equality Act to ensure that LGBTQ+ Americans are fully and explicitly protected under our nation’s civil rights laws.” 
    In states across the country, over 850 anti-LGBTQ+ bills have been filed so far this year—the most in U.S. history. The Equality Act is historic, comprehensive legislation to enshrine civil rights protections for our LGBTQ+ friends and neighbors in federal law.
    The Equality Act amends landmark federal anti-discrimination laws to explicitly add sexual orientation and gender identity to longstanding bans on discrimination in employment, housing, public accommodations, jury service, access to credit, federal funding, and more. It would also add protections against sex discrimination in parts of anti-discrimination laws where these protections had not been included previously, such as public accommodations and federal funding.
    Despite major advances in equality for LGBTQ+ Americans in recent years, including codifying federal protections for same-sex and interracial marriages, the majority of states still do not have explicit LGBTQ+ non-discrimination protection laws. The Equality Act would finally enshrine protections into federal law under all areas of potential discrimination, protecting the rights and freedoms of all LGBTQ+ Americans for generations to come.
    The Equality Act is supported by 47 U.S. Senators and 214 U.S. Representatives. A full list of the over 600 organizations endorsing the Equality Act can be found on Senator Duckworth’s website.
    Full text of the Equality Act as introduced in the Senate and as introduced in the House can also be found on Senator Duckworth’s website as well as a summary of the bill.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Obernolte introduces legislation to bolster U.S. critical mineral supply chain

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

    WASHINGTON, DC–U.S. Representative Jay Obernolte (CA-23) has introducedlegislation to reduce the United States’ reliance on China and other foreign nations forcritical minerals. Critical minerals and rare earth metals are used to manufactureconsumer electronics, military equipment, electric vehicle batteries, and other advancedtechnologies vital to America’s homeland security and economic competitiveness. Chinais currently the largest source for more than half of the critical minerals on the U.S.Geological Survey’s 2022 list. The Intergovernmental Critical Minerals Task Force Actwould address this concern by identifying opportunities to increase the domesticproduction and recycling of critical minerals.“Critical minerals are essential to our economy, our national security, and thedevelopment of our country’s energy grid,” saidRep. Jay Obernolte.“TheIntergovernmental Critical Minerals Task Force will bring stakeholders together toidentify how we canenhance our supply chains and shore up production of criticalminerals here at home.”“Access to critical minerals is essential for our national security and energy grid. Ourbipartisan bill will identify new ways to reduce our dependency on foreign nations likeChina for critical minerals,” saidCongresswoman Susie Lee (NV-3). “We can’t affordany disruptions to our critical mineral supply chain.”This legislation requires the Office of Management and Budget (OMB) Director toappoint representatives from federal agencies to consult with state, local, and tribalgovernments. The Task Force will work to determine how to address national securityrisks associated with America’s critical mineral supply chains and identify new domesticopportunities for mining,processing, refinement, reuse, and recycling of critical minerals. Thebillalso requiresthe Task Force to send a report to Congress and publishfindings, guidelines, and recommendationson reducingthe United States’ reliance onChina and other foreign nations for critical minerals.

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    MIL OSI USA News –

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

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

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

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

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

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

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

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

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

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

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

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

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    MIL OSI USA News –

  • MIL-OSI USA: Ranking Members Markey, Velázquez Introduce Bicameral Legislation to Make Small Business Innovation Programs Permanent Ahead of September Expiration

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF) | One-Pager 

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

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

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

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

    Specifically, the SBIR and STTR Reauthorization Act of 2025 would:

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

    Massachusetts has the highest per-capita award rate of any state and is the second largest recipient of SBIR/STTR awards in the country, receiving more than 24,000 SBIR awards totaling $8.3 billion, and 2,000 STTR awards totaling over $720 million.

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

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

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

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

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

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

    In March 2025, Ranking Member Markey attended a Senate Small Business and Entrepreneurship Committee hearing titled, “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century,” where his witness highlighted the success of the SBIR/STTR programs.

    MIL OSI USA News –

  • MIL-OSI USA: Huffman, Fitzpatrick Introduce Bipartisan Bills to Strengthen Protections for Migratory Birds

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    May 05, 2025

    Washington, D.C. – Today, in honor of Migratory Bird Day on May 10th, U.S. Representatives Jared Huffman (CA-02) and Brian Fitzpatrick (PA-01) introduced two bills to strengthen conservation efforts for protected species of birds across the country. These bills – the Migratory Bird Protection Act and the Albatross and Petrel Conservation Act – will give the United States the tools to build upon existing efforts to protect migratory birds and the most threatened species of seabirds.

    “As the world faces an escalating biodiversity crisis, now is a critical moment to establish strong, clear, and lasting protections for migratory bird species,” said Rep. Huffman. “By codifying the ACAP agreement, the United States can reaffirm its leadership in conservation and encourage other nations to implement robust standards to protect endangered seabirds around the globe. By formalizing the process and providing more tools, our bills will strengthen longstanding protections and help commercial and business interests comply – marking a big step forward in conservation efforts both at home and across the globe.”

    “Bucks and Montgomery Counties are home to some of the most ecologically rich bird habitats in America, supporting hundreds of diverse and migratory species,” said Rep. Fitzpatrick. “But many of these birds are now facing extinction-level threats. As Co-Chair the Animal Protection Caucus, I’m committed to advancing concrete, science-based solutions to protect these vulnerable species, strengthen habitat conservation, and ensure long-term ecological resilience. This bipartisan legislation is a critical step toward that mission.”

    The Migratory Bird Protection Act will safeguard and strengthen longstanding protections for millions of North America’s migratory birds by providing clarity on how the United States implements the Migratory Bird Treaty Act (MBTA). This legislation directs the Department of Interior to provide regulatory certainty on “incidental take” – killing or injuring birds by otherwise legal activities – by commercial activity. The bill will help ensure the United States meets the conservation goals of the MBTA, which has formed the backbone of our nation’s migratory bird conservation efforts for over 100 years.

    The Albatross and Petrel Conservation Act will help implement the International Agreement on the Conservation of Albatrosses and Petrels (ACAP) – which protects some of the world’s most endangered seabirds from international fishing threats. Every year, thousands of albatrosses and petrels die from encountering longline fishing equipment during their migration to nest and find food. Although the United States has attended and contributed to ACAP meetings regularly since the Agreement’s signing in 2001, it has not yet joined the 13 member countries that have signed as parties.

    Today’s bills will build upon existing efforts to protect migratory bird species by codifying and clarifying crucial conservation standards.

    “Together the Migratory Bird Protection Act and the Albatross and Petrel Conservation Act strengthen bird conservation,” said Steve Holmer, Vice President of Policy at American Bird Conservancy. “By respectively encouraging industries to adopt best mitigation practices and advancing international collaboration these bills prevent bird mortality. Thank you to Representatives Huffman and Fitzpatrick for their steadfast leadership.”

    “The Migratory Bird Protection Act and the Albatross and Petrel Conservation Act are critical steps for reversing the alarming decline in bird populations, which has seen the loss of over 3 billion birds since 1970. These bills will enhance vital protections and foster international cooperation to help ensure the survival of migratory birds and seabird species. Thank you, Representatives Huffman (D-CA) and Fitzpatrick (R-PA), for introducing these important bills that will help preserve America’s birds for current and future generations,” said Jesse Walls, Senior Director of Government Affairs at National Audubon Society.

    “Bird watching in America is more popular than ever, and yet our backyards and skies are graced with a decreasing number of our feathered friends,” said Steve Blackledge, Senior Director of Conservation Campaigns at Environment America. “We’re grateful to Representatives Jared Huffman and Brian Fitzpatrick for their bipartisan bill, which will protect long-distance flyers and make sure the Migratory Bird Treaty Act is enforced.”

