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The Finance 202: Joe Biden’s tax plan would barely dent growth, conservative group finds

October 14, 2020
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| finance

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.

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The Hilb Group, LLC Acquires Insurance Solutions

October 13, 2020
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| insurance

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.

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

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Insurance Industry Leaders Including AmWINS Group, CRC Group, Heffernan, and Patra form Solution Development Alliance

October 13, 2020
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| insurance

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

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Relation Insurance Continues Oklahoma Expansion With Addition of Lucht Insurance Group

October 13, 2020
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| insurance

Relation Insurance Services (“Relation”), a privately owned insurance brokerage that offers property and casualty, risk management, employee benefits, and TPA-consulting services through its family of brands across the United States, announced today it has acquired the assets of Lucht Insurance Group (“Lucht”). Terms of the transaction were not disclosed.

Located in Muskogee, Oklahoma, Lucht is a privately-owned insurance brokerage firm that provides employee benefits and individual health solutions to companies and individuals throughout eastern Oklahoma. The acquisition of Lucht builds upon Relation’s prior acquisition of Premier Consulting Partners, one of the leading insurance brokerages in the Oklahoma marketplace.

Relation was formed in 2007 and is one of the nation’s leading independent insurance agencies. For more information on partnering with Relation, visit www.relationinsurance.com/about-us/mergers-and-acquisitions/.

About Relation Insurance Services

Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services through its family of brands across the United States. It

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AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited

October 10, 2020
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| insurance

OLDWICK, N.J.–(BUSINESS WIRE)–Oct 9, 2020–

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as the Standard Insurance Group (The Standard). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” on the outstanding $250 million 5% senior unsecured notes, due 2022, of StanCorp Financial Group, Inc. (StanCorp Financial) (Portland, OR), the intermediate holding company of The Standard.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). The outlook of these Credit Ratings (ratings) is stable. The Standard and Pacific Guardian are the U.S. insurance subsidiaries

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LMP Automotive Holdings To Buy 70% Stake In Atlantic Automotive Group, Atlantic Central Storage

October 9, 2020
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| business

(RTTNews) – LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York’s Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York’s Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

CFO Evan Bernstein said, “This acquisition is expected to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021, combined with our currently contracted acquisitions which we expect to close beginning the end of next month and the following months.|

The company expects revenues post-closing to exceed $2.2 billion, generating about $55 million in net income

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Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

October 9, 2020
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| insurance

Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

  • $79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;

  • $93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;

  • $93,137,000 Class M-1C

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Tencent-Backed Miniso Group Looks to Raise up to $562.4 Mln in IPO | Investing News

October 8, 2020
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| business

(This Oct 7 story corrects valuation figure to $5.71 billion, not $10.18 billion, in paragraph 3)

(Reuters) – Retailer Miniso Group Holding Ltd, which is backed by Tencent Holdings Ltd <0700.HK>, is looking to raise up to $562.4 million in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

The China-based company said it would sell 30.4 million American Depositary Shares priced between $16.50 and $18.50 per ADS. Each ADS would represent four of Class A ordinary shares. (https://bit.ly/3d4LGS7)

At the top end of the range, Miniso would be valued at $5.71 billion.

Miniso’s plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies and Snowflake

in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings

, which

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Future Group to go for mediation over Amazon’s legal notice on Rs 24,713-cr deal with RIL

October 8, 2020
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| business



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US online retailer Amazon.Com Inc has slapped a legal notice on Future Group, alleging that the retailer’s Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant.

“We have initiated steps to enforce our contractual rights,” a spokesperson for the Seattle-based e-commerce giant said. “As the matter is sub-judice, we can’t provide details.”

Amazon last year bought a 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.

In August this year, Future reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.

The deal is awaiting regulatory approvals.

A source who is advising Future Group in this matter told PTI that Future Coupons received

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ICM Acquires Soccer Agency Stellar Group As First Step To Build A Sports Practice

October 8, 2020
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| business

Tottenham Hotspur New Signing Gareth Bale and Visit the Tottenham Hotspur Stadium

Global socer icon Gareth Bale, who signed with Tottenham Hotspur last month, will be part of ICM’s new sports agency.

Tottenham Hotspur FC via Getty Images

ICM Partners continued its European expansion with the purchase of London-based sports agency Stellar Group, the biggest acquisition in the 45-year history of the Hollywood talent agency.

Stellar, which ranked fourth last year in Forbes’ annual look at the world’s most powerful sports agencies, represents more than 800 athletes—mostly in soccer but also in track & field, cricket, rugby and the NFL—and manages current contracts totaling almost $3 billion, according to ICM.

“The world is becoming so interconnected and horizontal. The walls are all down with everything. It’s about evaluating talent and what kind of impact you can have with that talent,” says ICM CEO Chris Silbermann, who declined to disclose the price of the Stellar deal. “We feel we can apply a

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