Daily Business Report: January 25, 2024
350,000 Californians are now on the FAIR Plan,
the last resort for fire insurance. Now what?
By Levi Sumagaysay | CalMatters
The fire-insurance premium for Bill King’s home has risen 145 percent since 2017 — from $399 to $979 — under the California FAIR Plan, the state’s last option for homeowners seeking fire insurance.
Add that to the increase in his auto-insurance premium, and King, who lives in Running Springs in the San Bernardino Mountains, is worried.
“What do I do?” asked King, a retiree who will turn 70 years old this summer. “Do I move out of California? At some point I’m going to have to look at things… Will I be able to face future increases depending on how long I’ll live?”
A former Orange County employee, he said he’s having a tough time wrapping his head around the situation: “It’s hard when you’ve planned your retirement and your insurance company comes along and threatens your economic well-being.”
King’s story is similar to that of other property owners who have turned to the FAIR Plan as many insurers have stopped issuing fire insurance in the state, citing climate risks and inflation. As the FAIR Plan has exploded in size — from 126,709 policies in 2018 to more than 350,000 today — homeowners and insurance brokers say they are now facing problems such as delays in mortgage closings, or homeowners losing their coverage.
Photo: Bill King stands outside his home in Arrowbear Lake, a community near Running Springs, on Jan. 15, 2024. (Photo by Julie A. Hotz for CalMatters)
__________________________________________
Lufthansa Group selects Viasat for in-flight connectivity upgrades
Carlsbad-based Viasat Inc., a leader in global communications, announced that Lufthansa Group has selected Viasat to equip more than 150 additional aircraft across its Lufthansa, SWISS, and Austrian Airlines fleets — with the European Aviation Network (EAN) in-flight connectivity (IFC) solution.
EAN combines S-band satellite coverage provided by Viasat with a complementary ground component network operated by long-standing Viasat and Lufthansa Group partner, Deutsche Telekom, delivering a service that supports streaming and other high bandwidth requirements.
This announcement continues a successful, enduring partnership between the companies. Inmarsat, which was recently acquired by Viasat, has provided its Ka-band IFC service to Lufthansa Group since 2015. This connectivity solution is already onboard 240 Lufthansa Group narrow-body aircraft.
__________________________________________
Illumina expands collaboration with Janssen
to advance molecular residual disease cancer test
Illumina Inc., a global leader in DNA sequencing and array-based technologies, announced it has signed an agreement with Janssen Research & Development LLC. This collaboration will be the first relating to the development of Illumina’s novel molecular residual disease (MRD) assay, a whole-genome sequencing multi-cancer research solution that detects circulating tumor DNA to better understand the persistence or recurrence of disease following clinical intervention.
In oncology, MRD testing is increasingly being used as a prognostic indicator of disease recurrence after treatment by helping clinicians assess the effectiveness of a patient’s current course of clinical intervention and guide their decisions about precision therapy.
__________________________________________
Northrop Grumman’s mobile ground-based solution to
get any data, any time, for any Navy, Marine Corps mission
Northrop Grumman Corporation continues to pioneer the latest mobile ground station technology for the frontline with its recently awarded Maritime Targeting Cell – Expeditionary (MTC-X) contract. This program supports the Department of Defense’s strategy for its Joint All-Domain Command and Control (JADC2) mission to conduct multi-domain operations by providing critical data to the frontline.
The MTC-X mobile prototype system will:
- Deliver multi-domain data for forward-deployed units and individual warfighters far from established bases.
- Fully integrate data from multiple assets into a single mobile system.
- Reduce sensor-to-shooter timelines and maximize the effectiveness of long-range precision fires; and
- Allow for rapid assembly for quick and agile maneuverability with ground forces.
__________________________________________
Mission Hills bank hosting blood drive amid shortage
The community is encouraged to give blood todau at the American Red Cross’s bloodmobile which will be parked outside of the Mission Hills/Hillcrest U.S. Bank at 610 W. Washington St. from 9 a.m. to 3:30 p.m. The blood drive comes amid “critically low levels” of the blood supply across the country, with a 20 year low of donors turning out to give blood. The American Red Cross accounts for 40 percent of the country’s blood donation supply, using it to fill critical needs of patients suffering from cancer, chronic illnesses, injuries and more.