    “Now more than ever, Congressional action is needed to conserve our country’s migratory birds,” said Ed Arnett, CEO of The Wildlife Society. “Thanks to the leadership of Representative Huffman, the Migratory Bird Protection Act will implement a streamlined permitting approach that provides greater certainty for project stakeholders as well as long-term benefits for migratory bird species. Given that more than three billion birds have been lost in the past half century, we encourage Congress to swiftly pass this commonsense bill.”

    “Defenders of Wildlife applauds Rep. Jared Huffman (D-CA) for introducing this critical bill at a time when North American birds are increasingly under threat,” said Robert Dewey, Vice President of Government Relations at Defenders of Wildlife. “Migratory birds, ranging from greater flamingos and American white pelicans to red-winged blackbirds and bald eagles, represent some of our most iconic species, but damage from industrial waste, overdevelopment and climate change has led to an estimated loss of 2.9 billion North American birds since 1970. This bill counters the ongoing and politically motivated attacks on the Migratory Bird Treaty Act by ensuring that migratory birds unintentionally killed or harmed by industrialization, development and other human activities are protected under the Act. We urge all those in Congress to support what has historically been a bipartisan endeavor to protect North American birds.”

    “With three-quarters of North America’s birds in decline it’s now more important than ever to step up and provide strong protections for them. It’s crucial for the federal government to adhere to the Migratory Bird Treaty Act, and I encourage Congress to pass this commonsense legislation and give birds a fighting chance at survival,” said Tara Zuardo, Senior Campaigner at the Center for Biological Diversity.

    “America’s bird populations are under unprecedented threat from a variety of hazards,” said Abby Tinsley, Vice President for Conservation Policy at the National Wildlife Federation. “The bipartisan Migratory Bird Protection Act would help address these challenges by clarifying protections passed more than a century ago while encouraging measures that will limit unnecessary deaths. Congress should act swiftly to pass this commonsense bill.”

    The Migratory Bird Protection Act is endorsed by Defenders of Wildlife, Audubon, Center for Biological Diversity, American Bird Conservancy, The Wildlife Society, The National Wildlife Federation, National Resource Defense Council, and Environment America.

    The Albatross and Petrel Conservation Act is endorsed by Audubon Society and the American Bird Conservancy.

    Migratory Bird Protection Act:

    • Text of the bill can be found here.
    • A one-pager of the bill can be found here.

    Albatross and Petrel Conservation Act:

    • Text of the bill can be found here.
    • A one-pager of the bill can be found here.

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    MIL OSI USA News –

  • MIL-OSI Africa: NERSA approves setting up of advisory forum

    Source: South Africa News Agency

    The National Energy Regulator of South Africa (NERSA) has approved the establishment of an advisory forum which will advise the energy regulator on various matters related to the establishment of a competitive electricity market.

    “This advisory forum, the Electricity Market Advisory Forum (EMAF), will advise the energy regulator on various matters related to the establishment of a competitive electricity market. Members will be appointed by, and accountable to, the energy regulator with an approved term of reference,” NERSA said in a statement on Friday.

    The establishment of EMAF was approved at a meeting held on Tuesday, 29 April 2025.

    The decision of the regulator recognises the “profound changes anticipated in the electricity sector and the role of the energy regulator, heralded by the amended Electricity Regulation Act (ERA), which includes the establishment of a competitive electricity market over the next five years.”

    “The EMAF is a proactive move to involve stakeholders to support the energy regulator to establish a robust and inclusive regulatory environment to oversee the nascent electricity market. This includes licensing the Market Operator as the National Transmission Company of South Africa’s (NTCSA) licensed activity and approving the Market Rule and Market Code. 

    “The impending electricity market will involve regulatory activities that are novel in the South African environment – such as the task of market surveillance and enforcement alluded to in the draft South African Wholesale Electricity Market (SAWEM) Code. The energy regulator, cognisant of the need to garner advice from stakeholders and experts, also appreciates the need to simultaneously accelerate institutional strengthening as a key enabler for an efficient electricity market,” it said.

    It further added that an inclusive consultation process, such as the establishment advisory forum, should also encourage the readiness of all stakeholders for the market as it evolves.

    The advisory forum will initially focus on advising NERSA on the finalisation of the Market Rule and Market Code. The EMAF will also advise on key enablers required to establish a competitive electricity market, including the implementation of the Market Rule and Market Code and regulatory oversight of market operations.

    “The energy regulator will outline the process for appointing members to the EMAF in due course. It is anticipated that the EMAF’s strength will lie in the appropriate blend of institutional representation with individual expertise in establishing, operating and monitoring a functioning and competitive electricity market, including end-user perspectives.”

    The Market Rule Project Team is finalising the terms of reference for the EMAF, including the scope and mandate of the EMAF, membership selection criteria and the code of conduct.  –SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: New chapter as SANDF withdraws from DRC

    Source: South Africa News Agency

    The withdrawal of the South African National Defence Force (SANDF) from the eastern Democratic Republic of Congo (DRC) marks a new chapter in regional peacekeeping efforts, said Defence and Military Veterans Minister Angie Motshekga.

    “This withdrawal is a structured process designed to ensure safe return of both our troops and equipment. All our logistical support will continue during this phase,” she said.

    The Minister said the announcement follows “high level consultation with several role-players in the peacekeeping efforts within the eastern DRC.”

    Addressing a media briefing in Pretoria on Sunday, the Minister said that over the past four months, the region has witnessed renewed momentum towards peace and stability in the eastern provinces of the DRC.

    “These political engagements have progress with great momentum and led to the recent outcome of the recent DRC Summit of heads of States and governments which was held in March. The outcome of these meetings has led to a decision for the termination of the mission and withdrawal to allow political and diplomatic intervention to resolve the security issues in the DRC,” she explained.

    The Minister further appreciated the commitment shown by the SANDF members who served with honour, pride, professionalism and commitment under very challenging circumstances.

    “I want to say to them that your contribution has helped to lay the groundwork for peace in the region. And to the families of those who made the ultimate sacrifice, your loss is shared by a very grateful nation full of appreciation.

    “Their memories will forever be in the history of our commitment to peace on the African continent. South Africa remains committed to a peaceful state, stable, prosperous and a prosperous DRC,” she said.

    This is after 14 troop members lost their lives and others sustained injuries at the hands of the M23 as fighting in the Goma region escalated.

    The rebel group fought intensely against the Congolese armed forces, resulting in the deaths of soldiers from 23 to 27 January 2025 during M23’s advance on Sake and Goma. 

    These soldiers were part of the Southern African Development Community Mission in the Democratic Republic of Congo (SAMIDRC), which aims to help restore peace, security, and stability in Africa’s second-largest country.

    “Our diplomatic developments and humanitarian engagements will continue. As we transit out of the active combat deployment, we reinforce our commitment to African led solutions in the values of African Union Agenda 2063,” said the Minister at the briefing held at the Government Communication and Information System (GCIS) offices.

    The SANDF troops will arrive back in the country in phases.

    Chief of the SANDF, General Rudzani Maphwanya said the withdrawal of the troops in the DRC is not accidental. 
    “This withdrawal is not an accidental withdrawal, and withdrawal is not a sign of weakness,” he said.

    He said that they were seeing “elements of peace” due to the M23 rebel groups “committed to cessation of hostilities.” 

    READ | SADC’s withdrawal from DRC not a sign of abandonment of peace efforts

    “Let me also pay my respects to the fallen soldiers that during combat… laid down their lives for the betterment of the lives of others. I would also like to pay homage to those that were injured and are currently recovering,” he said. 

    The SANDF withdrawal is expected to be completed by the end of May 2025, this as movement began on 29 April 2025.

    “Today as we speak, the second batch will be going and this movement will be concluded by the end of this month,” he said.

