Senator Catherine Cortez Masto Hopes History Repeats as She Faces Adam Laxalt

Adam Laxalt has Trump’s support and a favorable climate for Republicans as he challenges Senator Catherine Cortez Masto, who was mentored by Harry Reid, a victor in 2010 against a Tea Party foe.

#democratic-party, #elections-senate, #laxalt-adam, #masto-catherine-cortez, #midterm-elections-2022, #nevada, #reid-harry, #republican-party, #senate, #titus-dina, #voter-fraud-election-fraud

Adam Laxalt Wins the Republican Senate Primary in Nevada

Mr. Laxalt, a former attorney general of the state who was endorsed by Donald Trump, will face Senator Catherine Cortez Masto, a Democrat, in one of this year’s pivotal Senate races.

#elections-senate, #laxalt-adam, #midterm-elections-2022, #nevada

What to Watch in Tuesday’s Primary Elections

Representatives Tom Rice and Nancy Mace are facing Trump-backed challengers in South Carolina, and Nevada is a battleground. Here’s what else to know.

#democratic-party, #elections-house-of-representatives, #maine, #midterm-elections-2022, #nevada, #primaries-and-caucuses, #republican-party, #senate, #south-carolina, #texas, #united-states-politics-and-government, #voting-and-voters

Democrats Weigh Shake-Up to Presidential Primary Calendar

The party is accepting applications from states to hold the early nominating contests, potentially shifting away from Iowa.

#biden-joseph-r-jr, #democratic-national-committee, #democratic-party, #iowa, #nevada, #new-hampshire, #primaries-and-caucuses, #united-states-politics-and-government

It’s not just Glen Canyon—dams around the Southwest are taking a hit

Image of a dam with lots of exposed concrete above the water line.

Enlarge / Water levels at the Hoover Dam are well below capacity. (credit: Jorge Villalba)

News that Arizona’s Lake Powell is slowly but surely drying up has spread far and wide. The reservoir behind the 1,320-megawatt Glen Canyon Dam and power station, Lake Powell plays an important role in providing power for some 3 million customers in Arizona, Colorado, New Mexico, Utah, and Wyoming.

But this year, the reservoir has hit a historic low, thanks to ongoing drought conditions in the region that have been attributed, at least in part, to climate change. The dam may even stop producing power if the situation continues to worsen, and this issue is not an isolated one in the American Southwest.

The Colorado River, an important source for many dams and power plants in the region, has been wracked by drought for the past 22 years—some research even suggests that it is subject to the worst drought the area has seen in 1,200 years. Further, according to the US Drought Monitor, as of March 29, 88.75 percent of the Western US has been experiencing a moderate drought or worse. According to staff members at the United States Bureau of Reclamation (USBR), other dams in this be-droughted part of the country are seeing similar effects—though the officials also noted that each case is different.

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#california, #california-drought, #climate, #drought, #hydroelectric-power, #lake-mead, #lake-powell, #nevada, #new-mexico, #science, #southwestern-united-states, #united-states, #utah

Tiny Toad Could Upend Nevada Geothermal Power Plant Project

The only place in the world where the species is found is on 760 acres of wetlands about 100 miles east of Reno, Nev., near a renewable energy project.

#alternative-and-renewable-energy, #biodiversity, #center-for-biological-diversity, #dixie-valley-toad, #endangered-and-extinct-species, #energy-department, #fish-and-wildlife-service, #frogs, #geothermal-power, #hot-springs, #nevada, #ormat-technologies-inc

Fires, Then Floods: Risk of Deadly Climate Combination Rises

A new study found that the dangerous pairing of disasters may become more common in the American West as rains trigger runaway surges of mud and debris in areas damaged by wildfire.

#boulder-colo, #california, #colorado, #disasters-and-emergencies, #fires-and-firefighters, #floods, #global-warming, #golden-colo, #greenhouse-gas-emissions, #heat-and-heat-waves, #idaho, #landslides-and-mudslides, #montecito-calif, #national-center-for-atmospheric-research, #nevada, #pacific-northwestern-states-us, #rain, #research, #science-advances-journal, #united-states, #united-states-geological-survey, #university-of-california-los-angeles, #university-of-california-santa-barbara, #utah, #weather, #western-states-us

Nevada’s Economic Turmoil Threatens a Democratic Stronghold

Democrats have long held up Nevada as a symbol of their future. But as the state’s economy struggles, it has become the epitome of the party’s midterm difficulties.

