AmericanInternational Group Inc., Hamilton Insurance Group Ltd. andaffiliates of Two SigmaInvestments LP said April 26 that they have entered into anonbinding memorandum of understanding to form a joint venture to create a newinsurance platform for the small to medium-size enterprise market.
The venture will marry Two Sigma's data science andtechnology platform, Hamilton's technology and underwriting expertise and AIG'scapabilities and global presence.
Hamilton Chairman and CEO Brian Duperreault will serve aschairman of the venture, while Richard Friesenhahn, AIG's executive vice presidentof U.S. casualty lines, will take on the role of CEO. Completion of the ventureis subject to negotiation of definitive agreements, obtaining required permitsand other regulatory approvals. Terms of the transaction were not disclosed.