Commercial Property & Casualty Market Outlook Q4 Update - Insights from USI National Practice Leaders
"As the year comes to an end, we take this opportunity to present USI’s Q4 2019-2020 Market Outlook & Forecast, which illustrates the continuation of market trends that were previously reported in our Mid-Year 2019 report. These trends include ongoing rate increases across a number of coverage areas as well as continued reduction in capacity. The market conditions referenced in the corresponding chart, and discussed on the pages that follow, are expected to continue into the first part of 2020—and for some product lines, well into the year."
Find the full update here.
WTCGP President Linda Conlin named one of the 100 Most Powerful People in Philadelphia by Philadelphia Business Journal
Join us in congratulating our President Linda Conlin as well as WTCGP Board Member Steven Bradley on being named two of the Power 100 by Philadelphia Business Journal!
Families in and around Montgomery and Delaware Counties now have a new option to access after-hours pediatric urgent care from Children’s Hospital of Philadelphia (CHOP) — fast, convenient care for children who need to be seen right away. CHOP Urgent Care, Haverford is located in the same building as CHOP Primary Care, Haverford. Urgent Care will be staffed by a team of board-certified CHOP pediatricians and pediatric nurses dedicated to urgent care services.
View their business hours and services here.
By Laurel Delaney for wegg
TXF talks to Makiko Toyoda, acting head of Global Trade Finance Program (GTFP) and Jessica Schnabel, global head, Banking on Women, Financial Institutions Group (FIG), the women who are spearheading the development of International Finance Corporations’s (IFC’s) latest initiative to raise access to trade finance for women-owned businesses to help them grow globally, revealing ambitious goals and the practical steps to help fulfill them.
Why is this important?
According to the International Trade Center, women-owned SMEs that export tend to earn more, pay more and employ more people and be more productive than firms that only operate domestically. Nonetheless, only one in five exporting companies is owned and run by a women and “those women-owned businesses are more likely to face obstacles to trade.” Trouble is, when all the numbers are that big, it seems very difficult to do something meaningful about it. Abstraction is a big challenge.
The IFC estimates there are roughly 6.6 million formal SMEs owned and run by women and 39 million micro-businesses in emerging markets.
We, at wegg®, don’t think abstraction is a big problem because we are doing something about helping women export. We are educating women entrepreneurs and business owners one at a time on how to to export by giving them the tools, resources, skills and confidence to grow their businesses beyond their own backyards. Bottom line: we are enabling women-owned businesses a greater likelihood to export, whether they have trade financing or not.
Learn more about how banks are raising access to trade finance for women-owned businesses, revealing ambitious goals and the practical steps to help women take on the world.
Philadelphia International Medicine President and CEO Edgar Vesga will join Mayor Jim Kenney, and Wawa Welcome America President and CEO Michael DelBene for a special unveiling of the 2019 Welcome America Exhibition entitled Philadelphia a Global Medical Hub since the 1700s. The unveiling will take place Thursday, June 20, 2019, at 10:00 am at Philadelphia International Airport, Terminal A-East (post security).
Special honoree: Dr. Stanley Plotkin, Wistar Institute Physician, Scientist, Scholar, who discovered the rubella vaccine (part of the MMR vaccination) and helped discover the rabies vaccine for canines and humans.
On Thursday, June 20, 2019, at 10:00 am, as part of the 2019 Welcome America Celebration, the Philadelphia International Airport will once again unveil a special exhibit, highlighting the city of Philadelphia. This year’s exhibit will feature Philadelphia as a global medical hub dating back to the 1700s.
The surprise exhibit will be unveiled during a ceremony at the Philadelphia Airport and will include remarks from Mayor Jim Kenny, Edgar Vesga, President, Philadelphia International Medicine, and Michael DelBene, CEO, Welcome America.
Philadelphia International Medicine worked closely with Leah Douglas, Director of Image and Chief Curator, Philadelphia International Airport, to lend advice and guidance for the exhibit.
