American International Group has agreed in principle to acquire Hamilton USA, which is the US arm of Hamilton Insurance Group, as part of a three way memorandum of understanding (MOU) to boost the companies’ mutual presence in data-driven underwriting.
The MOU covers AIG, Hamilton, and Two Sigma Insurance Quantified to expand their footprint in the small and medium sized commercial insurance market. They will broaden their coverage of the market, providing protection for firms with annual revenues of as much as $35 million with their Attune platform. Trade publication
Market Watch reported that Attune was launched in 2016 to tap the $150 billion small and medium enterprise market.
Two Sigma, a unit of Two Sigma Investments, initially developed a data science and technology platform specifically for AIG’s commercial insurance business. This platform will be supported by a reinsurance agreement between AIG and Hamilton.
“Putting data science and technology to work in our industry has been on my agenda for some time,” said AIG’s new chief executive officer Brian Duperreault, in the report. He is also the founder and former chief executive of Hamilton Insurance.
Related stories:
Financial services most at risk from cyber attack says AIG study
Former AIG chief loses legal battle over company bailout
.jpg)
