HMRC seeks views on operation of Insurance Premium Tax

insurancebusinessmag | June 04, 2019

The UKs taxman has launched an open consultation into how the Insurance Premium Tax (IPT) operates as part of efforts to ensure fairness and efficiency.Closing on July 17, the call for evidence is focused on examining the administration and collection of IPT as well as the existence of unfair tax outcomes. HM Revenue & Customs (HMRC) stressed that current IPT rates and exemptions are not part of the reviews scope.

Spotlight

For large corporations with numerous federal, state and local income tax forms to decipher and multiple jurisdictions to manage, corporate income tax compliance often seems like an overwhelming task. However, for those tax departments who are on the cutting edge of the latest advances in corporate income tax technology, the com

Spotlight

For large corporations with numerous federal, state and local income tax forms to decipher and multiple jurisdictions to manage, corporate income tax compliance often seems like an overwhelming task. However, for those tax departments who are on the cutting edge of the latest advances in corporate income tax technology, the com

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CORE INSURANCE

BDA Participates in 60th Annual Florida Insurance Council Summer Symposium

BDA | July 25, 2022

The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida. The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart. Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration." Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration. Today, Bermuda (re)insurers provide over 60% of the hurricane reinsurance in Florida, support efforts to reform and strengthen Florida’s insurance market, and invest in and share cutting edge science to boost hurricane resilience and promote mitigation. Over 30 years, the Bermuda and Florida markets have tackled many challenges together and shared many successes. We look forward to seeing so many business, legislative, and regulatory leaders in person over the course of FIC’s outstanding programme, and exploring the next cycle of growth in our partnership.” Mr. Hart said, “As a sixth generation Floridian, I have seen first-hand the benefits that Bermuda’s (re)insurance market offers Florida’s economy, and I am proud to represent Bermuda and the BDA at the FIC’s Summer Symposium. As we enter peak hurricane season, our Chair and I will highlight Bermuda’s continued value proposition as the world’s risk capital to the largest gathering of Florida’s domestic insurers. We thank FIC President, Cecil Pearce, for the speaking invitation and look forward to a large gathering of Florida-based companies and executives visiting us for our second annual Bermuda Risk Summit being held at the Hamilton Princess & Beach Club on March 6-8, 2023.” CONNECTING BUSINESS The BDA encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

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CORE INSURANCE

Keystone Agency Partners Debuts in Business Insurance’s Ranking of Top 100 Insurance Brokers of U.S. Business

Keystone Agency Partners | July 27, 2022

Keystone Agency Partners (KAP), a rapidly growing insurance brokerage platform, today announced it was named to Business Insurance’s ranking of the world’s Top 100 Insurance Brokers of U.S. Business for 2022. Reporting 233 percent year-over-year growth in 2021, KAP is among only a few brokers reporting triple-digit growth, earning a ranking of 56th in KAP’s first year of eligibility for the Top 100 list. KAP also earned the distinction of being the top first-time participant in this year’s list. The ranking highlights independent insurance agency demand for the company’s differentiated value proposition. Through a partnership with KAP, agency owners can retain ownership in their agency, take ownership in a portion of KAP, maintain their local brand, and gain the strategic direction, capital investment, operational support and collaborative resources of KAP. “We are proud to be included in Business Insurance’s list of the world’s premier insurance brokers,” said Jeff Turner, Chief Executive Officer of KAP. “We are proud to be included in Business Insurance’s list of the world’s premier insurance brokers,” said Jeff Turner, Chief Executive Officer of KAP. “Our first full year of operation reflects the interest in our differentiated model and our leadership’s ability to drive exponential growth with our Platform Partners. KAP’s aligned incentives and Connected Autonomy operating model, have attracted agency owners from some of the highest performing agencies in the country and we’re thrilled to bring such a compelling offering to the market.” In the first half of 2022, KAP added five platform partner agencies – growing its footprint in key geographic states of Florida, Michigan, Missouri, and New Jersey. This geographic expansion allows for future tuck-in opportunity to be realized through additional geographic depth and diversity of line of business coverage. The company plans to drive accelerated growth by leveraging the power of the collective platform, realizing operational efficiencies and delivering even greater value for partner agency clients and employees. About Keystone Agency Partners Keystone Agency Partners (KAP) is a rapidly growing insurance brokerage platform that acquires and partners with independent insurance agencies throughout the United States. KAP provides best-in-class services and capital investment that unlocks potential and delivers outsized and profitable growth within its platform agencies. KAP was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP. For more information, please visit: www.keystoneagencypartners.com.

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AUTOMOBILE INSURANCE

Greater Than listed in AIFinTech100 list as one of world's most innovative AI solution providers

Greater Than | July 12, 2022

Greater Than the global provider of DriverDNA for real-time insurance and predictive risk insights, is listed in AIFinTech100, in recognition of its next-generation pattern AI technology providing real-time predictions of car crashes and CO2 emissions. The AIFinTech100 list, published today, highlights the world's most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services. These are the companies every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions. "We're extremely proud that our unique patented AI technology has been recognized in the prestigious AIFinTech100 list. Thanks to the dedication and perseverance of our team, our AI can find micropatterns in people's behavior, enabling us to create a DriverDNA for every trip, with a crash probability, cost and CO2 impact attached to it. This is transforming the risk forecasting landscape for insurance, mobility providers and fleets, and incentivizing safer, cleaner driving behaviors for the benefit of the wider community," Sten Forseke, Founder of Greater Than The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months. As a result, the number of tech providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed. This made the selection process for this year's AIFinTech100 list extremely competitive as the finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry," - says Richard Sachar, Director of FinTech Global.

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