| Food has a way of connecting us across time and space. Dust off an old recipe card from a loved one and bring it back to life in your kitchen. Maybe it’s your grandmother’s famous apple pie or your aunt’s secret cookie recipe. As you recreate the dish, involve younger family members, teaching them not just the recipe but the stories behind it. The holidays are an invitation to reflect on the past while looking toward the future. By blending cherished traditions with new, meaningful experiences, you can create a season full of love, connection, and joy that resonates for generations. What are your favorite holiday recipes and traditions? We'd love for you to share in the comments.
Here are a few of our staffers favorite Thanksgiving dishes they'd like to share with you:
MacConnell Scalloped OystersShared by Julie Furst, our VP of Marketing, Communications & EventsIngredients:6 Tablespoons Butter 1 pint/lb. Oysters (East Coast Select) (Drained and checked for shell fragments) 1/2 Cup Half & Half or Heavy Cream Salt & Pepper 1 Cup Ritz Cracker Crumbs 1 Cup Saltine Cracker Crumbs Preparation:Melt butter, add cracker crumbs and mix well. Butter bottom and sides of your baking dish. Put 1/3 cup of crackers crumbs in bottom of dish, followed by 1/2 of the oysters. Salt and pepper the oysters. Lay down second 1/3 of crumbs and second 1/2 of oysters. Salt and pepper the oysters then pour the cream over the top. Put remaining crumbs on top and bake at 350 degrees for 30 minutes, or until brown on top. Notes:It's important to use both the Rits and Saltines. We triple this recipe - it's THAT delicious. "This is a tradition in my family. My grandma always made it and served late night after Thanksgiving dinner, or sometimes the night before. We keep the tradition alive."
Whiskey Glazed Sweet PotatoesShared by Travis Wattie, our AVP of Government RelationsIngredients:3 Lbs. Sweet Potatoes (about 4 large) 1 Cup Pecans 4 Tbsp. Unsalted Butter (plus more for preparing baking dish) 3/4 Cup Agave Syrup (preferably amber) 1/2 tsp. Ground Cinnamon 1/2 tsp. Ground Nutmeg 1/4 tsp. Cayenne Pepper 1/2 tsp. Kosher Salt 1/4 Cup Whiskey 2 Cups Crisp Apples (peeled, cored & sliced into 1-inch pieces) Preparation:Preheat oven to 375 degrees. Place potatoes on a baking sheet and cook whole, do not pierce. Bake for 45 minutes to 1 hour. Lightly squeeze the potatoes - if they are soft, they are done. Let cool. In small saute pan over high heat, add pecans and lightly toast. Add 4 tbsp. butter, reduce heat to medium, add the agave and spices, and allow to simmer for 4 to 5 minutes. Add whiskey and continue to simmer another 5 minutes. Peel the potatoes and cut into 1/2-inch slides. Butter the bottom of a 8x8 baking dish. Arrange the potato and apple slices. Pour pecan whiskey mixture over the top and place in oven. Bake for 30 minutes, basting after 15 minutes with the sauce. Remove from oven and serve immediately. "Whenever my mother says 'Is there anything special you want for Thanksgiving?', the answer is always these incredible sweet potatoes. No special meaning other than they hit the spot and now make a regular appearance on our Thanksgiving table. One tradition we have is for every holiday dinner, we HAVE to have Andes Mints, and, of course, HAVE TO make paper airplanes out of the wrappers. It's a rule."
Corn CasseroleShared by Kim Keville, our Digital Marketing & Project SpecialistIngredients:2 Cans Whole Kernel Corn (drained) 2 Cans Cream Style Corn 2 Boxes Jiffy Corn Muffin Mix 1 Egg 16 Oz. Sour Cream 6 Tbsp. Butter (melted) Preparation:Mix everything together. Spray 9x13 baking dish with cooking spray. Pour mixture in. Cover and bake at 350 degrees for 1 hour. Uncover and cook another 30 minutes or until golden brown and not jiggly in the center. "This is a holiday staple in my family. Not sure where the recipe originated, but I'm asked to make it for every gathering. Definitely my favorite Thanksgiving side dish!"
From the Big I NY family to yours, Happy Thanksgiving!! |
| It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action.
Hurricane Windstorm Deductible Trigger: Gov. Hochul APPROVED A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event." The new law requires the DFS to issue and adopt regulations regarding how triggering events are defined. Currently, carriers utilize a variety of triggers and language, which can create confusion for consumers as they compare coverage options. Big I NY will continue to contribute to this important conversation throughout the regulatory rulemaking process.