Petco and Nationwide launch co-branded pet insurance product
Leading pet insurer Nationwide and Petco Health and Wellness Company Inc. are delivering on their shared commitment to provide affordable and integrated pet health, wellness and protection solutions with the introduction of a new customizable pet health insurance offering available now on petco.com. Petco|Nationwide pet insurance leverages Nationwide’s customizable pet health insurance product.
Sweetwater Investment Management adds new talent
Sweetwater Investment Management, a private equity secondaries specialist, announced leadership promotions and new hires following a record-setting capital raise of $505 million in total commitments to Sweetwater Private Equity III L.P. The following individuals were promoted effective at year-end 2023: Matthew Kelsay, partner; Hahn Lin, partner; Matthew Harris, controller; Amber Andrews, senior analyist.
Cymbiotika expands presence with The Vitamin Shoppe partnership
Cymbiotika, a trailblazing wellness brand that offers premium nutritional supplements, is excited to announce its partnership with The Vitamin Shoppe, the leading destination for health and wellness solutions. As a result of this collaboration, Cymbiotika products will now be available in The Vitamin Shoppe stores across the United States.
Cetera completes minority investment in Wilde Wealth Management
Cetera Financial Group announced that it has completed a strategic, minority investment in Wilde Wealth Management, an independent wealth management firm that is one of the largest businesses within the Cetera Advisors community. Based in Scottsdale, Ariz., Wilde Wealth manages more than $2.8 billion in assets under administration (AUA) for clients .
Claudette Zepeda is candidate for 56th annual Prix Culinaire
Champagne Taittinger announced Claudette Zepeda, award-winning, San Diego-based chef, as the United States candidate for the 56th annual Prix Culinaire. Having made history last year as the first chef to represent North America in the competition, Zepeda returns with an ambition to claim the grand prize amidst her final performance on this prestigious international stage.
Crowley accepts delivery of eWolf, first fully electric tugboat in U.S.
Crowley has accepted delivery of eWolf, the first all-electric, ship assist harbor tugboat in the U.S., a milestone advancing the company’s commitment to sustainability and decarbonization. After transport and final demonstration trials, the 82-foot harbor tug will operate at the Port of San Diego upon completion of Crowley’s microgrid shoreside charging station. Harbor operations are expected to begin in spring 2024.
Actio Biosciences appoints Samuel Collins as chief medical officer
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 that Samuel Collins has joined the company as chief medical officer to oversee all aspects of clinical development, as well as medical and regulatory affairs, for the company’s pipeline of precision medicines.
Endeavor BioMedicines completes phase 2a trial
Endeavor BioMedicines, a clinical-stage biotechnology company, announced successful completion of its Phase 2a clinical trial evaluating the company’s lead investigational compound, ENV-101, in patients with idiopathic pulmonary fibrosis (IPF). ENV-101 is an oral small molecule inhibitor of the Hedgehog (Hh) signaling pathway that offers a novel approach to treating the underlying pathologic mechanisms that cause fibrotic lung diseases.
Axos Bank named a Top Bank in checking accounts
Axos Financial Inc., parent of Axos Bank, announced that leading personal finance website GOBankingRates.com named Axos Bank as a Top Bank in America for “Best Checking Accounts.” This is the seventh time since 2015 that Axos Bank has been feaured on the GOBankingRates list of the best banks. Axos Financial Inc., with $20.8 billion in consolidated assets as of Sept. 30, 2023, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest Inc.
Kontron in collaboration with Truminds Software Systems and Napatech
Kontron, a leading global provider of IoT/Embedded Computer Technology (ECT), announced a collaboration with Truminds Software Systems and Napatech to optimize energy-efficient private wireless networks using Kontron edge servers and Truminds’ TruCore (5G Core Network Technology Solution) optimized for Napatech’s SmartNIC for User Plane Function (UPF) offload. Truminds will showcase this at MWC in Barcelona from Feb. 26-29.
