AIG, Hamilton Insurance Group, and Two Sigma Announce Plans to Establish Joint Venture for Small Commercial Enterprise Market
April 26 2016 - 8:00AM
Business Wire
American International Group, Inc. (NYSE: AIG), Hamilton
Insurance Group, Ltd., and affiliates of Two Sigma Investments, LP
announced today that they have entered into a non-binding
memorandum of understanding to form a joint venture that will
establish a technology-enabled, customer-centric insurance platform
for the Small to Medium-sized Enterprise (SME) market.
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The joint venture will combine Two Sigma’s proprietary data
science and technology platform, Hamilton’s technology and
underwriting expertise in the SME market, and AIG’s SME
capabilities and global presence to become a leader in the $76
billion North American SME market. The venture is expected to
deliver pricing and servicing using predictive analytics and an
easy-to-use customer interface. Additionally, Two Sigma will
partner with both AIG and the joint venture to develop specialized
asset allocation solutions for the unique characteristics of
insurance investment portfolios.
Hamilton Chairman & CEO Brian Duperreault will serve as
Chairman of the Board of the joint venture. Richard Friesenhahn,
currently Executive Vice President of U.S. Casualty Lines at AIG,
will assume the position of Chief Executive Officer.
“Hamilton was founded on the premise that technology will
redefine the manner in which insurance products are assessed,
priced and distributed, particularly in the small commercial
market,” said Mr. Duperreault. “Since establishing our partnership
with Two Sigma and our start-up operations in New Jersey, our
belief in this premise has been validated by the enthusiastic
reception we’ve received from wholesale and retail partners
throughout the U.S.”
Mr. Duperreault’s sentiment was echoed by David Siegel, Two
Sigma's co-founder along with John Overdeck.
“From the formation of Hamilton, we have worked closely with
Brian and his team to bring Two Sigma's capabilities in data
science and technology to transform the insurance industry. This
partnership brings tremendous scale, the ability to provide a more
convenient and systematic insurance experience for small
businesses, and an opportunity for us to address the challenge of
optimal insurance asset allocation,” said Mr. Siegel.
AIG President and CEO Peter D. Hancock said, “With this venture,
we want to revolutionize the SME market through technology that
creates a more tailored and compelling value proposition for
clients in this critical segment. Our collaboration with Two Sigma
will help provide innovative and integrated solutions to the
complex optimization problems related to the assets, liabilities
and capital of an insurance company.”
Completion of the joint venture among Hamilton, Two Sigma and
AIG is subject to negotiation of definitive agreements and
obtaining required permits and other regulatory approvals. The
terms of the transaction have not been disclosed.
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 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 insurance and reinsurance operations that underwrite property
and casualty risks 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.
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 $35 billion in
assets, employs more than 900 people and has offices in New York,
Hong Kong, Houston and London. For more information, please visit
www.twosigma.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160426006013/en/
AIGInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.comorFernando Melon,
212-770-4630fernando.melon@aig.comMediaMatthew Gallagher,
212-458-3247matthew.gallagher2@aig.comorHamilton Insurance
GroupMediaWendy Davis Johnson,
441-707-5240wendy.davisjohnson@hamiltongroup.comorTwo
SigmaMediaKelly Howard,
646-292-6223kelly.howard@twosigma.com
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