AIG will acquire Hamilton USA, the U.S. platform of Hamilton Insurance Group, for $110m. AIG has also named Brian Duperreault, the founder and CEO of Hamilton, as its new CEO. The acquisition underscores AIG's commitment to transforming underwriting through data science and technology.
Hamilton USA will become a stand-alone unit of AIG that will be used to develop a technology platform applying data science and analytics to transform underwriting. During the transition period Seraina Macia continues as CEO, according to the announcement. “Putting data science and technology to work in our industry has been on my agenda for some time,” said Duperreault. “It was the genesis of Hamilton Insurance Group’s formation and will be a primary agenda item at AIG “Through Attune, I’ve learned that cross-industry partnerships – what’s now called insurtech – are the way to go. I can’t think of better partners to have than Hamilton and Two Sigma as we work together to transform our industry.”