“Philadelphia has always nurtured the spirit of creativity and innovation. As the city of “firsts,” Philadelphia has been a pioneer in healthcare since the 1700’s – from the creation of the first hospital, to identifying the mosquito as carrier of yellow fever to the first to discover the Philadelphia chromosome, a cure for Hepatitis B, and being the father of American Surgery. Philadelphia continues to lead the way in gene therapy, and many lifesaving discoveries. We are also the first World Heritage City in the United States,” says Edgar Vesga.
About Philadelphia International Medicine Philadelphia International Medicine
Since 1999, healthcare organization, Philadelphia International Medicine (PIM), has been dedicated to connecting international patients, doctors, and practitioners with specialized services from world-renowned Philadelphia area hospitals. PIM’s current network of eight (8) hospitals includes Fox Chase Cancer Center, Temple University Hospital, and Thomas Jefferson University Hospital as anchor organizations and affiliate healthcare organizations include Wills Eye Hospital, Rothman Institute, the Vincera Institute, Magee Rehabilitation Hospital, and the Renfrew Center.
By Graziella DiNuzzo
It’s not surprising that Dave DeLizza chose to major in engineering at Drexel University.
“I remember dad would take me to his jobsites while the bridges were under construction to show me how they were built,” says DeLizza. “The two I remember the most are the Girard Avenue Bridge (completed in 1972), and the Spring Garden Street Bridge over the Schuylkill (completed in 1965).” DeLizza was nine years old when his dad, who spent 30 years working for the City of Philadelphia as a Civil Engineer, took him to the ribbon cutting ceremony for the Spring Garden Street Bridge.
“Dad also had a drafting board set up at our house. I enjoyed watching him prepare house plans for side renovation projects,“ recalls DeLizza.
Born and raised in the Port Richmond section of Philadelphia, DeLizza learned to respect hard work while helping at his family’s neighborhood sandwich shop.
Today, photos of children and grandkids line the shelves of Dave DeLizza’s office at Pennoni in Philadelphia. On July 1st, DeLizza will officially begin his role as the fourth President and CEO of Pennoni, succeeding Tony Bartolomeo who held that position for the past 20 years. DeLizza sits comfortably in his chair to talk about his career at Pennoni, which technically began in 1976 when he worked on the survey crew as a Drexel University co-op student. He would continue to complete all three of his co-op periods at Pennoni.
“I love my job,” smiles DeLizza.
Upon graduating from Drexel University in 1979, DeLizza asked founder and then President, C.R. “Chuck” Pennoni for a full time job and was told there weren’t any immediate openings. However, a few days later, DeLizza received a phone call that would place him on his successful career journey. “When I met with Mr. Pennoni he told me one of the engineers had resigned and he offered me the position of staff engineer.”
“Dave has a proven track record of demonstrating our goals of excellent reputation, profit, and growth through strong leadership, as well as expressing Pennoni’s core values of honesty, integrity, and service in all business dealings with both external and internal clients,” said Chuck Pennoni, in the recent press release announcing DeLizza’s appointment.
DeLizza has held various roles at Pennoni from Haddon Heights Office Director to New Jersey Regional Manager, Director of Strategic Growth and most recently Chief Operating Officer. Founded more than 50 years ago, Pennoni is an ENR Top 500 consulting engineering firm with 35 offices across the United States.
“When I worked out of the Absecon Office in New Jersey, working with the Casino Reinvestment Development Authority in Atlantic City, it was like an engineer’s dream. We had so many challenges."
Who's Who in the Greater Philadelphia Business Community Celebrated the 2019 World Trade Centers Day Honorees
By Graziella DiNuzzo
It poured for days before our biggest event of the year, but on May 15, the sun shined its light over historic Fairmount Waterworks in Philadelphia and the 2019 World Trade Centers Day honorees. The stage was set, videos cued, food and bar stations opened, and the WTCGP was ready to celebrate. See photos
Ian Bush, Broadcaster, KYW 1060 Newsradio, opened the Award Program with his recollection of 9/11 and the significance of why each year the WTCGP pays homage to those individuals and organizations who define our mission. After introducing President Linda Conlin and Board Chairman Gary Biehn, the jazz band played Barrett Strong’s “Money (That’s What I Want).” Conlin, laughing, reminded the over 250 people in attendance, that yes, it was their only fundraiser of the year and thanked all of the sponsors, especially title sponsor, Independence Blue Cross. Chairman Biehn reminded the audience of the work that the WTCGP does, including signing an MOU with Tianjin China, and how the dollars raised will help WTCGP increase global trade for the Greater Philadelphia region.
