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December 21, 2022
Mercury Insurance has been helping people through the most difficult of times for more than 60 years. Mercury's unwavering commitment to its customers hasn't changed since it first opened its doors in 1962, and over the years that promise to do the right thing has expanded to include a variety of programs through the company's Mercury Cares initiative.
Mercury Cares was developed to support causes, organizations and individuals that go above and beyond to serve their communities. This desire to help and support everyday heroes led Mercury Cares to The Bear Fund and Cancer Support Community, who introduced us to an incredible young woman who is the personification of hope, determination and the power of positivity – Emma Frommeyer.
Emma is, in many ways, a typical teenager. She loves music, makeup and hanging out with friends, but there is one thing that sets her apart from most teenagers – Emma has a brain tumor and is fighting for her life.
Since being diagnosed with cancer, Emma hasn't had the chance to do the things a 13-year-old should be able to do, The Bear Fund has really been there for Emma and the family, providing gas cards to help get Emma to treatment, which is an hour and a half each way. And Mercury showed how much they care when they gifted a dream to trip to Los Angeles so Emma could see one of her favorite music artists and enjoy some beach time with her family. We are so thankful for the joy that it's brought the family, said Trista Conner, Emma's aunt.
Mercury produced a series of videos sharing Emma and her family's story. These inspirational videos will allow viewers to get to know this amazing young lady and watch her journey, as she and her family show the world what it means to look on the bright side of life, even when it seems like the odds are against you.
The Bear Fund was founded after Heather and Nick Baker's youngest child, Barrett ("Bear"), was diagnosed with a rare liver cancer. During that time, Heather and Nick began to notice the economic challenges some families on the hospital floors were facing. They decided they wanted to help, so they established The Bear Fund, in partnership with the Cancer Support Community, a 40 year old 501c3 charity, to provide financial support and navigation services to families with children diagnosed with cancer."Mercury Cares partners with like-minded organizations that are committed to providing valuable services to the customers and communities we help protect, We're proud we can partner with the Bear Fund to help celebrate and support cancer patients like Emma and her family."
- Erik Thompson, Vice President and Chief Marketing Officer at Mercury Insurance
December 19, 2022
Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”), a leading provider of products and services to the specialty insurance market, today announced that it has entered into a definitive merger agreement with affiliates of Altaris, LLC (collectively with its affiliates, “Altaris”), which currently owns approximately 47% of Trean’s outstanding common stock. Under the terms of the agreement, Altaris will acquire all of the common stock that it does not currently own for $6.15 in cash per share, representing a 97% premium to Trean’s closing price on December 15, 2022, the last trading day prior to this announcement and a 133% premium to the 30-day volume-weighted average price per share of $2.64 as of December 15, 2022. Upon receiving a proposal from Altaris to acquire the Company, which was conditioned on approval by a special committee of independent and disinterested directors and by a majority of the voting power of unaffiliated stockholders, the Board of Directors formed such a Special Committee comprised solely of independent and disinterested directors to evaluate the proposal and alternatives thereto and make a recommendation to the Board of Directors. The Special Committee was advised by its own independent financial and legal advisors. Following the unanimous recommendation of the Special Committee, the Board of Directors of the Company (other than Daniel Tully, who abstained from participating in the deliberations or voting on the matter due to his position as Co-Founder and Managing Director of Altaris) unanimously approved the merger agreement and is recommending to Trean’s stockholders that they adopt and approve the merger agreement.
Daniel Tully, Co-Founder and Managing Director of Altaris, said, We have known Trean for many years and have long admired their disciplined program partner selection, prudent financial management and world-class team. We believe that Trean’s specialty insurance products and services are highly differentiated in the market, and we look forward to contributing our resources and expertise to support the Company’s next phase of growth. About Trean Insurance Group, Inc. Trean Insurance Group, Inc. (Nasdaq: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. About Altaris Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital.“This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term. As a long-term investor in the Company, Altaris is deeply familiar with our business and recognizes the value of our talented team, and we look forward to Altaris’ continued contributions to Trean as a private company.”
- Julie Baron, President and Chief Executive Officer of Trean
December 16, 2022
NEXT Insurance, a leading digital insurtech transforming small business insurance, announced its renewed commitment to small business restaurant owners with the expansion of Employment Practices Liability Insurance which is now available with general liability in 28 states plus Washington, DC. Continuing with its mission to help entrepreneurs thrive by innovating and enhancing its product offerings, NEXT's EPLI coverage provides additional protection for business owners against lawsuits involving discrimination, sexual harassment, wrongful termination and more. One of small businesses' largest concerns and pain points is having the right financial protection set up if they're held responsible for common workplace accidents or staring down employment practice lawsuits. Small businesses, including restaurants, can be more susceptible to employment practice claims because they often lack human resource departments, employee handbooks or legal staff, making them prime targets for customer and employment lawsuits related to rights violations, wrongful discipline, benefits mismanagement among many others. Additionally, EPLI coverage can also help pay for legal expenses associated with Americans with Disabilities Act (ADA) compliance complaints, for example, if a claim is filed that alleges improper wheelchair access to your restaurant.
" Employment practice lawsuits can be costly to resolve and emotionally draining, which is especially important now for those who have been hit hardest by the pandemic like restaurant owners. EPLI is a distinct type of insurance coverage that helps pay for legal fees for discrimination claims, that may not be covered by other policies like workers' compensation. This expansion of NEXT's offerings provides our customers with additional protection so that they can focus on growing a successful business rather than stressing over financial concerns in the wake of investigation costs, judgments or settlements."
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