WASHINGTON, June 5 -- The Senate Energy and Natural Resources Committee issued the following statement by Chairman Lisa Murkowski, R-Alaska, at a hearing to examine the 2018 wildland fire outlook and the wildland fire management programs:

"Good morning, everyone. The committee will come to order.

"It's nice to be able welcome back to the committee Ms. Christiansen, welcome; Mr. Rupert, welcome to you. We're here this morning to discuss the outlook for the 2018 wildfire season. Just based on what we already know, it doesn't look good.

"Last Friday, the National Interagency Fire Center, which is a joint operation between the Department of the Interior and the U.S. Forest Service, released its monthly wildland fire potential outlook for June through September. Warmer and drier than average conditions are anticipated, and the southwest, in particular, is at very high risk for wildfires due to elevated drought conditions and strong winds - I feel like a weather reporter here.

"The Tinder Fire, sparked on April 27 in central Arizona, marked the first large- scale wildfire of the season in the West. There are now several significant, active fires, including massive blazes in Colorado and New Mexico that are forcing evacuations. Already this year, almost 24,000 wildfires have burned about 1.7 million acres across the country - and this is just June 5.

"The number of wildfires and acres that ultimately burn in 2018 depends not only on wildfire potential and forest conditions, but on the timing of lightning strikes and human-caused ignitions.

"Nationwide, people are responsible for starting 84 percent of the wildfires. And by starting so many fires, many through human carelessness people are essentially lengthening the fire season into the early spring and later fall, times of the year when lightning does not have a major role.

"The Eagle Creek Fire that raged through the Columbia River Gorge in Oregon in 2017 was started by a teenager that was messing around with firecrackers, just one of many examples.

"So, with the 2018 fire season upon us I want to start with a plea to people everywhere - just please be smart about fire. We can make a measurable difference in what this wildfire season ends up looking like, and it starts with being careful.

"It's also time to execute a multipronged federal-state-local strategy to meet the increasing challenges presented by wildland fire in a cost-efficient manner.

"First is innovation. Our committee discusses innovation at length on the energy side of the policy shop, but we also have significant opportunities with respect to land and wildfire management.

"Last fall, we held an entire hearing on wildfire technology. I'm particularly interested in the use of unmanned aircraft systems, or drones, which are playing a greater role in wildfire management response from detecting, mapping and even helping to contain wildfires. It is far cheaper to operate, maintain, and train personnel on drones, and it also helps reduce risks for pilots, crews, and firefighters.

"The Department of the Interior and the State of Alaska have been early adopters in the use of drones, and not just for wildfire. Interior is using its drones across its management functions, including to monitor the ongoing volcanic eruption in Hawaii.

"We can and should do more to embrace technology in land management, including in wildfire management. I know Senator Cantwell is very interested in this, as well, so hopefully this will be an area where we'll be able to make bipartisan progress.

"After that, we need to look for opportunities to increase efficiencies in wildland fire operations at the federal level. The Forest Service and the Department of the Interior have long coordinated aspects of their suppression programs through the National Interagency Fire Center but collaboration could still improve in procurement, budgeting, information technology, and human capital. One program to focus on is aviation services, I still do not fully understand why the Forest Service and Interior have their own separate programs.

"I have also said, over and over again, that wildfire is not just a budget problem. It is a management problem - meaning we must actively manage our forests.

"In Alaska, we've seen the benefits of upfront investment in hazardous fuel reduction and fuel breaks before fires start. In 2014, a large, strategically placed fuel break between the Kenai National Refuge and Soldotna saved homes and lives during the massive Funny River Fire. Then in 2015, hazardous fuel reduction treatments conducted a few years earlier around Sterling reduced the wildfire risk to that community during the Card Street Fire.

"In the FY 2018 omnibus, Congress provided significant funding to address wildfires. We also provided some new authorities - not necessarily at the level that I believe necessary, but what we could characterize as a start. The agencies wanted those authorities, so we certainly expect to them to put them to good use. So, no excuses there.