    He added that SANDF equipment will be shipped via air and land travel.
    – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Africa: Workers’ rights essential to building an inclusive economy

    Source: South Africa News Agency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Africa –

  • MIL-OSI Africa: Kwa-Ximba package plant to boost water supply to local communities

    Source: South Africa News Agency

    Water and Sanitation Minister Pemmy Majodina, has officially handed over a newly completed four-kilometre pipeline from the upgraded Kwa-Ximba Package Plant, aimed at ensuring a reliable and sustainable water supply to various sections of Ward 1 in Kwa-Ximba.

    Joined by Deputy Ministers David Mahlobo and Sello Seitlholo, uMngeni-uThukela Water Board Chairperson Advocate Vusi Khuzwayo, Inkosi Mlaba of Kwa-Ximba, and eThekwini Municipality Mayor Cyril Xaba, Majodina visited the plant on Friday, to assess progress on the broader reticulation project, which includes a 7.4-kilometre pipeline transporting potable water to two key command reservoirs — DV 1822 and DV 1818.

    The handing over of a plant follows Majodina’s recent oversight visit of the R378 million, two-phase package plant project, marking the conclusion of National Water Month and Human Rights Month.

    The package plant project includes the completed first phase of a portable water treatment plant, which supplies 2 megalitres per day (ml/d), and a second one that was upgraded to supply 7 ml/d.

    However, some villages had experienced inconsistent water access due to insufficient capacity at the command reservoirs.

    Majodina made a commitment to return to Kwa-Ximba to assess progress made to maintain the pipeline which will feed the reservoirs.

    The eThekwini Municipality has addressed several pipeline issues, including water leaks, to help ensure that the reservoirs are sustainably filled with water.

    Once fully operational, the two reservoirs will supply clean water to 18 villages in and around Kwa-Ximba, including Mvini, Bhobhonono, Nkandla, Nonoti, Msunduze, Mhali, Esiweni, Livapo, Nconcosi, Ntukusweni, Zwelisha, Kajabula, Othweba, Kwanyoni, Skhoxe, Kwadenge, and Emngacwini.

    Previously, the area of Kwa-Ximba relied on Cato Ridge reservoir, which received water from the Midmar Water Treatment Works through the Western Aqueduct.

    However, due to population growth, Cato Ridge reservoir could no longer provide reliable water supply to communities due to its reservoir not receiving sufficient volumes to be able to cater all the areas, including the villages.

    The commissioning of the new package plants will improve water supply to the communities and improve service delivery.

    Addressing the community of Kwa-Ximba at the local school hall, Majodina expressed her satisfaction with the progress registered to address challenges with the pipeline and urged the communities to protect the infrastructure.

    “This an indication of government’s commitment to prioritise issues of water and sanitation in eThekwini Municipality and to the country as whole. We are confident that this project will guarantee uninterrupted water supply and bring much-needed relief to Kwa-Ximba and surrounding villages. We appeal to members of the community to protect this infrastructure,” Majodina said.

    The Kwa-Ximba Package Plant, commissioned last year, remains under the custodianship of uMngeni-uThukela Water.

    Meanwhile, in a separate event, Majodina, together with Deputy Ministers Mahlobo and Seitlholo, visited Oakford Ward 60, near Verulam, where she handed over three newly built houses to families relocated for the construction project of raising Hazelmere Dam.

    During construction, 13 families were moved to temporary accommodation, with three additional families also needed to be relocated from the High Flood Line.

    To date, nine permanent houses have been handed over, with four more still to be completed and handed over. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Africa: Sustained pressure on SA rhino populations

    Source: South Africa News Agency

    In the first three months of 2025, five provinces in South Africa lost 103 rhinos due to poaching, averaging at 34.33 rhinos per month.

    “The loss of 103 rhinos to poaching in the first three months of 2025 is a stark reminder of the relentless threat to our wildlife. Yet, the absence of poaching in four provinces shows that our targeted interventions are yielding results, and we must build on this progress,” Minister of Forestry, Fisheries and the Environment, Dr Dion George, said on Monday.

    The latest statistics for the period 1 January to 31 March 2025 are closely aligned with the average monthly poaching rate of 35 rhinos over the previous 12 months (420 rhinos annually).

    The Minister said the figures underscore the sustained pressure on the rhino populations and the urgent need for intensified efforts to combat this illegal activity.

    The breakdown of poaching incidents by province reveals that South African National Parks (SANParks) recorded the highest number of losses, with 65 rhinos poached. 

    KwaZulu-Natal reported 16 cases, followed by Limpopo with 10, Free State with five, the North West with four, and Mpumalanga with three. No rhinos were poached in the Eastern Cape, Northern Cape, Western Cape, or Gauteng during this period.

    To strengthen efforts against wildlife crime, the Department of Forestry, Fisheries and the Environment has taken proactive measures to address factors related to bail applications for perpetrators. 

    “We are working closely with the National Prosecuting Authority (NPA) and the South African Police Service (SAPS) to ensure that repeat offenders and those with no fixed address face stronger opposition to bail,” George said.

    The department shares best-practice affidavits with investigators to ensure more effective bail opposition and is exploring options to secure funding for dedicated support to SAPS in these applications.

    “The South African government remains steadfast in its commitment to combating wildlife crime. We continue to strengthen anti-poaching measures, including enhanced ranger patrols, advanced surveillance technologies, and collaboration with national and international law enforcement agencies. 

    “We are also working closely with various stakeholders to bolster anti-poaching efforts through the deployment of cutting-edge technologies such as drones and thermal radars. Additionally, we are engaging with communities living near protected areas to foster sustainable livelihoods and reduce the socioeconomic drivers of poaching,” the Minister said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Transformation Fund to drive inclusive economic growth

    Source: South Africa News Agency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Fighting corruption key to an inclusive economy

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

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

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

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

    Access to finance for black businesses

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

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

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

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

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

    MIL OSI Africa –

  • MIL-OSI Security: Nuclear Desalination: A Sustainable Solution for Water Security in the Arab Region

    Source: International Atomic Energy Agency – IAEA

    Jordan: Advancing SMR-Powered Desalination

    Jordan, where 75 per cent of the land is classified as arid desert, is taking significant steps toward nuclear desalination. The government is exploring Small Modular Reactors (SMRs), compact reactors that could power desalination plants. In 2023, an IAEA team evaluated Jordan’s studies on using SMRs to provide drinking water from the Red Sea to Amman, where water demand is rising.

    “Desalination is considered the primary source of fresh water in Jordan to fulfil the expected demand and reduce the supply-demand deficit,” says Khalid Khasawneh, Commissioner for Nuclear Power Reactors at the Jordan Atomic Energy Commission (JAEC). “It offers competitive prices for fresh water to end consumers, in comparison with imported energy sources.”

    Saudi Arabia: The Desalination Leader Exploring Nuclear

    Saudi Arabia, already the world’s largest desalinated water producer, began exploring the use of nuclear energy for desalination in the late 1970s. As part of its strategy to move from an oil-based economy toward a diversified power production, the country is now considering nuclear plants to achieve its net zero ambitions and meet its long-term water needs.

    According to the King Abdullah City for Atomic and Renewable Energy (KACARE), “the Kingdom is planning a sustainable energy mix that includes atomic energy to meet the energy needs of the Kingdom to produce electricity, desalinated water and thermal energy,” which aims to reduce reliance on hydrocarbons and support economic growth.

    Egypt: Nuclear Power and Water Strategy

    Egypt is also integrating nuclear technology into its water strategy. With the country’s first nuclear power plant, El-Dabaa, under construction, discussions are underway about pairing nuclear energy with desalination in coastal regions. According to the Egyptian State Information Service: “Nuclear energy contributes to enhancing energy security and achieving environmental balance and water security.” As “nuclear facilities can supply the energy required for desalination plants to produce potable water.”

