PETALUMA, Calif., Oct. 14, 2020 /PRNewswire/ — Tangram Insurance Services, Inc. (“Tangram”), a Managing General Agency, and Markel Corporation on behalf of its affiliated insurance companies  (“Markel”) today announces the launch of a program to provide excess liability above Tangram’s current program in propane and fuel distribution niche.

Tangram’s program provides comprehensive insurance solutions for dealers and distributors of fuel oil, propane, diesel and gasoline. The additional excess liability capacity that Markel provides will make Tangram a one stop shop for this niche. With the additional capacity, Tangram’s program now has the ability to provide General Liability, Property, Commercial Auto, Workers’ Compensation, Environmental Liability and Excess Liability cover up to $15 million.

“Our downstream energy program is our fastest growing niche.  Tangram’s focus for the past 5 years has been to provide our specialty brokers with meaningful coverage and services from a single source.  With the addition of Markel’s capacity, commitment and experience in the energy space, our brokers and customers have an even more compelling reason to partner with us for the long term,” said Rekha Skantharaja, Tangram’s President & CEO.

Tracy Bernard, Tangram’s Head of Program Development noted, “We are excited to partner with an industry powerhouse like Markel to provide excess liability to this niche. By providing this additional capacity we continue to demonstrate our commitment to the Fuel Distribution industry, providing a full suite of coverages for our broker partners and insureds operating in these challenging times.”

“Tangram provides an excellent underwriting platform for risk analysis, and they have a long history in this insurance space. We’re looking forward to building a solid partnership with Tangram in this line of business and sharing in mutual success and profitability,” said Tim Pasik, Managing Director, US Excess Casualty at Markel.

About Tangram Insurance Services,

The coronavirus crisis and Anadarko’s acquisition have been weighing on Occidental Petroleum’s stock (NYSE: OXY) since the beginning of the year. With the stock down by a staggering 76%, is it the right time to take a closer look? The company’s cash position deteriorated through the first and second quarters as the declining benchmark prices dragged down operating margins. Occidental ended the June quarter with $1 billion of cash, but its short-term debt stood much higher at $2.4 billion. While long-term equity returns depend on the company’s strategy to manage its huge debt pile of $36 billion, Trefis believes that the ongoing asset sales are likely to provide an uptick to the stock and boost investor sentiments.

In order to address near-term debt maturities, the company has entered into purchase and sale agreements to divest Wyoming, Colorado, and Utah assets for $1.3 billion and its Colombia assets for $825 million. As the transactions are expected to close during the fourth quarter, the company will achieve its $2 billion asset divestiture target for 2020.

Occidental Petroleum’s revenues increased by 60% from $13.2 billion in 2017 to $21.2 billion in 2019, primarily driven by Anadarko’s acquisition and augmented by increased production & stable benchmark prices.

While the company has seen steady revenue growth over recent years, its P/S multiple has declined. The increased debt load and macroeconomic weakness have been key factors behind the falling stock price as interest expenses zoomed from $0.4 billion in 2018 to $1.06 billion in 2019 – taking the net income margin to negative territory. With a series of asset sales on the cards,

Federal Reserve officials expressed concern at their most recent meeting that the US economic recovery could falter if Congress fails to approve another round of pandemic relief.

Minutes of the meeting showed that officials believe the economy was growing faster than expected. But they based their forecasts on expectations that Democrats and Republicans would resolve their differences and provide more economic aid, including expanded unemployment benefits and help for small businesses.

The minutes said that “most forecasters were assuming that an additional pandemic-related fiscal package would be approved this year, and noted that, absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter.”

The prospects for a new package being passed before the Nov. 3 elections, however, have significantly diminished with President Trump’s decision to end negotiations with Democrats. Trump has instead proposed that Democrats approve individual rescue items, such as money for ailing airlines and another round of $1,200 checks for most adults, rather than a comprehensive aid package.

