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Archive: August 2024

Main Street America Insurance Exits Personal Lines
Insurance Journal | August 30, 2024
Main Street America Insurance Exits Personal Lines
Main Street America Insurance said Thursday it will stop offering personal lines insurance in favor of a commercial lines strategy. The Jacksonville, Florida-based insurer founded about 100 years ago in Keene, New Hampshire said it is “tightening” its focus and …
Munich Re and Swiss Re Both Top List of 2023’s Largest Reinsurers
Insurance Journal | August 30, 2024
Munich Re and Swiss Re Both Top List of 2023’s Largest Reinsurers
Munich Re tops the list of the world’s 50 largest reinsurers that use IFRS 17 reporting standards, while Swiss Re is the largest non-IFRS 17 reinsurer, according to AM Best. Among the largest IFRS 17 reporting reinsurers, Munich Re is …
Four Fatal Shootings by Officers Were Justified, Mississippi Attorney General Says
Insurance Journal | August 30, 2024
Four Fatal Shootings by Officers Were Justified, Mississippi Attorney General Says
JACKSON, Miss. (AP) — The use of force was justified in four fatal shootings by Mississippi law enforcement officers last year, Attorney General Lynn Fitch said Wednesday. Fitch based her findings on investigations conducted by the Mississippi Bureau of Investigation. …
California Advances Landmark Legislation to Regulate Large AI Models
Insurance Journal | August 30, 2024
California Advances Landmark Legislation to Regulate Large AI Models
Efforts in California to establish first-in-the-nation safety measures for the largest artificial intelligence systems cleared an important vote this week that could pave the way for U.S. regulations on the technology evolving at warp speed. The proposal, aiming to reduce …
Musk Beats Suit Over Promoting Dogecoin ‘Pyramid Scheme’
Insurance Journal | August 30, 2024
Musk Beats Suit Over Promoting Dogecoin ‘Pyramid Scheme’
Elon Musk and Tesla Inc. won dismissal of a lawsuit claiming they pumped up the price of the cryptocurrency Dogecoin into a $258 billion “pyramid scheme.” Investors who lost tens of thousands of dollars investing in the cryptocurrency faulted Musk …
Court Revives Sarah Palin’s Libel Lawsuit Against New York Times
Insurance Journal | August 30, 2024
Court Revives Sarah Palin’s Libel Lawsuit Against New York Times
A federal appeals court revived Sarah Palin’s libel case against The New York Times on Wednesday, citing errors by a lower court judge, particularly his decision to dismiss the lawsuit while a jury was deliberating. The 2nd U.S. Circuit Court …
Trucking Firm of Fatigued Driver Who Caused Fatal Crash Kept Fake Hours Data: NTSB
Insurance Journal | August 30, 2024
Trucking Firm of Fatigued Driver Who Caused Fatal Crash Kept Fake Hours Data: NTSB
A crash that killed three passengers on a party bus on a Virginia highway was caused by a fatigued truck driver working for a company that allowed its drivers to log excessive hours, a federal report concluded Wednesday. The December …
Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say
Insurance Journal | August 30, 2024
Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say
Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts. The British-flagged 56-meter-long (184-foot-long) yacht, …
UK’s Aviva Conspired to Dodge India Compensation and Tax Rules, Agency Says
Insurance Journal | August 30, 2024
UK’s Aviva Conspired to Dodge India Compensation and Tax Rules, Agency Says
An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to grow …
GM Must Face Big Class Action Over Faulty Transmissions
Insurance Journal | August 30, 2024
GM Must Face Big Class Action Over Faulty Transmissions
General Motors was ordered by a federal appeals court to face a class action claiming it violated laws of 26 U.S. states by knowingly selling several hundred thousand cars, trucks and SUVs with faulty transmissions. The 6th U.S. Circuit Court …