    Kuwait: Exploring Nuclear Desalination for Sustainable Water Solutions

    Kuwait, which depends heavily on seawater desalination to meet its freshwater needs, is increasingly turning to nuclear technologies to find more sustainable solutions for water and the environment. “Kuwait is facing the effect of climate change, ocean acidification, pollution from the oil and shipping industry, power and desalination activities,” said Nader Al-Awadi, the Executive Commissioner for International Cooperation at the Kuwait Institute of Scientific Research (KISR). In line with its efforts to address these environmental challenges, Kuwait has also established a large-scale facility to carry out research on ocean acidification, aiming to further understand the impacts of changing ocean conditions on marine ecosystems, which are directly tied to the effectiveness of desalination technologies.

    MIL Security OSI –

  • MIL-OSI USA: Kaine, Colleagues Demand DOJ Reverse Cancellation of Hundreds of Public Safety Grants

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – U.S. Senator Tim Kaine (D-VA) and 28 of his Senate colleagues wrote to the Department of Justice (DOJ) urging U.S. Attorney General (AG) Pam Bondi and Deputy Assistant AG Maureen Henneberg to reverse the abrupt cancellation of hundreds of public safety grants that serve crime victims and improve public safety in communities across the nation. In the letter, the senators demanded that the DOJ provide reasoning and background information regarding the decision to cancel the grants and called for the immediate restoration of the funding.
    “On April 22, the Department of Justice’s (DOJ) Office of Justice Programs (OJP) notified hundreds of grant recipients across the country, without warning, that their funding had been terminated, effective immediately. Many of these grants are authorized by Congress and support programs that have enhanced public safety in communities rural and urban, affluent and poor, Democratic and Republican. While this Administration continues to market itself as the administration of law and order and public safety, DOJ has decided to defund programs that prosecutors, police and sheriff’s departments, judges, mental health service providers,  academics, and more depend on to advance the Department’s longstanding ‘core mission of keeping Americans safe and vigorously enforcing the law,’” the senators wrote. 
    The senators continued, “Based on public reporting, outreach from grantees, and a DOJ Justice Management Division  (JMD) spreadsheet (Encl. 1), it appears that the Department defunded at least 365 public safety grants on April 22, 2025. A review of this information reveals that these grants provide support for victims of crime and resources for communities to ensure public safety.”
    “The magnitude of these defunding measures, Congress’ role in authorizing and appropriating grant funds, and the negative impacts that the sudden termination of funding will have on public safety in communities across the country, requires the immediate review of the processes and decisions that led to the cancellation of these critical grants,” the senators wrote.
    In addition to calling for the restoration of all canceled grants, the senators posed the following questions:
    A DOJ JMD spreadsheet (Encl. 1) lists 365 grants that were terminated on April  22.
    Does this spreadsheet represent the entire universe of grants that were  terminated?  
    Are there grants that were terminated that are not reflected on the list? If so, provide the information in every column for these grants.

    Which grants that were terminated on April 22 have since been restored? For each grant restored, please provide the reason for its restoration.  
    How were the grants that were terminated chosen? What were the factors  considered in making the determination to terminate? Where the affected grantees were state or local jurisdictions, did the political party of state or local officials in those jurisdictions influence the determination to terminate? 
    Were there entire categories of grants that were terminated? If so, provide the  categories.  
    What is the legal basis for terminating grant funds that are statutorily required? 
    Has DOJ reallocated the funds it rescinded on April 22? Provide any specific programs or purposes to which these funds will be reallocated. 
    Will DOJ terminate any more grants, from any of its funding components, that have been obligated or are in cycle? If so, provide the grant-making component and the grants that will be terminated or are under consideration to be terminated.  
    Was former Tesla employee turned-DOGE staffer Tarak Makecha solely responsible for selecting which grants to terminate? Provide the names of all individuals within DOJ who reviewed or approved the cancellation of the grants.  
    Did any White House officials review the grants to be terminated or otherwise have any involvement in the decision to terminate the grants? Provide their names.
    The letter was also signed by U.S. Senators Cory Booker (D-NJ), Chuck Schumer (D-NY), Dick Durbin (D-IL), Mazie Hirono (D-HI), Chris Coons (D-DE), Amy Klobuchar (D-MN), Richard Blumenthal (D-CT), Alex Padilla (D-CA), Adam Schiff (D-CA), Sheldon Whitehouse (D-RI), Peter Welch (D-VT), Andy Kim (D-NJ), Elizabeth Warren (D-MA), Ruben Gallego (D-AZ), Rev. Raphael Warnock (D-GA), Ben Ray Luján (D-NM), Ron Wyden (D-OR), Kirsten Gillibrand (D-NY), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Maria Cantwell (D-WA), Ed Markey (D-MA), Jack Reed (D-RI), Bernie Sanders (I-VT), Gary Peters (D-MI), and Chris Murphy (D-CT). 
    Full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI Global: In Yemen, Trump risks falling into an ‘airpower trap’ that has drawn past US presidents into costly wars

    Source: The Conversation – Global Perspectives – By Charles Walldorf, Professor of Politics and International Affairs, Wake Forest University

    A Yemeni soldier inspects the damage reportedly caused by U.S. airstrikes in Sanaa, Yemen, on April 27, 2025. AP Photo/Osamah Abdulrahman

    In the first 100 days of his second term, U.S. President Donald Trump has shown a willingness to lean on airpower when his administration decides that military force is necessary abroad.

    So far, the second Trump administration has launched limited airstrikes in Somalia and carried out a weekslong air campaign against the Iranian-aligned Houthis who rule most of Yemen. The president has also threatened direct strikes against Iran itself should talks on a new nuclear deal collapse.

    This turn to airpower for Trump makes sense to me. Airpower is cheap when compared with ground wars, and it usually comes with fewer casualties for those conducting the strikes. This helps explain why U.S. leaders, including Trump as a self-proclaimed “anti-war president,” typically find it attractive.

    But if the Trump administration is not careful, it could fall into what military strategists informally call the “airpower trap.” This happens when the stated objectives of military force are too big for airpower alone to achieve, potentially leading to a face-saving escalation of conflict that could – if history is a guide – draw in ground forces from the U.S. or their local allies.

    U.S. presidents such as Lyndon Johnson, Bill Clinton and Barack Obama all fell into this trap. In Vietnam, the Balkans and Syria, respectively, all ended up with far bigger wars than they bargained for, with consequences for civilian casualties, international peace and damage to America’s reputation abroad.

    As an expert on U.S. national security policy and the Middle East region, I believe the Trump administration is in danger of falling into the airpower trap in Yemen and could potentially do the same in Iran should it elect to use direct force against Tehran. Recognizing this military and historical risk, and opting for some kind of off ramp from continued airstrikes, might be the best hope the U.S. government has to avoid a further escalation into full-scale war.

    The limits of air bombardment

    Research shows airpower is most effective when it’s used for limited objectives – things like taking out leaders of terrorist groups or degrading rival capabilities – or in support of ground operations for more ambitious ends, like bolstering or overturning governments.

    Given the sophistication of U.S. airpower, a common fallacy among American strategists in particular is to think big strategic gains can be achieved solely by dropping bombs from above.

    But when airpower alone fails, leaders can feel the pressure to expand the scope of conflict and end up with bigger military commitments than expected.

    Johnson’s initial airpower-only strategy for attempting to stop communism in South Vietnam failed miserably, leading to his decision to commit half a million U.S. troops into war. That expanded conflict presaged years of war, with massive humanitarian and political consequences for people in Southeast Asia and America, as well as lasting reputational damage to the U.S.

