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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Deadly Landslide in Indonesia’s Nickel Hub Signals Supply Risk

A deadly landslide at a top nickel-producing hub in Indonesia has heightened scrutiny of a method used to extract the battery metal from low-grade ore, spurring concern among buyers about the future of a vital source of supply. Two workers …

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AI Weather Models Promise Super Granular, Specialist Forecasts

The weather forecasting industry has made big leaps in accuracy but has struggled with hyper-local predictions. But the proliferation of AI weather models in recent years means small, commercial firms are now developing the ability to rapidly make specialized predictions, …

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Ageas to Buy UK Insurance Platform Esure for $1.7 Billion

Ageas has agreed to buy British car and home insurer esure from Bain Capital for 1.3 billion pounds ($1.7 billion) in a move that will create the third largest personal lines platform in the UK, the Belgian insurance company said …

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Bill That Tries to Address Wildfires in West Has Bipartisan Support

A bipartisan group of senators is supporting a bill designed to reduce wildfire risks and increase firefighting cooperation across state lines in the U.S. Western region. The Fix Our Forests Act is backed by senators from Utah, California, Montana and …

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Schumer Urges FAA to Ground Helicopter Company After Fatal Crash

US Senate Minority Leader Chuck Schumer called on the Federal Aviation Administration to immediately revoke New York Helicopter Charter Inc.’s license and expand safety inspections of other tour operators after a crash last week killed six people. The New York …

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Paul Weiss Firm, Assailed by Trump, Quietly Scrubs ESG From Website

Law firm Paul Weiss Rifkind Wharton & Garrison has long held itself up as a trailblazer on environmental, social and governance (ESG) issues. It launched one of the legal industry’s early standalone ESG advisory practices in 2020 to guide clients …

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Hopes of ‘Brexit Benefit’ From Tariffs in UK Were Short-Lived

The US has decided – again – to upend the global trading system. With the latest raft of tariffs just beginning to kick in, and after a week in which markets worldwide fell precipitously, the Trump administration announced that it …

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Sweden Ousts Top Financial Services Regulator After Public Outcry

Sweden ousted the country’s chief financial regulator amid a controversy over an apparent conflict of interest. Daniel Barr, head of the Financial Supervisory Authority, will leave his position on June 19 to work at another government office, according to a …

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