EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums. 

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market position to accelerate the deployment of technology into a variety of insurance processes. 

The alliance has unanimously selected to begin its collaboration by focusing on technology and efficiency improvements to policy checking. Policy checking is a high volume and comprehensive process that performs a critical validation for accuracy and integrity of policy issuance across carriers, wholesalers, and brokers. Beginning this month, alliance members will work together to drive the evolution of Patra’s industry leading policy checking solution.

“The need for insurance leaders to collaborate on technology has never been more important and this InsurConneXtions will be an important and strategic contributor,” said John Simpson, CEO and Founder of Patra. “With industry leading firms along with Patra’s technology and full-service delivery capabilities, a collaborative approach will help ensure a more rapid delivery of tech-enabled solutions to help solve our common challenges.”

“Speaking on behalf of the membership, we are excited

By Ben Klayman

DETROIT (Reuters) – General Motors Co <GM.N> and Nikola Corp <NKLA.O> have not finalized their deal to jointly build electric pickup trucks and hydrogen fuel cell tractor-trailers, one day ahead of the date targeted, and are continuing discussions, GM said on Tuesday.

“Our transaction with Nikola has not closed,” GM spokeswoman Juli Huston-Rough said in a statement. “We are continuing our discussions with Nikola and will provide further updates when appropriate or required.”

A statement by Nikola echoed GM’s. Huston-Rough and a Nikola spokeswoman declined to comment further when asked if terms of the deal were being renegotiated.

Shares of Nikola were down 7.1%, while GM’s stock was off 1.5% in midday trading.

When the deal was announced, Nikola said it expected it to close before Sept. 30, adding either side could terminate the agreement if it wasn’t finalized by Dec. 3.

The alliance, announced Sept. 8, included plans for GM to receive an 11% stake in Nikola then worth about $2 billion and payments up to $700 million for building the startup’s Badger pickup.

With Nikola shares now trading below $18 a share, GM’s potential stake is worth less than half the initial value.

In return, GM agreed to supply Nikola with electric batteries, a chassis architecture and a factory to build the Badger pickup, as well as GM’s fuel cell system for Nikola’s planned heavy trucks.

As part of the deal, GM also would keep 80% of EV regulatory credits generated by the Badger and have the right to buy the rest at market rates, which would help GM offset sales of its gasoline-powered vehicles.

Short-seller Hindenburg Research then released a scathing report on Sept. 10 that called Nikola a “fraud” and said Nikola founder and then executive chairman Trevor Milton had made false claims

While most stocks underwent a correction in September, beaten-down coal companies were among the few that actually saw strong performance. The coal ETF (KOL) rose about 5% with names such as Arch Resources (ARCH) rising a staggering 33%.

Most of the gains have been in metallurgical coal producers that supply coal to steelmakers. There has been an uptick in demand for met coal from China which has caused prices and sales volumes to rise. Thermal coal (used for power) has been a bit weaker but has also seen an uptick in prices and sales volumes.

Interestingly, Alliance Resource Partners (ARLP) has been left out of the rally. The company produces both thermal and metallurgical coal. The stock is trading at nearly its lowest price ever despite recently seeing an uptick in sales and prices. The company is no doubt in a difficult position after seeing sales decline over 50% Y/Y last quarter.

That said, the company had a positive demand outlook for Q3, and recent events in the coal market indicate that demand is indeed rising. Natural gas prices are higher which should boost competitive demand. China recently looked to increase coal imports due to a shortage, which was made worse by a mine collapse and corruption probe. If this continues to cause coal prices to rise internationally, ARLP’s export business should see greater profitability and demand.

A Closer Look at ARLP’s Valuation

ARLP has declined about 15% on generally positive news this month. Of course, with the equity market as a whole seeing higher volatility this month many investors may be selling ARLP in order to shore up liquidity. Though the company historically pays an extremely strong dividend that would equate to a yield of 50%, it is currently suspended as the company uses cash flow to reduce debt