Paying dividends: For the 22nd year, Baton Rouge-based Albemarle Corp. has increased the price of its quarterly dividend. According to a news release, Albemarle has declared a quarterly dividend of $0.305 per share. The new price reflects a 5% increase over the previous quarterly dividend of $0.29. “We are proud of our long history of consistent dividend growth and are happy to announce a dividend increase for the 22nd consecutive year,” says Albemarle President and Chief Executive Officer Luke Kissam in a statement. “Our businesses are stronger than ever, and our long term cash generation potential has never been greater.” The dividend has a new annualized rate of $1.22, and is payable April 1 to shareholders who are of record at the close of business as of March 16.
Revised: Insurance rating firm A.M. Best has revised its outlook for Baton Rouge-based Stonetrust Commercial Insurance Co. to negative from stable and has affirmed the company’s financial strength rating of B+++ (Good) and the issuer credit rating of “bbb.” According to a news release, the negative outlook reflects the sizeable deterioration of Stonetrust’s risk-adjusted capitalization within the year, which was mainly driven by an adverse reserve development on previous accident years. Also, Stonetrust’s ratings are a reflection of its historically favorable operating and underwriting performance, the release says. Stonetrust provide workers’ compensation coverage in Louisiana and Oklahoma. Read the full report.
Still fighting: Lawyers for Southeast Louisiana Flood Protection Authority-East are going to a federal appeals court in hopes of reviving a lawsuit against dozens of oil and gas companies. As The Associated Press reports, the board filed a lawsuit in 2013 claiming coastal oil and gas activity contributed to damage and loss of wetlands that form a hurricane buffer for New Orleans. A federal district judge dismissed the suit last year, but the 5th U.S. Circuit Court of Appeals will hear arguments in the board’s appeal today. Opponents of the lawsuit say it is a needless attack on a vital Louisiana industry. Issues in the appeal include whether the suit belongs in state or federal court and whether the judge was correct to dismiss it.
