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“The launch of crisis management enables IQUW to offer a greater range of specialty products,” said IQUW group chief underwriting officer David Morris.

Experienced specialty underwriter Jon Atkinson (pictured) will lead the new, multi-line, diverse portfolio’s development. He joined IQUW from Talbot Underwriting Ltd, where he was a senior class underwriter developing the reinsurer’s crisis management capabilities.

Commenting on his role in IQUW’s new portfolio, Atkinson said: “I am delighted to join IQUW and launch the new crisis management product. We will offer cover globally, with a specific focus on food & beverage, automotive, and other safety-focused manufacturing markets where we intend to be a lead market for brokers.

“IQUW has a vision for digital underwriting and, in line with this, our crisis management portfolio will combine data, automation, and human expertise to deliver consistent, accurate, and fast responses to support broker.”

Commenting on the new hire, Morris said: “Jon joins IQUW with unrivalled specialist experience, and I am thrilled that he will lead this new portfolio and develop it alongside our digital vision.”

IQUW CEO Peter Bilsby added: “We are building out a fantastic team of professionals to lead the development of our multi-line, diverse product offering.”

The launch of the crisis management offering is part of IQUW’s growth and development strategy for its specialty lines. It follows the launch of a new aviation portfolio at the end of 2021.

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Speaking with Insurance Business, Russell Brown (pictured), senior IPT consulting manager at Sovos, highlighted that changes in IPT tend to be infrequent, particularly in contract to VAT which has seen rates rise and fall several times in recent news.

“IPT was last changed in the UK in 2017, raising the standard rate from 10% to 12%,” he said. “Between 2015 and 2017, the rate jumped from 6% to 12% – but this did not generate the amount of tax revenue that the government had hoped for. Non-admitted, non-EEA insurers are mainly to blame for this, as they did not always pay the tax. Policyholders can only be assessed by HMRC in rare cases for unpaid tax.”

Read more: Insurance Premium Tax absent from Spring Statement

However, Brown noted that the UK’s exit from the EU opens the door to IPT rates being revised or eradicated altogether by the May 2024 general election. The UK’s landscape has become more tumultuous since having left the EU, and so it is possible that Brexit could lead to the government applying a standard rate of 20% VAT, rather than the current 12% IPT, to many taxable non-life insurance policies.

“A change from IPT to VAT could mean the policyholders would be liable for any tax owed if non-compliant insurers fail to meet obligations,” Brown said. “In contrast, a tax increase of 8% would be unpopular with many voters and could be perceived as a stealth tax that has been paid for through higher insurance premiums.

“Another option is to keep the current 12% IPT rate on compulsory insurance for private individuals, such as motor and home insurance. This strategy would still permit the government to charge 20% on other forms of insurance that have no social impact, such as directors’ and officers’ liability insurance. VAT registered businesses would likely be able to recover input VAT on the premiums they pay, but this isn’t the case with IPT, as it is an irrecoverable cost borne by the consumer.”

That the UK is currently carrying out a consultation on changing IPT, and potentially incorporating it into VAT, has caused a lot of conversation across the market. Despite the consultation, however, Brown said there has been little mention from governing bodies about any upcoming changes to IPT. So, although this may be on the cards for the UK, it’s clear that it is not a priority at the moment with everything else going on in the world.

In the event that changes were made to IPT, Brown noted that the insurance industry would face an increased administrative burden. At present, he said, insurers rely primarily on brokers to ensure that premium taxes and parafiscal charges such as Fire Brigade Charges are calculated properly on policies. Any administrative changes would therefore need broker approval prior to implementation.

In addition to the IPT rates, he added, the entire reporting process is also potentially subject to change. An annual IPT return, for example, may take the place of quarterly returns, with quarterly payments on account for insurers who pay more than a certain amount of IPT each year, as well as modifications to the information reported on returns. In other words, underwriters would have to spend a lot more time complying with reporting obligations.

“What’s more is that changes to IPT will have an impact on any insurance options available in the EU, such as travel insurance,” he said. “Following Brexit, brokers have been much more careful in order to remain fully compliant in both jurisdictions. They’ve had to divide up policies and give them over to other European firms in certain situations, which means they can’t provide the same level of service as they could before leaving the EU.”

