Partnership to serve U.S. Small to Medium Sized Enterprise
commercial insurance market
Proprietary analytics-based system will enhance underwriting
processes
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160928005770/en/
AIGMedia:Matthew Gallagher,
212-458-3247matthew.gallagher2@aig.comorInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorFernando Melon,
212-770-4630fernando.melon@aig.comorHamilton Insurance
GroupMedia:Wendy Davis Johnson,
441-707-5240wendy.davisjohnson@hamiltongroup.comorTwo
SigmaMedia:Kelly Howard,
646-292-6223kelly.howard@twosigma.com
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