Back down: Louisiana this week lost five active rigs drilling for oil and gas. According to Houston-based Baker Hughes, an oilfield services company, Louisiana lost two rigs each inland on water and on land in the southern part of the state. One offshore rig was lost. The losses brings the state’s total rig count to 41 this week, down from 46 last week. Of the total rigs, 20 are offshore, three are on land and three are inland on water in south Louisiana, and 15 are in north Louisiana. Nationally, after three weeks of gains the rig count also declined by three this week to 421, down from 859 active rigs about this time last year.
Claims falling: First-time claims for unemployment insurance in Louisiana for the week ending June 18 decreased from the previous week’s total, The Associated Press reports. The state labor department figures released today show the initial claims fell to 2,822 from the previous week’s total of 3,445. For the comparable week a year earlier, there were 2,731. The four-week moving average, which is a less volatile measure of claims, decreased to 3,249 from the previous week’s total of 3,335. Continued unemployment claims claimed for the week ending June 18 increased to 26,898 compared to 26,234 in the previous week. The four-week moving average for such claims increased to 25,023 from the previous week’s average of 24,147.
Deal reached: National General Holdings Corp. announced today that it will acquire for $165 million Elara Holdings Inc., the parent company of auto, motorcycle and life insurance company Direct General Corp. The transition is expected to close in the fourth quarter of 2016, according to a news release. Tennessee-based Direct General predominantly writes nonstandard auto insurance in the Southeast U.S., including in Louisiana. In a statement, Barry Karfunkel, National General CEO, says his company expects immediate growth in earnings by transitioning Direct General to its state-of-the-art technology system, comprehensive reinsurance structure and advanced pricing analytics. “This acquisition adds a company that is well known as a direct marketing non-standard auto leader in the Southeastern U.S. and has a track record of strong growth which will enable us to expand our product distribution channel,” Karfunkel says. Read the full release.