As such, a charge would eventually be passed on to end-users, Brown said, and in the current high inflationary climate insurance firms should think about the social implications resulting from this.

“Life and long-term insurance products, such as income protection and five-year permanent health insurance, which are deemed lifestyle choices and are exempt from IPT, may become subject to VAT,” he said. “To avoid discouraging customers from purchasing such cover, a lower rate of 12% may be charged.”

However, Brown emphasised that, as a result of these possible developments, insurers will rely on brokers to determine whether their customer is a company that is registered for VAT in the UK or a private individual. Therefore, brokers will need to be significantly involved in these negotiations, as they are responsible for ensuring correct taxation and keeping records, which they then pass on to insurers.

“One critical piece of information that brokers should retain and pass on is the policyholder’s VAT registration number,” he advised, “so that it is included in the policy documentation sent to them, in case any issues arise with HMRC.”

Read next: Insurance Premium Tax – why is the time right to make changes?

Looking to the future, Brown highlighted that while IPT is certainly an area in need of modernisation, it’s not part of the UK government’s plans under the Making Tax Digital scheme. The last consultation did raise the question of whether IPT needed modernisation, he said, but these initiatives weren’t welcomed by respondents.

“HMT and HMRC currently have more urgent matters to handle,” he said, “but they plan to continue consulting with interested parties, such as insurers’ representative bodies (the Association of British Insurers, the International Underwriting Association), brokers’ representative bodies (the London and International Insurance Brokers Association), and others, regarding this change.

“With the last consultation officially closed in February 2021, the results weren’t published until November 2021 – therefore it’s clear that this isn’t a current priority for HMRC. In the next phase, HMRC will conduct another consultation and organise regular meetings with Industry Liaison Group members. Although the process will take time, insurers and brokers in the UK would be wise to prepare for change in the years ahead.”

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Hoboth was the sixth employee of the fidelity/crime division when she joined Great American in 1997. She has held various leadership positions within the company, most recently serving as divisional senior vice president.

During her tenure, she oversaw most fidelity/crime underwriting offices, as well as its specialty underwriting group and IT functions. She played a key role in developing numerous initiatives within the company, including a program business model and the kidnap and ransom program. Moreover, she was instrumental in helping Great American become the largest crime writer of Native American risks in the US.

Hoboth received her Bachelor of Arts from the University of Connecticut, graduating magna cum laude. She was one of Insurance Business America’s Elite Women in Insurance for 2016.

Great American also promoted Michael B. Mulvey to divisional president of the FCIA – trade credit & political risk division. He is succeeding Phil Lally, who is set to retire in July after over three decades with the company.

Mulvey first joined FCIA in 2012 as divisional vice president, handling its claim and recovery operations. He was promoted in 2021 to divisional senior vice president and assumed responsibility for reinsurance, compliance, and corporate governance, along with serving on the division’s credit committee.

Mulvey brings more than 30 years of experience into his new role, with specific expertise in claims and underwriting. He earned a Bachelor of Arts from Lehman College and a Juris Doctor from Pace University.

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QBE Insurance Group is now recruiting for key posts ahead of the international insurer’s further expansion in Europe by way of a Netherlands branch.

“We have been steadily building our offering in Continental Europe, providing a credible alternative to established markets,” said Cécile Fresneau, insurance managing director at QBE Europe. “We have the financial backing of a global enterprise but retain the agility of a smaller operation.

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Almost 30% of British consumers and employers see improved work-life balance as the most important benefit of a four-day working week, according to separate surveys by GlobalData.

This comes as more than 3,300 workers across 70 companies in the UK embark on a six-month trial period of the four-day working week. This trial is larger than the one conducted in Iceland last year, which found that fewer days at work helped increase productivity and led to an improvement in workers’ wellbeing.

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Moore, who will join the board as LV= chair subject to regulatory and other approvals, will take over from interim chair Seamus Creedon who will continue in his role as a non-executive director on the LV= board.

