“Over the next three years, Allianz expects to generate €12 billion of excess capital through its operational plans. Providing a solid base for these targets is healthy underlying growth in all business segments and encouraging progress in their transformation to meet future needs.”
In property & casualty, Allianz said the goal is an annual revenue rise of 3-4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} plus a 92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} target combined ratio. To reduce the unit’s expense ratio, the group is planning product and process optimization and harmonization.
“Further,” noted the firm, “Allianz aims to make its mid-corporate segment more efficient by rebalancing the portfolio, using integrated tools, strengthening operations in Europe, and growing regional hubs, as well as by harmonizing and simplifying processes through a global IT platform.”
Under life & health, meanwhile, the focus will be on growing Allianz’s preferred lines of business. Additionally, greater synergies and more efficient deployment of capital are expected, with L&H and asset management converging towards asset gathering.
In line with this, it was announced that Allianz has entered a reinsurance agreement with Resolution Life and affiliates of Sixth Street for its US fixed index annuity portfolio. The deal is set to “unlock” US$4.1 billion in value and free up regulatory capital for Allianz.
“Allianz continues to overdeliver and outperform, which shows that our customer-centred simplification strategy is working,” stated group chief executive Oliver Bäte. “Now, we aim to deploy our global scale as a competitive advantage to grow both our customer base and our margins.”
It was also highlighted that the insurer is achieving a consistent look and feel for client interfaces, simple and transparent products and processes, and quicker customer service, thanks to the accelerated rollout of the Allianz Business Master Platform.
Meanwhile, a “new and improved” dividend policy has been unveiled as well.
“Beginning retrospectively with fiscal year 2021,” declared the company, “Allianz will follow a new and improved dividend policy that offers a dividend per share which is the higher of a 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} payout ratio or a 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase from the preceding year’s dividend. The payout ratio will be based on net income, adjusted for significant extraordinary and volatile items.”
Chief financial officer Giulio Terzariol said the new policy is a reflection of Allianz’s confidence in its financial strength and earnings power.
A round-up of openings, closings, and other news about West Hartford businesses.
By Ronni Newton
Last week seemed like a really long, and really busy week – even though I was only in town for four days – but at the same time we are already almost a full week into December and our family is suddenly completely immersed in the Christmas season.
Covering Holiday Stroll on Thursday (story and photo gallery here) and the Mitten Run on Sunday (story and photo gallery here) were a great boost to my holiday spirit, as was shopping at the Noah Webster House Holiday Market.
We did celebrate a few family birthdays last week, and Ted was rather confused, and surprised, when we returned home Monday night and he found … several flocks of red flamingos on our lawn! He had previously flocked me for a milestone birthday (after I has asked for it to be kept low key), but my birthday is in June and he had no idea that the Conard Safe Grad committee is now flocking in the fall as well.
Birthday flamingos from Conard Safe Grad, honoring Ted’s 60th birthday. Photo credit: Ronni Newton
We finished up Ted’s birthday celebration on Sunday with the rest of the family, and also celebrated our son-in-law’s birthday, which is tomorrow. He said people mention reading about him in this column, so if you see Matt on Tuesday, please wish him a Happy 28th Birthday!
When I said we’re now immersed in the Christmas season I don’t mean our house is already impeccably decorated – far from it. We have an odd mix – too oddly combined to even be called eclectic – of fall and winter decor going on right now. The outside lights are up (because Ted did that), and we did get our Christmas tree on Saturday (but it’s still outside), but the only inside room that is completely transitioned is the powder room. It’s a project for this week, which I am hoping will be somewhat quiet on the news front.
Saturday night dinner was at Pho 135 – a perfect meal for a chilly evening!
Egg rolls from Pho 135. Photo credit: Ronni Newton
Stir fried chicken with vegetables topped with an egg from Pho 135. Photo credit: Ronni Newton
Pho with brisket (in a spicy broth) from Pho 135. Photo credit:: Ronni Newton
To remind myself of my own goal: I hope to take some deep breaths, and enjoy the sights, sounds, tastes, smells, lights, and spirit of the holiday season. And whatever holidays you celebrate, I hope you can do that, too.
