Partnership to serve U.S. Small to Medium Sized Enterprise commercial
insurance market
Proprietary analytics-based system will enhance underwriting processes
NEW YORK & HAMILTON, Bermuda--(BUSINESS WIRE)--Sep. 28, 2016--
American International Group, Inc. (NYSE:AIG), Hamilton Insurance Group,
Ltd. (Hamilton), and affiliates of Two Sigma Investments, LP (Two Sigma)
today announced they have reached agreement to form Attune, a
technology-enabled platform to serve the $80 billion U.S. Small to
Medium Sized Enterprise (SME) commercial insurance market. The agreement
follows a memorandum of understanding the three companies signed in
April to form this partnership.
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Terms of the deal were not disclosed.
Attune will use data science and advanced technology to meet the risk
needs of small businesses. Partnering with retail and wholesale
insurance brokers, agents and other intermediaries, it will provide
small business owners with a broad, flexible range of products. The
ultimate goal of Attune is to streamline risk submission and the
insurance underwriting process for small businesses.
Attune will combine Hamilton’s small business knowledge and underwriting
expertise with AIG’s scale, extensive data, and long-standing
distribution network. Technology and data science capabilities for
Attune will be developed and managed by Two Sigma, a company that
applies its technology platform and artificial intelligence capabilities
to reveal unique data insights.
Two Sigma co-founder David Siegel said, “At Two Sigma, we have shown how
a technology and data-science platform can help discover value in the
world’s economic data. The insurance industry is ripe for change, and we
are excited to partner with AIG and Hamilton on this new venture.”
Hamilton Chairman and CEO Brian Duperreault, who will serve as Chairman
of the Board of Attune, said, “Attune has the potential to transform
underwriting in the SME market, and what we learn in building Attune’s
technology platform can be applied to any size risk. We’re on the cusp
of true innovative change in our industry. Being able to partner with
AIG and Two Sigma – leaders in their respective industries - makes this
venture all the more exciting.”
Peter Hancock, AIG President and CEO, said of the venture, “Attune
represents an important way forward for the insurance industry as it
adapts to the disruptive forces of data analytics and the powerful
technology supporting it. By combining our industry expertise,
knowledge, and capabilities with the advanced data technology of Two
Sigma, we play a critical role in determining how these forces will
shape the way we work with our brokers and agents in the SME segment. We
will gain an even deeper understanding of how to harness the power of
analytics for the benefit of our company, our clients, and our
shareholders.”
Forward-looking Statements
Certain statements in this press release constitute forward-looking
statements. These statements are not historical facts but instead
represent only the relevant party’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside the
relevant party’s control. It is possible that the joint venture will not
be completed or that actual results will differ, possibly materially,
from the anticipated results indicated in these statements.
About Attune
Attune will leverage a state of the art, technology-enabled platform to
streamline the development and distribution of insurance products for
small commercial businesses. For more information, please contact Attune
at hello@attuneinsurance.com.
About AIG
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today we provide a wide range of property
casualty insurance, life insurance, retirement products, mortgage
insurance and other financial services to customers in more than 100
countries and jurisdictions. Our diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
About Hamilton Insurance Group
Hamilton Insurance Group is the Bermuda-based holding company for
property and casualty insurance and reinsurance operations in Bermuda,
the U.S. and at Lloyd’s. The company leverages analytics and research to
create underwriting and investment value for its clients and
shareholders. For more information, please visit www.hamiltongroup.com
| Twitter: @HamiltonInsures | LinkedIn: https://www.linkedin.com/company/hamilton-insurance-group.
About Two Sigma
Two Sigma is a technology company dedicated to finding value in the
world’s data. Since its founding in 2001, Two Sigma has built an
innovative platform that combines extraordinary computing power, vast
amounts of information, and advanced data science to produce
breakthroughs in investment management, insurance and related fields.
Today, Two Sigma manages approximately $37 billion in assets, employs
more than 1000 people and has offices in New York, Hong Kong, Houston
and London. For more information, please visit www.twosigma.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160928005770/en/
Source: American International Group, Inc.
AIG
Media:
Matthew Gallagher, 212-458-3247
matthew.gallagher2@aig.com
or
Investors:
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com
or
Fernando
Melon, 212-770-4630
fernando.melon@aig.com
or
Hamilton
Insurance Group
Media:
Wendy Davis Johnson, 441-707-5240
wendy.davisjohnson@hamiltongroup.com
or
Two
Sigma
Media:
Kelly Howard, 646-292-6223
kelly.howard@twosigma.com