Backup of Sewer and Drain Anti-Concurrent Causation Clauses: Gov. Hochul VETOED A.10343/S.9421, which prohibited policies from excluding coverage for backup of sewer and drain on the grounds that the loss was caused by an excluded peril (i.e. flood) concurrently or in any sequence to the loss. In the veto message, Gov. Hochul stated that while the bill addresses an important homeowner issue, “it requires additional study and consideration as to its impact on insured premiums and market participation."
Additional Action: Gov. Hochul vetoed several other bills, including one directing the DFS to study the private flood insurance market. The veto included 28 other bills creating new commissions and studies, which the Governor noted would come with a collective cost of $24 million. Also rejected was a bill creating the position of “Insurance Liaison" to the state Disaster Preparedness Commission, citing the Commission's direct focus on emergency response and not insurance matters.
Wrongful Death: While there are still several bills awaiting action, one of the most consequential is the wrongful death bill (A.9232B/S.8485B). Big I NY continues to collaborate with a broad coalition of stakeholders to oppose this bill, which will drive costs for consumers across the board. This is the third time that the Legislature has passed a version of the bill, which dramatically expands the types of damages that a plaintiff may recover in a wrongful death suit. You can learn more and urge the Governor to veto the bill by visiting www.NotOneMoreCostHike.org.
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| Whether or not a sale is on the horizon, knowing the financial health and value of your agency is vital for every agency owner. For many, the current M&A environment is causing agency owners to contemplate whether now is the right time to buy or sell. Knowing your agency's value is one of the best ways to prepare for opportunities that may arise either grow by acquisition or to potentially sell. While many believe that they only need a valuation when they are planning to sell, savvy business owners understand that a valuation is a valuable tool when it is utilized far in advance of a sale to gain insights on how to maximize the agency's value. Those insights combined with time can lead to exponential growth in the value of your agency. With that in mind, a valuation is the best way to get a health checkup of one of your largest assets – your agency. Every agency owner should consider obtaining a valuation a minimum of every three years as part of their business planning process. What a Valuation Report Really Tells YouA Fair Market Valuation translates your agency's operational strengths, weaknesses, and market standing into a numeric value, representing what the agency could expect in today's market. “A fair market value represents the internal valuation of an agency, not what the price of the agency." The price of an agency depends on the synergies between the buyer and seller, the current market conditions, current performance of the agency, terms of the deal, and structure of the transaction. The valuation reports cannot factor in any information about a specific outside potential buyer, as the report assumed that the buyer is hypothetical. It reflects the ongoing operation if ownership were to change but operations remained the same. While that range of value may be interesting, in my opinion it is the least important piece of information in a Fair Market valuation, unless you are planning on selling immediately. The gold is the insights that the report uncovers on how to maximize the value of your agency. By highlighting the risk factors that drive the multiples that are applied to the EBITDA, the owner of the agency gains perspective on opportunities for improvement, growth and scale as well as potential changes that can make over time to improve the overall value of the agency. These insights serve as a foundation for future decisions and strategies. Key Components of a Valuation ReportThere is a fair amount of information required to complete the valuation of an agency. By going through this process, an agency owner can be certain that they have reviewed and accessed the required information far prior to any potential purchase or sale. This allows them to be much more efficient in the lending and due diligence process when the time comes to buy or sell. Valuation reports are carefully structured to offer a complete view of an agency's current and potential value. A valuation report generally includes: - Purpose and Assumptions: The valuation report will state the purpose and assumptions under which the valuation was completed. The key underlying assumptions, such as whether the agency is expected to continue operating or if it's under special circumstances, like a liquidation. Typically, assumptions are made with the expectation that the agency will remain operational, reflecting its value as a going concern as well as a hypothetical and willing financial buyer, who is under no compulsion or requirement to buy.
- Overview of the Business: The evaluator will provide an overview of the agency including its location, corporate entity, ownership structure, mix of business, key carrier relationships, staffing structure, areas of focus, key business partnerships and other specific information that is pertinent to the agency's operation and performance.
- Valuation Methodology: The report will include a description of the valuation methodology utilized to evaluate the agency. The most common valuation methods utilized in our industry include a multiple of EBITDA – or in the case of very small books of business – a multiple of revenue.
- Financial Analysis: The report looks closely at Profit & Loss Statements for the past 5 years, the most current year-end balance sheet and tax returns, and the agency's cashflow statement, if available. The financials are analyzed and a proforma financial statement is calculated based on the agency's trends, industry benchmarks and information provided by the leadership of the agency.