Please continue to support our local businesses, wear your masks indoors if you are not vaccinated – and stay safe and healthy.
If you have information to share about local businesses, please provide details in the comments or email Ronni Newton at [email protected].
Interior of the soon-to-open Sparrow at 977 Farmington Ave. Courtesy photo
The exterior (in feature photo at top of column) of Sparrow is still hidden behind a wooden structure while new windows and doors are being installed for the entryway, but the photo just above is a sneak peek at the interior of the restaurant that will be opening in the former Grant’s space at 977 Farmington Ave. in the Center. Full details about the restaurant owned by former Barteca (Barcelona and bartaco) executive David Boyajian are still being kept under wraps, but acccording to a spokesperson they are “shooting for an ‘early 2022’ opening.” Renovations has been extensive, but is nearly complete with the ceilings installed and a large mural by Bethel-based artist Peter Le Floch (in photo below) is being painted on one of the walls. (Examples of his work can be found on Instagram @peterlafloch.) Kitchen equipment is being installed, and the back bar and private room are being built out now. We’ve been told that they will be drilling down the final recipes once the kitchen is ready, and I hope to be able to share those details soon!
Peter Le Floch is painting a large mural on an interior wall of Sparrow at 977 Farmington Ave. Courtesy photo
When they had to close for a few months in the early days of the pandemic in 2020, cycling studio Tribe moved out of their Farmington Avenue space and secured a new spot at 635 New Park Ave., Building 4. It’s been a long journey, but Tribe is getting ready to reopen within the next few weeks. More details to follow.
Tribe will be reopening soon at 635 New Park AVe., Building 4. Photo credit: Ronni Newton
Yes, the photo below is of a parking lot – and many people are going to be very happy about it. The expansion of the parking area where DORO Marketplace is located (southwest corner of New Britain Avenue and South Main Street) was approved by the Town Council a few years ago, and it’s now paved and nearly ready for use pending installation of the lighting, which is apparently a supply chain-related delay.
The expanded parking lot near DORO Marketplace is almost ready for use. Photo credit: Ronni Newton
I don’t have a photo of the specific space, but EbLens, which specializes in “streetwear and sneakers,” will soon be opening in the former Disney Store space at Westfarms. “I think it will complement our existing merchandise mix at Westfarms,” said a Westfarms spokesperson, who confirmed the lease has been executed. For more information about EbLens, visit their website.
Westfarms main entrance. Photo credit: Ronni Newton
In last week’s column I mentioned a retail shop that had opened at 127 Park Rd., and founder Kim Colapietro has provided the details about Let It Bloom Gift Shop. Colapietro is landscape professional with almost 30 years of experience who has been an owner/operator of a landscaping business for much of her career. “Our new store on 127 Park Street in West Hartford is a unique gift shop with high quality thoughtful gifts at truly moderate costs,” she said. “The store conveys an excellent collection of occasional stock, currently featuring many Christmas holiday items, such as trees, ornaments, plants, etc. In the near future, many local artisan goods will be on offered with handmade jewelry, soaps, and candles on display. When you purchase from us, you are keeping up the service and quality of our parent company, K Enterprise, LLC. K Enterprise has been in business since 2012 providing landscape designs, perennial gardens, decorative winter containers, spring and fall cleanups, fencing, etc. With an energizing scope of notable, fun, and smart gifts, Let It Bloom can supply items, gifts, and volume orders at extraordinary costs. Custom designs for centerpieces, decorative planters and containers, etc. are offered and filled with the most awesome and novel things around.” A few examples can be found below. The shop is open Thursday and Friday from 5-7 p.m. and Saturday and Sunday from 10 a.m.-5 p.m. Appointments can be made for other days by contacting Colpietro at [email protected].
