Congrats Ross

From the Wall Street Journal yesterday:
http://online.wsj.com/article/SB123319688835727407.html#printMode

Small, High-End Insurer Courts Coastal Homeowners

By M.P. MCQUEEN
As large, mass-market homeowner-insurance companies continue withdrawing from coastal areas because of the hurricane threat, a small, high-end insurer is making a push for the wealthy among these customers.

Privilege Underwriters Reciprocal Exchange, a company headquartered in Fort Lauderdale and White Plains, N.Y., recently received licenses to sell policies in New York, Connecticut, New Jersey and the District of Columbia.

Founded in Florida in 2006, the company also sells policies there and in South Carolina, and has applications pending with regulators in seven eastern states. The company currently serves about four thousand member-policyholders.

PURE's expansion comes even as Florida state regulators announced Tuesday that a unit of State Farm Mutual Automobile Insurance Co., intends to drop more than 700,000 homeowner policies there, a continuation of a trend that began several years ago after the record hurricane seasons of both 2004 and 2005.

About 20 smaller companies have started up in Florida recently to take away business from Citizen's Property Insurance Corp., a nonprofit alternative insurer, which is currently the largest property insurer in Florida. Meanwhile, eight new companies have been licensed to sell homeowners insurance in New York since 2007.

PURE President and CEO Ross Buchmueller, who formerly was president of American International Group Inc.'s Private Client Group and an executive at Chubb Corp., says PURE is able to write competitively priced policies in high-risk areas because it specializes in large, well-built homes valued at $1 million or more, which industry data suggest have held up well in recent disasters.

PURE competes primarily with high-end insurers like AIG, Chubb and Fireman's Fund Insurance Co., as well as excess and surplus lines in the unregulated market, to cover high-value luxury and waterfront homes and various other properties in communities like the Hamptons in New York, according to Mr. Buchmueller.

Scott Edwards, 63 years old, a retired banker who owns homes in North and South Carolina, said that he switched to PURE insurance in 2008 from an excess and surplus lines insurer for his retirement home near Georgetown, S.C., on the recommendation of his insurance agent.
He said that he initially paid about $7,000 in annual premiums to insure the newly built 4,000-square-foot home with wind- and flood-resistant construction and a replacement cost of more than $1 million.

But in 2006, after Hurricane Katrina, his premium doubled to $14,000. Since switching to PURE, he said his premium is back to $7,000 again and he has a substantially lower deductible for windstorm damage.

Pico Getaway, Getaway

In last year's school auction we won the bid to a weekend at a ski on/ski off condo on Pico (located adjacent to Killington). We utilized it on this past Martin Luther King Day weekend. Although the accomidations would be better described as a walk, ski, take-off-your-skis, hike, ski on/off condo, it was still nice not to have to drive to the mountain.

After our experience at Stowe, and the horror stories I had heard about conditions, I expected the worst. In fact, before we had arrived, the Pico website said something about only 3 of 6 lifts being open. ugh. However, the conditions were suprisingly good for Vermont. Solid packed powder with very little ice, and all the lifts were open. The weather was cold, but we came prepared.

There were few green trails, so the kids stuck to blue (intermediate) slopes. We even hit the summit twice.

The following is a 4:30 minute video filmed on our last day.

It's the Party, Stupid

The actual swearing-in ceremony - $1.24 million.

Additionally, the federal government estimates that it will spend roughly $49 million on the inaugural weekend.

Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.

Finally, private donors have contributed $45 million for the parties.

Total cost - $170 million. Nice.

Source: ABC News

New Year's Eve Trek

We took the 6 hour drive on New Year's Eve day to Northern Vermont to ring in the new year with our friends the Nash's. With the threat of significant snow between here and there, the car hit the road 3 1/2 hours early at 5:30am. We made it through Springfield before the snow started. It accumulated quickly, but Vermont does a good job in keeping at least one highway lane in decent condition.

Tom is a Burlington police officer. Tom and Pam's daughter, Isabella, for those that remember was born extremely premature. Thanks to great medical care, if there are any lingering effects, it is not obvious (apparently the March of Dimes was very supportive, so if you are looking for a good charity - www.marchofdimes.com/howtohelp/howtohelp.asp). She is four years old now and doing great.

It was quite enjoyable for us to see her playing with Katie and Emily.

We were there four days - two of which we took to the slopes of Stowe. The first day was -2 degrees (pre-wind chill), the second day was better at 15. I had so many layers on, getting the camera out was not an option. The kids skiied well even though it was the first time this year. Stowe is rather lacking of Green (Easy) trails, but they handled the Blue (Intermediate) admirably despite pretty icy conditions.

This is what we've come to

I've argued that the list of those applying for government TARP money will get ridiculous, but I never expected this...

Hustler founder Larry Flynt and Girls Gone Wild creator Joe Francis have written to Secty of Treasury Hank Paulson and their congressman, Henry Waxman requesting $5 billion of funds under TARP. Their argument is that the weak economic conditions have hurt adult video sales - which are down 22% year over year.

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/01-07-2009/0004950702&EDATE=

Although clearly a publicity ploy, I guess I'd rather it go to them than the auto industry...

Happy New Year

Best wishes to all for a Happy 2009. It can't get worse ... can it?