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Auto premiums fall for third year
EWING New Jersey auto insurance premiums have fallen for three straight years, according to a new industry report.
The Insurance Council of New Jersey found in a report released last week that motorists paid an average annual premium of $1,032.49 last year, down 8.2 percent from $1,125.21 in 2002.
Magdalena Padilla, president of the council, said pro-industry reforms enacted in 2003 have helped bring premiums down by opening the door to competition. Seven insurers have entered the state since 2003. "Consumers have clearly benefited from the intense competitive market created by the 2003 reform," she said.
Average premiums were $1,039.22 in 2006, $1,183.54 in '05, and $1,221 in '04.
The reforms sped up the rate-approval process and allowed companies to hold a larger share of their surplus before redistributing gains to customers through rate reductions or dividends.
Richard Newman
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Henry Bros. adds to casino security
FAIR LAWN Henry Bros. Electronics Inc., a provider of technology- based electronic security solutions, and Verint Systems Inc. of Melville, N.Y., said they have implemented a security and surveillance system for Bronco Billy's Cripple Creek Casino in Cripple Creek, Colo. Financial terms were not disclosed.
The casino has 764 slot machines and 12 table games.
As part of the multiphase project, Henry Bros. is employing an integrated security solution with Verint's infrastructure to transform the casino's surveillance system. Through the first two phases, 88 cameras have been installed. The IP system has been inspected and approved by the Colorado Gaming Commission.
The third phase of the project is slated to include 92 more cameras to be installed onto the system.
By The Record's staff
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Bio-Reference buying back stock
ELMWOOD PARK Bio-Reference Laboratories Inc. said Monday in a statement that its board approved a stock repurchase program authorizing the repurchase of up to 1 million shares of its shares in the over-the-counter market at prevailing market prices through Oct. 31, 2010.
The board said in a statement it believes Bio-Reference's stock is undervalued and that a repurchase program is "an appropriate investment that will benefit BRLI's stockholders."
The shares rose 87 cents, or 4 percent, to $22.96 Monday.
By The Record's staff
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J&J's Doribax gets FDA backing
NEW BRUNSWICK Johnson & Johnson's antibiotic Doribax, now approved for abdominal and urinary tract infections, works as well as existing drugs in treating pneumonia, U.S. regulators said.
Doribax, given intravenously, was as effective as other products in studies of patients with pneumonia acquired in a hospital or whose pneumonia required them to use a ventilator, the Food and Drug Administration's staff said in a review posted Monday on the agency's Web site.
An FDA advisory panel will consider the findings when it votes Wednesday on whether the drug is safe and works well enough for expanded approval.
J&J applied in June 2007 to sell Doribax for pneumonia, four months before it was cleared for the infections.
Bloomberg News
(c) 2008 Record, The; Bergen County, N.J.. Provided by ProQuest Information and Learning. All rights Reserved.
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