Stake – Cash Back and Banking Services for Renters –  Raises $12 Million in Series A Funding

NEW YORK–(BUSINESS WIRE)–Stake, which provides Cash Back and banking services to renters, announced today the completion of its $12 million Series A financing round. With Stake, renters earn Cash Back when they take positive actions, like signing a lease and paying rent. Owners save money with every renter action.

The round was led by RET Ventures, which selected Stake as one of the first investments for the new RET Ventures ESG Fund (the “Housing Impact Fund”). Participation also included: Enterprise Community Partners, which, since 1982, has helped create or preserve 873,000 homes; Hometeam Ventures; Operator Stack; and Second Century Ventures, the investment arm of the National Association of Realtors. Existing investors Shadow Ventures and Olive Tree Ventures also participated in the round.

Today more than 44 million American households pay rent every month, and from 1985 to 2020, median rent prices increased by nearly 150% despite income growing just 35%. Leveraging behavioral science, Stake was founded in 2018 to empower renters by providing them with Cash Back on their rent as well as no-fee banking services to build savings. Stake also mitigates pain points for building owners, increasing lease-ups, reducing economic vacancy, improving maintenance, and increasing ancillary revenue.

Using Stake, property managers receive a 130% return on every dollar spent. Renters earn an average of 4% Cash Back on their rent each month. Across the $385 million in annual leases connected to the platform, 65% of renters have more money in their Stake account than any other banking account. In the past year, the number of residences that offer Cash Back with Stake has grown by 10x.

“Renters don’t need more debt or loans,” noted Rowland Hobbs, Co-Founder and CEO of Stake. “What renters need is money to help with everyday essentials and to establish long-term savings. With Stake, we have reimagined the classic ‘rainy day fund’ for renters to build the sort of wealth traditionally associated with home ownership. Now, their largest expense is also their largest source of savings.”

The new funding round will enable Stake to continue building out its financial infrastructure and suite of solutions that address difficult issues for renters and property owners alike.

“Stake’s approach to housing affordability is perfectly aligned with the mission of our ESG-centric fund,” said John Helm, partner at RET Ventures, who will join Stake’s board. “While a slew of platforms offer renters innovative payment options, they are all credit or debt-based. They ultimately encourage dangerous behaviors as part of their proposed solution. Stake flips the script on this model by offering a risk-free, renter-centric, efficient, and easy-to-use pathway toward building wealth.”

“Unlike homeowners, renters rarely reap financial benefits from paying for their homes – and families who rent tell us they could use a little extra cash each month. This is why Stake’s goal of empowering more economically resilient renters through cash back and no-fee banking services resonated with us,” said Enterprise Community Partners President and CEO Priscilla Almodovar. “It’s not just a good deal for renters. It makes sense for landlords, too, who are more likely to retain residents, which in turn strengthens communities.”

About Stake

Stake is building the financial infrastructure for the next generation of rentals. Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Stake’s revenue management tools outperform, returning 130% on every dollar spent. These savings return millions of dollars to renters each year in the Stake app. Thousands of renters use Stake to earn Cash Back, grow their savings, and access free and equitable banking services. Headquartered in New York City and Seattle, Stake is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://www.stake.rent/

About RET Ventures

A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators. Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency. The firm’s Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.4 million rental units worth $600 billion. For more information, please visit www.ret.vc

About Enterprise Community Partners

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states, the District of Columbia and Puerto Rico – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.

*Stake is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank N.A; Member FDIC. The Stake Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

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Blackstone Completes Acquisition of Crown Resorts in the Firm’s Largest Investment to Date in Asia

MELBOURNE–(BUSINESS WIRE)–Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.

As one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.

Alan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”

Chris Tynan, Head of Real Estate Australia, Blackstone, said: “This is a great opportunity that plays to Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic destination for travel and leisure that everyone can be proud of. Blackstone has built a strong Australian presence over the last 12 years. We look forward to supporting the local economy, creating jobs, and attracting visitors to Crown’s exceptional properties.”

Steve McCann, Crown Resort’s Chief Executive Officer, said: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.

Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Blackstone has built a strong track record in the wider hospitality, travel, and leisure sectors. The firm completed the sale of The Cosmopolitan of Las Vegas this year, after transforming the property into one of the most vibrant destinations on the Las Vegas Strip. During its 8-year ownership, Blackstone implemented significant operational changes, developed best-in-class management team, and invested significant capital to renovate 3,000 guest rooms and enhance F&B offerings. In addition, Blackstone owned Hilton Hotels Corporation for 11 years, during which it helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide. Its other recent investments in these sectors include the acquisition of an 8-hotel portfolio across Japan’s top tourist destinations; acquisition of Bourne Leisure, a premier British holiday company; and joint acquisition of Extended Stay Hotels.

About Crown Resorts

Crown Resorts is one of Australia’s largest entertainment companies, owning and operating a suite of world-class integrated resorts. Its property portfolio includes three award-winning resorts in Melbourne, Perth and Sydney, as well as London’s prestigious Crown Aspinalls, a high end, boutique casino in the West End.

For 25 years, Crown Melbourne has been Australia’s leading luxury integrated resort and casino, offering guests a range of exceptional entertainment and event experiences; premium hospitality, dining, spa and retail; and gaming. Crown Perth is Western Australia’s only integrated resort and casino, and features a combined 1188 hotel-room capacity, expansive lagoon and private pools, and 33 bars and restaurants. Crown’s newest property, Crown Sydney, opened in December 2020 setting a new standard in luxury hotel and dining experiences. Crown Sydney is the tallest building in New South Wales, and features 349 hotel rooms and villas, 13 signature restaurants, a VIP, members only casino which is due to open shortly, two pools, a spa, and Crown’s first ever luxury serviced apartment offering.

As one of Australia’s largest hospitality employers, Crown’s properties support the employment of a diverse mix of over 20,000 people.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

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Protests against India’s new military recruitment system turn violent

LUCKNOW, India, June 16 (Reuters) – Police in northern India fired shots in the air on Thursday to push back stone-throwing crowds and authorities shut off mobile internet in at least one district to forestall further chaos, as protests widened against a new military recruitment system.

Prime Minister Narendra Modi’s government this week announced an overhaul of recruitment for India’s 1.38 million-strong armed forces, looking to bring down the average age of personnel and reduce pension expenditure. read more

But potential recruits, military veterans, opposition leaders and even some members of Modi’s ruling Bharatiya Janata Party (BJP) have raised reservations over the revamped process.

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In northern Haryana state’s Palwal district, some 50 km (31 miles) south of the capital New Delhi, crowds hurled stones at a government official’s house and police protecting the building fired shots to keep the mob at bay, according to video footage from Reuters partner ANI.

“Yes, we have fired a few shots to control the crowd,” a local police official said, declining to be named.

There was no immediate information on casualties.

Mobile internet was temporarily suspended in Palwal district for the next 24 hours, Haryana’s information department said.

Protesters in eastern India’s Bihar state set a BJP office on fire in Nawada city, attacked railway infrastructure and blocked roads, as demonstrations spread across several parts of the country, police officials told Reuters.

Protesters also attacked railway property across Bihar, settling alight coaches in at least two locations, damaging train tracks and vandalising a station, according to officials and a railways statement.

The new recruitment system, called Agnipath or “path of fire” in Hindi, will bring in men and women between the ages of 17-and-a-half and 21 for a four-year tenure at non-officer ranks, with only a quarter retained for longer periods.

Previously, soldiers have been recruited by the army, navy and air force separately and typically enter service for up to 17 years for the lowest ranks.

The shorter tenure has caused concern among potential recruits.

“Where will we go after working for only four years?” one young man, surrounded by fellow protesters in Bihar’s Jehanabad district, told ANI. “We will be homeless after four years of service. So we have jammed the roads.”

Smoke billowed from burning tyres at a crossroads in Jehanabad where protesters shouted slogans and performed push-ups to emphasise their fitness for service.

Bihar and neighbouring Uttar Pradesh saw protests over the recruitment process for railway jobs in January this year, underlining India’s persistent unemployment problem. read more

Varun Gandhi, a BJP lawmaker from Uttar Pradesh, in a letter to India’s defence minister Rajnath Singh on Thursday said that 75% of those recruited under the scheme would become unemployed after four years of service.

