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INSURANCE NEWS
Meta Ordered to Pay $567 Million In New Mexico for Teen Mental Health Fund
A New Mexico state court ordered Meta on Thursday to pay $567 million into a teen mental health fund and change how its platforms function for young users after finding the company is to blame for harming children’s wellbeing. Judge …
Trump Calls Texas’ Data Center Opposition a “Mistake”
President Donald Trump this week criticized Texas for being anti-data centers, just days after Republican Gov. Greg Abbott paused industry-wide approvals until the companies provide the state with more information on things like power and water use. “I saw Texas …
Texas Bakery Fined $25K for Child Labor and Back Wages Violations
The U.S. Department of Labor has recovered thousands in back wages and assessed penalties after a federal investigation revealed child labor, minimum wage, and overtime violations by the operators of three La Panaderia Bakery & Café locations in San Antonio. …
Pritzker Signs Bills Giving Insurance Department Power to Overturn Rate Changes
Illinois Governor J.B. Pritzker this week signed legislation that gives the state’s insurance department authority to object rates it deems are excessive, inadequate, or unfairly discriminatory. HB 4273 and SB 714 allow the Illinois Department of Insurance to review homeowners …
Chinese AI Model Kimi K3 Escapes Sandbox in Third-Party Test, Researchers Say
Chinese firm Moonshot’s latest artificial intelligence model broke out of a cyber-testing environment, researchers said, in the latest incident that raises concerns about how well AI companies control their technology. Moonshot’s Kimi K3 was able to find its way out …
People Moves: Paulk Named COO of Old Republic Excess & Surplus
Old Republic International Corporation announced that John Paulk has been appointed Chief Operating Officer of Old Republic Excess & Surplus, reporting to Ralph Sabbagh, President. In making this announcement, Craig Smiddy, Old Republic International’s President and Chief Executive Officer, noted, …
Ignite Specialty Risk Launches Australian Operations Led by Stormont-Sainsbury
Ignite Specialty Risk, the London-based managing general agent, has launched operations in Sydney, Australia, led by Lucinda Stormont-Sainsbury. “Australia is an important strategic market for Ignite and establishing our Australian operations marks a significant milestone in our international growth,” commented …
Jury Finds No Malpractice by NY Law Firm in Patriot National Downfall
A Broward County jury on Thursday exonerated the Simpson Thacher & Bartlett law firm, finding the large New York firm’s lawyers were not negligent in the downfall of Patriot National, the Florida insurance services firm that went bankrupt a decade …
Major Hedge Funds Targeted in Wave of Attempted Cyberattacks
Hackers launched a wave of sophisticated attacks on Wall Street firms in recent days, targeting information systems at major money managers, according to people familiar with the matter. Point72 Asset Management informed investors on Wednesday that it had been attacked, …
Allstate Introduces Large Language Model, ALLIE
Allstate CEO Tom Wilson said the insurer has a “technology-drive strategy, not a strategy supported by technology.” And the next step in the strategy is the build of ALLIE – Allstate’s Large Language Intelligent Ecosystem. Speaking to analysts during a …
Arson Suspect Timed Spokane, Washington, Fire for High Wind Day
The 37-year old man suspected of starting one of the fires burning around Spokane, Washington told a detective that he planned the arson attack for Sunday to coincide with a “high winds” day, according to court documents. That blaze was …
AIG’s General Insurance Q2 Underwriting Income Up 10%
Second quarter 2026 underwriting income in American International Group’s (AIG) General Insurance segment increased nearly 10% compared with the prior year, to $686 million. Insurance financial results for Q2 included catastrophe losses of $210 million, and increase over the $170 …
