HomeBusiness InsuranceWard and Smith: Your Business Insurance Portfolio

Ward and Smith: Your Business Insurance Portfolio


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RISKY BUSINESS: What Lawyers Who Fight Insurance Companies Want You to Know About Your Business Insurance Portfolio

by Allen N. Trask III and Amy H. Wooten

There is little question that North Carolina’s growing population, which is estimated to reach 11.7 million by 2030 and 15.4 million by 2060, will fuel continued economic success and innovation. At the same time, sustaining this transformational growth will require significant investment in the state’s infrastructure and public facilities.

Raleigh-based Huber is motivated by the business imperative to build, expand and improve the public institutions that serve the people of North Carolina – from roads and schools to water and wastewater services to nonprofits and higher education institutions. As senior vice president and relationship manager for PNC’s Public Finance group, he helps bring capital projects to life by providing local governments with access to PNC’s resources and capabilities, including traditional bank products through PNC Bank, National Association and capital markets solutions through PNC Capital Markets LLC.

“The strength of our state’s infrastructure is an important factor for economic development initiatives,” says Huber. “Additionally, the local infrastructure contributes to the quality of life that makes North Carolina such an attractive place to live and work. That’s why PNC is committed to helping communities move forward with projects that deliver on this dual objective.”

Never far from Huber’s mind is the responsibility that accompanies the financing of assets and resources that meet the needs of North Carolinians. “As a state resident and taxpayer, I want to see public resources stewarded responsibly and deployed as strategically as possible,” he says. “As a banker, I help PNC’s Public Finance clients structure deals while navigating shifting markets and external factors of varying levels of complexity, in collaboration with colleagues and local decision makers. One of the most fulfilling aspects of financing a capital project, which can take several years to bring to fruition, is the opportunity to work closely with N.C. government finance officers who put great diligence into managing public interests.”

Among the projects for which Huber and his colleagues are helping lead financing is the expansion of a regional water treatment facility that underpins the surrounding biotechnology industry. For Huber, this project, a joint effort between multiple municipalities, is reflective of the N.C. public sector’s collaboration, master planning, oversight and vision
that have catapulted the state to global prominence in multiple industries.

“When you think about some of the municipalities around the Triangle, for example, there are places that have more than doubled their populations over the past 15 years,” says Huber. “Today they are home to campuses of major corporations and thriving communities. This growth has ushered in a new host of demands, so the challenge becomes understanding when and how capital can most efficiently be deployed to meet the goals unique to each community.”

As Huber explains, financing solutions for these projects are dynamic, often including a mix of bank financing and publicly issued bonds. PNC’s Public Finance group offers both, with PNC Capital Markets LLC serving as one of the most active firms in the state by helping local governments access the capital markets for long-term, fixed-rate tax-exempt bonds.

Meanwhile, in the Outer Banks, Huber is embarking on a water-related project of an entirely different sort: providing a loan to finance the development of housing for ocean rescue staff, including seasonal employees.

“What excites me most about this new workforce housing project is that it will provide a necessary resource for the individuals who make it possible for residents and visitors to safely enjoy the beaches,” says Huber, who in recent years has also helped finance beach nourishment projects to shore up the state’s coastal communities and economies. “Housing supply can be a challenge for many North Carolina communities, and my hope is that this deal can serve as a model that could be implemented elsewhere.”

Additionally, Huber is proud of PNC’s work in financing rural capital projects, which often replace community facilities that are in desperate need of repairs or rebuilding. Projects of this nature may include several sources of funding, including bank credit, grants and, potentially, equity.

Beyond the deal-making aspects of public finance, Huber believes the continued adoption of treasury management solutions among public sector entities will be critical to their resilience and productivity as organizations protect themselves against cyber threats and streamline processes through automation and digital transformation.

“Each transaction represents a journey for the community,” says Huber. “Each project creates its own set of ripple effects, and I am humbled to play a role in financing infrastructure assets that will support North Carolina’s brilliant future.”

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This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. No action should be taken in reliance upon the information contained in this article without obtaining the advice of an attorney.               



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