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Insurance & Financial Services
Excellus posts 2023 net loss of $23M after rise in insurance usage
ROCHESTER — Excellus BlueCross BlueShield reported a net loss of more than $23 million for 2023, which it primarily attributed to a $271 million increase in medical benefits paid last year. Excellus, like other health insurers nationwide, continues to “experience increases in utilization and costs” for health-care services and prescription drugs. “We’re a company that […]
Excellus reports net loss topping $23 million in 2023
ROCHESTER, N.Y. — Excellus BlueCross BlueShield says it ended 2023 with a net loss of $23.2 million. Excellus, Central New York’s largest health insurer, reported the net-loss figure in its annual report filed Friday with the New York State Department of Financial Services. The 2023 net loss compares to the reported net income of $58.9
McClearn named director of pension fund’s Emerging Manager Program
Interim tag removed ALBANY — New York State Comptroller Thomas DiNapoli on Feb. 7 announced the appointment of Sylvester (Sly) McClearn as director of the New York State Common Retirement Fund’s Emerging Manager Program. McClearn had been appointed interim director of the program back in February 2023. The pension fund’s Emerging Manager Program invests with
EBRI study: student-loan debt hampers 401(k) participation
Making student-loan debt payments was found to have a “negative impact” on both the average 401(k) employee-contribution rate and account balance, according to a new research report published Feb. 8 by the Washington, D.C.–based Employee Benefit Research Institute (EBRI) and J.P. Morgan Asset Management. The report, “Student Loans and Retirement Preparedness,” provides information on how
State pension fund generated 6 percent return in its latest fiscal quarter
ALBANY — The New York State Common Retirement Fund produced an estimated return of 6.18 percent in the third quarter of the current fiscal year — the three-month period ending Dec. 31, 2023. That’s according to New York State Comptroller Thomas DiNapoli, who also noted that the fund ended the quarter with an estimated value
Rialto Wealth Management partner joins Unity House board
AUBURN — Michael Antonacci, a partner at Rialto Wealth Management in Syracuse, joined the board of directors of Unity House at the start of the year, the Auburn–based nonprofit’s CEO Liz Smith announced. An expert in financial and investment management, Antonacci will help the Unity House board navigate the changing markets and will serve on
Strategic Financial launches client-engagement platform
UTICA — After two years of development and testing, Strategic Financial Services Inc. launched its own client-engagement platform, designed in-house, which allows clients to monitor, manage, and act on their financial plan. The company underwent a significant change in the technology it used around 2017, which spurred the desire for a client-engagement platform, Strategic Financial’s
Bowers CPAs & Advisors relocates its Rochester office
Syracuse–based Bowers CPAs & Advisors says its Rochester office has relocated to a new space at 200 Meridian Centre Blvd. “This transition underscores our unwavering commitment to delivering excellence in accounting services,” Michael D’Avirro, co-managing partner at Bowers CPAs & Advisors, said in the firm’s news release. “The relocation to our new, more spacious office
Naturally Lewis offers more than $900K in grant funding in 2024
LOWVILLE — Naturally Lewis says $930,000 is available in the second round of its four grant programs. Naturally Lewis is the economic-development agency for Lewis County. The grant funds are for the Small Things, Big Impacts Fund; Community Connections Fund; Building Business Fund; and Vacant Property Revitalization Fund, according to a Naturally Lewis news release.
People news: Security Mutual hires Kentch
ITHACA, N.Y. — Security Mutual Group recently announced the appointment of Samantha Kentch to the insurance company’s cancellations department. Prior to joining Security Mutual, she worked for two years at the Tompkins County Department of Social Services. Kentch is a graduate of Groton High School in Tompkins County and holds certifications in digital media and
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