Daily Business Report: Sept. 15, 2023
California lawmakers failed to fix
the insurance market. So what comes next?
By Alexei Koseff | CalMatters
As a string of last-minute deals surfaced this week before Thursday night’s end of the legislative session, one highly anticipated proposal was not among them — a plan to keep insurance companies in California even as the financial risk from wildfires grows.
A key deadline passed Monday night without a bill, dooming the effort for the year, despite involvement from legislative leaders, Insurance Commissioner Ricardo Lara and Gov. Gavin Newsom. Negotiators struggled to find a balance between loosening regulations on an insurance system that has been pushed to the brink and maintaining protections for homeowners who could face much higher premiums to stabilize the industry, a politically fraught prospect.
The Legislature won’t return to Sacramento until January, leaving the issue unresolved for
another fire season, though there will be hearings and potentially regulatory changes in the months ahead that could reframe the conversation.
“That’s the progress we’ve made here,” said Michael Soller, a spokesperson for Lara’s Department of Insurance. Fixing the home insurance market is now a priority across state government, he said, and there is urgency to get something done
Photo: An aerial view of fire damage to a neighborhood in Laguna Niguel on June 1, 2022. (Photo by Mike Blake, CalMatters)
Founding director of the California Innocence
Project joins USD School of Law
Justin Brooks, the founding director of the California Innocence Project from 1999-2023, started the fall semester as a new professor of practice at the University of San Diego School of Law and will concentrate his work on improving the justice system in Latin America through advanced legal education and hands-on advocacy training.
Through Brooks’ guidance, law professors and students will get the tools and legal expertise they need to make an impact in their communities through the judicial system.
As the founding director of the California Innocence Project, Brooks helped to free 40 wrongfully convicted people from prison in the United States and expanded his reach to Latin America, assisting in the launching of 38 innocence projects that have exonerated more than 30 people.
At USD, Brooks will serve as the academic director of a new online master’s program in Comparative Law taught in Spanish.
Ivan Andujar appointed to Division 4 seat
on Padre Dam Municipal Water District board
Padre Dam Municipal Water District’s Board of Directors has appointed Ivan Andujar to fill the board vacancy in Division 4 as the result of the recent passing of August Caires.
Andujar was sworn into office and officially seated on the Board of Directors immediately following the board appointment at the Sept. 6, 2023 board meeting. Andujar will serve for the remainder of the current team which expires in December 2024.
Andujar prides himself as being an active community member within the area he lives – East County.
He currently serves as the chief operations officer for the East County Transitional Living Center and also is the chairman of the Alpine/Mountain Empire Chamber of Commerce.
Andujar is a member of the El Cajon Rotary Club, Lakeside Kiwanis, San Diego Leadership Foundation and Community Emergency Response Team.
County supervisors restart search for chief administrative officer
By Debbie L. Sklar
The San Diego County Board of Supervisors has restarted the search for a new chief administrative officer to succeed the outgoing Helen Robbins-Meyer, a county attorney announced Wednesday.
Inga Lintvedt, chief deputy county counsel, said that supervisors met in closed session for roughly 50 minutes Tuesday, and voted “unanimously to commence a new search for the impending CAO vacancy.”
Supervisors voted 4-0 in April in favor of keeping Robbins-Meyer as interim chief administrative officer for a limited time. After 12 years in the position, she was expected to leave in late March after announcing her retirement in October 2022.
Board Chairwoman Nora Vargas made a formal request in an official letter, which stated that Robbins-Meyer would serve as interim CAO “for a limited duration and certify that her appointment is necessary to fill a critically needed position before 180 days have passed since her retirement date.”
Four local UBS financial advisors named to Forbes
Top Next-Gen Wealth Advisors Best-in-State list
Four UBS financial advisors in San Diego County have been named to the Forbes Top Next-Gen Wealth Advisors Best-in-State list for 2023. The list honors advisors all born in 1984 or later who are considered by Forbes to be excelling in the industry. They are among a group of eight UBS financial advisors in the Southern California Pacific Desert Market who were named to the Best-in-State list.
The four are Kalyn Maher Walker and Benjamin Nussbaum, both of Carmel Valley; Bryan Thompson, Downtown San Diego; and Stephen LaFata, La Jolla, LA Private Wealth market.
Jeremy Cohen joins Solomon Ward as senior counsel
Corporate law attorney Jeremy W. Cohen has joined the law firm of Solomon Ward Seidenwurm & Smith LLP as senior counsel. A seasoned corporate attorney with more than 15 years of experience, Cohen assists entrepreneurs and businesses in all phases of their life cycle. He provides expertise in a wide array of business challenges, including entity formation, contract negotiations, intellectual property protection, financing strategies and corporate exits.
Prior to joining Solomon Ward, Cohen was a corporate attorney at Gesmer Updegrove LLP in Boston.
During his time on the East Coast, Cohen served as a lecturer at the Boston Entrepreneurs Network (ENET), where he presented on topics such as equity incentive plans, convertible debt instruments, open-source software and preparations for corporate sales.
Lisa Crowley joins Gordon Rees Scully Mansukhani law firm
Lisa R. Crowley has joined the Gordon Rees Scully Mansukhani law firm as a partner in the firm’s San Diego office. She will practice in the Employment Law practice group.
