Weekly news & updates
June 3, 2021
News Affecting You
Big 'I' Joins Coalition Opposing President Biden's Tax Increases
In recent months, President Biden has unveiled two proposals which would raise taxes on American businesses both small and large. His American Jobs Plan would raise taxes on corporations while his American Families Plan would raise taxes on individuals and pass-through businesses.

For Big “I" members, of which about one-third pay the corporate tax rate, the most significant provision in the American Jobs Plan would raise the corporate tax rate from 21% to 28%. The American Families Plan also includes a number of troublesome tax proposals that would hurt small businesses. It would increase the top marginal tax rate for individuals to 39.6% from the current 37%.


Source: IA Magazine
Capital Gains Tax Increases Will Accelerate M&A Activity in 2021
2020 was another record year for insurance agent and broker merger & acquisition activity. In total, 728 transactions were completed and the prices related to those transactions were also at record-high levels. Imagine telling someone just five years ago that even a premier asset would be trading at guaranteed multiples of more than 14 times earnings before interest, taxes, depreciation and amortization (EBITDA)—you would have been accused of being under the influence of a narcotic.

However, the robust activity of 2020, specifically in the fourth quarter, appears to have created a hangover in early 2021. In the first quarter of 2021, 152 transactions were completed, versus 177 in the same period in 2020, a 14% decrease. This slowdown is largely the result of transactions that would have otherwise closed in the first quarter of 2021 being accelerated into the fourth quarter of 2020 to protect against a retroactive capital gains tax rate increase.


Source: IA Magazine
Find Markets with our Market Access Guide
Our goal is to make it easier for you to find the markets you want and need. That is why we developed 2021 Market Access: A Big I KY Guide. What carriers are available to you with your Big I KY membership? Click the button below to find out.

In this publication, you will find information about our Industry Partners and our Market Access Programs (Independent Market Solutions and Big I Markets).
Less Than Three Months Left for Eligible Kentuckians to Sign Up for Reduced-Cost Health Insurance Coverage
Gov. Andy Beshear, D-Kentucky, issued the following news on June 1, 2021:

Gov. Andy Beshear announced today that more uninsured Kentuckians are eligible for reduced-cost health care coverage under the American Rescue Plan (ARP) Act of 2021.

To take advantage of reduced- and no-cost plans, eligible Kentuckians - both uninsured and current enrollees - must be properly enrolled through the health insurance marketplace at healthcare.gov. The deadline to enroll is Aug. 15.


Source: Insurance News Net
Employment Practices Insurance in Age of COVID, Vaccines, Shutdowns and Hard Market
Overall trends for the past 30 years in the employment practices liability insurance market have been influenced by society and culture. As concerns over racial and disability discrimination, sexual harassment, gender inequality, wage-and-hour enforcement, and now COVID ebb and flow, EPLI responds.

Jordan Kurkowski, vice president and professional lines broker with AmWINS Brokerage in Grand Rapids, Mich., believes an employer’s risk today is heightened by both increased public intolerance for harassment and instant, worldwide distribution of news through social media.


Source: Insurance Journal
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"Workcation" and Work Comp
One day COVID will be a memory; however, some of the changes in work options may continue, maybe into perpetuity. One is the option to work from home – or anyplace the worker desires.

Until COVID, the majority of “office" workers were required to regularly be present in a central office location. Whether the requirement was daily, three-days-a-week or even once a week, the employees' presence in the office was required.

COVID nixed this requirement for an extended period. Working from home, previously limited to just a few workers, became the normal operating procedure for millions of previously office-bound workers.

This change in venue created unexpected workers' compensation issues. The first was the need to consider the employee's state of residence within the workers' compensation coverage grant.


Source: IIABA
EKU RMI Golf Outing
The Eastern Kentucky University Risk Management and Insurance Department is hosting a golf outing on Monday, August 30, 2021 at The University Club at Arlington.

Register before June 15, 2021 for the early bird discount!
Sponsorships are also available.
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