AIG has agreed in principle to acquire Hamilton USA, Hamilton
Insurance Group’s U.S. platform
AIG and Two Sigma Insurance Quantified to partner to accelerate
the use of data science and technology for AIG’s global book of
commercial insurance business
Hamilton Re and AIG to enter into strategic reinsurance
partnership
Attune to increase scope of target market segment in $150
billion annual gross written premium SME segment
American International Group, Inc. (NYSE: AIG), Hamilton
Insurance Group, Ltd. (“Hamilton”), and Two Sigma Insurance
Quantified, LP (“TSIQ”), an independent affiliate of Two Sigma
Investments, LP (“Two Sigma”), today announced they have entered
into a memorandum of understanding (“MOU”) designed to expand their
partnership with a view to leading the data-driven evolution of
underwriting.
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The MOU underscores AIG’s, Hamilton’s and TSIQ’s commitment to
transforming commercial insurance through data science and
technology. It follows the three companies’ investment in Attune,
the data-enabled technology platform launched in September 2016 to
serve the U.S. small to medium-sized commercial insurance
market.
Under the terms of the MOU:
Attune’s target market will be expanded to include companies
with annual revenues of up to $35 million, a target market segment
of up to $150 billion in annual gross written premiums. Hamilton
will retain its one-third ownership of Attune.
AIG has agreed in principle it will acquire Hamilton USA, the
U.S. platform of Hamilton Insurance Group, to continue accelerating
its application of data science and analytics to transform
underwriting.
AIG and TSIQ will enter into a partnership to leverage TSIQ’s
insurance-focused data science and technology expertise for a broad
spectrum of commercial insurance underwritten globally by AIG.
Hamilton Re and AIG will enter into a reinsurance strategic
partnership in which Hamilton Re will be provided with the
opportunity to participate on market terms in an increased volume
of AIG’s ceded reinsurance. The relationship could result in
material premium growth for Hamilton Re and provides AIG an
alternative source of reinsurance capital.
“Putting data science and technology to work in our industry has
been on my agenda for some time,” said AIG President and Chief
Executive Officer Brian Duperreault. “It was the genesis of
Hamilton Insurance Group’s formation and will be a primary agenda
item at AIG.
“Through Attune, I’ve learned that cross-industry partnerships –
what’s now called insurtech - are the way to go. I can’t think of
better partners to have than Hamilton and Two Sigma as we work
together to transform our industry.”
“Insurance is intrinsic to economic growth,” said David Siegel,
co-founder and co-chairman of Two Sigma Investments, LP. “Data
science and technology open a world of opportunity for this
industry, from more practical protection and smarter processes to a
better understanding of risk. This can be done while also lowering
costs and more efficiently utilizing resources. We are excited that
TSIQ will be working with both AIG and Hamilton to further
capitalize on these benefits.”
“Since our founding, Hamilton and its strategic partner, Two
Sigma, have been committed to data-driven underwriting and risk
management using automated systems, algorithms and data analytics,”
said Hamilton Chairman William Freda. “We are excited by the
transformative potential the MOU represents for Hamilton through
the expansion of Attune’s target market and as new reinsurance
opportunities of mutual benefit to AIG and Hamilton Re are
explored.”
Completion of the proposed transactions among AIG, Hamilton and
TSIQ is subject to negotiation of definitive agreements and
obtaining required regulatory approvals. In connection with
entering into these transactions, Sullivan & Cromwell LLP acted
as legal counsel to AIG, Kirkland & Ellis LLP acted as legal
counsel to Hamilton, and Skadden, Arps, Slate, Meagher & Flom
LLP acted as legal counsel to TSIQ and Two Sigma.
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 transactions will not be completed or that the
transactions will take a materially different form from those
contemplated by these statements. Each party to this press release
only assumes responsibility for its statements, and does not affirm
or otherwise adopt the statements of any other party.
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. AIG’s core businesses include
Commercial Insurance and Consumer Insurance, as well as Other
Operations. Commercial Insurance comprises two modules – Liability
and Financial Lines, and Property and Special Risks. Consumer
Insurance comprises four modules – Individual Retirement, Group
Retirement, Life Insurance and Personal Insurance. 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 Insurance Quantified
Two Sigma Insurance Quantified, an independent affiliate of Two
Sigma Investments, LP, is dedicated to being a partner to some of
the most established companies in the insurance industry. Aligned
with Two Sigma's vision of finding value in the world's data, Two
Sigma Insurance Quantified utilizes technology, data science,
intelligent automation and cloud-based computing to foster
innovation, better understand risk and strengthen business and
product offerings for the insurance industry. For more information,
visit twosigmaiq.com.
About Attune:
Attune leverages a state of the art, technology-enabled platform
to streamline the development and distribution of insurance
products for small to medium-sized commercial businesses. For more
information, please contact Attune at
hello@attuneinsurance.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170515005722/en/
AIGInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.comorMediaJennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.comorHamilton
Insurance GroupMediaWendy Davis Johnson,
441-707-5240wendy.davisjohnson@hamiltongroup.comorTwo
SigmaMediaKelly M. Howard,
646-292-6223kelly.howard@twosigma.com
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