“Every year, this number will increase,” Gandhi said, according to a copy of the letter posted by him on social media.

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Writing by Devjyot Ghoshal;
Editing by Andrew Cawthorne, William Maclean

Our Standards: The Thomson Reuters Trust Principles.

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WTO strikes global trade deals deep into overtime

  • Deals reached on food, health and fishing
  • Formerly defiant India joins consensus
  • Package seen boosting credibility of WTO

GENEVA, June 17 (Reuters) – The World Trade Organization agreed on the first change to global trading rules in years on Friday as well as a deal to boost the supply of COVID-19 vaccines in a series of pledges that were heavy on compromise.

The deals were forged in the early hours of the sixth day of a conference of more than 100 trade ministers that was seen as a test of the ability of nations to strike multilateral trade deals amid geopolitical tensions heightened by the Ukraine war.

Delegates, who had expected a four-day conference, cheered after they passed seven agreements and declarations just before dawn on Friday.

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Director-General Ngozi Okonjo-Iweala told them: “The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time.”

Earlier she had appealed to WTO members to consider the “delicate balance” required after nearly round-the-clock talks that have at times been charged with anger and accusations.

The package, which the WTO chief called “unprecedented”, included the two highest profile deals under consideration – on fisheries and on a partial waiver of intellectual property (IP) rights for COVID-19 vaccines.

The accord to curb fishing subsidies is only the second multilateral agreement on global trading rules struck in the WTO’s 27-year history and is far more ambitious than the first, which was designed to cut red tape.

At one stage, a series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared set to paralyse talks but accommodations were found, trade sources said.

The WTO’s rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto.

‘LOT OF BUMPS’

“It was not an easy process. There were a lot of bumps, just like I predicted. It was like a roller coaster, but in the end we got there,” an exhausted but elated Okonjo-Iweala told a final news conference.

The deal to ban subsidies for illegal, unreported and unregulated fishing or fishing of an over-fished stock has the potential to reverse collapsing fish stocks. Though pared back significantly, it still drew approval.

“This is a turning point in addressing one of the key drivers of global over-fishing,” said Isabel Jarrett, manager of The Pew Charitable Trusts’ campaign to reduce harmful fisheries subsidies.

Okonjo-Iweala said it was the first step after 21 years of talks towards what she hoped would be a more comprehensive deal.

The deal on a partial IP waiver to allow developing countries to produce and export COVID-19 vaccines has divided the WTO for nearly two years, but finally passed. It has also drawn the fiercest criticism from campaign groups that say it barely expands on an existing exemption in WTO rules and is too narrow by not covering therapeutics and diagnostics.

“Put simply, it is a technocratic fudge aimed at saving reputations, not lives,” said Max Lawson, co-chair of the People’s Vaccine Alliance.

The pharmaceutical industry was also critical of the deal, saying that there is currently a surplus of shots which governments and other authorities haven’t figured out how to distribute and administer.

“Rather than focus on real issues affecting public health, like solving supply chain bottlenecks or reducing border tariffs on medicines, they approved an intellectual property waiver on COVID-19 vaccines that won’t help protect people against the virus,” Stephen Ubl, President of the Pharmaceutical Research and Manufacturers of America (PhRMA), said in an emailed statement.

One agreement also reached was to maintain a moratorium on e-commerce tariffs, which business says is vital to allow the free flow of data worldwide. read more

Overall, many observers said the deals should boost the credibility of the WTO, which was weakened by former U.S. President Donald Trump’s crippling of its ability to intervene in trade disputes, and set it on a course for reform.

European Trade Commissioner Valdis Dombrovskis said the WTO meeting had clinched outcomes of global significance despite unprecedented challenges.

“The profound divergences here amply confirm that a deep reform of the organisation is urgently needed, across all its core functions,” he said, adding he would work to get it agreed at the next ministerial conference due in 2023.

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Writing by Emma Farge and Philip Blenkinsop; Editing by Richard Pullin, Raju Gopalakrishnan and Toby Chopra

Our Standards: The Thomson Reuters Trust Principles.