    Yemenis carry the coffins of civilians killed in U.S. airstrikes while participating in their funeral procession on May 1, 2025, in Sanaa, Yemen.
    Mohammed Hamoud/Getty Images

    Worried about U.S. and NATO credibility, Clinton escalated airstrikes – nearly to the point of introducing ground troops – for the ambitious end of stopping genocide in the Balkans during the early 1990s. Likewise, Obama’s initial airpower-only strategy to “degrade and destroy” the Islamic State group quickly faltered, leading Obama, under intense pressure at home and abroad, to introduce thousands of ground troops to combat the group’s territorial gains across Syria and Iraq.

    In each case, relying on airpower alone ultimately failed to meet their objectives.

    The airpower trap in Yemen

    There are reasons to believe that conditions in Yemen mean that Trump, too, could be falling into a similar trap.

    Trump has adopted an airpower-only strategy to “completely annihilate” the Houthis, a powerful rebel movement that all but won the recent Yemeni civil war. The proximate cause of the air campaign, a policy inaugurated by the Biden administration and expanded dramatically by Trump, is to restore the free flow of shipping in the Red Sea that the Houthis have disrupted by force to protest Israel’s ongoing war in Gaza.

    The early signs are that this air campaign isn’t going well.

    Despite the U.S. burning through finite munitions supplies at a cost of US$1 billion to bomb at least 800 sites since March 15, the Houthis are undeterred and the volume of Red Sea shipping remains as depressed as ever. Houthi attacks on U.S. ships and Israel continue. A Houthi missile narrowly missed Israel’s Ben-Gurion airport on May 4.

    In fact, the direct attacks on the Houthis and the rapidly growing casualty count among Yemeni civilians from the Trump administration’s bombing campaign appear to be strengthening the Houthis’ political position in Yemen. In a particularly shocking case, U.S. bombs reportedly hit an African migrant camp, killing and injuring dozens of people.

    The humanitarian crisis from the brutal bombing campaign by the Saudi-led coalition against the Houthis in the late 2010s had a similar effect.

    Airpower played a big part then, too. The Saudi coalition, supported by the U.S., engaged in some 25,000 air raids against the Houthis, killing or maiming approximately 19,000 civilians. Yet despite such overwhelming force, the Houthis kept seizing territory and eventually won the civil war, according to experts.

    They have been the country’s de facto rulers ever since.

    Now, Trump is exploring options to further escalate to defeat the Houthis. Reports indicate his administration is considering arming, training and enabling anti-Houthi resistance fighters who are loosely affiliated with Yemen’s government in exile to launch ground operations.

    Between diplomacy and quagmire

    Proxies are a common tool U.S. leaders turn to when caught in the airpower trap. Sometimes those proxies fulfill American policy objectives, such as the Kurdish People’s Protection Units, or YPG, which helped the U.S. defeat the Islamic state caliphate in 2019.

    A U.S. Air Force F-5 Skoshi Tiger drops three general purpose bombs on Vietnam on Feb. 28, 1966.
    Photo by Underwood Archives/Getty Images

    Often, U.S. proxies fail on both strategic and humanitarian terms, leading to further escalation, strategic quagmires for the U.S., and loss of life and political sovereignty for the people under attack. South Vietnam was an instructive example.

    Riven by corruption, poor governance, weakness and political infighting, the South Vietnamese army and government proved so ineffective at fighting the North Vietnamese that Johnson decided to launch a ground war once U.S. airpower failed.

    Today, the anti-Houthi resistance in Yemen looks a lot more like the South Vietnamese government than the Kurdish YPG. According to a 2025 report from the Soufan Center, a security think tank, the anti-Houthi forces are poorly trained and considered incapable of pulling off victories over the Houthis without major U.S. support.

    Meanwhile, the anti-Houthi resistance consists of an estimated 85,000 fighters, compared with some 350,000 for the Houthis.

    Absent continuing the air war or escalating it into a more all-encompassing conflict, U.S. officials can still pursue diplomacy in order to try to find a political solution to the Yemen conflict.

    Despite the Trump’s administration public threats, the U.S. is already negotiating with the Houthis’ main sponsor, Iran.

    For their part, the Houthis continue to insist that they will stop attacking ships in the Red Sea if the U.S.-backed Israeli war in Gaza halts, something that happened during the recent Gaza ceasefire.

    The Trump administration might consider seeking alternatives, such as direct or indirect talks, if it wants to avoid getting stuck in a widening conflict in Yemen. History is full of examples of what happens when airpower takes on a logic of its own.

    Charles Walldorf is a Senior Fellow at the think tank Defense Priorities.

    – ref. In Yemen, Trump risks falling into an ‘airpower trap’ that has drawn past US presidents into costly wars – https://theconversation.com/in-yemen-trump-risks-falling-into-an-airpower-trap-that-has-drawn-past-us-presidents-into-costly-wars-255651

    MIL OSI – Global Reports –

  • MIL-OSI USA: Ezell, Carbajal Introduce Bipartisan FEMA Reform Bill

    Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)

    Today, Congressmen Mike Ezell (D-MS-04) and Salud Carbajal (D-CA-24) introduced H.R. 3177, the Keep It In The State (KITS) Act to ensure that projects under the Robert T. Stafford Disaster Relief and Emergency Assistance Act are handled by professionals who are licensed in the states where disaster recovery projects take place. The bill seeks to improve the accuracy, safety, and efficiency of federally funded disaster recovery efforts by requiring that cost estimates, material acquisition, and other project-related activities be carried out by state-licensed professionals.

    “When disaster strikes, our communities rely on FEMA to help rebuild stronger and safer,” Ezell said. “But that only happens when the work is done right. By ensuring FEMA projects are overseen by professionals licensed in our home state, we’re making sure local standards, materials, and practices are respected throughout the process. The KITS Act will help prevent government bureaucrats from states away from overruling local experts. We want to rebuild smarter, not just faster—and that starts with using qualified professionals who understand our terrain, our codes, and our people.”

    “Post-disaster rebuilding should be led by local experts who deeply understand the affected region,” Carbajal said. “This legislation will go a long way toward empowering communities to accelerate their region’s recovery efforts.”

    As a coastal city that understands firsthand the urgency of disaster recovery, we strongly support Congressman Ezell’s Keep it in the State (K.I.T.S.) Act. Ensuring FEMA projects are managed by licensed professionals within the state not only respects local knowledge but also enhances the quality and speed of our recovery efforts. Local experts are more familiar with our building codes, environmental conditions, and infrastructure systems, which leads to better-informed decisions and more resilient outcomes. This legislation is a practical step forward in empowering communities like Gautier to rebuild stronger and smarter after disaster strikes,” Mayor Casey Vaughan, City of Gautier said.

    “As Mayor of Biloxi, we have been impacted by several major hurricanes. Our City works with FEMA everyday. We are grateful for Representative Ezell’s leadership and efforts to streamline the regulatory process and ensure that future rebuilding efforts are under the control of our state and local officials. Requiring state-licensed professionals makes good common sense, and we fully support this legislation,” Mayor Andrew “Fo Fo” Gilich, City of Biloxi said.

    “Here in Pascagoula, we know how important it is to rebuild our community the right way after a disaster. Making sure that rebuilding is done by licensed professionals from our own state means safer homes, stronger infrastructure and a faster return to normal for our families and businesses. I’m grateful for Congressman Ezell’s leadership for pushing forward this effort that will strengthen recovery operations by putting the work in the hands of those who know our state best. It’s a common-sense step that will make a real difference for communities like ours along the coast,” Mayor Jay Willis, City of Pascagoula said.

    “This certainly makes sense for the protection of a City and or County, to secure the services of a professional in determining the extent of storm damage, development of the scope of work necessary to restore to pre-storm conditions or, should an improvement be considered for mitigation and for the development of project plans and specification which would ensure appropriate materials and work methods adhere to specific engineering standards,” D’Iberville City Manager, Bobby Weaver said.