Federal Reserve chairman Jerome Powell warned in a speech Tuesday of potentially tragic consequences if Congress and the White House do not provide further assistance, saying “the [economic] expansion is far from complete.”

The minutes covered the Fed’s Sept. 15-16 meeting, in which officials left their key policy rate unchanged at a record low near zero and signaled that they expected to keep rates at ultra-low levels at least through 2023.

The Fed’s statement incorporated a policy change to allow inflation to rise above its 2 percent target for a period of time. That change is seen as allowing it to keep interest rates lower for a longer period.

The September statement was approved on a 10-2 vote. The minutes recognized large problems in trying to forecast the path of the economy.

“Participants continued to

Silver futures posted a third-quarter gain of 26%.


patrick hertzog/Agence France-Presse/Getty Images

Industrial metals posted gains in the third quarter, with silver up sharply and copper touching its highest prices in over two years, suggesting that the worst of the coronavirus hit to the economy may be over.

The third quarter economic backdrop was “very supportive of the overall commodity complex,” including industrial metals, says John Caruso , senior asset manager at RJO Futures. “The ‘reflation’ trade, assisted by the reopening of the economy and record [Federal Reserve] and government stimulus, helped the metals complex gain plenty of fervor” following the second quarter Covid-19-related shutdown and economic collapse.

On Sept. 30, silver futures
SIZ20,
-1.33%

posted a 26% climb for the third quarter and copper futures
HGZ20,
+3.83%

finished about 11% higher.

“Optimism around the reopening of the global economy, a continued rally in risk-on assets, improving global economic data, and the hopes of additional stimulus helped propel the upward movement in industrial metals,” says Ed Egilinsky, managing director, head of alternatives at Direxion. The recent moves in the metals “certainly support a narrative that the worst of the economic slowdown exacerbated by Covid-19 might be behind us.”

At the same time, however, news of President Donald Trump’s Covid-19 diagnosis on Oct. 2 also “adds to the narrative of the ongoing global susceptibility to this virus,” he says. There has already been a reemergence of cases in parts of the world that can “lead to a global slowdown and a ‘risk off’ sentiment,” adversely impacting industrial metals.

Silver’s quarterly performance was impressive, especially when compared to a more modest 5.3% rise in gold futures for the same period.

Silver “benefitted from both the industrial and investment side of its demand equation” during the quarter, says Maria Smirnova, senior portfolio manager

CARMEL, Ind., Oct. 1, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) launched today a new online health insurance marketplace, myHealthPolicy.com, initially focused on helping Medicare beneficiaries learn about and enroll in Medicare Advantage and Prescription Drug plans.

With the goal of providing consumers with a convenient way to compare, buy or switch plans, myHealthPolicy.com offers the ease of online enrollment with the personal assistance and one-on-one consultation of a local insurance agent.

“An important feature of myHealthPolicy.com is that consumers can be helped by a licensed agent in their community who is familiar with local provider networks and can bring that knowledge into the decision process, in addition to being able to quickly connect with a tele-sales agent who can answer immediate questions,” says CNO Consumer Division President Scott Goldberg. “We have over 2,000 agents exclusively connected to this platform who are certified to sell Medicare Advantage products. Our agents can help customers select the right plan over the phone, by video, or in-person. Few companies bring that type of scale and choice to consumers.”

Meredith Vieira named new spokesperson in national, multi-channel campaign

In addition to the launch of myHealthPolicy.com, the company announced that award-winning journalist and former ‘TODAY’ host Meredith Vieira will serve as the brand’s official spokesperson. She will appear in a national, multi-channel campaign across TV, radio, out-of-home media, print, social, and digital advertising beginning this month.

“I’m so pleased to be working with myHealthPolicy,” said Vieira. “It allows consumers to explore their Medicare options. As we enter the annual enrollment period, we all want to make these decisions with confidence. myHealthPolicy.com makes it easy.”

“We are thrilled to welcome Meredith as a member of the CNO family,” said Goldberg. “She is a longtime healthcare advocate and her authenticity and relatability