ZBB Energy files plan to avoid stock delisting; Fitch Ratings affirms Northwestern Mutual’s financial strength; Walker appoints new insurance commissioner
ZBB Energy files plan to avoid stock delisting
Menomonee Falls-based ZBB Energy Corp. has submitted a plan to the NYSE Amex that outlines the actions and timeframe by which the company intends to regain compliance with the exchange’s minimum stockholders’ equity requirement for continued listing.
On Dec. 2, 2010, the Menomonee Falls company received the expected deficiency letter from the exchange informing, it that as of June 30, 2010, and Sept. 30, 2010, the company’s stockholders’ equity was below the minimum $2 million required by the exchange.
The exchange has not provided the company with a timetable for its formal response to the submitted plan and the plan’s acceptance is at the discretion of the exchange.
Fitch Ratings affirms Northwestern Mutual’s financial strength
Fitch Ratings affirmed the best possible insurance financial strength ratings for Milwaukee-based Northwestern Mutual Life Insurance Co. and Northwestern Long Term Care Insurance Co.
The new ratings recognize Northwestern’s ability to meet its ongoing obligations to policyowners. The outlook for both ratings is stable.
This is the 20th consecutive year that Northwestern Mutual has received a AAA rating from Fitch Ratings. In addition, Northwestern Mutual and the Northwestern Long Term Care Insurance Company maintain the best possible insurance financial strength ratings from Standard & Poor’s, Moody’s and A.M. Best.
“Financial strength is extremely important to our policyowners and this rating is a vote of confidence in Northwestern Mutual,” said Chris Kelly, vice president and controller at Northwestern Mutual. “Over the past couple of years, companies were tested by the worst economic meltdown in 80 years, yet we were the only company in our industry to maintain the best possible ratings with a stable outlook – and we continue to do so today.”
In its announcement, Fitch Ratings said Northwestern Mutual has a “very strong competitive position in the U.S. life insurance market and exceptionally strong balance sheet fundamentals.” The rating agency attributes the company’s success to its key competitive advantages, including its “successful distribution system, large and stable block of traditional life insurance, and focus on expense control.”
The rating agency further noted that “Northwestern Mutual’s extremely strong balance sheet fundamentals reflect the company’s very strong risk-based capital position, modest financial leverage, excellent liquidity and relatively low-risk liability profile.”
Walker appoints new insurance commissioner
Wisconsin Gov. Scott Walker announced the appointments of Ted Nickel as commissioner of insurance and Dan Schwartzer as deputy commissioner.
Nickel has spent nearly his entire career in the insurance industry, working primarily in the property/casualty insurance business. For almost 18 years, Nickel has worked in a variety of roles, including director of governmental and regulatory affairs for Church Mutual, where he engaged in regulatory and advocacy work, and also augmented Church Mutual’s compliance function. Prior to working at Church Mutual, Nickel worked in former Gov. Tommy Thompson’s administration.
Schwartzer owned his own association management and government relations firm that worked with trade associations from a variety of industries. He served as executive director for the Wisconsin Employee Benefit Advisors Association and as executive director for the Wisconsin PPO Association.
“I’m pleased to have Ted and Dan join my team to help grow Wisconsin,” Walker said. “Both men know the industry well, and know how vital proper regulation is to economic growth and job creation.”