#democratic-party, #elections-senate, #las-vegas-nev, #laxalt-adam, #masto-catherine-cortez, #midterm-elections-2022, #nevada, #reid-harry

Adam Laxalt, Senate Candidate, Says He’s Already Gearing Up to Fight Election Fraud

In an audio recording obtained by The New York Times, Adam Laxalt, a Republican running for Senate in Nevada, said he’s already gearing up to fight election fraud.

#elections-senate, #internal-sub-only-nl, #nevada, #primaries-and-caucuses, #united-states-politics-and-government, #voter-fraud-election-fraud, #voting-and-voters

While Democrats Debate ‘Latinx,’ Latinos Head to the G.O.P.

The Democrats’ problem with Latinos.

#arizona, #california, #democratic-party, #hispanic-americans, #midterm-elections-2022, #nevada, #new-mexico, #race-and-ethnicity, #republican-party, #texas, #united-states-politics-and-government, #voting-and-voters

Latinos Aren’t Leaving the Democratic Party. The Party Is Leaving Them.

The Democrats’ problem with Latinos.

#arizona, #california, #democratic-party, #hispanic-americans, #midterm-elections-2022, #nevada, #new-mexico, #race-and-ethnicity, #republican-party, #texas, #united-states-politics-and-government, #voting-and-voters

House Democrats Push Biden to Build a Better Midterm Message

House Democrats have been pressing the president to come up with a bumper-sticker-worthy slogan. The White House says it’s sharpening its message.

#biden-joseph-r-jr, #bowman-jamaal, #democratic-congressional-campaign-committee, #democratic-national-committee, #elections-house-of-representatives, #house-of-representatives, #nevada, #pelosi-nancy, #phillips-dean-b, #slotkin-elissa

Why Republicans in Nevada Are Targeting Senator Catherine Cortez Masto’s Seat

Seizing on signs that suggest Democrats are losing support among Hispanic voters nationwide, Republicans are targeting Senator Catherine Cortez Masto’s seat.

#democratic-party, #hispanic-americans, #internal-sub-only-nl, #las-vegas-nev, #laxalt-adam, #masto-catherine-cortez, #midterm-elections-2022, #nevada, #republican-party, #united-states-politics-and-government

Nevada Gov. Steve Sisolak Is Accosted by Man Who Threatens to Hang Him

The governor was dining with his wife and daughter at a Las Vegas restaurant when a man asked him for a photo together before going into a profanity-laced rant.

#elections-governors, #justin-andersch, #las-vegas-nev, #nevada, #politics-and-government, #sisolak-steve

Girl’s Note to Teacher Leads Police to Her Brother’s Body

The girl’s mother wrote that she was being held against her will at a house in Las Vegas and that she feared for her son, the authorities said.

#child-abuse-and-neglect, #clark-county-nev, #kidnapping-and-hostages, #las-vegas-nev, #murders-attempted-murders-and-homicides, #nevada, #police-department-las-vegas-nev, #refrigerators, #teachers-and-school-employees

Harry Reid’s Memorial Draws Tributes From Biden and Obama

Some of the country’s most prominent Democrats recounted tales showcasing the former Senate majority leader’s tenacity and modesty.

#biden-joseph-r-jr, #democratic-party, #funerals-and-memorials, #nevada, #obama-barack, #reid-harry, #senate, #united-states-politics-and-government

Snow Closed the Highways. GPS Mapped a Harrowing Detour in the Sierra Nevada.

Public safety officials warned that alternate routes offered by apps like Google Maps and Waze don’t always take into account hazards to drivers.

