Robert Christian operated RC Insurance, an accident and health re-insurance business associated with Lloyd’s of London, in New York City for 14 years before discovering that he was in violation of a key regulation. It turns out that there is an arcane rule that states that a company with “accident and health binding authority” for Lloyd’s cannot be located in New York City. “I had been doing it all that time,” Christian says. But only recently did the regulation come to light.
So in January he moved out of his New York office and took temporary space in the Princeton area. In March he opened his four-person office on College Road. He and his wife Susan, who obtained a job as the dean of enrollment at Rider University, have moved to Bucks County, and he says that he is more than happy with the shorter commute. The College Road location is also a relatively easy train commute for his staff members, some of who live in Jersey City.
When Christian graduated from Lynchburg College in Virginia in 1975 he had planned to be a teacher, but there were few openings at that time, so he found an insurance job at AIG’s New York office.
RC Insurance is a niche business within the niche of reinsurance. “I don’t do life or medical,” says Christian. “Lloyd’s calls it the personal accident business — incentive trips and executive travel.” For instance, if 100 people from the World Bank will fly on one chartered jet into a third world country, one insurance company might not want to cover the entire liability in case of a crash. Christian’s firm would figure out what to charge for a Lloyd’s of London subsidiary to provide backup insurance, called reinsurance.
He writes what are called “facultative” reinsurance policies. These could be “one incident” policies, such as a business trip, or a high-limit annual contract on an executive or a group of executives. One client, a big soft drink company, wants to insure its 10 top executives for $10 million to cover traveling mishaps for one year. The first insurance company agrees to cover the first $5 million, and RC Reinsurance has written a policy to cover the second $5 million.
The cost to cover one executive for the second $5 million: $7,000 annually.
RC Reinsurance Inc., 103 College Road East, Princeton 08540; 609-454-4300; fax, 609-454-4310. Robert Christian, president.
New in Town
Diverse Lynx LLC, 300 Alexander Park, Suite 200, Princeton 08540; 732-452-1006; fax, 732-452-0684. Sujata Varma, CEO. www.diverselynx.com.
New at Alexander Park, Diverse Lynx is an IT solutions and staffing firm with 110 employees globally. Established in 2002, it was the third fastest growing company on Deloitte’s New Jersey list, and the 27th fastest growing firm in North America. “We wanted to be in a location that would offer public transportation,” says Hermanth Durvasula, vice president of business development, explaining why the firm expanded from Metuchen to a location near the Princeton Junction train station. “We were getting cramped.”
Most of the employees come from India on H-1 visas, and the firm has a handful of programmers on a team in New Delhi. Last year the company had 80 employees, and it is hiring all levels of skills and software programs.
In this office 25 employees are on staff and the rest of the nearly 110 workers are at client sites. Diverse Lynx works on the time and material model, but it also does projects on a fixed time and fixed cost basis. “Our clients are in the financial, pharmaceutical, and manufacturing industries,” says Durvasula, “and we are also getting into the garment organizations.”
Church & Dwight Co. Inc. (CHD), 469 North Harrison Street, CN 5297, Princeton 08543-5297; 609-683-5900; fax, 609-497-7177. James R. Craigie, president, CEO, chairman. www.churchdwight.com.
Church & Dwight Co., famous for its Arm & Hammer products, and also a leading manufacturer of products ranging from kitty litter to toothpaste, has agreed to buy the Del Pharmaceuticals Inc. division from Coty Inc. for $380 million. Del’s best known product is Orajel, and Church & Dwight plans to expand the brand.
In announcing the acquisition Church & Dwight said the Del purchase will add to profit in 2009, a statement that helped push its share price up 2.2 percent.
The transaction is scheduled to be completed in July.
Journal Register Company (NYSE:JRC), the publisher of the Trentonian newspaper, which is facing delisting from the New York Stock Exchange because of its low stock price, said on Monday that it has hired Lazard Freres & Co. as a financial adviser to help evaluate its options.
Journal Register, based in Yardley, Pennsylvania, wrote down the value of its newspapers by $150.9 million in the fourth quarter. The company owns 22 daily newspapers and 310 non-dailies. It also operates more than 200 websites in six markets, including the greater Philadelphia area, the greater Albany area of upstate New York, Ohio, and Michigan.
It has been hurt by declining advertising sales, particularly in Michigan, where the auto industry has been going through a dramatic downsizing.
The publishing company may have to sell assets to meet debt payments, credit ratings company Standard & Poor’s said last month.
