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Primmer advises on the formation of Vermont’s first affiliated reinsurance company

Sat, 01/19/2019 - 3:42am -- tim

Vermont Business Magazine Earlier this week, Vermont State Officials announced the formation of Vermont’s First Affiliated Reinsurance Company (ARC) by MAPFRE RE, a large global reinsurance company based in Madrid, Spain. Primmer Piper Eggleston & Cramer (PPE&C) attorneys Ralphine O’Rourke and Jesse Crary are the advising counsel to MAPFRE RE. On July 1, 2018, Vermont officially passed legislation establishing this new type of captive which allows the formation of reinsurance affiliates onshore, and in so doing, avoids the Base Erosion and Anti-Abuse Tax (BEAT) that would otherwise apply to offshore reinsurance placements. By building on its experience with traditional captives and special purpose financial insurance companies, Vermont’s new option provides the flexibility found in captive regulation with the recognition that comes to companies complying with traditional insurance company accreditation standards. 

Personal income taxes slump in December

Fri, 01/18/2019 - 4:46pm -- tim

Vermont Business Magazine After several months of strong results, personal income tax revenues fell last month and dragged down total General Fund revenues. Secretary of Administration Susanne Young today released Vermont’s Revenue Results for December 2018. Along with the General Fund, the Transportation Fund was below its monthly target. Both funds, however, remain above their cumulative target due to the strength of revenues over the first half of the fiscal year. The Education Fund was above its monthly target but remains slightly below its cumulative annual target.

PAI: For jobs, a year of gains, losses, and a final net loss

Fri, 01/18/2019 - 4:05pm -- tim

Public Assets Institute Vermont’s private employers started 2018 on a roll, adding jobs in five of the first six months. But they lost ground in the second half of the year. Vermont finished 2018 with 257,500 private sector jobs, a decline of 100 for the year. In June Vermont hit an all-time high of 259,800 private-sector jobs. July saw the fifth-largest monthly job loss in the last 28 years.

Vermont, coalition block feds from adding citizenship question

Fri, 01/18/2019 - 2:02pm -- tim

Vermont Business Magazine Attorney General TJ Donovan announced that a court has blocked the federal government’s decision to add a citizenship question to the 2020 U.S. Census questionnaire. In April 2018, the State of Vermont joined a coalition of 17 other states, the District of Columbia, 15 cities and counties, and the U.S. Conference of Mayors in filing a lawsuit in the U.S.

Statement from Governor Scott on Martin Luther King

Fri, 01/18/2019 - 1:59pm -- tim

Vermont Business Magazine Governor Phil Scott issued the following statement for the forthcoming Martin Luther King, Jr Day: “As we begin this long weekend in honor of Reverend Dr Martin Luther King, Jr., I’m drawn to these wise words of his: ‘Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.’ 

Labor force falls again, jobless rate holds at 2.7 percent

Fri, 01/18/2019 - 11:19am -- tim

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor today released the seasonally-adjusted statewide unemployment rate for December of 2.7 percent, tied for fifth lowest in the nation. This reflects no change from the revised November rate. Embedded in this calculation is the monthly estimate of the Vermont labor force, which decreased compared to the previous month’s estimate. December marks the sixth consecutive month with a decrease to the labor force. The labor force overall has lost ground over the last year. The number of employed, however, has increased slightly. For December, Vermont businesses reported large seasonal gains to employment in industries related to tourism.

WhistlePig partners with BDT Capital Partners, Bhakta exits

Fri, 01/18/2019 - 10:53am -- tim

Vermont Business Magazine WhistlePig, the Shoreham-based Number 1 distiller in the fast growing, ultra-premium and luxury rye whiskey category, has announced a partnership with BDT Capital Partners of New York. BDT will become a minority equity partner. As part of this investment, Raj Bhakta, one of the original founders, has been bought out is no longer involved with the company. BDT invested through a structured equity investment that includes a significant minority common equity stake. Financial terms were not disclosed.

Weekly unemployment claims hold steady in January

Fri, 01/18/2019 - 5:12am -- tim

Vermont Business Magazine Weekly unemployment claims fell modestly last week, as the holiday layoff spike appears over. For the week of January 12, 2019, there were 674 claims, 25 fewer than they were the previous week, and 50 fewer than they were a year ago. The holiday season usually sees wild swings in claims, as retailers in particular hire and layoff workers in spikes in November and December and then levels off in January.

Sugarbush Resort packs in 20 events for MLK weekend

Fri, 01/18/2019 - 4:11am -- tim

Vermont Business Magazine  Sugarbush Resort is hosting twenty separate events for the upcoming MLK Weekend, from culinary events to torchlight parades and fireworks. The fun kicks off on Saturday, January 19th with Guided Outback Snowshoe Tours at 10:00 AM and 1:00 PM at Lincoln Peak. Guests can celebrate NSAA Safety Month with Meet the Ski Patrol & Toboggan Rides at 3:30 PM on the Welcome Mat at Lincoln Peak. There will also be a Local Artisan Market from 12:00 – 6:00 PM in Rumble’s Kitchen.

Nutty Steph’s pledges to sell 100,000 'Chocolate Vulvas'

Fri, 01/18/2019 - 3:55am -- tim

Vermont Business Magazine With their purchases of Nutty Steph’s Chocolate Vulvas Vermonters and chocolate lovers everywhere can help fund Planned Parenthood of Northern New England’s essential work empowering individuals to make independent, informed decisions about their sexual and reproductive health. Nutty Steph’s will donate $1 to the organization for every Chocolate Vulva box sold. Included with each purchase will be one of nine collector’s cards illustrated by artist Hilde Atalanta of The Vulva Gallery, a global educational movement which celebrates vulva diversity.

Berkshire Bank assists customers affected by government shutdown

Fri, 01/18/2019 - 3:25am -- tim

Vermont Business Magazine Berkshire Bank has announced a  loan modification program and financial coaching service designed to help its current customers who are federal employees needing special assistance and options during the US Government shutdown. Berkshire Bank has branches in southwestern Vermont. Begun January 16, qualified federal government employees may apply for a 1-3 month loan payment deferral.

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