On Thursday, Marsh & McLennan Companies, Inc. (NYSE:MMC)’s shares inclined 1.06% to $59.84.
Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly-owned subsidiary of Marsh & McLennan Companies (MMC), declared the launch of the Mercer Pension Risk ExchangeSM (the “exchange”).The exchange is a groundbreaking solution that helps plan sponsors execute group annuity buyouts in a shorter timeframe and in a more competitive pricing environment. As the first platform of its kind, the exchange increases liquidity and price transparency by enabling plan sponsors to continuously monitor pricing and contract terms available in the group annuity market. The exchange also provides sponsors with greater exposure to a wider array of insurers that could potentially act as transactional counterparts for a buyout.
The exchange provides real-time online annuity pricing and trigger monitoring, combining a suite of buyout advisory and execution services. These comprise:
- Deal readiness:streamlining the process by creating an industry standard for data preparation and document specification.
- Dynamic monitoring:monitoring prices and metrics in real time to identify when conditions are optimal to execute.
- Execution support:providing comprehensive support to sponsors and fiduciaries to assist navigate the complexities of the buyout execution – ranging from insurer due diligence and asset preparation through to contract negotiation.
Marsh & McLennan Companies, Inc., a professional services firm, provides advice and solutions primarily in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services; and Consulting. The Risk and Insurance Services segment offers risk administration services, such as risk advice, risk transfer, risk control, and mitigation solutions, in addition to insurance, reinsurance broking, catastrophe and financial modeling services, and related advisory services.
Ocean Rig UDW Inc (NASDAQ:ORIG)’s shares dropped -4.34% to $5.73.
Ocean Rig UDW Inc. ( ORIG), a global provider of offshore deepwater drilling services, declared recently the results of its 2015 Annual General Meeting of Shareholders.
The following proposals were approved and adopted at the Meeting:
- the election of Mr. John Liveris and Mr. Prokopios (Akis) Tsirigakis as Class B Directors of the Company to serve until the 2018 Annual General Meeting of Shareholders; and
- the approval of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2015.
Ocean Rig UDW Inc., an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. As of December 31, 2014, the company operated a fleet of two ultra-deepwater drilling rigs and seven drillships.
At the end of Thursday’s trade, XOMA Corp (NASDAQ:XOMA)‘s shares surged 4.40% to $3.80.
XOMA Corp (XOMA) declared XOMA 358, a fully human allosteric monoclonal antibody that reduces both the binding of insulin to its receptor and downstream insulin signaling, has been granted Orphan Drug Designation by the U.S. Food and Drug Administration (FDA) for the treatment of congenital hyperinsulinism (HI).
Orphan drug designation is granted by the FDA Office of Orphan Products Development (OOPD) to novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the United States. The designation provides the drug developer with a seven-year period of U.S. marketing exclusivity, in addition to tax credits for clinical research costs, the ability to apply for annual grant funding, clinical research trial design assistance, and waiver of Prescription Drug User Fee Act (PDUFA) filing fees. The OOPD also works on rare disease issues with the medical and research communities, professional organizations, academia, governmental agencies, industry, and rare disease patient groups.
XOMA Corporation discovers and develops antibody-based therapeutics in the United States, Europe, and the Asia Pacific. The company’s lead product candidate comprises gevokizumab, a proprietary humanized allosteric-modulating monoclonal antibody that binds to the inflammatory cytokine interleukin-1 beta, which is in Phase III clinical trial for NIU and Behçet’s disease uveitis, pyoderma gangrenosum, active non-infectious anterior scleritis, autoimmune inner ear disease, and cardiovascular diseases, in addition to diseases under the neutrophilic dermatoses designation, Schnitzler syndrome, and other diseases; and various proof-of-concept studies comprising polymyositis/dermatomyositis, Schnitzler syndrome, and giant cell arteritis.
Prudential Financial Inc (NYSE:PRU), ended its Thursday’s trading session with 0.70% gain, and closed at $89.76.
Prudential Retirement declared that it has added new plan sponsor client InterPark. Prudential Retirement is a business unit of Prudential Financial, Inc. (PRU).
InterPark, North America’s premier owner, operator and developer of parking facilities, has 500 participants in its defined contribution plan with $23.1 million in assets. Based in Chicago, the company services more than 20 million cars in the U.S. annually and has a team of nearly 1,000 people. Dean Clune, an area executive vice president of Arthur J. Gallagher & Co., is the advisor to the plan.
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services comprise defined contribution, defined benefit and non-qualified deferred compensation record keeping, administrative services, investment administration, comprehensive employee education and communications, and trustee services, in addition to a variety of products and strategies, counting institutional investment and income products, pension risk transfer solutions and structured settlement services.
Prudential Financial, Inc. provides insurance, investment administration, and other financial products and services to individual and institutional customers in the United States and internationally. The company principally offers life insurance, annuities, retirement-related services, mutual funds, and investment administration products. Its U.S. Retirement Solutions and Investment Administration division offers individual variable and fixed annuity products; recordkeeping, plan administration, actuarial advisory, tailored participant education and communication, trustee, and institutional and retail investments services; and guaranteed investment contracts, funding agreements, institutional and retail notes, structured settlement annuities, and other group annuities.
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