Insurers hit with tax increase
Insurers in the UK have been reacting to the government’s budget which has hiked taxes on insurance. The Association of British Insurers called the increase a “tax on the responsible.” Although some of the tax money will be used to fund stronger flood defenses, the rise to 10 per cent (from 9.5 per cent) follows a larger rise (from 6 per cent) just 4 months ago.
ABI director general Huw Evans commented that flood defenses should be a core government expense “not an afterthought paid for by raising taxes on people and businesses who do the responsible thing in protecting themselves through insurance.”
Insurance execs among most likely to join March Madness office pools
The annual NCAA college basketball tournament will see around $9 billion wagered this year and insurance workers are expected to be among the most likely to take part in a March Madness office pool.
A survey by CareerBuilder found that the financial services sector overall is the top industry for participation in the pools at 35 per cent. Sales (33 per cent) and IT (26 per cent) complete the top 3.
Perhaps surprisingly, it’s company executives that are most likely to place a bet (27 per cent) compared to other workers (19 per cent).
Everest announced rebrand
Everest Insurance has announced a rebrand of its program business division within its US specialty insurance platform. The division will now be known as Everest Underwriting Partners.
Jonathan Zaffino, President of Everest Insurance commented, ''This name change better captures the essence of Everest Underwriting Partners, and the reality of its evolving client base. We will continue to establish relationships with key trading partners that possess unique expertise across targeted areas of growth for Everest, coupled with deep and technologically enabled distribution platforms and strong financial backing.”