    “The City of Moss Point certainly supports Congressman Ezell’s effort to ensure quality and efficiency in disaster rebuilding. Recognizing the importance of local perspective and expertise can go a long way in speeding up recovery processes,” Moss Point Mayor Billy Knight, Sr. said. “We appreciate the congressman’s focus on disaster-related issues, as South Mississippi sits in a disaster-prone zone.”

    The legislation responds to long-standing concerns from local leaders and industry professionals who have raised issues with out-of-state or unlicensed individuals making critical decisions in the wake of disasters. These decisions often lead to delays, unnecessary costs, or construction that fails to meet state and local requirements.

    Under the KITS Act, FEMA will be required to:

    • Use professionals who are licensed in the relevant state for cost estimating, procurement, and other major project tasks.
    • Prioritize the use of local expertise to improve accountability and ensure compliance with state and local codes.
    • Work more closely with state agencies and stakeholders during disaster response and recovery.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Improvements to Alberta Hospital Edmonton coming soon

    [. The Alberta Recovery Model is focused on ensuring Albertans have access to evidence-based mental health and addiction care to pursue recovery and personal wellness. This approach has included significant capital investments for new infrastructure, to build more capacity and open more beds within the mental health and addiction system.

    To continue development of the Alberta Recovery Model, government is putting forward more than $141 million of capital funding for site improvements and new infrastructure at the Alberta Hospital Edmonton (AHE) campus. AHE has been delivering mental health services for more than 100 years, first opening its doors in 1923. With little capital investment for several decades for AHE, it is time to bring new life to the facilities and expand services delivered.

    “Alberta Hospital Edmonton has provided psychiatric care to Albertans for more than 100 years. Adding new addiction treatment facilities to the campus is a step forward in building mental health and addiction system capacity. This investment will ensure Alberta Hospital Edmonton is helping Albertans pursue recovery for years to come.”

    Dan Williams, Minister of Mental Health and Addiction

    The capital funding will support upgrades for campus infrastructure, unit renovations and demolition of vacated buildings at Alberta Hospital Edmonton. This investment will also support building the Edmonton Recovery Community and the Northern Alberta Compassionate Intervention Centre on the AHE campus. Overall, the capital investment will help maintain important hospital infrastructure for the existing 460 treatment beds and outpatient psychiatric services while also increasing addiction treatment capacity within Edmonton by 225 beds.

    Construction of both the Edmonton Recovery Community and the Northern Alberta Compassionate Intervention Centre is expected to begin in 2026.

    “For many years, the Alberta Hospital Edmonton has played an important role supporting Albertans with complex mental health issues. We are proud to support a modernization project that will not only enhance this facility but also ensure that the most advanced and effective care is available for those in need.”

    Martin Long, Minister of Infrastructure

    “Our commitment to delivering compassionate, evidence-based care goes hand in hand with our responsibility to provide safe, modern environments for both patients and staff. This investment in new infrastructure allows us to better support Albertans on their recovery journey while ensuring Recovery Alberta’s clinicians and teams have the facilities they need to do their vital work safely and effectively.”

    Kerry Bales, CEO, Recovery Alberta

    Edmonton Recovery Community

    A capital investment of $38 million will go towards building the Edmonton Recovery Community, which is expected to be complete by the end of 2027. The 75-bed facility will provide residents with holistic, long-term addiction treatment for up to one year.

    Recovery communities focus on mental health and well-being, individual and group therapy, development of healthy habits and social skills, employment training and other supports that put residents on a pathway to success. The goal is for every participant to leave the program not only drug free, but as healthy members of society with strong connections to the community.

    Northern Alberta Compassionate Intervention Centre

    More than $90 million in capital funding will go towards building the Northern Alberta Compassionate Intervention Centre, which is expected to be completed in 2029. This new 150-bed centre will provide patients with access to a full spectrum of mental health and addiction supports to address their complex health needs. The centre will include spaces for intake assessments, medically supported detox, counselling, individual and group therapy and more for those receiving care under the proposed Compassionate Intervention Act.

    As part of the public health care system in Alberta, the Northern Alberta Compassionate Intervention Centre will be operated by Recovery Alberta and provide intensive treatment to patients under a secure compassionate intervention care plan. The goal is to provide stabilization, assessment and treatment so Albertans can successfully transition to community supports, such as a recovery community or psychiatric treatment, to continue their recovery journey.

    Alberta Hospital Edmonton revitalization

    More than $13 million in capital maintenance and renewal funding will go towards updating the AHE campus infrastructure, including various mechanical upgrades, water main repairs, boiler repairs, roof replacements and unit renovations (building 8). Two vacant buildings, building 1 and building 11, will be demolished along with the water tower. Planning for the demolition of three more vacant buildings (buildings 2, 5 and 7) is also underway.

    Since 1923, AHE has played an important role in caring for those with complex mental health needs. Today, the hospital continues to provide both inpatient and outpatient psychiatric care to Albertans. This includes 460 treatment beds for forensic psychiatric care, adult psychiatric care and the Protection of Children Abusing Drugs program. Treatment beds for youth under mandatory treatment orders will eventually move to the Northern Alberta Youth Recovery Centre upon completion, which will create more treatment space for adult care at AHE.

    Patient care at AHE will not be impacted by the construction of the new buildings or the demolition of the vacant buildings.

    Key Facts

    • Alberta Hospital Edmonton opened in 1923 following the First World War, and was primarily focused on treating veterans with what is now known as post-traumatic stress disorder.
    • AHE has a strong history of mental health care with a focus on recovery-oriented care and addressing substance use challenges.
    • In the 1970s and 80s, Alberta Hospital Edmonton was the province’s largest psychiatric treatment facility with about 650 treatment beds.
    • Building 1 was the first dormitory on the hospital campus and contained the Highwood School until closing in 2006; building 11 was known as the Cottonwood building.

    Related information

    • Compassionate Intervention
    • Recovery Communities
    • Alberta Recovery Model

    Related news

    • Delivering on compassionate intervention (April 15, 2025)
    • Laying the foundation for compassionate intervention (Feb. 24, 2025)
    • Province more than doubling youth treatment beds (Nov. 26, 2024)
    • Alberta opens another world-class recovery community (Aug. 15, 2024)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: Reconciliation Recommendations of the House Committee on Armed Services

    Source: US Congressional Budget Office

    Legislation Summary

    H. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2025, instructed the House Committee on Armed Services to recommend legislative changes that would increase deficits up to a specified amount over the 2025-2034 period. As part of the reconciliation process, the House Committee on Armed Services approved legislation on April 29, 2025, that would increase deficits.

    Estimated Federal Cost

    In CBO’s estimation, the reconciliation recommendations of the House Committee on Armed Services would increase deficits by $144.0 billion over the 2025-2034 period. The estimated budgetary effects of the legislation are shown in Table 1. The costs of the legislation fall within budget functions 050 (national defense) and 700 (veterans benefits and services).

    Table 1.

    Estimated Budgetary Effects of Reconciliation Recommendations Title ll, House Committee on Armed Services, as Ordered Reported on April 29, 2025
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2025-2029

    2025-2034
     

    Increases or Decreases (-) in Direct Spending

    		    

    Budget Authority

    150,273

    125

    -2,290

    -708

    180

    0

    0

    0

    0

    0

    147,580

    147,580

    Estimated Outlays

    1,957

    40,299

    42,019

    23,548

    16,779

    9,367

    4,878

    2,889

    1,514

    742

    124,602

    143,992

    Basis of Estimate

    For this estimate, CBO assumes that the legislation will be enacted in summer 2025. CBO’s estimates are relative to its January 2025 baseline and cover the period from 2025 through 2034. Outlays of appropriated amounts were estimated using historical obligation and spending rates for similar programs.

    Direct Spending

    Enacting this legislation would increase direct spending by $144.0 billion over the 2025‑2034 period. (see Table 2). Almost all of that amount would result from specified direct appropriations for defense activities ($142.8 billion in outlays), with additional estimated amounts related to changes to military housing privatization authorities 
    ($1.2 billion in outlays).

