AmericanInternational Group Inc., Hamilton Insurance Group Ltd. and affiliates ofTwo Sigma InvestmentsLP have agreed to form data-enabled insurance platform Attune.
The joint venture will serve the $80 billion small tomedium-sized enterprise commercial insurance market.
Attune will combine AIG's scale and distribution networkwith Hamilton's small business and underwriting expertise and Two Sigma'stechnology and artificial intelligence capabilities. It will partner withretail and wholesale insurance brokers, agents and other intermediaries, toprovide small business owners with a broad range of insurance products.
Hamilton Chairman and CEO Brian Duperreault will serve aschairman of Attune's board.
Terms of the deal were not disclosed.
The agreement follows a memorandum of understanding signed by the threecompanies in April.