Journal Register’s stock price fell to below the NYSE’s $1 minimum listing standard last month and the exchange informed the company on March 31 it has six months to bring it within compliance or be delisted.
The stock has declined about 92 percent in the past 12 months. Its 12-month trading range is $6.48 to 19 cents, the all-time low it reached after Monday’s announcement.
Intermedia Consultants Inc., 113 Westerly Road, Princeton 08540; 609-430-8460; fax, 609-430-8461. Darr Kartychak, owner.
Intermedia Consulting, a high-resolution printing service, has moved its operations to Westerly Road. The company had been headquartered at 94 Birch Avenue. It employs three.
N.C. Jefferson Plumbing & Heating, 5 Crescent Avenue, Building E, Rocky Hill 08553; 609-924-3624; fax, 609-924-0959. Bruce Jefferson, president.
N.C. Jefferson Plumbing & Heating has moved from 190 Witherspoon Street to Rocky Hill. The firm, first opened in 1947, employs 19.
PNC Bank, 2664 Route 130 at 535, Cranbury 08512; 609-860-0423; fax, 609-860-7968.
PNC Bank has moved its Cranbury location from 32 North Main Street to the intersection of routes 130 and 535, also in Cranbury.
Princeton MarkeTech, 2 Alice Road, Princeton Junction 08550; 609-936-0021; fax, 609-936-0015. Robert Zyontz, president. www.princetonmarketech.com.
Bob Zyontz moved his full-service marketing firm, Princeton Marketech, from 196 Princeton-Hightstown Road to Alice Road in Princeton Junction. The 21-year-old firm was founded under the name Princeton Direct. It offers strategic marketing, creative and production services, and it focuses on direct, promotional, and interactive marketing.
Among its clients are JPMorgan Chase, Citizens Bank, ING DIRECT, Clay Nelson Life Balance, Commonwealth Business Media, Diamond Tours, Grounds for Sculpture, and Silhouettes of Hope.
Telesto Group LLC, 1 Airport Place, Suite 2, Princeton 08540; 609-375-2748; fax, 609-375-2001. Julie Hastrup, operations partner. www.telestogroup.com.
Computer consulting firm Telestro Group, a six-year-old company, has moved its offices from 100 Overlook Center to Airport Place.
Advantage Voice & Data LLC, 4390 Route 1 North, Suite 211, Monmouth Junction 08852; 732-438-8888; fax, 732-438-8889. Bryan Bruder, owner. www.advantagetel.com.
Advantage Voice and Data needed to upgrade its network, so the four-person business moved in December from 4390 Route 1 North to 4105 Route 1 South. The company offers an array of telecommunications services, everything from ISDN, DSL, and T1 lines, to web hosting, remote backup, and VoIP local and long distance calling.
“We were in business before the Internet was a big deal,” says Bryan Bruder, the owner. “In 1992 we were doing local and long distance phone service. As the Internet became more of a factor, we got into it.”
He chose this building because it has fiber from Level 3 Communications, one of the largest ISPs, so he could buy “huge amounts of Internet space.”
Bruder grew up in Holmdel, where his father was in steel sales. He majored in business at the University of Pittsburgh, Class of 1992, and worked for MCI and for JP Stevens in Edison. “Through Pitt I met MCI executives, where I learned the business,” he says. He quit his day job in 1996 to go full time.
Smaller ISPs, says Bruder, can be competitively priced but provide value-added services. “The large national customers can’t hold the customer’s hand the way we can.”
Derma Sciences Inc. (DSCIOB), 214 Carnegie Center, Suite 300, Princeton 08540; 609-514-4744; fax, 609-514-0502. Edward J. Quilty, CEO. www.dermasciences.com.
Derma Sciences has closed on its previously announced $6.1 million private placement with Lehman Brothers as well as new and existing investors.
The net proceeds will be used to accelerate the expansion of the Derma Sciences sales force and to potentially broaden the scope of its licensing agreement with Comvita New Zealand, Ltd., its commercialization partner for Medihoney, its key product, a honey-based dressing for burns and wounds.
Oppenheimer & Co. Inc. acted as advisor and placement agent for the deal.
Aside from the sales force expansion and potentially a broadened license agreement relating to Medihoney, net proceeds from the transaction will be also used for working capital as well as for general corporate purposes.
Disc Orthopedic Technologies, 7 Centre Drive, Suite 1, Monroe. www.disc-o-tech.com.