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Congratulations to School of Rock on their official grand opening! The school, which offered performance-based music education, opened during the summer at 20 Isham Road but had their official ribbon cutting Friday afternoon followed by a party later in the day featuring some of the school’s musicians.
Ribbon cutting at School of Rock. Photo credit: Ronni Newton
School of Rock grand opening party. Courtesy of Cara Paiuk
School of Rock grand opening party. Courtesy of Cara Paiuk
There were activities throughout town last week to mark Giving Tuesday, and one I attended was a celebrity bartending event at Union Kitchen. Local media served up drinks during the fundraiser for the Connecticut Brain Tumor Alliance.
Celebrity bartenders at Union Kitchen raising money for the CT Brain Tumor Alliance (from left) Joe D’Ambrosio, Jimmy Altman, Samaia Hernandez, and Bob Maxon. Courtesy photo
Celebrity bartenders at Union Kitchen raising money for the CT Brain Tumor Alliance (from left) Stephanie Simoni, Brian Shactman, and Alyssa Taglia. Courtesy photo
Friends of Feeney celebrated their new mural and held a fundraiser Saturday at Lyon’s Auto Service on New Britain Avenue, raising money for Journey Home and Connecticut Foodshare. Iron & Grain provided food, guests were entertained by the local band 06.
Local jazz band 06 performed at a Friends of Feeney fundraiser at Lyon’s Auto Service. Photo credit: Ronni Newton
ICYMI, New York-based “elevated fiesta” restaurant Rosa Mexicano announced plans to open in 2022 in the former Bar Louie space in Blue Back Square. Full details can be found here.
Future Rosa Mexicano. Photo credit: Ronni Newton
A new mixed-use development is being proposed for 920 Farmington Avenue, where two older office buildings are currently located. Click here for the details.
West Hartford native Rachel Lyons, executive director of Space for Humanity, recently joined Sir Richard Branson and the CEO of Omaze, surprising a woman who won a trip to space through a sweepstakes that also benefits the nonprofit. Click here for the full story.
Remember, if you have any business news to share, add it in the comments section below or email Ronni Newton at [email protected].
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Stocks sank on Friday to end the week lower, as investors digested updates on the Omicron variant alongside the Labor Department’s November jobs report, which came in mixed compared to Wall Street’s elevated expectations.
The S&P 500 posted a weekly loss of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} since last Friday, sliding in volatile trading after the discovery of the Omicron variant. The Nasdaq underperformed with a weekly loss of 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Treasury yields also dipped as investors bought safe haven assets, and the yield on the benchmark 10-year note slid below 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Developments around the Omicron variant remained a focal point. So far at least five U.S. states have reported at least one case of the variant. The variant has also been found in more than three dozen countries globally, CNBC reported, citing the World Health Organization. The report also said the WHO has so far seen “a suggestion that there is increased transmissibility” of the Omicron variant, while noting it is still too soon to determine whether it is more or less transmissible than the Delta variant, or whether it causes more severe disease.
The market moves Friday also came following the release of the Labor Department’s November jobs report, which showed a disappointing rate of hiring for the month even as the unemployment rate fell to a fresh pandemic-era low. Payroll gains came in at 210,000, or less than half the 550,000 consensus economists were expecting. The jobless rate fell to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, dipping more than anticipated from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
The moves on Friday came in contrast to a rally on Thursday, when market participants initially shrugged off the discovery of multiple cases in the U.S.
“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live.
“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.”
Others have struck an even more optimistic tone, suggesting the economic impact of the Omicron variant will ultimately prove less drastic than initially feared.
“If you look back at Delta, there really wasn’t a meaningful impact in terms of actual consumption … maybe we saw a little bit of a shift away from services in the early stages of the reopen back towards goods, but overall consumption held up just fine,” Garrett Melson, Natixis Investment Managers Solutions portfolio strategist, told Yahoo Finance Live on Thursday.