#automobile-safety-features-and-defects, #automobiles, #california, #computers-and-the-internet, #geography, #global-positioning-system, #google-inc, #google-maps, #maps, #mobile-applications, #navigation, #nevada, #plumas-county-calif, #reno-nev, #roads-and-traffic, #sierra-nevada-region-us, #snow-and-snowstorms, #transportation-department-calif, #truckee-calif, #washoe-county-nev, #waze-mobile

Harry Reid Had a Unique Political Superpower

He possessed a quality rare among politicians: profound comfort in his own skin.

#bush-george-w, #capitol-visitor-center-washington-dc, #democratic-party, #filibusters-and-debate-curbs, #nevada, #patient-protection-and-affordable-care-act-2010, #politics-and-government, #reid-harry, #senate, #united-states-politics-and-government

Harry M. Reid, a Power in the Senate, Dies at 82

Mr. Reid, a Democrat from Nevada, displayed his pugilistic instincts as he steered an economic stimulus package and the Affordable Care Act to passage.

#deaths-obituaries, #democratic-party, #nevada, #reid-harry, #united-states-politics-and-government

Winter Storm Shuts Down 81 Miles of an Interstate in the Sierra Nevada

A sprawling storm system pummeled the West, making travel in some cases “outright impossible,” a National Weather Service meteorologist said.

#california, #cold-and-cold-spells, #nevada, #roads-and-traffic, #seattle-wash, #sierra-nevada-region-us, #snow-and-snowstorms, #weather, #western-states-us

An Ichthyosaur With a Grand Piano-Size Head and a Big Appetite

Scientists have described a giant new species of ichthyosaur that evolved its 55-foot-long body size only a few million years after the lizards returned to the seas.

#endangered-and-extinct-species, #fish-and-other-marine-life, #fossils, #nevada, #oceans-and-seas, #paleontology, #research, #science-journal, #your-feed-animals, #your-feed-science

O.J. Simpson’s Parole Supervision Ends

The former football star served nine years in prison for robbery before he was granted parole in 2017. His supervision ended two months early because of good behavior.

#football, #memorabilia-and-souvenirs, #murders-attempted-murders-and-homicides, #nevada, #probation-and-parole, #robberies-and-thefts, #simpson-o-j

To Honor His Indigenous Ancestors, He Became a Champion

Inspired by his great-grandfather’s repeated escapes from an Indigenous boarding school, Ku Stevens, 18, retraced the route. Then he set his sights on winning a Nevada state title.

#child-abuse-and-neglect, #content-type-personal-profile, #discrimination, #interscholastic-athletics, #native-americans, #nevada, #private-and-sectarian-schools, #running, #stevens-ku, #stewart-indian-school-cultural-center-and-museum

Nevada Man Is Charged With Voting Using His Dead Wife’s Ballot

Donald Kirk Hartle, a Republican, had claimed that someone voted in the 2020 election by using the mail-in ballot of his wife, who died in 2017. He now faces two counts of voter fraud.

#aaron-ford, #barbara-cegavske, #donald-kirk-hartle, #nevada, #republican-party, #voter-fraud-election-fraud

Testimony at Lev Parnas Trial Offers Peek at His Place in Trump’s Orbit

Among other things, Adam Laxalt, a U.S. Senate candidate in Nevada, described his suspicions about a donation to his run for governor in 2018.

#campaign-finance, #elections-governors, #elections-senate, #giuliani-rudolph-w, #manhattan-nyc, #nevada, #parnas-lev, #united-states-politics-and-government

Caldor Fire Intensifies and Evacuations Are Ordered Near Lake Tahoe

The fire had spread to more than 177,000 acres and was 14 percent contained, according to Cal Fire.

#cal-fire, #california, #evacuations-and-evacuees, #forest-service, #forests-and-forestry, #lake-tahoe-nev, #nevada, #sierra-nevada-region-us, #south-lake-tahoe-calif, #weather, #wildfires

Hottest Temperatures in Arizona and Nevada History Are Possible

A heat wave across the western United States, already facing a severe drought, could deliver temperatures above 125 degrees.

#arizona, #california, #nevada, #southwestern-states-us, #temperature, #texas, #weather, #wildfires

Western States Face Excessive Heat Warnings and Advisories

Temperatures in Northern California could hit 107 on Tuesday and areas across Washington could reach the lower 100s, the National Weather Service said.