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WTO reaches initial deal as India’s defiance tempered

A general view of the room during the speech of Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala at the opening ceremony of the 12th Ministerial Conference (MC12), at the World Trade Organization, in Geneva, Switzerland, June 12, 2022. Martial Trezzini/Pool via REUTERS

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  • Intense talks went on until dawn, still ongoing
  • Negotiations cover fishing, vaccine, food security
  • Agreement reached on Thursday on digital tariffs
  • India, formerly seen as a spoiler, expects more deals

GENEVA, June 16 (Reuters) – Major members of the World Trade Organization reached an initial deal on Thursday, winning over India which said it was confident more global accords could be achieved as negotiations on fishing, vaccines and food security entered their final hours.

Ministers from more than 100 countries convened at the global trade watchdog’s headquarters in Geneva this week for the first time in more than four years to agree new trade rules, a feat many thought unlikely in an era of high geopolitical tensions. read more

The body’s 164 members must all agree for new rules to pass, meaning that one member alone can block deals.

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During the June 12-15 meeting, extended into the evening of a fifth day on Thursday, that member has been India.

However, a provisional agreement to extend a moratorium on applying duties to electronic transmissions until at least 2023 was reached despite earlier opposition from New Delhi. read more

Indian Commerce Minister Piyush Goyal, who had struck a defiant stance on a range of topics earlier in the week, told journalists he expected more “solid decisions” to come.

New Delhi, which has a history of blocking multilateral negotiations, has previously stuck to long-held demands to maintain subsidies for fisheries and agriculture and pushed for extra reforms, trade sources said.

India maintains it is fighting to protect livelihoods in developing nations.

Delegates were more upbeat on Thursday about a package of deals with trade-offs possible, without specifying what the compromises would be. EU trade commissioner Valdis Dombrovskis tweeted that members were “getting closer”. WTO deputy director-general Anabel Gonzalez said she was “hopeful”.

Negotiators were in intense talks in the so-called ‘Green Room’ of the WTO for most of the night. U.S. Trade Representative Katherine Tai and Chinese Commerce Minister Wang Wentao were no longer in Geneva, trade sources said.

Negotiations resumed around 0700 GMT Thursday and were expected to conclude in the evening, they added.

One of the possible outcomes of the talks is a pared-back version of a deal designed to curb fishing subsidies that cause over-fishing, a document seen by Reuters showed.

Another is a partial waiver of intellectual property rights for COVID-19 vaccines designed to allow developing countries to produce them and pledges to ease the food security crisis although tussles over the precise wording continued, sources said.

WTO officials have maintained throughout the meetings a belief that deals can be reached, saying talks often look hopeless until a final bargain is reached.

Observers expressed frustration with the process.

“The ministerial (conference) laid bare the increasing dysfunction that inhibits collective action at the WTO,” said Jake Colvin, president of the National Foreign Trade Council, adding that members should not reward “obstructionism”.

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Reporting by Emma Farge; Additional reporting by Andrea Shalal in Washington and Philip Blenkinsop in Brussels; Editing by Raju Gopalakrishnan, Alison Williams, Elaine Hardcastle

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Exclusive: Evergrande discussing staggered payments, debt-to-equity swaps for $19 billion offshore bonds

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Unfinished residential buildings are pictured at the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 15, 2021. Picture taken September 15, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

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HONG KONG, May 27 (Reuters) – China Evergrande Group (3333.HK) is considering repaying offshore public bondholders owed around $19 billion with cash instalments and equity in two of its Hong Kong-listed units, two sources said, as the world’s most indebted developer struggles to emerge from its financial crisis.

Evergrande’s entire $22.7 billion worth of offshore debt including loans and private bonds is deemed to be in default after missing payment obligations late last year. It said in March that it will unveil a preliminary debt restructuring proposal by the end of July. read more

As part of the proposal, Evergrande is looking to repay offshore creditors the principal and interest by turning them into new bonds, which will then be repaid in instalments over a period of seven to 10 years, said one of the sources.