“And on the capex front, we still see signs that companies are saying they’re going to invest in their businesses and they’re doing just that,” Melson added. “Lockdowns are certainly not happening here in the U.S. There’s no appetite from the government and certainly no appetite from consumers.”
—
4:05 p.m. ET: Stocks end session, week sharply lower
Here’s where U.S. equities ended Friday’s session:
S&P 500 (^GSPC): -38.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,538.43
Dow (^DJI): -59.71 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,580.08
Nasdaq (^IXIC): -295.85 (-1.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,085.47
—
3:36 p.m. ET: What economists are saying about the November jobs report
While the headline payrolls number in the November jobs report came in well short of estimates, many economists highlighted the better-than-expected improvements in other metrics, including the unemployment rate and labor force participation rate.
Here’s what a number of economists had to say about the report, based on notes and emails sent to Yahoo Finance:
“While November displayed 210,000 jobs gained at the headline level, which some may suggest is a disappointment, when we look at the details of the report, we see some significant strengths. Indeed, the six-month average for non-seasonally adjusted private payroll gains is more than 700,000 jobs/month, an impressive number by any standard … The unemployment rate declined impressively from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, even as the labor force grew strongly, an indication of labor market strength.” – Rick Rieder BlackRock’s chief investment officer of global fixed income
“Arguably the biggest surprise in the November employment report was the unexpected 0.4 [percentage point] decline in the unemployment rate to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} … slowing job gains and sturdy wages are a signal of a tight labor market.” – Joe LaVorgna, Natixis CIB managing director and chief economist of the Americas
“Today’s jobs report presents a mixed picture of the labor market recovery as storm clouds gather from a rebounding Delta variant and new variant looms. The divergence between the establishment and household surveys is unusual, but is an important reminder of how difficult it is to measure the labor market in a pandemic.” – Daniel Zhao, Glassdoor senior economist
“Overall, while this report is disappointing, it does not change our view that faster tapering will be announced in December, unless the scientific news on the Omicron variant over the next couple weeks is disastrous. The Fed is focused on the inflation overshoot, which will get much worse before it gets better, and officials have made it very clear that they want to take out insurance against the risk that the latest spike does not become embedded.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics
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10:47 a.m. ET: Stocks trade lower as tech lags
The three major stock indexes traded in the red after opening in positive territory, with investors continuing to mull the latest headlines on the Omicron variant and the November jobs report.
The information technology and consumer discretionary sectors underperformed in the S&P 500, while consumer staples was the only sector in the green.
Salesforce.com, Boeing and Microsoft lagged in the Dow, contributing to the more than 200-point drop in the index. The Nasdaq dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amid the drawdown in heavily weighted technology names.
—
10:15 a.m. ET: Docusign shares post biggest-ever drop after 3Q billings, guidance miss
Shares of software company Docusign (DOCU) slid on Friday after posting disappointing third-quarter billings results and current-quarter guidance, suggesting business activity was returning to more “normalized” levels after a pandemic-induced surge.
Shares were down more than 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of morning trading. Late Thursday, the e-signature company reported third-quarter billings growth of 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking a major slowdown from the previous 61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth seen in the second quarter. Billings are a closely watched metric for software companies with recurring revenue subscription models.
“After six quarters of accelerated growth, we saw customers return to more normalized buying patters, resulting in a 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year billings growth,” Dan Springer, CEO of Docusign, said in the company’s earning’s statement.
And for the current quarter, Docusign sees revenue coming in between $557 million and $563 million, missing Wall Street’s estimates for $574.2 million.
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9:31 a.m. ET: Stocks open higher after mixed jobs report
Here’s where markets were trading shortly after the opening bell:
S&P 500 (^GSPC): +23.48 (+0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,600.58
Dow (^DJI): +125.06 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.85
Nasdaq (^IXIC): +89.04 (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,466.81
Crude (CL=F): +$2.39 (+3.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.89 a barrel
Gold (GC=F): +$8.90 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,771.60 per ounce
10-year Treasury (^TNX): +1.1 bps to yield 1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
9:20 a.m. ET: November jobs report comes in mixed, with payrolls disappointing while unemployment rate falls to pandemic-era low
The November jobs report offered a mixed bag for investors to digest, as non-farm payroll growth came in sharply short of consensus expectations while the unemployment and labor force participation rates topped estimates.