#california, #global-warming, #las-vegas-nev, #montana, #national-weather-service, #nevada, #washington-state, #weather, #western-states-us

Multiple Earthquakes Felt in Lake Tahoe, Carson City and Reno

The biggest, with a magnitude of 4.2, briefly startled lawmakers in session in the Nevada capital. There were no immediate reports of damage.

#california, #carson-city-nev, #earthquakes, #lake-tahoe-nev, #nevada, #reno-nev, #united-states-geological-survey

After another canceled year in the desert, Burning Man plans for a virtual event

Last month, the organization behind Burning Man announced that the festival/experience would not be returning to the desert of Nevada this year due to the COVID-19 pandemic and would instead be attempting a virtual event once again aiming to bring attendees access to a handful of web-based experiences.

Today, the Burning Man org released tickets for its online events taking place between August 22 and September 7.

There have been few illusions for attendees that a virtual event is any substitute for the real thing, but organizers have tried to get creative when it comes to the social web experiences so that attendees can reclaim some of the camaraderie. While the organization won’t be setting up an official presence, some camps have already committed to hosting an unofficial return to the desert.

Last year, TechCrunch profiled the Burning Man org as they struggled to pull together a virtual event that captured the feeling of the in-person experience using virtual reality, mobile apps, and virtual experimental theater.

Most of the creators behind last year’s experience are back this year including a few VR-centric experiences and a handful of live-streaming and Zoom-based apps designed to spice things up a bit. This year’s apps include the VR-based BRCvr, interactive chat platform Build-a-Burn, 3D world Dusty Universe, ‘photo-realistic’ simulation The Infinite Playa, video chat Sparkleverse and livestream platform Burn Week.

This year, the apps have a reserve ticketing system set up for “early bird tickets” and they are all charging different prices based on the experience type. The most aggressive pitch is from Infinite Playa which is offering tickets ranging from a $16 two-hour pass to an $88 unlimited pass. Others are adopting donation-based pricing tiers, while the Burn Week livestream is offering a free stream to all viewers alongside a $29 “extended experience.”

#articles, #burning-man, #counterculture, #culture, #nevada, #online-events, #simulation, #tc, #virtual-reality

Advanced tax strategies for startup founders

As an entrepreneur, you started your business to create value, both in what you deliver to your customers and what you build for yourself. You have a lot going on, but if building personal wealth matters to you, the assets you’re creating deserve your attention.

You can implement numerous advanced planning strategies to minimize capital gains tax, reduce future estate tax and increase asset protection from creditors and lawsuits. Capital gains tax can reduce your gains by up to 35%, and estate taxes can cost up to 50% on assets you leave to your heirs. Careful planning can minimize your exposure and actually save you millions.

Smart founders and early employees should closely examine their equity ownership, even in the early stages of their company’s life cycle. Different strategies should be used at different times and for different reasons. The following are a few key considerations when determining what, if any, advanced strategies you might consider:

  1. Your company’s life cycle — early, mid or late stage.
  2. The value of your shares — what they are worth now, what you expect them to be worth in the future and when.
  3. Your own circumstances and goals — what you need now, and what you may need in the future.

Some additional items to consider include issues related to qualified small business stock (QSBS), gift and estate taxes, state and local income taxes, liquidity, asset protection, and whether you and your family will retain control and manage the assets over time.

Smart founders and early employees should closely examine their equity ownership, even in the early stages of their company’s life cycle.

Here are some advanced equity planning strategies that you can implement at different stages of your company life cycle to reduce tax and optimize wealth for you and your family.

Irrevocable nongrantor trust

QSBS allows you to exclude tax on $10 million of capital gains (tax of up to 35%) upon an exit/sale. This is a benefit every individual and some trusts have. There is significant opportunity to multiply the QSBS tax exclusion well beyond $10 million.

The founder can gift QSBS eligible stock to an irrevocable nongrantor trust, let’s say for the benefit of a child, so that the trust will qualify for its own $10 million exclusion. The founder owning the shares would be the grantor in this case. Typically, these trusts are set up for children or unborn children. It is important to note that the founder/grantor will have to gift the shares to accomplish this, because gifted shares will retain the QSBS eligibility. If the shares are sold into the trust, the shares lose QSBS status.