- Risk Factors and Opportunities: A core section identifies risks or strengths that impact the agency's valuation multiple. These insights highlight areas of opportunity and suggest ways to strengthen the agency's value, providing practical steps for reducing risks.
- Valuation Range and Financing Considerations: The final valuation is presented as a range, with additional context, like the impact of current interest rates or potential buyout scenarios.
Information Required for a Fair Market Valuation ReportAn agency's value is made up of many details specific to each agency, which means that there is a lot of information required to provide a complete picture. At minimum, to get a valuation, the process starts with: - Financial Statements: Five years of Profit & Loss statements, the most recent Year-end Balance Sheet and Tax Return are the key financial information required for the analysis.
- Current Staff Information: A list of employees, including their compensation structure, total compensation, benefits and a description of their roles.
- Book of Business and Carrier Reports: Book of business organized by customer, revenue, premium, carrier, line of business, and person responsible for the account. The year-end carrier reports representing where at least 80% of the business is placed.
- Operational Insights: Agencies are asked to provide details on their network affiliations, existing perpetuation plans, descriptions of the technology they utilize, sources of new business, any producer-owned books of business, describe the agency's sales/service structure, community involvement and any recent E&O, legal or human resources claims.
Once the information is collected and reviewed, the valuation process includes interviews and time with the owners of the agency review details with the agency, ensuring the report reflects the “story behind the numbers." Business Health Check-up & Planning ToolValuations provide a complete picture of the agency's health and if utilized properly can be an incredible strategic planning tool. The report will reveal the agency strengths, weaknesses, and areas to de-risk, equipping owners with insights to enhance their operations. By treating valuations as part of a regular business routine, agency owners are better prepared to make informed, confident decisions no matter if you're just trying to grow, or if there's a future sale is on the horizon. Regular valuations serve as a benchmark to gauge an agency's progress, market position, and opportunities for improvement and growth. Our team recommends getting a valuation once every three years so that you have a firm understanding of your agency's ongoing health.
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The New York State Department of Financial Services (DFS) has cautioned the businesses it regulates that some remote technology workers may be secretly acting on behalf of the North Korean government. DFS issued the alert in a November 1 letter. Big I New York members who hire virtual assistants or other remote workers should take precautions to avoid hiring one of these individuals.
According to the letter, information technology (IT) workers operating on behalf of North Korea have used several tactics to get jobs with U.S. companies. These include posing as individuals from the U.S. or other countries, using false or stolen identities, or buying identities from U.S. based individuals.
The individuals often use virtual private networks (VPNs) to make it appear that they reside in the U.S. when they apply for remote jobs. Notably, they may also refuse to join in-person or video conference meetings. They may also have their new employer's computer equipment shipped to alternative locations just before they start work. This permits U.S. based co-conspirators to access the equipment.
DFS said that the Federal Bureau of Investigation (FBI) and the U.S. Department of State have issued advisories regarding these threats.
The letter advised regulated entities to:
- Make senior management, IT personnel, and human resources departments aware that this could happen.
- Conduct a thorough background check during the hiring process, possibly including live or video interviews.
- Track the locations of company-owned laptops and cellphones to ensure that they are delivered and remain at the residence address the employee provided.
- Limit remote employees' access to systems.
- Notify law enforcement and regulators promptly if they conclude that they've been victimized by one of these schemes.
The complete text of the letter, including links to the FBI and State Department alerts and the web address for reporting incidents, is on the DFS website.
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| Big I NY is pleased to share that we have become a member of Consumers for Fair Legal Funding—a coalition that supports regulation of the lawsuit lending industry through transparency, disclosure, and limits on interest charges and fees. With growing concerns around increasingly abusive practices by the third-party litigation funding industry, this is a unique opportunity to join a diverse group of organizations committed to consumer protection. Third-party litigation funding (aka TPLF) provides capital for litigants to finance lawsuits that they otherwise may not be able to afford. While not inherently bad, this unregulated space has quickly become rife with deceptive practices that take advantage of those seeking help and inflate the size of awards. In the very worst cases, TPLF abuses can even cause long term medical issues for claimants who are unwittingly caught up in insurance fraud schemes. On an international scale, TPLF has been a mechanism for foreign actors to influence legal proceedings against their competitors and gain access to intellectual property. Big I National made TPLF a centerpiece of its 2024 public policy priorities. Through the coalition, Big I NY will help raise awareness of abusive lawsuit lending practices and advance common-sense solutions to address these concerns.
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