    Appropriated Amounts

    The legislation would appropriate $150.3 billion for 2025. Of that amount, almost all would be for the Department of Defense (DoD), with the remainder for nuclear weapons activities of the Department of Energy ($3.2 billion) and the Armed Forces Retirement Home ($6 million). CBO expects that amounts appropriated by this legislation would be subject to sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985. CBO estimates that a portion of any unobligated balances from those appropriations would be canceled in 2027, 2028, and 2029, which would reduce the budget authority provided by this legislation. After adjusting for the effects of sequestration, CBO estimates that, on net, specified budget authority would total about $146.3 billion and outlays from that budget authority would total $142.8 billion over the 2025-2034 period. The following sections would appropriate specific amounts for the following purposes:

    • Section 20002 would appropriate $33.8 billion for shipbuilding programs, increasing outlays by $31.8 billion;
    • Section 20003 would appropriate $24.7 billion for air and missile defense activities, increasing outlays by $23.5 billion;
    • Section 20004 would provide $20.7 billion for the acquisition of munitions and sustainment of the defense industrial base, increasing outlays by $19.5 billion;
    • Section 20005 would appropriate $13.5 billion to expedite the delivery of low-cost weapons and capabilities, increasing outlays by $13.0 billion;
    • Section 20006 would appropriate $0.4 billion to improve the audit readiness of DoD’s financial statements and for cybersecurity programs, increasing outlays by $0.4 billion;
    • Section 20007 would provide $7.3 billion for air superiority programs, increasing outlays by $6.8 billion;
    • Section 20008 would provide $12.9 billion for improvements to nuclear forces (of which $3.2 billion would be for the Department of Energy), increasing outlays by $12.6 billion;
    • Section 20009 would appropriate $11.1 billion to improve the capabilities of the U.S. Indo-Pacific Command, increasing outlays by $10.5 billion;
    • Section 20010 would appropriate $11.5 billion to improve military readiness, increasing outlays by $10.9 billion;
    • Section 20011 would appropriate $5.0 billion for border security activities, increasing outlays by $4.9 billion;
    • Section 20012 would appropriate $2.0 billion for military intelligence programs, increasing outlays by $1.9 billion;
    • Section 20013 would appropriate $10 million for oversight activities by the DoD Inspector General, increasing outlays by $9 million; and
    • Section 20001 would increase budget authority by $8.5 billion. Of that amount, $7.3 billion would be specifically appropriated for efforts to improve the quality of life for members of the armed forces, increasing outlays by $6.9 billion.[1] The remaining budget authority and outlays in section 20001 would arise from changes to housing privatization authorities, described in the next section.

    Estimated Amounts

    Section 20001 would modify authorities related to the privatization of military housing that CBO estimates would increase direct spending by $1.2 billion over the 2025-2034 period.

    To finance housing privatization projects, DoD typically enters into long-term contracts with private-sector developers to renovate, construct, operate, and maintain military housing. Those developers leverage DoD contributions, along with expected future Basic Allowance for Housing (BAH) payments for military personnel, to borrow additional capital to complete the projects.

    CBO considers acquiring housing for military personnel in that manner to be a governmental activity, and that amounts expended by such public-private ventures should be recorded in the federal budget as outlays at the time they occur. When proposed legislation would affect transactions involving third-party financing of governmental activities, CBO’s cost estimate for the legislation shows budget authority for the full cost of the project at the time the project is initiated. Outlays are shown over the construction period for each project. In cost estimates, CBO classifies those cash flows as direct spending.

    Subsection 20001(b) would increase, through 2029, the limit on the amount of funding that DoD can contribute to privatization projects. Measured by the total capital costs of a project, the section would raise DoD’s authorized contribution threshold from 33.3 percent to 60 percent. CBO expects that providing additional funding would facilitate DoD privatization projects that are not financially viable under current law.

    CBO estimates that extra funding would allow DoD to initiate one additional privatized housing project by 2029. Based on the cost of previous projects, CBO estimates that the new project would cost $500 million. To account for the uncertainty regarding the timing of that project, CBO evenly distributed the estimated budget authority over the 2026‑2029 period. Thus, after accounting for the time needed to complete the construction of the project, CBO estimates that increasing the funding limit would increase direct spending by $450 million over the 2025-2034 period.

    Subsection 20001(c) would authorize DoD to pay higher rates of BAH through 2029 to unaccompanied service members living in military housing (such as barracks) provided under the Military Housing Privatization Initiative. CBO expects that the increased payments would facilitate DoD privatization projects that are not financially viable under the current amounts for that allowance.

    CBO estimates that in each year from 2027 through 2029, DoD would initiate one project for unaccompanied housing as a result of the higher rates. Based on the cost of previous projects and adjusting for inflation, CBO estimates that, on average, projects would cost $270 million each. Accounting for the time necessary to complete each project, CBO estimates that enacting the higher BAH would increase direct spending by $780 million over the 2025‑2034 period.

    Uncertainty

    Unobligated balances of appropriations provided by this legislation would be subject to sequestration procedures. The amount sequestered would depend on how quickly the agencies can obligate the provided amounts. If obligation rates differ from CBO’s estimates, the amount of balances canceled through sequestration could be greater or less than estimated here.

    In addition, the cost and number of the military housing privatization projects arising from the temporary authorities in section 20001 could differ from CBO’s estimates.

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 1.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting the legislation would not increase net direct spending or on‑budget deficits in any of the four consecutive 10-year periods beginning in 2035.

    Mandates

    The legislation contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Mandates: Brandon Lever

    Estimate Reviewed By

    David Newman
    Chief, Defense, International Affairs, and Veterans’ Affairs Cost Estimates Unit

    Kathleen FitzGerald
    Chief, Public and Private Mandates Unit

    Christina Hawley Anthony
    Deputy Director of Budget Analysis

    H. Samuel Papenfuss
    Deputy Director of Budget Analysis

    Chad Chirico 
    Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    [Table 2 begins on the next page.]

    Estimated Changes in Direct Spending Under Reconciliation Recommendations
    Title ll, House Committee on Armed Services, as Ordered Reported on April 29, 2025

    (Continued)

     

    By Fiscal Year, Millions of Dollars

         

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2025-2029

    2025-2034

     

    Increases or Decreases (-) in Direct Spending

       

    Sec. 20011, Border Security

                         

    Budget Authority

    5,000

    0

    -21

    -12

    -4

    0

    0

    0

    0

    0

    4,963

    4,963

    Estimated Outlays

    151

    3,569

    958

    113

    41

    19

    10

    0

    0

    0

    4,832

    4,861

    Sec. 20012, Intelligence Programs

                         

    Budget Authority

    2,000

    0

    -13

    -8

    -3

    0

    0

    0

    0

    0

    1,976

    1,976

    Estimated Outlays

    42

    1,006

    573

    178

    81

    32

    14

    4

    2

    0

    1,880

    1,932

    Sec. 20013, Inspector General

                         

    Budget Authority

    10

    0

    -1

    0

    0

    0

    0

    0

    0

    0

    9

    9

    Estimated Outlays

    0

    2

    1

    3

    3

    0

    0

    0

    0

    0

    9

    9

    Sec. 20001, Quality of Lifea

                           

    Budget Authority

    7,315

    125

    243

    381

    400

    0

    0

    0

    0

    0

    8,464

    8,464

    Estimated Outlays

    463

    4,218

    2,010

    257

    308

    350

    275

    164

    70

    30

    7,256

    8,145

    Total Changes

                         

    Budget Authority

    150,273

    125

    -2,290

    -708

    180

    0

    0

    0

    0

    0

    147,580

    147,580

    Estimated Outlays

    1,957

    40,299

    42,019

    23,548

    16,779

    9,367

    4,878

    2,889

    1,514

    742

    124,602

    143,992

    Memorandums:

                           

    Military Housing Privatizationa

                         

    Estimated Budget Authority

    0

    125

    395

    395

    405

    0

    0

    0

    0

    0

    1,320

    1,320

    Estimated Outlays

    0

    0

    30

    130

    240

    310

    260

    160

    70

    30

    400

    1,230

    Sequestrationb

                           

    Estimated Budget Authority

    0

    0

    -2,685

    -1,103

    -225

    0

    0

    0

    0

    0

    -4,013

    -4,013

    Estimated Outlays

    0

    0

    -2,685

    -1,103

    -225

    0

    0

    0

    0

    0

    -4,013

    -4,013

    a.In addition to the amounts specifically appropriated, section 20001 would modify military housing privatization authorities, which CBO estimates would increase direct spending by $1.2 billion over the 2025-2034 period. Those amounts are included in the $8.5 billion in budget authority and $8.1 billion in outlays for section 20001. The amounts shown here are included in the estimate for section 20001.

    b.In total, this legislation would specifically appropriate $150.3 billion. Unobligated balances from those amounts would be subject to sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985. CBO estimates that a portion of any unobligated balances from those appropriations would be canceled in 2027, 2028, and 2029, which could reduce the budget authority provided in this legislation. The estimated reductions in budget authority and outlays from the sequestration of unobligated balances are included in each section for which CBO estimates there would be unobligated balances and in the Total Changes above.

    MIL OSI USA News –

  • MIL-OSI USA: Hawley Op-Ed: FDA Commissioner Can’t Ignore Damning New Data on Dangers of Mifepristone

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)
    Today, U.S Senator Josh Hawley (R-Mo.) published an opinion piece outlining why Food and Drug Administration (FDA) Commissioner Marty Makary must reinstate safety regulations surrounding the chemical abortion drug mifepristone. The op-ed comes after a bombshell report revealed the dangers of mifepristone, including that 1 in 10 women who take the pill suffer an “adverse health event,” including sepsis, hemorrhaging or an emergency room visit. 
    Read the full op-ed here or below. 
    FDA Commissioner Can’t Ignore Damning New Data On The Dangers Of Mifepristone
    U.S. Senator Josh Hawley (R-Mo.) | May 5, 2025
    U.S. Food and Drug Administration (FDA) Commissioner Marty Makary recently told a D.C. confab that he has “no plans to take action” on mifepristone, the chemical abortion drug responsible for more than 70 percent of abortions in the United States. 
    That’s a decidedly different answer than the one he gave me under oath. During his confirmation hearing, Dr. Makary pledged “to review the totality of data” with respect to mifepristone. He also said that if “the data suggests something or tells us that there’s a real signal, we can’t promise we’re not going to act on that data.”
    Well, the new data is here. And it’s sending a signal that can’t be missed: Mifepristone is not safe. 
    Last Monday, the Ethics and Public Policy Center published a massive, in-depth report examining more than 865,000 cases of prescribed mifepristone abortions between 2017 and 2023. The data comes from insurance claims records and constitutes the largest study on mifepristone ever undertaken. 
    The results? Nearly 11 percent of women who use the drug to induce an abortion suffer an “adverse health event” — as in a major, potentially life-threatening medical disaster. We’re talking about things like sepsis, infection, and hemorrhaging, the kind of things that land you in an ER. The kind of things that could lead to death. And the data reveals this happens to more than 1 in 10 women taking mifepristone. 
    Those are astounding, jaw-dropping numbers, and they have been largely hidden from the public. The rate of serious health events revealed by the EPPC study is some 22 times greater than the numbers reported on the FDA-approved drug label. The FDA’s official numbers, by the way, rely on clinical trials more than four decades old.  All of which means this: It’s time for the Trump administration to put back in place the safety regulations on mifepristone without delay. 
    The federal government once acknowledged the serious risks of this dangerous drug. When mifepristone was first approved, the government imposed a host of safety measures. Those included prescription by physician only, a requirement that physicians dispense the drug, mandatory follow-up physician visits, reporting of adverse events, and even a “black box” warning alerting women to the drug’s many dangers. And all this was done by the Clinton administration. 
    But soon Democrats, joined by Big Pharma, launched a campaign to roll back the safeguards. President Obama reduced the number of required in-person visits and removed the physician-prescription requirement. Then, in an attempt to mask the drug’s true risks, his administration ended the mandatory adverse-event reporting, meaning doctors no longer had to admit when the drug sent their patients to the hospital.
    When Joe Biden came to office, the abortion lobby kicked into high gear. The Biden administration eliminated in-person checkups entirely and even did away with the long-standing mandate that physicians dispense the drug in person. Why make these changes? Simple. So mifepristone could be sent through the mail.  Now a nationwide network of leftist “health groups” prescribes the drug via video chat, and liberal activists mail it — often free of charge — into every state in the nation, including those states that restrict abortion. As a consequence, there are more abortions now than when Roe was still law: about 1,038,090 abortions in 2024 alone. Abortion activists bragthat by eliminating mifepristone safeguards, they have “revolutionized abortion access in the U.S.” in a manner pro-lifers “will likely not be able to stop.”
    Except we can stop this abortion-on-demand bonanza. At the very least, the Trump administration can, and should, reinstate the full complement of mifepristone safety regulations immediately. Only doctors should be able to prescribe the drug, and only after a real-life, in-person visit. Only doctors should be able to dispense and administer it, and only in a clinical setting. And there should be mandatory safety checkups afterward. For its part, Congress should make all of these rules permanent by writing them into law. 
    The new data speaks for itself: Mifepristone is a remarkably dangerous drug that threatens the lives of both baby and mother. Those who have pretended otherwise have lied to us. Now is the time to set the record straight and protect the lives of millions of Americans. 

    MIL OSI USA News –

  • MIL-OSI Security: Shooter Who Injured Stranger on a Metro Bus in March 2025 Pleads Guilty

    Source: Office of United States Attorneys

    WASHINGTON – Javarry Peaks, 19, of the District, pleaded guilty Friday May 2nd, to the March 2025 shooting of a stranger while inside of a Washington Metropolitan Area Transit Authority bus that was traveling along the V2 route, announced U.S. Attorney Edward R. Martin Jr. and Chief Michael Anzallo of the Metro Transit Police Department.

    Peaks pleaded guilty in the Superior Court to aggravated assault while armed and possession of a firearm during a crime of violence. Sentencing is scheduled for July 3, 2025, before the Honorable Rainey Brandt. Peaks faces a mandatory minimum of five years in prison.

    According to the government’s evidence, on March 8, 2025, Peaks and the victim both boarded a WMATA bus at the Anacostia metro station at approximately 9:30 p.m. Multiple other, unidentified people were also on the bus at the time. While the bus was driving along the V2 route, the victim began talking to Peaks while they were seated across from each other. When the defendant stood up to walk, the victim momentarily blocked him from proceeding. After a few seconds, the victim walked toward the front of the bus where the defendant was standing. Peaks and the victim then continued to move around the bus for the next several minutes.  At 9:45 p.m., the victim attempted to push the defendant off the bus, at which point the defendant briefly exited the bus before boarding again and walking past the victim toward the back of the bus. Within approximately a minute, at 9:46 p.m., while the defendant was standing at the front of the bus near the bus operator, and the victim was behind him in the middle of the bus, the defendant asked the bus operator if he could get off. As soon as the bus operator opened the doors, the defendant reached into his left jacket pocket, spun around, and shot the victim, who was approximately two feet away, one time in the chest. The defendant then ran off the bus and away from the area.

    Peaks was arrested March 25, 2025, and has been in custody ever since.

    This case was investigated by the Metro Transit Police Department and is being prosecuted by Assistant U.S. Attorney Matthew Goldstein.

    MIL Security OSI –