QSBS tax strategy

Image Credits: Peyton Carr

In addition to the savings on federal taxes, founders may also save on state taxes. State tax can be avoided if the trust is structured properly and set up in a tax-exempt state like Delaware or Nevada. Otherwise, even if the trust is subject to state tax, some states, like New York, conform and follow the federal tax treatment of the QSBS rules, while others, like California, do not. For example, if you are a New York state resident, you will also avoid the 8.82% state tax, which amounts to another $2.6 million in tax savings if applied to the example above.

This brings the total tax savings to almost $10 million, which is material in the context of a $40 million gain. Notably, California does not conform, but California residents can still capture the state tax savings if their trust is structured properly and in a state like Delaware or Nevada.

Currently, each person has a limited lifetime gift tax exemption, and any gifted amount beyond this will generate up to a 40% gift tax that has to be paid. Because of this, there is a trade-off between gifting the shares early while the company valuation is low and using less of your gift tax exemption versus gifting the shares later and using more of the lifetime gift exemption.

The reason to wait is that it takes time, energy and money to set up these trusts, so ideally, you are using your lifetime gift exemption and trust creation costs to capture a benefit that will be realized. However, not every company has a successful exit, so it is sometimes better to wait until there is a certain degree of confidence that the benefit will be realized.

Parent-seeded trust

One way for the founder to plan for future generations while minimizing estate taxes and high state taxes is through a parent-seeded trust. This trust is created by the founder’s parents, with the founder as the beneficiary. Then the founder can sell the shares to this trust — it doesn’t involve the use of any lifetime gift exemption and eliminates any gift tax, but it also disqualifies the ability to claim QSBS.

The benefit is that all the future appreciation of the asset is transferred out of the founder’s and the parent’s estate and is not subject to potential estate taxes in the future. The trust can be located in a tax-exempt state such as Delaware or Nevada to also eliminate home state-level taxes. This can translate up to 10% in state-level tax savings. The trustee, an individual selected by the founder, can make distributions to the founder as a beneficiary if desired.

Further, this trust can be used for the benefit of multiple generations. Distributions can be made at the discretion of the trustee, and this skips the estate tax liability as assets are passed from generation to generation.

Grantor retained annuity trust (GRAT)

This strategy enables the founder to minimize their estate tax exposure by transferring wealth outside of their estate, specifically without using any lifetime gift exemption or being subject to gift tax. It’s particularly helpful when an individual has used up all their lifetime gift tax exemption. This is a powerful strategy for very large “unicorn” positions to reduce a founder’s future gift/estate tax exposure.

For the GRAT, the founder (grantor) transfers assets into the GRAT and gets back a stream of annuity payments. The IRS 7520 rate, currently very low, is a factor in calculating these annuity payments. If the assets transferred into the trust grow faster than the IRS 7520 rate, there will be an excess remainder amount in GRAT after all the annuity payments are paid back to the founder (grantor).

This remainder amount will be excluded from the founder’s estate and can transfer to beneficiaries or remain in the trust estate tax-free. Over time, this remainder amount can be multiples of the initial contributed value. If you have company stock that you expect will pop in value, it can be very beneficial to transfer those shares into a GRAT and have the pop occur inside the trust.

This way, you can transfer all the upside gift and estate tax-free out of your estate and to your beneficiaries. Additionally, because this trust is structured as a grantor trust, the founder can pay the taxes incurred by the trust, making the strategy even more powerful.

One thing to note is that the grantor must survive the GRAT’s term for the strategy to work. If the grantor dies before the end of the term, the strategy unravels and some or all the assets remain in his estate as if the strategy never existed.

Intentionally defective grantor trust (IDGT)

This is similar to the GRAT in that it also enables the founder to minimize their estate tax exposure by transferring wealth outside of their estate, but has some key differences. The grantor must “seed” the trust by gifting 10% of the asset value intended to be transferred, so this approach requires the use of some lifetime gift exemption or gift tax.