"I want to end by saying that to effectively fight fires and manage the lands, you must rid your agencies of sexual harassment, bullying, and retaliation. Workplace misconduct cannot be tolerated, especially on the fire lines in the field. Focus on the mission - and be professional about it - or be ready to face the consequences.

"So with that, again I would like to welcome the Interim Chief of the Forest Service, Vicki Christiansen, and the Director of the Office of Wildland Fire at the Department of the Interior, Jeff Rupert, to the Committee.

"I thank you both for being with us today, I look forward to our discussion today as we work to reduce wildfires across the country. Senator Cantwell?"

NEW YORK--(BUSINESS WIRE)--
26North Reinsurance Holding Company (“26North Re”) today announced that it has entered into a definitive agreement to acquire 100% of Independent Insurance Group, LLC (“Independent Group”), which operates Independent Life Insurance Company ("Independent Life"), the only carrier exclusively dedicated to issuing structured settlement annuities for personal injury claimants and their families.

The acquisition marks 26North Re's entry into the U.S. insurance market and establishes its first onshore platform, complementing its existing Bermuda- and Cayman-domiciled operations. Independent Life will continue to operate under its existing brand following the close of the transaction, preserving the relationships and service standards that settlement planners and their clients rely on. 26North Re intends to build on that foundation, backing the business with long-term capital and proprietary asset origination to accelerate growth.

"This partnership will strengthen Independent Life’s leading franchise and provide the resources to enable consistent competitive pricing for settlement planners and claimants. For the people those settlements serve, 26North Re’s backing reinforces the certainty they have always counted on,” said 26North Senior Partner Cole Charnas. “We look forward to working alongside the management team on the next phase of the company’s expansion.”

With this transaction, 26North Re enters the structured settlement market, a specialized segment of the U.S. insurance industry in which long-dated liabilities, rigorous underwriting standards and disciplined asset management are prerequisites for all participants.

"Joining 26North Re gives Independent Life access to institutional-scale capabilities. Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before," said Independent Group CEO Donald Herrema.

The transaction is subject to customary regulatory approvals, including review by applicable state insurance departments.

RBC Capital Markets is serving as financial advisor to 26North Re and Kirkland & Ellis LLP is serving as legal counsel. Piper Sandler & Co. is acting as exclusive financial advisor to Independent Group and Mayer Brown LLP is acting as legal counsel.

ABOUT 26NORTH REINSURANCE HOLDING COMPANY

Founded in 2022, 26North Re has approximately $13 billion in assets on a pro forma basis, including multiple reinsurance transactions with high-quality, industry-leading ceding partners. The company leverages long-term capital, prudent risk controls and 26North Partners LP’s asset management capabilities. 26North Re helps protect the long-term financial security of more than 100,000 policyholders across the United States.

ABOUT 26NORTH PARTNERS LP

26North Partners LP is an integrated, multi-asset-class investment platform founded by Josh Harris in 2022. The firm manages approximately $37 billion across private equity, private credit, insurance and reinsurance strategies, bringing flexible capital solutions and distinct capabilities to the middle market.

26North Private Equity deploys capital across buyouts, carve-outs and structured equity. 26North Private Credit primarily invests in direct lending, private asset-backed finance and commercial real estate lending.

The firm’s insurance business serves clients with disciplined asset-liability management and access to proprietary, privately originated assets.

The 26North team brings decades of experience managing third-party capital to help clients achieve their financial goals while making a lasting impact on the communities in which they operate.

For more information, visit www.26n.com.

ABOUT INDEPENDENT INSURANCE GROUP

Founded by insurance company experts, the Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders. Independent Life, its underwriting division, is dedicated to providing structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates. With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners, such as Hannover Re USA, to support its growth and guarantees.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260601505305/en/

For 26North

Cristina Alesci

Managing Director

917 692 2110

[email protected]

Source: 26North Reinsurance Holding Company