Non-farm payrolls grew by 210,000 in November following a revised 546,000 in October. This was well short of the 550,000 jobs expected. The unemployment rate improved to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and reached it lowest level since February 2020.
The labor force participation rate also ticked up slightly more than anticipated in November to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market.
Still, as of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020.
—
7:23 a.m. ET Friday: Stock futures drift sideways ahead of jobs report
Here were the main moves in markets as the overnight session kicked off:
S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,576.00
Dow futures (YM=F): +11 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,633.00
Nasdaq futures (NQ=F): -1 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,987.50
Crude (CL=F): +$1.89 (+2.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.39 a barrel
Gold (GC=F): +$10.80 (+0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,773.50 per ounce
10-year Treasury (^TNX): -1.8 bps to yield 1.432{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:31 p.m. ET Thursday: Stock futures jump ahead of jobs report
Here were the main moves in markets during the overnight session:
S&P 500 futures (ES=F): +11.5 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,587.25
Dow futures (YM=F): +94 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,716.00
Nasdaq futures (NQ=F): +34.50 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,023.00
NEW YORK, NEW YORK – AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)
Duy Hoa Tran, a retired Vietnamese schoolteacher, arrived in Los Angeles in February 2020 to visit his daughter and 2-month-old grandson. Two weeks later, the door closed behind him. To prevent the spread of covid-19, Vietnam shut its borders. No commercial flights would be allowed into the country for the next 18 months.
Tran’s daughter, An Tran, who has a doctorate in business administration and teaches marketing at the University of La Verne in California, did what she thought was necessary to ensure medical coverage for her then-65-year-old father during the pandemic. But the only option for a visitor on a tourist visa was travel insurance. In early March 2020, An Tran found and purchased a policy, for about $350 a month, from a company called Seven Corners.
She might as well not have bothered.
The elder Tran had been staying at An’s home in Diamond Bar, California, about a year when he told his daughter he was having trouble seeing out of his right eye. A visit to an ophthalmologist produced a solemn verdict: Tran had severe glaucoma and would quickly go blind unless he got surgery.
Seven Corners gave written preapproval for the procedures recommended by Dr. Brian Chen. To be safe, An Tran called the insurer “many times” to confirm it would cover the expense, but no one she spoke with would give her a definitive answer, she said. Chen, however, assured An that insurance companies typically covered the treatment, which was pretty routine.
On April 19, Tran underwent the first of three eye surgeries to resolve the glaucoma. The surgeries — the last was on July 19 — were successful. And then on Aug. 5, Seven Corners sent An Tran a denial of service letter.
The company’s policy excluded coverage for any “preexisting condition,” by which it meant any condition “whether or not previously manifested, symptomatic, known, diagnosed, treated or disclosed,” the letter said.
An Tran and her father were on the hook for nearly $38,000 in medical bills, although Seven Corners had preauthorized the surgery and she had paid around $6,000 for the insurance over the previous year and a half.
Soon after her father’s eye surgeries, An Tran, of Diamond Bar, California, found out that travel insurance typically offers little protection for any health problem linked to a preexisting condition.(Heidi de Marco / KHN)
As for the bill, “my dad obviously can’t pay it,” Tran said. His $260 monthly pension from the Vietnamese government isn’t enough even for him to live on in Vietnam, she said.
The surgical procedures Duy Hoa Tran received are quite routine in the United States, said Dr. Davinder Grover, an ophthalmologist in the Dallas area and clinical spokesperson for the American Academy of Ophthalmology.