Family, friends, and the who’s who of the Greater Philadelphia business community listened attentively as Ian Bush cued up each of the Tribute Videos. The jazz band played Michael Jackson’s “Got Me Working Day and Night” as Phenom People’s Keca Ward, Sr. Director Talent Acquisition and Mohan Gunti, VP Technical Operations were handed the award for the inaugural Drexel University Charles D. Close School of Entrepreneurship Award by Dean Donna DeCarolis.
Bachman Turner Overdrive’s “Taking Care of Business,” was the walk-up/down music for the family business, Sandmeyer Steel Company, who received the Member Company of the Year Award. On stage to accept the award for the almost 70-year-old company, were Ronald P. Sandmeyer, Jr., President and CEO, Rodney C. Sandmeyer, Executive Vice President, John M. Curley, III, Vice President International Sales and Global Marketing, and R. Paul Sandmeyer, III, Manager, National Inside Sales and Materials Procurement. Ronald Sandmeyer thanked the audience and gave a special shout to Walt D’Alessio who was instrumental in helping Sandmeyer secure funding for its facility in Northeast Philadelphia. Sandmeyer had never exported until they met with WTCGP in 2007.
Tony Rastelli, President and his son, Vice President, Anthony Rastelli accepted the Global Business Leadership Award following the music of Motown’s, “Get Ready.” With a majority of their exports to the Middle East, Rastelli spoke of his fearless determination to get high-quality food into the hands of US military and people who appreciate his family’s commitment to quality.
Dan Hilferty, CEO Independence Health Group thanked the band for playing “Peter Gunn,” and set the tone for the evening’s grand finale by saying, “If we need an example to follow in doing more, I am here to honor the perfect role model. Walt D’Alessio is a mentor, a colleague, and a dear friend.”
The tribute video to founding WTCGP board member Walt D’Alessio, winner of the Legacy Award for Lifetime Achievement, featured colleagues who reminisced on how D’Alessio’s 50 years of work and vision helped improve the infrastructure and neighborhoods of Philadelphia. D’Alessio, known to many for being humble and funny is revered for growing not only the city of Philadelphia but also executive careers.
Before inviting D’Alessio to the stage, Dan Hilferty, added, “Walt’s goal has always been to build something lasting that improves people’s lives. That’s the driving force behind his 17-year commitment to the World Trade Center of Greater Philadelphia and probably a hundred other projects that those of us in this room have worked on with Walt.”
The audience rose to their feet for a standing ovation, while the band played “Theme from Superman.” As soon as D’Alessio made his way to the stage, he immediately redirected the attention from himself by saying it was his wife Barbara’s birthday, and the evening was her birthday party.
Holtec Has Reached an Agreement with Entergy to Acquire Indian Point Energy Center After the Last of the Three Reactors Shuts Down
Via Holtec International
We are pleased to announce that Entergy Corp. (NYSE: ETR) has agreed to sell the subsidiaries that own Indian Point Units 1, 2, and 3, located in Buchanan, N.Y., to a Holtec International subsidiary for decommissioning. The sale, which will be effective after Unit 3 has been shut down and permanently defueled, includes the transfer of the licenses, spent fuel, decommissioning liabilities, and Nuclear Decommissioning Trusts (NDT) for the three units.
“The sale of Indian Point to Holtec is expected to result in the completion of decommissioning decades sooner than if the site were to remain under Entergy’s ownership,” said Entergy Chairman and Chief Executive Officer Leo Denault. “With its deep experience and technological innovations, Holtec’s ability to decommission Indian Point will benefit stakeholders in the surrounding community.”
With this agreement to sell Indian Point, Entergy has now announced the sale of its entire remaining merchant nuclear fleet for decommissioning.