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Offshore creditors also will be allowed to swap a portion of their debt into stakes in the developer’s Hong Kong-listed property services unit, Evergrande Property Services Group Ltd (6666.HK), and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd (0708.HK), said the two sources.

The first source said up to 20% of the offshore debt can be swapped into equities of those two units. The restructuring proposals are, however, at an early stage and are subject to change, the source added.

Both the sources declined to be identified as they were not authorised to speak to the media.

Evergrande, once China’s top-selling developer, set up a risk management committee in December made up mostly of members from state enterprises, as the Guangdong provincial government is leading the restructuring.

Evergrande and the Guangdong provincial government did not respond to Reuters request for comment. Investment bank Moelis & Co declined to comment, while law firm Kirkland & Ellis did not respond. Moelis and Kirkland are advisers to a group of Evergrande offshore bondholders.

Evergrande is reeling under more than $300 billion in liabilities and has become the poster child of the country’s property sector crisis as it lurched from one missed payment deadline to another.

The developer’s woes quickly led to a wave of defaults in China’s property sector, a key pillar for the world’s second-largest economy, rattling investors and leading to a slump in home sales and firms struggling to access funding.

Evergrande has also struggled to repay suppliers and complete housing projects. While state intervention has quelled market concern over a disorderly collapse of the company, investors are still in the dark over whether they will recoup their money.

TAKING A HAIRCUT

Evergrande, which began talks with offshore bondholders earlier this year about the restructuring proposal, aims to finalise the plan by July and sign the agreements with investors by December, said the first source.

“(Evergrande) Chairman Hui Ka Yan hopes the bondholders will accept the proposal, as there are not many assets offshore that can be sold immediately to pay off the debts,” said the source.

It is not immediately clear how Evergrande will be able to secure sufficient cash to implement the cash repayment plan. The company saw contracted sales plunged by 39% in 2021 from the previous year.

Two offshore Evergrande bondholders said they were more inclined to pick the debt-to-equity swap option, as they don’t hold high hopes that the developer will be able to make full repayment in cash even within a promised extended timetable.

One of the bondholders said that most creditors, particularly the hedge funds, may prefer taking a haircut for the swap than go for extended notes.

“The distressed funds … they just want out,” said the bondholder, adding the views were very split in the creditors group and no consensus has been reached yet.

Most Evergrande dollar bonds had fallen below 10 cents on the dollar as of Friday morning. Following the Reuters report, the bonds traded slightly above 10 cents on the dollar.

“The scheme at least lets investors know the company has been working out something after bond defaults, hence it triggered some investors to take a punt at this price,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd.

Shares of Evergrande Property Services and Evergrande New Energy Vehicle, as well as the parent, have been suspended for roughly two months. None of them have yet filed their financial results for 2021 because audit work had not been completed.

The property management unit is also under an internal probe since March to find out how banks seized its 13.4 billion yuan in deposits that had been pledged as security for third party guarantees.

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Reporting by Xie Yu, Julie Zhu and Clare Jim; Editing by Sumeet Chatterjee, Kim Coghill and Louise Heavens

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Hiscox Harnesses CoreLogic Geocoding Technology to Assess Insurance Risks

IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic, a leading global property data and analytics-driven solutions provider, announced that global insurance carrier Hiscox London Market has adopted the company’s PxPoint™ technology delivered via its RiskMeter™ platform as its primary source of geocoding. RiskMeter enables Hiscox to drive further insight from property risk data when underwriting insurance policies using advanced geocoding technology.

Knowing a property’s exact location is crucial to understanding the potential risks of natural disasters such as wildfires, hurricanes, tornadoes and floods. RiskMeter delivers CoreLogic’s PxPoint geocoding technology to pinpoint a property’s location enabling accurate assessment of its level of exposure to these hazards. PxPoint offers geocoding to a building’s footprint level which is an essential level of precision when gauging a property’s likelihood of damage from a natural disaster. PxPoint integrates seamlessly with Hiscox’s existing technology and workflow via high-capacity APIs. These APIs deliver data in real time, which assists in quickly and efficiently determining a property’s risk of disaster-related damages when deciding coverage options and costs.

