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Peapack-Gladstone: Q2 Earnings Snapshot

Peapack-Gladstone: Q2 Earnings Snapshot

BEDMINSTER, N.J. (AP) — BEDMINSTER, N.J. (AP) — Peapack-Gladstone Financial Corp. (PGC) on Monday reported net income of $7.9 million in its second quarter.
The Bedminster, New Jersey-based bank said it had earnings of 45 cents per share.
The bank holding company posted revenue of $111.1 million in the period. Its revenue net of interest expense was $69.7 million, topping Street forecasts.
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AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.
AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.

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AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.

OLDWICK, N.J., July 24, 2025--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a+" (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Tuscarora Wayne Insurance Company and its affiliate, Keystone National Insurance Company. The outlook of the Long-Term ICR has been revised to stable from negative while the FSR is stable. Both companies are collectedly referred to as Tuscarora Wayne Companies and are domiciled in Wyalusing, PA. Concurrently, AM Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the Long-Term ICR to "a-" (Excellent) from "bbb+" (Good) of Lebanon Valley Insurance Company (Lebanon Valley) (Wyalusing, PA). The outlook of these Credit Ratings (ratings) is positive. In addition, AM Best has revised the outlooks to positive from stable and affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" (Excellent) of Illinois Casualty Company (ICC). AM Best also has revised the outlook to positive from stable affirmed the Long-Term ICR of "bbb-" (Good) of its intermediate parent, ICC Holdings, Inc. (ICCH). Lastly, AM Best has withdrawn the rating of ICCH as the company requested its withdrawal following ICCH's transition to a privately held entity from a publicly held company. Both companies are domiciled in Rock Island, IL. The ratings of Tuscarora Wayne Companies reflect the group's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The downgrade of Tuscarora Wayne Companies' Long Term ICRs reflects operating performance metrics that more closely align with adequately assessed companies within the commercial property composite. The group's very strong balance sheet strength assessment continues to be supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), solid liquidity and generally consistent and favorable loss reserve development, partially offset by dividends to its parent, which has somewhat constrained surplus growth. The neutral business profile continues to focus on underserved commercial business exposures with moderate geographic diversification. AM Best considers Tuscarora Wayne Companies' ERM program to be appropriate for the group's risk profile and includes prudent reinsurance protection and comprehensive risk management. The ratings of Lebanon Valley reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect rating enhancement via the explicit and implicit support provided as an affiliate of Tuscarora Wayne Companies. The upgrade of Lebanon Valley's ratings reflects its consistent surplus growth, with gains in surplus reported in each of the past 10 years, conservative investment portfolio and low underwriting leverage metrics that compare favorably with the composite average. The strong balance sheet strength assessment is underpinned by the strongest levels of risk-adjusted capitalization, as measured by BCAR. The adequate operating performance reflects the consistent performance of the company with net income in each of the past 10 years, with some modest volatility as reflected in underwriting losses in 2021 and 2023. The limited business profile reflects the company's geographic concentration in Pennsylvania and focus on commercial property business. The company is part of the ERM program employed by Tuscarora Wayne Companies and is considered appropriate for the company's risk profile. The positive outlooks reflect the expected product and geographic diversification the company will achieve via the implementation of a pooling agreement with Tuscarora Wayne Companies and ICC. The agreement is expected to be implemented by Jan. 1, 2026. The ratings of ICC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The revised outlooks to positive from stable for ICC also contemplate the expected benefits of the forthcoming pooling agreement with its affiliated insurance companies. The pooling agreement will provide greater product diversification through additional commercial multiperil classes and lines of business, such as homeowners' and farmowners' coverages, while also improving the geographic reach of the company. ICC's very strong balance sheet strength is characterized by the strongest level of risk-adjusted capitalization, as measured by BCAR, underwriting and liquidity ratios that are comparable with the composite averages and generally consistent surplus growth. While loss reserve development has been unfavorable in recent periods, influenced by social and economic inflation, the impact has been effectively absorbed without significant drain on the balance sheet. This is reflected by adequate operating performance, which has yielded positive pre-tax operating and net income in each of the past 5 years, despite loss reserve development. The ERM program is considered appropriate for the company's risk profile. On March 13, 2025, ICCH was acquired by Mutual Capital Group, Inc. (the ultimate parent of Tuscarora Wayne Companies and Lebanon Valley). ICCH remains a subsidiary under common management with Mutual Capital Group's other subsidiaries. The prospective pooling agreement between the three rating units is expected to enhance the overall business and geographic diversification. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Daniel Mangano Senior Financial Analyst +1 908 882 1907 Maurice Thomas Senior Financial Analyst +1 908 882 2392 Christopher Draghi Director +1 908 882 1749 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio

Lifting fuel from Dangote refinery costs more than importing from Togo, Dangote reveals
Lifting fuel from Dangote refinery costs more than importing from Togo, Dangote reveals

Business Insider

time12 minutes ago

  • Business Insider

Lifting fuel from Dangote refinery costs more than importing from Togo, Dangote reveals

In a scathing indictment of the country's port infrastructure and pricing structure, Dangote revealed that lifting refined petroleum products from the Lekki-based refinery is now more expensive for oil marketers than buying from offshore storage depots in neighboring countries, such as Togo. Speaking bluntly at the just-concluded Global Commodity Insights Conference on West Africa's refined fuel market, regarding the economic inefficiencies afflicting the local market, Dangote cited a slew of port-related fees and regulatory constraints that local merchants confront. At the event, which was jointly hosted by the NMDPRA and S&P Global Commodity Insights in Abuja, Dangote noted that multiple fees at the refinery's loading point and discharge at domestic terminals, which are essentially absent when marketers import gasoline from offshore facilities such as the Lomé Floating Storage Terminal, were to blame. 'In terms of port charges, it is currently more expensive to load a domestic cargo of petroleum products from the Dangote Refinery, as customers pay both at the point of loading and the point of discharge. But when they load from Lome, which competes with us, they pay only at the point of discharge. This is simply unfair and unsustainable,' the Nigerian billionaire relayed. As reported by the Punch, after their findings, marketers who source fuel from the Dangote Refinery have to pay these charges. This was also reiterated by the Independent Petroleum Marketers Association of Nigeria National Publicity Secretary, Chinedu Ukadike. 'We don't load in Lomé, but for Nigerian distribution through the coastal route, it is easier to use the vessels here in Nigeria because it is interstate. Most of the international clearance and the rest is not applicable, because you would be able to avoid a lot of charges, both international and local charges,' he stated. 'It is better to load from Dangote via both means. But if you are loading coastal from another country, it is more difficult than when you are loading from Nigeria,' he added. However, some other players have cited the refinery's restrictive sale methods as a reason why there are complications in the supply chain. This point was elaborated on by Executive Secretary of DAPPMAN, Olufemi Adewole, who noted that the way Dangote conducts business does not benefit most local marketers, particularly small businesses that rely on flexible coastal supply chains. 'Since the advent of Dangote refinery, it has not been smooth sailing at all. We had preliminary meetings with their management. We received promises and assurances that we would be accommodated. We are ready and still willing to patronise Dangote. But the issue is, is Dangote ready to give us the product we want?' he stated. 'You don't get the price upfront,' Adewole explained. 'It is only after you've been cleared that a proforma invoice is issued. Meanwhile, there appears to be a select group Dangote prefers to trade with,' he added.

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