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NFP acquires Poulos Insurance

Thu, 08/14/2014 - 4:19am -- tim

NFP, a provider of benefits, property and casualty and life insurance and wealth management services, has expanded its property and casualty business in New England with the acquisitions of Poulos Insurance, Inc and Altus Specialty Group, LLC. Poulos, which has 11 offices in Vermont, closed on August 4, 2014 and ASG closed on August 8, 2014.

Housing construction begins at former state office complex flooded by Irene

Wed, 08/13/2014 - 2:34pm -- tim

Almost three years from the day that Tropical Storm Irene devastated Waterbury and other Vermont communities, Senator Patrick Leahy (D-Vermont) led a groundbreaking celebration to mark the start of construction of South Main Apartments, a 27 mixed-income apartments on the campus of the former State Office Complex.

VEDA approves $4.3 million in financing

Wed, 08/13/2014 - 1:01pm -- tim

Vermont Business Magazine The Vermont Economic Development Authority (VEDA) has approved $4.3 million in financing for economic development projects totaling $9 million throughout Vermont. Among the projects are: Sugarbush Resort, $500,000; Concepts ETI, Inc, $145,612; Manufacturing Solutions, Inc, $62,884; Route 802 LLC,$150,000; Al’s Snowmobile Parts, $175,000; Caledonia Spirits, $80,000.

McClure Foundation awards $340,000 in grants to support access to higher education in Vermont

Wed, 08/13/2014 - 11:55am -- tim

The J Warren & Lois McClure Foundation, a supporting organization of the Vermont Community Foundation, has announced $339,650 in grants to support programs promoting college and career education for Vermonters—with a particular focus on low-income students, first-generation college students, adult learners, and veterans. The McClure Foundation is guided by a vision of a vibrant, world-class economy in Vermont where no job goes unfilled for lack of a qualified applicant and in which each citizen is encouraged to learn and to contribute.

Blue Cross defends exchange rate increase before Green Mountain Care Board

Wed, 08/13/2014 - 10:48am -- tim

by Morgan True Vermont’s largest health insurer said Tuesday that any reduction to its requested rate increase for plans it offers on the state’s health exchange could hurt its solvency, but consumer advocates argue the increase will make coverage less affordable. Blue Cross Blue Shield of Vermont is requesting an average 9.8 percent rate increase for its Vermont Health Connect plans in 2015. That translates to a $20 to $75 monthly increase in premiums, depending on the plan.

Vermont Gas to offer landowners neutral mediation

Tue, 08/12/2014 - 4:39pm -- tim

Vermont Gas will offer landowners with whom they’ve not yet reached an easement agreement the option of participating in a new, neutral third-party mediation process. In a statement released Teusday, the company said it hopes this neutral process results in agreements that will eliminate the need for full, litigated eminent domain proceedings. Since 2001 Vermont Gas has installed over 250 miles of pipeline and has never had to use eminent domain.

Vermont attorney general wins ruling against patent troll in federal court

Tue, 08/12/2014 - 4:18pm -- tim

Vermont Business Magazine MPHJ Technology Investments, LLC, lost its latest attempt to avoid litigating its case in Vermont state court when the United States Appellate Court for the Federal Circuit dismissed an appeal of the federal district court’s decision to send the case back to the state court for resolution. “We’re pleased the Federal Circuit has rejected MPHJ’s appeal.

GMP breaks ground on first-of-its-kind solar project to increase resiliency, improve safety

Tue, 08/12/2014 - 1:33pm -- tim

Green Mountain Power began construction Tuesday on an innovative new solar project to improve resiliency and safety in communities, by generating clean energy that can be stored and used to power an emergency shelter at Rutland High School during a storm. According to the US Department of Energy, The Stafford Hill Solar Farm is the first project to establish a micro-grid powered solely by solar and battery back-up, with no other fuel source. GMP received a Certificate of Public Good for the project on June 15 and preliminary site work is under way.

Kaj Samsom to lead Vermont DFR Insurance Division

Tue, 08/12/2014 - 12:59pm -- tim

Susan L Donegan, commissioner of the Department of Financial Regulation (DFR) today announced the appointment of Kaj Samsom as deputy commissioner of the Insurance Division. Samsom joined DFR in 2006 as insurance examiner and in 2011 became director of the Insurance Division’s Licensing and Examinations section. In that role, he managed a team of CPAs and was responsible for all licensing and examinations of insurance companies, as well as financial analysis-related decisions for the Division.