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Insurance & Financial Services
N.Y. holds health premium increases to 7.5 percent
New York’s Department of Financial Services (DFS) trimmed nearly five percentage points from health insurers’ requested rate increases for 2013. Insurers operating in the state
Blue Ocean caps year of growth in 2012
SYRACUSE — Blue Ocean Strategic Capital, LLC went through a growth spurt in 2012, adding two new staff members from Morgan Stanley Smith Barney in Syracuse and acquiring Hebert Financial Strategies of Liverpool. Stephen Chow and Jeffrey Moro joined Blue Ocean from Morgan Stanley Smith Barney in July. It’s one of the first times in
Oneida Financial to acquire insurance agency in Schenectady
ONEIDA — Oneida Financial Corp. (NASDAQ: ONFC), parent of Oneida Savings Bank, announced today that it has agreed to acquire McMahon, Fenaroli and White, Inc.,
MVP promotes exec to take over for retiring CEO
SCHENECTADY — MVP Health Care filled the shoes of its retiring president and CEO, David Oliker, with its president of operations. The Schenectady–based health insurer’s
Reactor project at Cornell wins DOE funding
ITHACA — A research project led by two Cornell University professors aims to create compact reactors used in production of biofuel from algae. Biofuels can be made from a variety of stocks, including corn and wood. As it turns out, algae is especially energy dense, meaning a given amount of algae would produce more fuel
GKG honored for best practices
NEW HARTFORD — For the sixth year in a row, Gilroy Kernan & Gilroy, Inc (GKG) is among a select group of insurance agencies identified by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting as employing the best business practices in the industry. The selection means that GKG’s operations including procedures,
DFS mandates independent monitor for major mortgage servicer
New York’s Department of Financial Services (DFS) has ordered a major mortgage servicer to hire a monitor to make sure it is following the state’s
Special Risk Solutions acquired by Pennsylvania firm
NEW HARTFORD — A Pennsylvania company has acquired the brokerage arm of Utica Mutual Insurance Co. W.N. Tuscano Agency of Greensburg, Penn. purchased Utica Mutual
InFocus Advisors begins operating Patricia D Spencer Agency
CLAY — InFocus Advisors, Inc. brought the operations of Patricia D Spencer Agency under its roof at the beginning of November. “To the best of my knowledge this is pretty unique,” says Dave Lavelle, president of InFocus Advisors and one of the insurance, investment, and group-benefit firm’s five partners. “You used to have a small,
Upstate health-benefit costs rose 3.5 percent in 2012
Health-benefit costs increased less in upstate New York than they did nationally in 2012, according to recently released results of a survey from the human-resources consulting firm Mercer. Costs rose 3.5 percent in upstate New York to an average of $9,364 per employee, Mercer found in its National Survey of Employer-Sponsored Health Plans 2012, which
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