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Insurance & Financial Services
Excellus appoints Reed as president and CEO
ROCHESTER, N.Y. — Excellus BlueCross BlueShield on Monday announced that it has appointed James Reed as CEO of the $6.2 billion health plan and its
Soaring homes sales in New York, CNY continue in March
ALBANY, N.Y. — New York realtors sold just over 11,000 previously-owned homes in March, up nearly 37 percent from more than 8,000 homes sold in March 2020. Pending sales in March jumped more than 59 percent, indicating continued strong closed sales of homes will continue in the next couple months. That’s according to the New
Millennial, Gen Z consumers prefer digital, in-person banking combo
About 85 percent of Americans say they will use digital tools to conduct some or all financial transactions after the COVID-19 pandemic, according to a recently released survey report from KeyBank. However, Millennial and Gen Z consumers (which this study defined as those under age 35) prefer a combination of digital and in-person banking more often than
DFS offers guidance for N.Y. insurers on managing climate-change financial risks
The New York State Department of Financial Services (DFS) has issued a proposed, detailed guidance for New York–regulated domestic insurers, outlining the department’s expectations for managing the financial risks from climate change. The proposed guidance builds on the DFS circular letter on Sept. 22, 2020. That letter outlined the department’s expectations that all New York insurers start
MVP Health Care to start offering level-funded insurance plans in July
SCHENECTADY, N.Y. — Beginning this summer, MVP Health Care will offer “level funded” insurance plans to employers with more than 100 subscribers, or health-plan participants. Level-funded plans offer employers “an alternative to traditional fully insured or self-funded plan options,” MVP said. MVP will start offering the plans July 1, director of public relations at MVP
Brown & Brown Insurance net income jumps 31 percent in Q1
Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, reported that its net income rose 31 percent to $199.7 million in the first quarter from $152.4 million in the year-ago quarter. The company’s net income per share increased almost 30 percent to 70 cents from 54 cents a year prior.
Survey: Confidence in retirement security remains steady amid pandemic
“Even with changes in the labor market, workers’ confidence in their ability to live comfortably in retirement remains high overall,” Craig Copeland, EBRI senior research associate and co-author of the report, said. “However, while resilience may be the watchword for 2021, three in 10 workers say the pandemic has negatively impacted their ability to save
Binghamton University SBDC helps bars, restaurants apply for federal pandemic-relief funding
BINGHAMTON, N.Y. — The New York State Small Business Development Center (SBDC) at Binghamton University is available to assist small businesses throughout the region with
Five Star Bank to relocate its Elmira branch
ELMIRA, N.Y. — Five Star Bank has announced the planned relocation of its Elmira branch to 100 West Water St. from its current location at
VIEWPOINT: Post-Pandemic Money Moves: Financial Considerations For Business Owners & Leaders
The COVID-19 pandemic inflicted unforeseen hardship on countless businesses across New York state and beyond, causing many business owners to tap into personal savings or retirement accounts to endure the devastating economic fallout. For many of these business owners, the impact of the pandemic forced tough decisions that have come at the cost of self-sacrifice to remain
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