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American Traditions Insurance Company Announces Merger With Affiliate Modern USA Insurance Company

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American Traditions Insurance Company Announces Merger With Affiliate Modern USA Insurance Company

American Traditions Insurance Company (“ATIC”) announced today that it has merged with its affiliate Modern USA Insurance Company. The two companies were launched under similar ownership shortly after the 2005 hurricane season in an effort to provide additional homeowners and manufactured home insurance options to the Florida marketplace. Both American Traditions and Modern USA have been managed by the same team of insurance professionals whom have a combined 150+ years of experience in the insurance industry.

“We could not be more pleased with this merger and what this means for the future. Combining the affiliates will allow management to better plan for future opportunities. The merger means a larger company with more surplus for our policyholders. It also gives us the ability to strategically focus on growth in niche markets that allow the company to flourish more than ever before.” said T John Jerger, Jr, President.

Modern USA Insurance Company policyholders will receive written notification of the merger in addition to notification in their policy renewal offers over the coming months. Since the affiliate companies offer identical products with identical rates, the impact to Modern USA policyholders will be minimal.

“We have introduced many innovative insurance products to the Florida marketplace over the last 12 years and feel that now is a great time to combine the companies under the American Traditions Insurance Company brand. We are excited about the merger and it will allow us to streamline many processes in order to serve our policyholders more efficiently,” said Thomas Jerger, Chairman and CEO.

As a result of this merger, American Traditions Insurance Company, which began insuring homes in Florida in 2006, will become one of the largest manufactured home insurance producers in Florida. The company will continue to issue policies throughout Florida and maintain a conservative approach with financial solvency and longevity always at the forefront.

Background

American Traditions continues a tradition that began in 1946, the Jerger family has perpetuated a business model that has lasted for four generations in Pinellas County. The purpose driving this business model then, as it is now for American Traditions Insurance Company, remains the same; creating capacity and products with a focus on best in class customer service. American Traditions Insurance Company has subscribed to these philosophies and courses of business since their inception. ATIC is a conservative company which purchases reinsurance to ensure the Company can sustain multiple catastrophic events per year. To this day, the company has continued to maintain a family focused atmosphere in the workplace leading to record employee retention, productivity, and teamwork

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Oil rises on positive forecasts, slow U.S. output restart

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Oil rises on positive forecasts, slow U.S. output restart 1

By Bozorgmehr Sharafedin

LONDON (Reuters) – Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production.

Brent crude was up 36 cents, or 0.5%, at $65.60 a barrel by 1212 GMT, and U.S. crude rose 39 cents, or 0.6%, to $62.09 a barrel.

Both contracts rose more than $1 earlier in the session.

“Vaccine news is helping oil, as the likely removal of mobility restrictions over the coming months on the back of vaccine rollouts should further boost the oil demand and price recovery,” said UBS oil analyst Giovanni Staunovo.

Commerzbank analyst Eugen Weinberg said optimistic oil price forecasts issued by leading U.S. brokers had also contributed to the latest upswing in prices.

Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.

Morgan Stanley expects Brent crude to climb to $70 in the third quarter.

“New COVID-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before COVID-19,” Morgan Stanley said in a note.

Bank of America said Brent prices could temporarily spike to $70 per barrel in the second quarter.

Disruptions in Texas caused by last week’s winter storm also supported oil prices. Some U.S. shale producers forecast lower oil output in the first quarter.

Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday.

A weaker dollar also provided some support to oil as crude prices tend to move inversely to the U.S. currency.

(Reporting by Bozorgmehr Sharafedin in London, additional reporting by Jessica Jaganathan in Singapore; editing by David Evans and John Stonestreet)

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UK-Japan trade deal settled nerves for Japanese firms, Honda executive says

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UK-Japan trade deal settled nerves for Japanese firms, Honda executive says 2

LONDON (Reuters) – Britain’s trade deal with Japan settled the nerves of a lot of Japanese businesses in the United Kingdom and gives them confidence about their future prospects there, a senior Honda executive said on Tuesday.

Japan, the world’s third-largest economy, has since the 1980s made the United Kingdom its favoured European destination for investment, with the likes of Nissan, Toyota and Honda using the country as a launchpad into Europe.

But Britain’s shock 2016 decision to leave the European Union had prompted Japan to express unusually strong public concerns. Their companies and investors warned that a disorderly exit from the EU would force them to rethink their four-decade bet on Britain.

“We welcome very much the Japanese trade agreement which as a Japanese businesses was very welcomed,” Ian Howells, senior vice president at Honda Motor Europe, told a parliamentary committee.

“On the point around confidence, that certainly amongst my peers in Japanese companies was very much welcomed, and probably settled a lot of nerves in terms of their trading prospects in the UK going forward.”

Britain and Japan formally signed a trade agreement in October, marking Britain’s first big post-Brexit deal on trade. It has also made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Japan is also a member.

(Reporting by Kate Holton)

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UK retailers see sharp fall in sales and mounting job losses, CBI says

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UK retailers see sharp fall in sales and mounting job losses, CBI says 3

LONDON (Reuters) – British retail sales fell in the year to February as stores cut jobs at a rapid rate, with only supermarkets reporting any growth during the latest COVID-19 lockdown, a survey showed on Thursday.

The Confederation of British Industry’s gauge of retail sales stood at -45, up only slightly from January’s eight-month low of -50. The measure points to falling sales and is below the consensus forecast of -38 in a Reuters poll of economists.

Retailers’ expectations for March – when non-essential shops will remain closed to the public as part of lockdown measures – fell to -62, the lowest since the series began in 1983.

In another sign of a changing consumer habits during lockdown, the survey’s gauge of internet retail sales hit a new record high.

“With lockdown measures still in place, trading conditions remain extremely difficult for retailers,” said Ben Jones, principal economist at the CBI.

“Record growth in internet shopping suggests that retailers’ investments in on-line platforms and click-and-collect services may be paying off, but the re-opening of the sector can’t come soon enough to protect jobs and breathe life back into the sector.”

Job losses among retailers accelerated according to a quarterly question in the survey. For the distribution sector as a whole, which includes wholesalers and car dealers, employment fell at a record rate, the CBI survey showed.

(Reporting by Andy Bruce, editing by David Milliken)

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