The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

Neither would it jack up taxes on every American. 

Vice President Pence made that claim during his debate with Sen. Kamala Harris (D-Calif.),  Biden’s running mate, last week. The AEI analysis finds the top 1 percent of taxpayers would see a 14.2 percent hit to their after-tax income next year. The rest of the top 5 percent would face a small uptick in their burden. But everyone else would receive an after-tax income bump. The largest such increase, of 11.3 percent, would go to the bottom 10 percent, thanks to a temporary expansion of the child tax credit, according to AEI.

The analysis finds that starting in 2030, the Biden plan would impose “modest” tax hikes on the bottom 95 percent of earners, which it attributes to higher taxes on businesses. That would appear to violate Biden’s pledge not to raise taxes on anyone earning less than $400,000

RICHMOND, Va., Oct. 13, 2020 /PRNewswire/ — The Hilb Group, LLC (“THG”) announced today that it has acquired Maryland-based Insurance Solutions (“ISI”). The transaction became effective on October 1, 2020.

The Hilb Group, LLC. (PRNewsFoto/The Hilb Group, LLC)

Founded in 1989, ISI is a full-service employee benefits agency with expertise in group health & dental, life & disability, and other employer sponsored benefits.  As a part of the transaction, the Insurance Solutions leadership team of Brian Goff, Pam Nickerson and Jennifer Shipp, and their associates will join THG’s Mid-Atlantic operations and continue to work out of their existing location in Annapolis, Maryland.

“We are excited to bring our expertise in employee benefits to THG,” said Brian Goff. “We are looking forward to being part of THG and the opportunities to further serve our clients with the insurance solutions we provide.”

“We are pleased to welcome Brian, Pam, Jenn, and their associates to the THG Mid-Atlantic team,” said Ricky Spiro, THG CEO. “The ISI team offers skill and knowledge in our expanding employee benefits platform.”

About THG: THG is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of global investment firm, The Carlyle Group. THG seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has over 90 offices in 20 states. Please visit our website at: https://hilbgroup.com.

Media Contact:
Ally Barbour
804-533-0191
[email protected]

M&A Contact:
Ryan Havermann
804-414-6508
[email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hilb-group-llc-acquires-insurance-solutions-301151210.html

SOURCE The Hilb Group, LLC

Source Article

EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums. 

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market position to accelerate the deployment of technology into a variety of insurance processes. 

The alliance has unanimously selected to begin its collaboration by focusing on technology and efficiency improvements to policy checking. Policy checking is a high volume and comprehensive process that performs a critical validation for accuracy and integrity of policy issuance across carriers, wholesalers, and brokers. Beginning this month, alliance members will work together to drive the evolution of Patra’s industry leading policy checking solution.

“The need for insurance leaders to collaborate on technology has never been more important and this InsurConneXtions will be an important and strategic contributor,” said John Simpson, CEO and Founder of Patra. “With industry leading firms along with Patra’s technology and full-service delivery capabilities, a collaborative approach will help ensure a more rapid delivery of tech-enabled solutions to help solve our common challenges.”

“Speaking on behalf of the membership, we are excited

The National Security Group, Inc. (NASDAQ:NSEC) releases preliminary estimates of insured catastrophe losses from Hurricanes Sally and Delta along with updated estimates of catastrophe losses from Hurricane Laura incurred by property and casualty subsidiary National Security Fire & Casualty.

Hurricane Sally

On September 16, 2020, Hurricane Sally made landfall near Gulf Shores, Alabama as a category 2 storm. Hurricane Sally had maximum sustained winds of 105 mph at landfall and was the eighth tropical cyclone, in the 2020 Atlantic hurricane season, to impact the continental U.S.

Our pre-tax loss due to Hurricane Sally is expected to be $2,000,000, net of recoveries under our catastrophe aggregate reinsurance. Net of tax, Hurricane Sally will reduce our 2020 earnings by $1,580,000 and will reduce earnings per share by $0.62. The impact of Hurricane Sally will be reflected in our third quarter financial results. To date, we have had approximately 600 claims reported from Hurricane Sally with approximately 90% of total claims from this event incurred by our Alabama policyholders.

Based on our analysis of historical reporting patterns, preliminary post event model estimates and assessment of claims to date, we estimate our ultimate gross losses from Hurricane Sally to be in the range of $3,000,000 to $3,500,000. While we expect to recover $1,000,000 to $1,500,000 under our catastrophe aggregate reinsurance, based on our estimate of gross losses, we do not expect losses from Hurricane Sally to impact our primary catastrophe reinsurance coverage which is triggered once gross losses exceed $4 million from a single catastrophe event. This first layer of catastrophe reinsurance was reinstated for a second event following losses from Hurricane Laura.

Hurricane Laura – Revision to the Range of Estimated Gross Losses

We are revising our estimate of gross losses due to Hurricane Laura. This revision to gross losses (before reinsurance) is

By Anna Banacka and Anna Koper

WARSAW/GDANSK, Poland (Reuters) – Shares in Polish e-commerce group Allegro leapt more than 50% on their trading debut on Monday, giving the company a market value of about $17.6 billion in Europe’s biggest IPO so far this year.

Allegro’s strong start mirrored the performance of some recent U.S. IPOs that have shot up on their first days of trading, demonstrating investors’ willingness to pay for growth.

Allegro, founded more than 20 years ago as a home-grown rival to eBay, is central Europe’s most recognised e-commerce brand, with its website attracting 20 million visitors a month.

At 1126 GMT, its shares were trading at 68.1 zlotys, up 58.4% from their IPO price of 43 zlotys, which was itself at the upper end of the guidance range.

“When pricing deals like Allegro, it is more important to build momentum than to maximize price on day one,” said Christoph Stanger, who co-heads Goldman Sachs’ European equity capital markets business, which helped organise the IPO.

Private equity owners Cinven, Permira and Mid Europa will want to benefit from that momentum in follow-on placements, after only 25% of the Polish company was floated in the IPO, Stanger said.

Europe’s IPO market is showing some signs of picking up, with Britain’s The Hut Group last month making the biggest debut on the London Stock Exchange in seven years.

However, investor appetite seems to be reserved for tech and growth companies – sectors that corporate Europe is light on compared to the United States, where a number of blockbuster tech IPOs have priced this year.

Allegro operates in one of few business areas to benefit during the coronavirus pandemic, as shoppers switch to buying online.

“The recent pandemic highlighted the value of e-commerce for a consumer, and accelerated e-commerce penetration,” said