Posted on 29 October 2010. Tags: Arizona, Board of directors, Business, Chief executive officer, Florida, Limited liability company, LLC, Real estate
A leading real estate company in Arizona and Florida, Avatar Holdings Inc. announced that Gerald D. Kelfer, their long-time president and chief executive officer, will be retiring. Jon M. Donnell will become President and CEO of Avatar Holdings beginning on November 15, 2010. Gerald Kelfer will remain the Vice Chairman of the Board and as a Director. Donnell, a veteran real estate executive, will also join Avatar’s Board of Directors.
John Donnell has more than 20 years of experience in land development, homebuilding and active adult communities, which are the prime areas of focus for Avatar Holdings. Donnell held many executive positions at Dominion Homes, Inc, a builder of single family homes, from 1995 to 2004. From 2007 to the present, Donnell co-founded and has been a principal of The Monticello Group, LLC, which is a specialty real estate advisory firm in Sarasota, Florida.
Donnell said that is looking forward to leading the Avatar team with collaboration with the Board of Directors. He continued: “It’s a very exciting time to lead this company and I am looking forward to it.” Kelfer added that he has confidence that Donnell will be the right leader for Avatar going forward and that he fully supports him. Kelfer also said, “In Jon Donnell we gain a very talented executive with a proven track record in building and growing real estate companies in different market cycles.”
Avatar Holdings Inc, engaged in real estate operations in Arizona and Florida, conducts its principal operations in Bellalago, Poinciana, and Solivita in central Florida.
Posted in Finance
Posted on 28 October 2010. Tags: Bermuda, Birmingham Alabama, Canada, Insurance, Life insurance, Reinsurance, Royal Bank of Canada, United States
ALABAMA -Recently announced by the Royal Bank of Canada, Athene Holding Ltd. will be acquiring Liberty Life Insurance Company for over $628 million. Liberty Life Insurance Company is the United States life insurance business of RBC Insurance. The sale is still subject to customary closing conditions and regulatory approvals. The expected close date is in early 2011. RBC Insurance believes that the sale will result in a loss of nearly $115 million due to the Canadian generally accepted accounting principles.
Once the sale is closed, Liberty Life Insurance Company will reinsure all of its health and life insurance business to Protective Life Insurance Company, which is based in Birmingham, Alabama, and some of the annuities will go to Athene Life Re Ltd which is a subsidiary of Athene Holding Ltd. in Bermuda.
With the United States generally accepted accounting principles and reconciliation, RBC Insurance is expecting a loss of nearly $405 million on both pre and after tax basis. The large difference between the United States and Canadian general accepted accounting principles show a loss that can be mainly attributed to accounting differences.
The amounts of losses between the United States and Canadian general accepted accounting principles are based on estimates which are subject to change.
RBC Insurance, a provider of life, health, travel, home, auto and reinsurance products, also provides creditor insurance services to more than 5 million clients in the United States, Canada and internationally. The services and products offered to clients are available in many different ways including: retail insurance branches, independent brokers, travel agents, telephone, proprietary sales force and online.
Posted in Finance
Posted on 28 October 2010. Tags: Business, Cabela, Chief executive officer, Credit CARD Act of 2009, Hunting, Log Cabins, New York Stock Exchange, Retailing, United States
Cabela’s recently announced that it will be partnering with The Original Log Cabin Homes as part of its branded line of log homes and cabin kits. The homes and kits will be manufactured by Rocky Mount, North Carolina based, The Original Log Cabin Homes.
The Cabela’s log homes and cabin kits will be available beginning in January of 2011. The homes and kits will have unique feature details with high-quality construction and exceptional value. Outdoor enthusiasts expect the best when it comes to the World’s Foremost Outfitter, Cabela’s. According to Cabela’s President, Tommy Millner, both Cabela’s and The Original Log Cabin Homes have a great appreciation for the outdoors. Millner also said that both companies will have a great partnership due to their commitments to customer service and satisfaction.
In 1987, The Original Log Cabin Homes was founded in Rocky Mount, North Carolina with the goal to create the best log houses in the world. The company features an extensive line of log homes that will match any budget or vision. The company’s commitment to excellence in craftsmanship is a perfect match for Cabela’s, which is known for its large selection and superb customer service.
The incoming President of The Original Log Cabin Homes, Ernest Vesce, is thankful for the new partnership and is excited to offer the Cabela’s customers new options for cabin kits and log homes. He said the line was designed with the greatest outdoor enthusiasts in mind.
Posted in Business
Posted on 27 October 2010. Tags: Australian Plague Locust Commission, Birmingham Alabama, District of Columbia, Law firm, Limited liability partnership, Louisiana, New Orleans, Washington D.C.
Recently, Jones Walker announced that William H. Hines has been re-elected for his second consecutive five-year term as a Managing Partner of the firm. Hines’ second term will begin on January 1, 2011 and will end on December 31, 2015.
Hines was named by New Orleans City Business to “Driving Forces” which is a list of the New Orleans thirty most influential people involved in economic development. Hines has served as a Managing Partner of Jones Walker since 2006. Hines has been recognized by many national legal publications for his legal acumen and leadership as well as for his influence within the state of Louisiana.