Crowley’s practice focuses on defending companies and individuals in employment litigation, including discrimination, harassment, retaliation, wrongful termination, and wage and hour violation claims.
She has years of in-house experience where she provided legal counsel to a financial services corporation, an internet start-up, and an importer and distributor of highly regulated chemicals. In these positions, she managed litigation, handled regulatory and employment matters, and developed a reputation for providing practical, strategic advice designed to drive business objectives. She was also responsible for legal budgets, cost containment, and resource allocation.
Snapdragon Stadium gets a cellular upgrade
MatSing, the pioneer and innovator of high-capacity lens antennas, announced an upgrade of the existing mobile network at Snapdragon Stadium at San Diego State University’s campus in Mission Valley. The 35,000 capacity stadium, home to several teams including SDSU Aztecs, San Diego Wave FC of the National Women’s Soccer League (NWSL), and San Diego Legion of the Major League Rugby (MLR), also hosts a packed year-round schedule of music events and performances.
Wrike announces Collaborate 2023
Wrike, the most powerful work management platform, announced Collaborate 2023, the conference for modern work efficiency, which will take place virtually from Nov. 8-9, 2023. This year, Wrike executives will take the stage with customer speakers to discuss how new technologies are enabling more efficient processes for faster results delivery. Collaborate 2023 will offer valuable insight into the future of work with three unique sections, including keynotes, breakout sessions, and hands-on training.
GoodRx and MedImpact announce new prescription program
GoodRx, a leading resource for health care savings and information, and MedImpact,
the independent pharmacy benefit manager (PBM) and health solutions company, announced a new savings solution designed to integrate GoodRx’s prescription pricing in a seamless experience at the pharmacy counter. Now, when an eligible MedImpact member fills a prescription for a generic medication, it will automatically compare their benefit and the GoodRx price and then deliver the lowest one. The amount paid will be applied to the member’s deductible.
Cubic’s Umo platform modernizes fare payment
Cubic Transportation Systems a leader in transportation technology solutions, is proud to work with Sault Ste. Marie Transit in successfully launching Umo in Ontario, Canada. This joint effort brings a new era of fare payment convenience and efficiency to Sault Ste. Marie, enhancing the daily commute for transit riders. The Umo platform is designed to enhance the way riders experience and pay for public transportation, making it easier, more convenient and more enjoyable.
Calidi Biotherapeutics debuts as publicly traded company
Calidi Biotherapeutics Inc., a clinical-stage biotechnology company developing a new generation of targeted immunotherapies, announced the completion of its business combination with First Light Acquisition Group (FLAG), a special purpose acquisition company. The common stock and warrants of Calidi are expected to commence trading on the New York Stock Exchange American under the ticker symbols “CLDI” and “CLDI WS,” respectively, on Sept. 13, 2023.
Tom Rose becomes new Del Taco brand president
Jack in the Box Inc. announced that Tom Rose will assume the role of Del Taco Brand president, effective immediately. He replaces Chad Gretzema, who has stepped down from the role to pursue a new opportunity. Rose is a 30-plus-year veteran in the restaurant business with a proven track record in various corporate and franchise leadership roles. Most recently, he consulted Jack in the Box on the recent initiative to improve the company-owned Kansas City market.
AXIM Biotechnologies develops new diagnostic test for Parkinson’s Disease
AXIM Biotechnologies Inc., an international health care diagnostic solutions development company, announced that it has successfully developed the world’s first rapid, point-of-care, non-invasive diagnostic assay for the detection of abnormal alpha-synuclein, a known biomarker for Parkinson’s Disease. A new study released in April of 2023 by the Michael J. Fox Foundation shows that the presence of abnormal alpha-synuclein was detected in an astonishing 93 percent of people with Parkinson’s who participated in the study.
Turtle Beachh provides Recon Controllers for Gamers Outreach
Best-selling gaming headset and leading gaming accessory maker Turtle Beach Corporation announced it is once again working with Gamers Outreach, a charity that empowers hospitalized children through video games. In this latest venture, Turtle Beach has provided hundreds of the brand’s esteemed Recon Controller for Gamers Outreach’s GO Karts program, which creates portable video game kiosks specifically designed for hospitals. The GO Karts are beneficial for patients, doctors, nurses, and child life specialists.
EA Elektro-Automatik announces battery test system
EA Elektro-Automatik, a leading manufacturer of DC programmable power supplies, bidirectional power supplies and regenerative electronic loads, announced a compact, automated battery cycler and test system that will enable manufacturers to better test EV batteries as the industry evolves to higher power battery technologies. The 10300 Series ATE system offers industry-leading power density: 300 kW in a single 42U-high rack that consumes only 6.5 square feet of production-floor space, one-third the space of the leading brand.
Actio Biosciences announces $55 million Series A financing
Actio Biosciences, a biotechnology company leveraging a novel platform approach to genetics and precision medicine to develop new therapeutics that target shared underlying biology in both rare and common diseases, announced the completion of a $55 million Series A financing. The financing was led by Canaan and DROIA Ventures, with participation from existing investors Deerfield Management and EcoR1, as well as new investor Euclidean Capital.