“We worked closely with Hiscox to deliver PxPoint via our RiskMeter platform, providing a critical level of precision that provides insights into specific peril risk and portfolio-level exposure analytics,” said William Forde, senior director, at CoreLogic Protect. “This alliance is the crossroads of technology meeting the demands of modern insurance workflow,” continued Forde.

“The structural level accuracy of the PxPoint geocoding enables us to confidently assess and price a risk at speed for our underwriting APIs,” commented Paul Butler, London Market Technology Director for Hiscox.

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, RiskMeter, and PxPoint are trademarks of CoreLogic, Inc. and/or its subsidiaries.

About the Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

The Hiscox Group employs over 3,000 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

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Intercontinental Exchange Chair & CEO Jeffrey C. Sprecher to Present at the Bernstein 38th Annual Strategic Decisions Conference on June 1

ATLANTA & NEW YORK–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Bernstein 38th Annual Strategic Decisions Conference. The presentation will take place on Wednesday, June 1 at 3:30 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE’s website at www.ir.theice.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

SOURCE: Intercontinental Exchange

ICE-CORP

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The Root of Haiti’s Misery: Reparations to Enslavers

In 1789, before the slave rebellion, the marquis bought 21 recently kidnapped Africans before leaving for France. But he didn’t indicate where they were put to work, so the commission valued them at an average rate, down to the cent: 3,366.66 francs.

In the end, it awarded Cocherel’s daughter, a newly married marquise, average annual payments of 1,450 francs, or about $280 in the 1860s, for dozens of years, according to government publications of the commission’s decisions.

By contrast, coffee farmers in Haiti were earning about $76 a year in 1863, Edmond Paul, a Haitian economist and politician, wrote at the time — barely enough to cover one meal a day of “the least substantive foods.”

It was reminiscent, he said, of slavery.

The Haitian government ran out of money right away. To finish its first payment, it emptied its state coffers, sending it all to France on a French ship, sealed in bags inside nailed crates reinforced with iron bands. That left no money for public services.

The French government threatened war to collect the rest.

“An army of 500,000 men is ready to fight,” wrote the French foreign minister in 1831 to his consul in Haiti, “and behind this imposing force, a reserve of two million.”

In response, President Boyer passed a law commanding every Haitian to be ready to defend the country. He built the leafy suburb of Pétionville, now the bastion of the Haitian elite, up the hill from the harbor — out of range of cannon fire.

Even French diplomats recognized their threats had prompted the Haitian government to pour money into its military, rather than send it to France.

“The fear of France, which naturally wants to be paid, does not allow it to reduce its military state,” reads a 1832 letter by one French diplomat.

In late 1837, two French envoys arrived in Port-au-Prince with orders to negotiate a new treaty and get the payments flowing again. The so-called independence debt was reduced to 90 million francs, and in 1838, another warship returned to France with Haiti’s second payment, which swallowed much of Haiti’s revenues once again.

The military sucked up another large chunk, according to the French abolitionist writer and politician Victor Schœlcher. After that, there was very little left for hospitals, public works and other aspects of public welfare. Education had been assigned a mere 15,816 gourdes — less than 1 percent of the budget.

From the very beginning, French officials knew how disastrous the payments would be for Haiti. But they kept insisting on getting paid, and for decades — with some exceptions, notably during periods of political upheaval — Haiti came up with the money.

The Times tracked each payment Haiti made over the course of 64 years, drawing from thousands of pages of archival records in France and Haiti, along with dozens of articles and books from the 19th and early 20th centuries, including by the Haitian finance minister Frédéric Marcelin.

Credit…Cannaday Chapman

In some years, Haiti’s payments to France soaked up more than 40 percent of the government’s total revenues.

“They don’t know which way to turn,” a French captain wrote to the Baron of Mackau in 1826 after collecting a shipment of gold from Haiti.

“After trying domestic loans, patriotic subscriptions, forced donations, sales of public property, they have finally settled on the worst of all options,” the captain wrote: 10 years of exorbitant taxes that were “so out of all proportion to the achievable resources of the country, that when each one sells all that he possesses, and then sells himself, not even half of the sums demanded will be collected.”

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