When Hines first began as a Managing Partner, he led Jones Walker through strategic growth and success. Hines leadership helped the firm to become one of the largest and most prominent regional law firms in the Gulf South region. He also helped to bring back the firm’s New Orleans office and the city of New Orleans and continues to be one of the key leaders in the economic development of the region.
William Hines has helped to guide the form through several mergers including a merger in 2008 with Miller, Hamilton, Snider & Odom LLC which resulted in the form’s expansion into Alabama. In 2009, Jones Walker merged with Longman Russo, APLC in Lafayette, Louisiana and their 2010 merger with Walston Wells & Birchall, LLP in Birmingham, Alabama resulted in a significant growth of the firm’s existing practices and offices.
Hines’ leadership has grown Jones Walker from close to 200 attorneys and 6 offices to more than 300 attorneys in 11 offices in four years. Currently the firm has offices in five states and the District of Columbia. According to Hines, “It is truly an honor to be re-elected Managing Partner of Jones Walker.”
Posted in Finance
Posted on 27 October 2010. Tags: Business, Business process outsourcing, Business Services, Consulting, India, Information technology, Outsourcing
largest sourcing data and advisory firm in the work, TPI, is a unit of Information Services Group, Inc.(ISG). ISG is an industry-leading information based services company that recently released data that show a sharp increase in the restructuring of outsourcing contracts and a delay in the overall outsourcing market’s recovery. The delay in recovery is due to the uncertainty and continued weakness of the global economy.
The 3Q10 Global TPI Index measures the commercial outsourcing contracts that are valued at more than $25 million. The recent index recorded that the total contract value is around $14 billion which is down more than 20 percent from the previous quarter and the same period as 2009. Third quarter market activity usually slows but this year is the lowest third-quarter total contact value in more than five years.
The restructuring of outsourcing contracts includes renegotiations, renewals and extensions of existing contacts and totaled $6.8 billion in the third quarter which is about 48 percent of the worldwide market. In the past year, restructurings have accounted for more than one third of overall total contract values.
The TPI Index, which is now in its 32nd quarter, provides a snapshot of the sourcing industry for clients, analysts, service providers and the media on a quarterly basis. The TPI Index is considered to be the industry’s most authoritative source for intelligence related to the industry.
TPI, founder and innovator of the sourcing advisory industry, is an expert at the broad range of business support functions and related research methodologies. TPI uses deep functional domain expertise and extensive practical experience to help advance the organizations’ operations.
Posted in Business
Posted on 26 October 2010. Tags: AXA, AXA Equitable Life Insurance Company, Business, Business and Economy, Financial Services, Insurance, Russell 2000
Recently announced by AXA Equitable Life Insurance Company, Structured Capital Strategies will now be available. These strategies are variable annuities for investors who are seeking commodity and equity index linked and tax deferred growth potential with levels of some downside protection.
Structured Capital Strategies has two key elements. The first element is a built in downside buffer which reduces the negative impact of market volatility depending on the investment option. The second element is a Performance Cap Rate which affects the upside appreciation.
According to the president of Retired Savings at AXA Equitable, James Shepherdson, investors cannot eliminate market risk without eliminating market reward. He said that Structured Capital Strategies was created in response to investors’ fear of market risk.
Individual investors can participate in many indices with the Structured Capital Strategies, including: London Gold Market Fixing Limited PM Fix Price, MSCI EAFE Price Return Index, NYMEX West Texas Intermediate Crude Oil Generic Front Month Futures, Russell 2000 Price Return Index, and S&P 500 Price Return Index.
Investors are able to create a portfolio from a dashboard of equity and commodity index linked segment types with the downside butters and upside caps customized. Segments are typically available for new investments on the 15th of each month.
AXA Equitable Life Insurance Company, a leading financial protection company, has been in business since 1859 and is one of the nation’s leading providers of annuity products and life insurance as well as investment services and products. AXA Equitable is a subsidiary of AXA Financial, Inc. and part of the AXA Group.
Posted in Finance
Posted on 26 October 2010. Tags: Allianz, Anglo Irish Bank, Business, Chicago, Commercial, DeVry University, Investing, Real estate
A Chicago based real estate investment firm, KTC Properties, with Golub & Company have purchased a Class A office building located at 225 West Washington Street in downtown Chicago. The building is over 480,000 square feet and currently has 85 percent of the property leased.
Vice Presidents of KTC Properties, Nick Thomson and Ethan Meers, were the lead executives on this deal. According to Thomson, the current market conditions offered an attractive opportunity to add this property to KTC Properties’ portfolio. He continued by saying that the property, location and occupancy are consistent with KTC’s strategy of investing in high quality real estate.
The building was designed by Skidmore, Owings & Merrill and construction was completed in 1987. The architectural features of this property include marble floors and accents, and bay windows. The amenities include a conference facility, a sundry shop, and a fitness center exclusively for tenants.