Medicare would generally pay about a quarter of the $37,896.83 Tran was billed for the surgeries, Grover said. If Tran’s daughter had known beforehand that insurance wouldn’t cover the procedures, the physician’s practice might have been willing to charge something like $12,000, he said.
The policy An Tran purchased had no deductible and offered coverage of up to $100,000 in medical bills, including covid care. But travel insurance generally covers only emergency or urgent medical expenses, according to the California state insurance commission, which regulates policies in the state.
Megan Moncrief, chief marketing officer for Squaremouth, which aggregates various companies’ travel insurance plans — including some from Seven Corners — and offers them through its website, said the policy language was not unusual for travel insurance. She noted the policy’s stipulation that it covered some acute conditions only if the patient sought treatment within 24 hours of the initial symptoms.
Moncrief said the fact that Tran did not seek treatment immediately may be the reason his surgeries weren’t covered. (Seven Corners refused all comment on the case.) She acknowledged it was hardly surprising he hadn’t dashed to the doctor at the first sign of discomfort: “I don’t know that I would have done that either, if I just had blurry vision.”
As for Seven Corners’ refusal to pay despite precertification, this is not uncommon, she said. By precertifying, the insurer verifies that a procedure is a covered benefit but doesn’t guarantee the insurer will cover it for that particular patient.
Travel insurance typically offers little protection for any health problem linked to a preexisting condition, regardless of whether that condition has ever been diagnosed, says Susan Yates, general manager in the U.S. for Falck Global Assistance, an international insurer.
“For visitors to the U.S., especially those who are not permanent residents or citizens, it can be difficult to obtain health insurance,” she said. The Affordable Care Act doesn’t cover tourists, though some resident noncitizens can buy coverage.
“It’s usually better for a visitor to buy travel insurance from their country of origin, but in some countries (Vietnam being one), the insurance market is not developed,” Yates wrote in an email.
Tran had tried unsuccessfully for months to fly home to his town near Ho Chi Minh City, where his wife lives with another grandchild. On 14 occasions, An bought him tickets on regular commercial flights that were subsequently canceled. He was also unable to get a seat on charter flights arranged by the Vietnamese government; those tickets generally were available only through third parties charging up to $10,000.
The eye surgeon, Chen, offered to discuss the case with KHN, but his medical group’s counsel said it had a policy against discussing insurance issues with reporters, even with the patient’s consent.
After KHN approached him to discuss the issue, Chen told An Tran that he was waiving his $8,144 fee for the surgeries. The Acuity Eye Group, where he practices, would not immediately confirm Chen’s offer, but told An Tran they were seeking approvals to waive his fee and all other charges as well.
On Sept. 15, Duy Hoa Tran finally managed to get on a charter flight back to Vietnam. He’s happy to be home, An Tran said.
Two decades ago, when the euro was created and pan-European markets were formed, foreign languages became the skill du jour. More recently, Javascript,Python and other programming languages have been the differentiating factors. And now? ESG credentials are becoming the new must-haves for finance jobs.
Senior ESG fund managers can earn £500k ($666k) in London. In the U.S., private equity funds and hedge funds are paying seven figures for ESG expertise. ESG jobs are growing rapidly: candidates with the right qualifications are reportedly receiving as many as 25 approaches from headhunters each week. – But which qualifications are they?
The CFA Institute’s ESG Investing Certificate
Three years ago, CFA Institute launched its own ESG Investing certificate, a one-time, self-study exam, which is easier than the institute’s famous three-level charter. Recognized by the UN Principles for Responsible Investment (UN PRI), the certificate focuses on how to analyze and integrate ESG factors into the investment process. For those less keen on taking the course, the institute also provides a comprehensive 52-page guide.
Certification recognizing technical or scientific knowledge
The demand for ESG expertise is such that candidates who combine finance qualifications with scientific qualifications in fields such as climate change, risk policy and environmental research are also valued.
