NEW YORK & HAMILTON, Bermuda--(BUSINESS WIRE)--Apr. 26, 2016--
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
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.
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.
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
| 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
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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Liz Werner, 212-770-7074
Wendy Davis Johnson, 441-707-5240
Kelly Howard, 646-292-6223