The joint venture between KTC Properties and Golub purchased the first mortgage and secured mezzanine loans on October 8, 2010 from Anglo Irish Bank. KTC Properties was the selected buyer from a culmination of more than 10 competitive parties. On October 14, 2010, the partnership secured the title to the property and now KTC Properties and Golub have full ownership. Golub will manage and lease the building to key tenants including DeVry University and Allianz, the largest tenant and an international insurance firm.
Golub & Company is internationally active in real estate development, acquisitions, property management, and leasing and corporate real estate services. KTC Properties provides risk-adjusted returns through identifying, acquiring and adding value to high quality commercial real estate assets.
Posted in Business
Posted on 25 October 2010. Tags: Bureau of Industry and Security, Business, Canada, Globalization, Import and Export, International Business and Trade, Office of Foreign Assets Control, United States
The kitchenware manufacturer and exporter, Progressive International Corporation, announced that it will be employing ATTUS Technologies’ WatchDOG® Pro in order to fulfill its BIS trade compliance obligations. Progressive International, a U.S. based company, provides inventive, practical and fun kitchen gadgets and tools that are sold domestically and internationally in Canada, Europe, South American and other international markets.
Progressive International, which is located in Kent, Washington, maintains a customer service based company. It was established in 1973 and holds a firm commitment to the quality of its products and the service given to customers. Progressive recognizes its duty to fulfill the Office of Foreign Assets Control watch list screening. It understands that it performs international business and therefore must comply with the export laws and regulations which have been issued by US Customers and Border Protection and the Bureau of Industry and Security.
WatchDOG® Pro, a web based solution, uses an advanced name search algorithm that simultaneously cross checks a customer transaction or an entire database against all applicable watch lists. ATTUS Technologies provides more than twenty watch lists from which the client is able to select the correct combination of lists for their business model.
For Progressive International, WatchDOG® Pro will scan the OFAC Specially Designated Nationals list, the OFAC Sanctioned Countries list and the BIS list. “We feel confident that we have our basis covered and it [WatchDOG® Pro] is so easy to use,” said Allison Elgar, Export Compliance Manager of Progressive International.
Posted in Finance
Posted on 25 October 2010. Tags: Business, California, Energy, Renewable, Renewable energy, Technology, Tehachapi California
Airstreams Renewables, Inc. recently announced its plans to build a renewable energy technical training center in Tehachapi, California which is the heat of California’s renewable energy corridor. The 33 acre piece of land behind the Tehachapi Wind Corridor is owned by Airstreams Renewables and will be the site of the first state of the art 20,000 square foot renewable energy training center with additional facilities planned for the future.
The training center will combine all of Airstream Renewables’ currently over-burdened operations into one centralized location. This will provide for additional training capabilities in order to meet the large increase in industry demand. There will be plenty of space for fully trained renewable energy service technicians who work within the wind energy industry and other renewable and industrial sectors.
In addition to the new training center, Airstream Renewables plans to expand its ENSA North American subsidiary across the United States and Canada as well as mobile training facilities. This will allow for the additional hiring and training of technical trainers. “With the substantial increase in demand from our customers, additional capital expenditures in equipment and highly trained specialists are required to meet the highly technical on-site services our customers require,” commented Mark Jones, VP Business Development for ENSA.
Airstreams Renewables, Inc. offers technical and safety training solutions which are focuses on skill sets which have been designed to meet industry standars for both entry level and advanced service technicians and construction. The courses offered are instructed by industry experts who have over 200 years of combined experience with the wind and renewable energy industry.
Posted in Business
Posted on 23 October 2010. Tags: Contingent workforce, Managed services, SourceRight, Staffing, SupplierEdge, Vendor Management System
Recently announced by SourceRight Solutions, the company has released details about SupplierEdge. SupplierEdge, officially unveiled at Staffing Industry Analysts’ 2010 CWS Summit, is a new service delivery innovation for managed service program clients. It is designed to help clients to improve the management of their contingent workforce programs through streamlining the order processing and supplier management through the entire procurement cycle.
The rates of contingent workers and high demand skilled positions are increasing and are expect to rise up to 40 percent. In response to increased positions, SourceRight Solutions has recognized the need to create a program that would increase the client access to leading edge supplies while reducing inherent compliance risks and cost associated with large contingent workforce programs.
The managed services programs offered by SourceRight Solutions deliver customized contingent workforce offerings which are complimented by experts of vendor management system technology. SoureRight Solutions’ investment to the leading vendor management technologies provides an improved access to suppliers while streamlining the procurement of talented workers.
The preferred network has more than 250 suppliers who provide services in Canada, Puerto Rico and the United States with additional coverage in 27 countries through the worldwide alliance between SourceRight’s WorldSource and Hays plc. Managed service program clients receive a measurable return on their investments with SupplierEdge through cost savings, cost avoidance, policy controls, process efficiencies and critical fill metrics.
SupplierEdge provides access to Women and Minority owned business suppliers in order to support diversity goals and to provide a comprehensive supplier list. SupplierEdge also has regularly scheduled program audits which confirm that supplier costs are in line with the current market rates.
Posted in Finance