Finally, and as ever, the best credentials often are one’s own: Olivia Albrecht, former head of ESG Business Strategy at PIMCO, told hiring firm Lawson Chase: “Read books; listen to podcasts; go to lectures; and ask lots of questions. And lastly, be willing to add to your workload by incorporating sustainability workstreams. Don’t think of an ESG/impact focused role as either/or. Most of us started by having 2twojobs until the efforts really took off!”
These courses and certificates will give candidates the technical knowledge needed for ESG investment and finance roles. The good news is that because of the deep specialization required, the right expertise will help non-financial candidates access investment jobs.
The ESG job market is indeed buoyant, from demand for basic data and research analysts, to requirements for six figure product strategists who can explain to clients how a firm is integrating ESG factors in its research. ESG Marketing, investment writers and RFP professionals are also in demand, and so are top professionals aiming to become directors of sustainable investment or global heads of sustainability.
BEIJING (AP) — A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential impact.
Evergrande Group’s struggle to comply with official pressure to reduce debt has fueled anxiety that a possible default might trigger a financial crisis. Economists say global markets are unlikely to be affected but banks and bondholders might suffer because Beijing wants to avoid a bailout.
After reviewing Evergrande’s finances, “there is no guarantee that the Group will have sufficient funds to continue to perform its financial obligations,” the company said in a statement through the Hong Kong Stock Exchange.
Shortly after that, regulators tried to soothe investor fears by issuing statements saying China’s financial system was strong and that default rates are low. They said most developers are financially healthy and that Beijing will keep lending markets functioning.
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“The spillover impact of the group’s risk events on the stable operation of the capital market is controllable,” the China Securities Regulatory Commission said on its website. The central bank and bank regulator issued similar statements.
Beijing tightened restrictions on developers’ use of borrowed money last year in a campaign to rein in surging corporate debt that is seen as a threat to economic stability.
The ruling Communist Party has made reducing financial risk a priority since 2018. In 2014, authorities allowed the first corporate bond default since the 1949 communist revolution. Defaults have gradually been allowed to increase in hopes of forcing borrowers and investors to be more disciplined.
Despite that, total corporate, government and household debt rose from the equivalent of 270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of annual economic output in 2018 to nearly 300{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last year, unusually high for a middle-income country. Economists say a financial crisis is unlikely but debt could drag on economic growth.
Evergrande, the global real estate industry’s biggest debtor, owes 2 trillion yuan ($310 billion), mostly to domestic banks and bond investors. It also owes $19 billion to foreign bondholders.
Evergrande said it has 2.3 trillion yuan ($350 billion) in assets, but the company has struggled to turn that into cash to pay bondholders and other creditors. It called off the $2.6 billion sale of a stake in a subsidiary last October because the buyer failed to follow through on its purchase.
Evergrande’s statement Friday said the company faces a demand to fulfill a $260 million obligation. It said if that obligation cannot be met, other creditors might demand repayment of debts earlier than normal.
The company has missed deadlines to pay interest on some bonds but made payments before a grace period ended and was declared in default. Evergrande also said some bondholders can choose to be paid by receiving apartments that are under construction.
The Evergrande chairman, Xu Jiayin, was summoned to meet Friday with officials of its home province of Guangdong, a government statement said. The statement said a government team would be sent to Evergrande headquarters to help oversee risk management.
Evergrande’s struggle has prompted warnings that a financial squeeze on real estate — an industry that propelled China’s explosive 1998-2008 economic boom — could lead to trouble for banks and an abrupt and politically dangerous collapse in growth.
Also Friday, another developer, Kaisa Group Holdings Ltd., warned it might fail to pay off a $400 million bond due next week.
A midsize developer, Fantasia Holdings Group, announced Oct. 5 that it failed to make a $205.7 million payment due to bondholders.
Hundreds of smaller Chinese developers have gone bankrupt since regulators began tightening control over the industry’s finances in 2017.
The slowdown in construction helped to depress China’s economic growth an unexpectedly low 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over a year earlier in the three months ending in September. Forecasters expect growth to decelerate further if the financing curbs stay in place.
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