Disc Orthopedic Technologies, an Israeli-based company that manufactures surgical, devices will close its sales office on April 15, according to the office manager. The firm develops, manufactures, and markets expandable implants for minimally invasive orthopaedic surgeries, and
It has occupied this office for seven years, but now U.S. sales will be handled from Herzliya, Israel.
Founded in 1998 by Lewis Pell, Motti Beyar, and Oren Globerman, the firm develops minimally invasive orthopaedic implants using patented technology in the area of metal folding and expansion. Among its products are nailing systems for trauma, an expandable product for the spine, and an expandable hip system.
Steven A. Mundie Esq., 100 Overlook Center, Second Floor, Princeton. www.immpros.com.
The law office of Steven Mundie has left 100 Overlook Center, where it moved just last year. A spokesperson for Regus, the property’s manager, says that the office closed during the last week in March.
Perrigo Company, 1267 South River Road, Suite 500, Cranbury.
Perrigo, an Allegan, Michigan-based beauty products company, appears to have left its 60,000-square-foot facility on South River Road in Cranbury. Offices of the company, which had employed as many as 15 people, are vacant. The company’s parent in Michigan has not responded to requests for information.
Phase IV LLC, Box 193, Rocky Hill.
Phase IV Consulting, a management consulting firm owned and operated by Josh Raymond, appears to have ceased operations at its Rocky Hill offices. Phone calls to Phase IV have gone unanswered, the fax has been disconnected, mail has been returned, and E-mails have not gone through.
Philip G. Stein Consultants, 400 Oak Street, Pennington. www.measurement.com.
Phillip G. Stein Associates appears to have left its offices at 400 Oak Street in Pennington. The telephone and fax numbers to the technical consulting firm have been disconnected and no forwarding address is available.
U.S. Mail Consolidation Inc. , 4 Aurora Drive, Building 4 Suite 403, Cranbury. www.mailcon.us.
U.S. Mail Consolidation closed its warehousing operation at 4 Aurora Drive, a site owned by Prologis. A third-party logistics company founded in 2002, it reportedly had a contract with Nestle to distribute Poland Spring water. At one point it was leasing 218,000 square feet, including some subleased space from a former tenant, Greybar Electric. In 2006 the firm said it had 140 workers nationally.
The company’s phone has been disconnected, and no forwarding information is available.
Vox Juris Inc., 108 Straube Center Boulevard, Suite I-20, Pennington. www.lawcast.com.
Jason and Tracy Meyer have stopped publishing NJ Lawcast, a 14-year-old news service for lawyers on audio CD. The telephone has been temporarily disconnected and mail is being returned. A sister company, Black Box Communications, also appears to have moved.
Amicus CEO Decides Against Senate Run
John Crowley has decided not to run in the Republican primary for a seat in the U.S. Senate, according to his friend Bill Spadea, who made the announcement one day before the filing deadline. A Princeton resident, Crowley is the CEO of Amicus Therapeutics, a Cranbury biotech.
In announcing Crowley’s decision, Spadea said that he reasons for declining to run were based on his current responsibilities to his company, to the Navy, in which he serves as a reservist, and to his family. Crowley is best known for founding Novazyme Pharmaceuticals to research Pompe’s disease, a form of muscular dystrophy that affected his own children (U.S. 1, March 30, 2005). He sold the firm to Genzyme in 2003.
Airport Closes Down
Twin Pine Airport in Hopewell hosted its last flight on April 3. William and Jean Weasner, who had owned the 52-year-old grass strip airport, sold the field to several townships, which will use it for soccer and other athletic fields.
According to published reports, the Weasners were forced to sell by soaring property taxes, which had recently jumped 220 percent. After a revaluation the airport’s value quadrupled and its taxes went from $17,000 to more than $36,000 in just one year.
The Weasners decided to sell only after it was agreed the field would be used for recreational space and that they would be paid an amount in keeping with the township’s revaluation estimate.
Hopewell Township, Lawrence, Hopewell Borough, and Pennington purchased the land with the help of $1.2 million from the county’s “Mercer at Play” program.
Barton A. Harris, 78, on April 1. A doctor of internal medicine, he had practiced with the Princeton Medical Group.
Kim D. Hardingham, 57, on March 26. He was a consultant with Ferrara & Co.
There will be a memorial for Robert E. Norland on Saturday, April 12, at 2 p.m. at the First Presbyterian Church in Cranbury. Norland, the founder of Cranbury-based Norland Products, died in March at the age of 88.