The remaining 90% of the value to be transferred is sold to the trust in exchange for a promissory note. This sale is not taxable for income tax or QSBS purposes. The main benefits are that instead of receiving annuity payments back, which requires larger payments, the grantor transfers assets into the trust and can receive an interest-only note. The payments received are far lower because it is interest-only (rather than an annuity).

IDGT Estate tax savings

Image Credits: Peyton Carr

Another key distinction is that the IDGT strategy has more flexibility than the GRAT and can be generation-skipping.

If the goal is to avoid generation-skipping transfer tax (GSTT), the IDGT is superior to the GRAT, because assets are measured for GSTT purposes when they are contributed to the trust prior to appreciation rather than being measured at the end of the term for a GRAT after the assets have appreciated.

The bottom line

Depending on a founder’s situation and goals, we may use some combination of the above strategies or others altogether. Many of these strategies are most effective when planning in advance; waiting until after the fact will limit the benefits you can extract.

When considering strategies for protecting wealth and minimizing taxes as it relates to your company stock, there’s a lot to take into account — the above is only a summary. We recommend you seek proper counsel and choose wealth transfer and tax savings strategies based on your unique situation and individual appetite for complexity.

#california, #capital-gains-tax, #column, #delaware, #estate-tax, #nevada, #new-york, #startups, #tax, #tax-laws, #tc

The Lithium Gold Rush: Inside the Race to Power Electric Vehicles

A race is on to produce lithium in the United States, but competing projects are taking very different approaches to extracting the vital raw material. Some might not be very green.

#alternative-and-renewable-energy, #arkansas, #automobiles, #batteries, #berkshire-hathaway-inc, #california, #controlled-thermal-resources, #electric-and-hybrid-vehicles, #federal-lands, #ford-motor-co, #geothermal-power, #greenhouse-gas-emissions, #imperial-calif, #lakes, #lithium-metal, #lithium-americas, #mines-and-mining, #nevada, #standard-lithium, #tesla-motors-inc, #united-states, #united-states-economy, #united-states-politics-and-government, #water-pollution, #wells

In Nevada, Unemployed Workers Wait for Aid That Will Still Not Be Enough

Stimulus checks may be on their way, but those struggling to get by worry that the money will soon be gone. “Every morning I wake up thinking about where my help is going to come from,” one woman said.

#american-rescue-plan-2021, #anxiety-and-stress, #biden-joseph-r-jr, #coronavirus-2019-ncov, #labor-and-jobs, #las-vegas-nev, #layoffs-and-job-reductions, #nevada, #organized-labor, #unemployment, #unemployment-insurance

Nevada Is Moving to Vote Before Iowa in 2024. Harry Reid Makes the Case.

Goodbye, Iowa and New Hampshire. Hello, Nevada and South Carolina? The former Nevada senator is just one voice arguing that it’s time to change the nomination calendar.

#biden-joseph-r-jr, #clyburn-james-e, #iowa, #nevada, #new-hampshire, #primaries-and-caucuses, #reid-harry, #south-carolina

An Outdoor NHL Game That for Once Is in the Great Outdoors

The pandemic pushed the N.H.L. toward a scenic site instead of a football or baseball field for its outdoor game. It’s so pretty in Tahoe they’ll play two.

#boston-bruins, #california, #colorado-avalanche, #hockey-ice, #lake-tahoe-nev, #national-hockey-league, #nevada, #philadelphia-flyers, #vegas-golden-knights

The Presidential Primary Calendar Stinks. Now’s the Time to Shake It Up.

Democrats should take the opportunity to reform an out-of-touch system.

#democratic-national-committee, #nevada, #primaries-and-caucuses, #state-legislatures, #voting-and-voters

A Surge of Women in Ski Patrols, Once Nearly All Men

The women say they bring a more varied approach and perspective to policing errant skiers and helping distressed ones.

#colorado, #discrimination, #national-ski-patrol, #nevada, #rescues, #skiing, #snowboarding, #sports-injuries, #volunteers-and-community-service, #women-and-girls

Florida ‘Monkey Whisperer’ Is Charged With Illegal Animal Sales

Jimmy Wayne Hammonds, who runs an exotic animal ranch, illegally sold rare monkeys, prosecutors said.

