People Moves: New Faces, New Roles at Neptune Flood and Alliant

Neptune Flood, one of the largest writers of private flood insurance, named four people to executive-level positions at the St. Petersburg-based company. Matt Duffy was elevated from managing director to president. Alais Griffin is the new general counsel. Tom Wexler …

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Japanese Insurer MS&AD Plans to Invest as Much as $5 Billion to Double US Profits

MS&AD Insurance Group Holdings Inc. plans to invest as much as about ¥700 billion ($5 billion) to expand in the North American market, to meet its goal of doubling operating profits in the region, according to its chief executive officer. …

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Swiss Insurers Helvetia and Baloise to Merge to Create Top 10 Company

Helvetia and Baloise plan to merge to create Switzerland’s second-largest insurance group with a combined business volume of 20 billion Swiss francs ($24.69 billion), the pair said on Tuesday. The new group, to be called Helvetia Baloise Holding, will become …

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Applied Underwiters Completes Spin-Off of United Risk

Applied Underwriters has spun-off United Risk as an independent, stand-alone operating company. United Risk, which was announced in November 2023, is a global property/casualty underwriting platform comprised of 28 different managing general agent (MGA) and underwriter (MGU) specialized insurance programs. …

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White House Seeks to Bring Financial Regulators Under Its Sway

The White House is stepping up its efforts to bring independent agencies — including the Securities and Exchange Commission and the Commodity Futures Trading Commission — under its control, requiring allies of President Donald Trump to approve all new regulations …

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Trump Tariff Worries Spur Record Overseas Demand for Japanese Government Bonds

The longest-dated Japanese government bonds attracted record foreign demand last month as money shifted out of U.S. debt in search of other safe havens as President Donald Trump’s aggressive tariffs sparked concerns of a U.S. recession. Overseas investors scooped up …

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India Plans to Ease Nuclear Liability Laws to Attract Foreign Firms, Sources Say

India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure. …

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FDA Suspends Food Safety Quality Checks After Staff Cuts

The Food and Drug Administration is suspending a quality control program for its food testing laboratories as a result of staff cuts at the Department of Health and Human Services, according to an internal email seen by Reuters. The proficiency …

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Uber Spends Six Figures on Ads in Latest NY Insurance Reform Push

Uber Technologies Inc. is spending six figures on advertisements in New York in its latest appeal to lawmakers to address issues stemming from the insolvency of the city’s largest taxi insurer. The rideshare giant launched the campaign on Tuesday as …

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AM Best Revises Outlooks to Negative for Virginia’s Loudoun Mutual Insurance Co.

AM Best has revised the outlooks to negative from stable of Loudoun Mutual Insurance Co. of Waterford, Virginia based on the “deterioration in Loudoun’s underwriting and operating performance” in recent years and corresponding “decline in overall risk-adjusted capitalization.” At the …

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Business Moves: NSM Completes Sale of Commercial Division to New Mountain Capital; Compre Buys Covea’s CSE Group

Specialty insurer NSM Insurance Group said it has completed the sale of its U.S. commercial insurance division to investment firm New Mountain Capital. The agreement includes NSM’s portfolio of 15 niche insurance programs across property/casualty, accident & health, and reinsurance—as …

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Lloyd’s Broker Charged Over Alleged Ecuador Bribes

UK fraud cops have charged an insurance broker with bribery, after a four-year probe into alleged corruption involving state-run insurance contracts in Ecuador. The Serious Fraud Office accused United Insurance Brokers Ltd. of failing to prevent associates from bribing state …

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Progressive Q1 Net Income Up 10%

First quarter net income at Progressive Corp. increased 10% compared to the same period a year ago to about $2.6 billion. Progressive reports results monthly. Net income for March was down 42% to $522 million. The Mayfield Village, Ohio-based insurer’s …

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Sweden Probe Finds No Conclusive Evidence of Deliberate Damage to Subsea Cables

A Swedish probe found no conclusive evidence to suggest that a Chinese ship had deliberately dragged its anchor to damage two Baltic Sea cables, Sweden’s Accident Investigation Authority said on Tuesday, though a separate investigation remains under way. The Yi …

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Google Faces £5 Billion Lawsuit in UK for Abusing Dominance in Online Search

Alphabet’s Google is being sued in Britain for potential damages of up to 5 billion pounds ($6.6 billion) in a class action alleging the company abused its dominant market position in the online search industry. The class action, filed at …

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Markel to Acquire UK Specialist Marine MGA, The MECO Group Ltd.

Markel, the insurance operations within Markel Group Inc., announced it has agreed to purchase The MECO Group Ltd. (MECO), subject to regulatory approval. Financial details of the transaction were not disclosed. Founded in 1974, MECO is a leading, independent specialist …

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Cabot Creamery Butter Recalled Over Fecal Bacteria Contamination

A Vermont firm has recalled more than 1,700 pounds of butter because it may be contaminated with coliform, a type of bacteria found in fecal matter. Agri-Mark Inc., of Waitsfield, Vermont, recalled 189 cases of Cabot Creamery 8-ounce premium butter …

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German Court to Review Seizure of Russian ‘Shadow Fleet’ Tanker

A German court will weigh a request to release a seized oil tanker that is believed to be part of a so-called shadow fleet used by Russia to circumvent oil sanctions, Germany’s finance ministry said on Monday. The Panama-flagged vessel, …

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Inspections of Whiskey Barrels Take Time in Flood Aftermath at Kentucky Distillery

FRANKFORT, Ky. (AP) — Signs of renewal are underway at the Buffalo Trace Distillery in Kentucky since floodwaters that inundated the whiskey-making campus receded. But executives say the painstaking task of inspecting any bourbon barrels touched by the high water …

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British Insurer Marshmallow Valued at $2 Billion With BlackRock Backing

British car insurance startup Marshmallow has almost doubled its valuation to more than $2 billion after a funding round that was backed by new investors BlackRock, Columbia Lake Partners and Portage. The firm, which offers insurance to under-served customers such …

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