AIG, Hamilton, Two Sigma form tech platform

American International Group, Inc. (AIG), Hamilton Insurance Group, Ltd. (Hamilton), and affiliates of Two Sigma Investments, LP (Two Sigma) announced the formation of Attune, a technology-enabled platform to serve the USD80 billion US 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.