Throughout his 30-year career, Moore has amassed significant experience in the UK life insurance sector and asset management space. He served at a wide range of financial institutions including Lloyds Banking Group, Chase Manhattan Bank and Barclays Bank. He is also currently chair at PCF Group, RCI Bank UK and Cambridge & Counties Bank.

Commenting on the appointment, Creedon said he was delighted that Moore had agreed to join the board at LV=, and highlighted the incoming chair’s extensive commercial and technical knowledge of the life insurance sector and financial services. Moore has a strong track record of helping businesses thrive for all stakeholders, he said, and is “the right candidate to lead LV= into the future.”

“It has been a privilege to serve as interim chair since February,” he added, “and I very much look forward to working with Simon to ensure a smooth handover.”

Moore also commented on his appointment and said he was honoured to be taking the chair of such a distinguished British business, particularly at such an important time in LV=’s 179-year history. He noted he was attracted to the strength of the LV= brand and mutual ethos, and his focus will be on building a strong business for the benefit of its members, advisers and employees.

“As chair, I am determined that LV= will put its members at the heart of everything we do, as we drive the business forward,” he said. “LV= is a fantastic business which I am extremely proud to lead. I look forward to working with my board colleagues, and the wider LV= executive team, to forge a bright future for LV= as part of a vibrant mutual sector.”

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As chair of the Dormant Assets Expansion Board, Hanson played a pivotal role in expanding the Dormant Assets Scheme to new sectors: insurance and pensions; investment and wealth management, and securities. According to RFL, the scheme’s expansion could bring a further £880 million in funding to good causes.

“We are so proud that our chair, Jane Hanson, has been awarded a CBE in the Queen’s Birthday Honours,” said RFL chief executive, Adrian Smith, OBE. “She has played an instrumental role in the success of the Dormant Assets Scheme since it was launched in 2011, resulting in £800 million of new funding to tackle social challenges such as homelessness, youth unemployment and financial exclusion. In addition, through her hard work, collaboration across government and industry, and commitment to harnessing the value of dormant assets to help address systemic challenges across the UK, she has successfully driven the expansion of the scheme to new sectors. This additional funding will transform lives and give vulnerable individuals and communities the opportunity to thrive.”

Alongside her work at RFL and DAEB, Hanson is a trustee and honorary treasurer of the Disasters Emergency Committee (DEC), including the Ukraine and Afghanistan Appeals, which continue to deliver essential aid to refugees and displaced people.

“Congratulations to Jane Hanson on this well-deserved recognition of her services to the charity sector,” said Sue Inglish, chair of the board of trustees at DEC. “Over the past four years Jane has added great value to the DEC as part of the board of trustees, volunteering her time and expertise to support our work and enhance our processes. During this time the DEC has launched five appeals, including most recently the Ukraine Humanitarian Appeal which has raised over £300 million. The role of honorary treasurer is a critical one to ensure we fulfil our responsibility to all our stakeholders with efficiency and transparency. Jane continues to play an important role in the DEC board by using her years of financial experience and commitment to the charity sector to benefit those in need around the world.”

Hanson is a fellow of the Institute of Chartered Accountants, with over 30 years’ experience in financial services. Her current roles include chair of audit committee and non-executive director of Welsh Water plc, and audit committee chair at the Civil Aviation Authority. She previously served as non-executive director and chair of the board risk committee at Direct Line Insurance Group, Old Mutual and William Hill, as well as being risk and governance director at Aviva.

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Insurance analytics provider Verisk has announced the appointment of Maroun Mourad (pictured above) as president of claims solutions upon the retirement of Rich Della Rocca, effective July 1, 2022.

“We have a deep and talented bench of executives at Verisk, and Maroun was selected from a strong group of diverse internal candidates,” said Mark Anquillare, president and chief operating officer of Verisk. “Maroun’s entrepreneurial spirit and customer-centricity will undoubtedly prove valuable in revolutionising the claims function in support of our customers and for the benefit of the industry.”

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Aviva has partnered with interpreting service SignLive to give customers the ability to communicate using British Sign Language (BSL) when calling the company.

Free of charge to customers, the service will enable Aviva’s home and motor insurance customers to connect via video with a certified BSL interpreter, who can provide two-way translation and facilitate a real-time conversation with an Aviva representative, the insurer said.

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