#alabama, #animals, #california, #florida, #monkeys-and-apes, #nevada, #new-york-times, #south-carolina, #united-states, #wildlife-trade-and-poaching

State Capitols ‘on High Alert,’ Fearing More Violence

Officials around the country are bracing for any spillover from last week’s violent assault on the U.S. Capitol. State legislatures already have become targets for protesters in recent days.

#capitol-building-washington-dc, #coronavirus-2019-ncov, #demonstrations-protests-and-riots, #georgia, #idaho, #michigan, #minnesota, #missouri, #nevada, #oregon, #presidential-election-of-2020, #security-and-warning-systems, #shutdowns-institutional, #state-legislatures, #states-us, #storming-of-the-us-capitol-jan-2021, #texas, #trump-donald-j, #united-states-politics-and-government

You’re Infected With the Coronavirus. But How Infected?

Knowing the amount of virus carried in the body could help doctors predict the course of a patient’s illness.

#coronavirus-risks-and-safety-concerns, #florida, #gounder-celine, #laboratories-and-scientific-equipment, #nevada, #tests-medical, #weill-cornell-medical-college, #your-feed-science

Foresight raises $15M for its construction workers compensation platform

When an accident on a building site resulted in the death of their friend, the founders of Safesight were inspired to launch the platform to digitize safety programs for construction. The data from that gave birth to a new InsurTech startup this year, Foresight, which covers workers’ compensation. The startup has now released, for the first time, news that it raised a $15 million funding round back in May this year, with participation from Blackhorn Ventures and Transverse Insurance Group. To date, it has raised $20.5 million from industrial technology venture capital firms, led by Brick and Mortar Ventures and Builders VC.

Foresight launched in August of this year but has already covered $30M in risks. The company says it is now on pace to reach $50M in underwritten premium in 2021. By leveraging the data from sister company Safesite, the platform says it has been able to reduce workers comp incidents by up to 57% in a study conducted by actuarial consulting firm Perr & Knight.

Foresight’s algorithm leverages Safesight data to predict incidents, highlight risks, and informs underwriting. By wrapping Safesite risk management technology and services into every policy, Foresight provides a path to lower incident rates and lower premiums for customers.

Of the $57Bn national workers compensation market, Foresight focuses on policies ranging from $150K to $1M+ in annual premiums. The company says this segment has been largely overlooked by well-funded InsurTech startups such as Next Insurance and Pie, which provide small business policies under $50K in annual premiums.

Foresight and Safesite were developed by longtime friends and co-founders David Fontain, Peter Grant, and Leigh Appel.

Fontain said: “Foresight strengthens the correlation between safety and savings while providing the fast and easy user experience InsurTechs are known for. We leverage purpose-built technology to drive behavioral shifts and provide an irresistible alternative to traditional workers compensation coverage.”

Darren Bechtel, the founder and managing director at Brick & Mortar Ventures commented: “We first invested in 2016 and have known the founders since 2015 when it was just the two of them, squatting at a couple of empty desks inside another portfolio company’s office. Their initial vision was both elegant and powerful, and the demonstrated impact of their solution on safety performance, even in early interactions with the product, was impossible to ignore.”

Foresight now covers Nevada, Oklahoma, Arizona, Arkansas, Louisiana, and New Mexico. The company expects to launch workers compensation in the eastern US and a general liability line in early 2021.

#arizona, #arkansas, #articles, #blackhorn-ventures, #brick, #brick-mortar-ventures, #builders-vc, #darren-bechtel, #future, #insurance, #louisiana, #nevada, #new-mexico, #oklahoma, #tc, #time, #united-states

Driver Who Killed 5 Cyclists Had Methamphetamine in His System, Prosecutors Say

Jordan Barson faces several felony charges after the authorities said he drove a box truck into a group of cyclists who were riding on a highway outside Las Vegas last week.

#deaths-fatalities, #drug-abuse-and-traffic, #drunken-and-reckless-driving, #nevada, #roads-and-traffic, #traffic-accidents-and-safety

Lindsey Graham’s Long-Shot Mission to Unravel the Election Results

With unsubstantiated claims of vote-counting errors and calls to officials in several states, the South Carolina senator seems bent on reversing Joe Biden’s clear victory over President Trump.

