AIG, Two Sigma, and Hamilton Insurance Group Launch Attune – a Data-Enabled Insurance Platform Serving Small Businesses
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.
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.”
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.
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 [email protected].
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.
Source: American International Group, Inc.