I use the technical terminology. The official name is the Narragansett Bay Insurance Company presents the Pawtucket Foundation Prize Exhibition, but that doesn’t make much of a headline.
And really, it’s a pretty big deal. $5,000 in prize money. Four of it goes to 1st prize, so it pays to win.
Regulars know I’m pulling for my erstwhile Grant-mate Joanne Luongo. It seems she’s on a winning streak after winning at Silvermine and showing successfully in New York over the winter. So much so that she needs to get a bigger studio.
The opening shindig is this Saturday, May 3rd, at 6pm, then gallery hours run Fridays noon-7 and Saturdays 10-4. The show will hang in a temporary gallery on the first floor of the Main Street wing of the Pawtucket Mutual Insurance building. That nasty white thing across from the Grant.
Update: 5/5/08
I am stunned to be including this link to coverage of the event in AllPawtucket.com.
The Back Story
Once again, I have the opportunity to show our slackin’ local journos how to write a story. Now on the Radler/RI Media Group connection, of course they’re not gonna make a big deal of that. But this is a bona fide story. And it goes a-like so.
NBIC is the juice in this art show, and I expect this to be the first in a series of investments that organization will make in the Pawtucket arts scene, becoming over time the dominant benefactor. “Says you.”
Not for nothin’, but the first words I heard from the NBIC CEO Nick Steffey was “I am an urbanist.” He lives in a local mill conversion, he walks to work, and he believes in the mission of making Pawtucket a center for the creative economy. And to that end, the aforementioned juice behind the competition.
Now, it’s not every company in Pawtucket that feels like giving away 5 grand, but if you just got a capital investment of $200,000,000 you might tip a little better(1).
Whoa. 200 mill? Who’s got that? NBIC, doofus.
It made, like, zero impact a few months ago when this story(2) slunk through the Fishwrap. They casually toss away a name that should set off every journalistic alarm they have: Soros.
George Soros is wikkit rich and wikkit smaat. He got that way by investing in smart people who specialize in turning losers around. Soros Strategic Partners and Pine Brook Partners have made a series of investment in various industries like energy, film production and insurance.
What is Soros Strategic Partners? Mysterious, that’s what. Here’s pretty much everything there is to know. There’s the SEC Info and this blurb from the press releases:
Soros Strategic Partners LP (“SSP”) is a private investment vehicle intended for long-term duration investments primarily for the benefit of Mr. George Soros and members of the Soros family. SSP focuses on capital-intensive start-ups, buyouts, and growth equity transactions, and seeks to acquire world class assets that can generate strong and growing cash flows.
What makes this little insurance company the kind of thing that George Soros would want to back? A brilliant business plan, that’s what. NBIC isn’t just another insurance company. They’re the company that will sell insurance to people that others won’t.
The term is “risk management.” Insurance companies have it all figured out. They have numbers on top of numbers about who gets hurt and who wrecks their cars and whose houses get destroyed by a hurricane. Or at least they thought they had it all figure out.
Then came “climate change” which I’ve heard more aptly described as a “weather amplifier.” Suddenly, a lot of houses that those companies used to insure are no longer “acceptable” risks. Poof, no insurance.
Ask anybody with low-lying property. They used to have private flood insurance, now they have government flood insurance because that’s the only insurance there is. Ask the people in Mississippi. They had insurance until Katrina came to visit. Now they have…questions.
So now the people in this area with property like that have NBIC. It’s a bit buried in the press release(3), but they say they seek to help:
homeowners who have experienced disruption in the marketplace
Or, more specifically:
NBIC is offering consistent coverage in catastrophe prone areas where some competitors have exited.
That’s a nice euphemism for having turned tail and run: exited.
So there’s your story: brilliant, contrarion business plan garners big investment and urbanist CEO generates goodwill with handsome prize for local artists
(1) There is absolutely no connection between the capital investment and this prize. That’s silly. No doubt NBIC view this as a well-placed investment to build goodwill in the community, fulfilling their social responsibility mission. And they’d be right.
(2) Check out the out-dated footer on the archive page. Only shows how little attention they pay to the website which, of course, is the future of their enterprise.
(3) When the company’s press release is better than the local papers biggest business story in 30 years, that’s just sad.