Following regulatory approvals and transaction close, Holtec plans to initiate decommissioning at Indian Point decades sooner than if Entergy continued to own the units. A more defined timetable will be developed in connection with Holtec’s preparation of its Post-Shutdown Decommissioning Activities Report (PSDAR) and Site-Specific Decommissioning Cost Estimate (DCE). Holtec will submit those reports to the U.S. Nuclear Regulatory Commission (NRC), likely in the fourth quarter of 2019. The transaction closing is targeted for the third quarter of 2021.
The transaction is subject to closing conditions, including approval from the NRC. The companies also plan to seek an order from the New York State Public Service Commission (PSC) disclaiming jurisdiction, or alternatively, approving the transaction. Closing is also conditioned on obtaining from the NYS Department of Environmental Conservation (DEC) an agreement confirming Holtec’s decommissioning plans as being consistent with applicable standards.
The request for IPEC’s License Transfer will follow the ongoing Oyster Creek (N.J.) and Pilgrim (Mass.) License Transfer Applications (LTAs), which are moving smoothly through the NRC’s system, with anticipated approvals to occur in enough time to enable the License Transfer of Oyster Creek on July 1 and Pilgrim about six weeks later. These ongoing LTAs are giving the NRC, which is already quite familiar with Holtec through 15 active NRC dockets maintained by the Company, an in-depth knowledge of Holtec’s technical, financial, QA and program management capabilities that should facilitate future review of IPEC’s application.
Holtec and its affiliates specializing in demolition and decommissioning will deploy operating processes and methods that enable them to expedite site clean-up and minimize occupational dose to workers.Minimizing any incidental disruption of the land, water, and air at and around the IPEC site is an overarching undertaking that is a part of Holtec’s core expertise. Drawing on its own and its affiliates’ expertise in ensuring personnel safety and its pioneering decommissioning technologies, Holtec expects to accrue tangible benefits for the local community by returning the site (excluding the site’s heavily shielded storage casks on the storage pad safely storing the spent nuclear fuel) to productive use much sooner than would occur if Entergy selected the maximum SAFSTOR option under the NRC regulations. Holtec will transfer all of the spent nuclear fuel to its dry fuel storage cask systems to be stored at the on-site reinforced concrete pads, which will remain under guard, monitored during shutdown and decommissioning, and subject to the NRC’s oversight, until the U.S. Department of Energy removes it in accordance with its legal obligations, or until Holtec’s proposed Consolidated Interim Storage (CIS) facility in New Mexico, named HI-STORE CIS, is ready to begin accepting spent fuel from across the country.
Via Philadelphia Business Journal
By John George – Senior Reporter, Philadelphia Business Journal
2 hours ago
Swiss drug maker Roche entered into a definitive agreement Monday to acquire Philadelphia gene therapy pioneer Spark Therapeutics in an all-cash deal valued at $4.8 billion.
The proposed deal is expected to close during the second quarter. It doesn’t mean Spark is leaving the city — where it has made its home since 2013 and recently announced plans to expand.
Under the agreement, which has been unanimously approved by both company’s boards but still requires regulatory and shareholder approval, Spark will continue its operations in Philadelphia as an independent company within the Roche Group.
The deal calls for Roche to pay Spark stockholders $114.50 per share, which represents a premium of 122 percent over Spark’s Feb. 22 closing price.
A Spark spokeswoman said the company, which has about 370 employees, is not making executives available to comment on the proposed merger at this time because it is still early in the transaction process.
In a statement, Spark co-founder and CEO Jeffrey D. Marrazzo said Spark has built “unmatched competencies in the discovery, development and delivery” of genetic medicines. “But the needs of patients and families living with genetic diseases are immediate and vast. With its worldwide reach and extensive resources, Roche will help us accelerate the development of more gene therapies for more patients for more diseases and further expedite our vision of a world where no life is limited by genetic disease.”
Severin Schwan, CEO of Roche, said Spark has proven expertise “in the entire gene therapy value chain” and its technology may offer important new ways to treat serious diseases. “In particular,” Schwan said, “Spark’s hemophilia A program could become a new therapeutic option for people living with this disease. We are also excited to continue the investments in Spark’s broad product portfolio and commitment to Philadelphia as a center of excellence.”
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