April 18, 2021

company

Steak n Shake sues its insurance company

Photograph: Shutterstock

Disputes between restaurants and insurance companies are far from over even 13 months into the pandemic.

The latest example comes from Steak n Shake, the Indianapolis-based burger chain that earlier sued its insurance company, Zurich North America, over its denial of coverage for losses related to the pandemic and its shutdown of dine-in service.

In its lawsuit, filed in a federal district court in Ohio, Steak n Shake says it has a policy with Zurich and that it had paid all the premiums.

According to the lawsuit, the policy will pay for the loss of earnings due to

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Jack Ma’s Ant Group to become financial holding company

China’s Ant Group, the fintech giant whose $37 billion initial public offering was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country’s central bank said on Monday.

The overhaul comes two days after e-commerce giant Alibaba, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the “platform economy.”

Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability

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Microsoft buys speech recognition company Nuance in $16B deal, second biggest since LinkedIn

Microsoft announced Monday that it will buy speech recognition company Nuance Communications for $16 billion, the tech giant’s largest acquisition since it bought LinkedIn for more than $26 billion in 2016.

The deal is the latest sign Microsoft is hunting for more growth through acquisitions. The company is also reportedly in talks to buy the chat app Discord for about $10 billion and last year tried to buy TikTok’s U.S. business for about $30 billion before the deal was derailed. Last month, Microsoft acquired gaming company Zenimax for $7.6 billion.

Shares of Nuance were up nearly 23 percent in premarket

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Company can deliver 10% more doses to U.S. by end of May

Bottles for the Pfizer BioNTech COVID-19 vaccine are ready to be prepared before the opening of a mass vaccination site in the Queens borough of New York, February 24, 2021.

Seth Wenig | Pool | Reuters

Pfizer CEO Albert Bourla said Tuesday that his company has ramped up production of its two-shot coronavirus vaccine and will be able to deliver a total of 300 million doses to the U.S. ahead of schedule.

Bourla said on Twitter that Pfizer can deliver 10% more doses to the U.S. by the end of May than it had previously agreed to produce — up

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Rowan University sues insurance company for not covering millions in losses amid COVID crisis

Rowan University has joined the growing list of businesses in New Jersey filing suit against insurance companies for not covering losses associated with the coronavirus pandemic.

The university claims in court papers Factory Mutual Insurance Company of Rhode Island has failed to honor an all-risk commercial property policy that ran from July 1, 2019 to July 1, 2020.

The lawsuit, filed last month in state Superior Court in Gloucester County, states the policy promises coverage for business losses and extra expenses due to “interruption by communicable disease.”

The policy, which covered all of Rowan’s 24 locations in the state, should

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Time runs out for United Life & Accident Insurance Company

When the Lincoln Financial Group sells its office park and campus in Concord’s North End (you can buy it for $6 million) and no longer has a presence as an employer in Capital City, it will close the books on more than a century of history of life insurance underwriting for a succession of companies.

This story began back in 1913 when a group of Concord’s leading citizens established the United Life & Accident Insurance Company, first located at 65 North Main Street in the heart of the city’s downtown. Among the early executives and directors were brothers S.W. and

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