#absentee-voting, #arizona, #biden-joseph-r-jr, #ducey-doug-1964, #georgia, #graham-lindsey, #nevada, #presidential-election-of-2020, #raffensperger-brad, #rumors-and-misinformation, #trump-donald-j, #voter-fraud-election-fraud

Trump Is Not Doing Well With His Election Lawsuits. Here’s a Rundown.

The president has suffered a string of defeats in pursuing legal action seeking to delay certification of his loss to President-elect Joseph R. Biden Jr.

#absentee-voting, #arizona, #biden-joseph-r-jr, #georgia, #maricopa-county-ariz, #michigan, #nevada, #pennsylvania, #presidential-election-of-2020, #republican-party, #suits-and-litigation-civil, #trump-donald-j, #united-states-politics-and-government, #voter-fraud-election-fraud, #voter-registration-and-requirements

What’s Still Left to Count, and Why Hasn’t a Winner Been Called?

Biden’s lead is expected to expand again in Pennsylvania today.

#absentee-voting, #arizona, #biden-joseph-r-jr, #georgia, #nevada, #pennsylvania, #presidential-election-of-2020, #trump-donald-j, #united-states-politics-and-government

Trump’s Election Fraud Claims Make No Headway on Legal Cases

The president appeared to have little path through the courts to shift the outcome of the election, leaving him reliant on long shots like recounts or pressure on state legislatures.

#absentee-voting, #arizona, #barr-william-p, #biden-joseph-r-jr, #bossie-david, #courts-and-the-judiciary, #democratic-party, #electoral-college, #georgia, #justice-department, #michigan, #nevada, #pennsylvania, #politics-and-government, #presidential-election-of-2020, #republican-national-committee, #republican-party, #shapiro-josh-1973, #state-legislatures, #supreme-court-us, #true-the-vote, #trump-donald-j, #trump-eric-f-1984, #vos-robin-j, #voter-fraud-election-fraud, #wisconsin, #wolf-thomas-w

Where the Election Fight Is Playing Out in the Courts

The Trump campaign has intensified its efforts to stop vote counting and to question the validity of ballots, with nearly a dozen lawsuits in Nevada, Pennsylvania, Michigan and Georgia.

#georgia, #michigan, #nevada, #pennsylvania, #presidential-election-of-2020, #republican-party, #trump-donald-j

With No Evidence of Fraud, Trump Fails to Make Headway on Legal Cases

The president appeared to have little path through the courts to shift the outcome of the election, leaving him reliant on long shots like recounts or pressure on state legislatures.

#absentee-voting, #arizona, #barr-william-p, #biden-joseph-r-jr, #bossie-david, #courts-and-the-judiciary, #democratic-party, #electoral-college, #georgia, #justice-department, #michigan, #nevada, #pennsylvania, #politics-and-government, #presidential-election-of-2020, #republican-national-committee, #republican-party, #shapiro-josh-1973, #state-legislatures, #supreme-court-us, #true-the-vote, #trump-donald-j, #trump-eric-f-1984, #vos-robin-j, #voter-fraud-election-fraud, #wisconsin, #wolf-thomas-w

Where the Key States Stand in a Possible Day of Decision for Biden

He now leads in Georgia and Pennsylvania, and it seems just a matter of time before the race in Pennsylvania is put out of reach.

#absentee-voting, #arizona, #biden-joseph-r-jr, #georgia, #nevada, #pennsylvania, #presidential-election-of-2020, #trump-donald-j, #voting-and-voters

Biden Makes Gains in Georgia, Pennsylvania as Nation Anxiously Awaits Winner

Joe Biden picked up votes in Pennsylvania, Nevada and Georgia and urged patience with the slow-moving vote count. President Trump appeared in the evening to break his silence, lying about “illegal” votes.

#absentee-voting, #arizona, #biden-joseph-r-jr, #georgia, #nevada, #ossoff-jon, #pennsylvania, #perdue-david-a-jr, #presidential-election-of-2020, #republican-party, #trump-donald-j, #united-states-politics-and-government, #voting-and-voters