Kirkland & Ellis LLP represented Hamilton Insurance Group, Ltd. (“Hamilton”) on the expansion of its partnership with American International Group, Inc. (“AIG”) (NYSE: AIG) and Two Sigma Insurance Quantified, LP (“TSIQ”) with a view to leading the data-driven evolution of insurance underwriting.
The memorandum of understanding includes AIG’s agreement in principle to acquire Hamilton USA, the U.S. platform of Hamilton Insurance Group, for approximately $110 million. The acquisition will enable AIG to continue accelerating its application of data science and analytics to transform underwriting. In addition, Hamilton Re and AIG will enter into a reinsurance strategic partnership.
Today’s agreement follows the three companies’ prior investment in Attune, the data-enabled technology platform launched in September 2016 to serve the U.S. small to medium-sized commercial insurance market. As a result of today’s agreement Attune’s target market will expand to include companies with annual revenues of up to $35 million.
AIG also announced today the appointment of Brian Duperreault as President, Chief Executive Officer and Director. Mr. Duperreault was previously Chairman and Chief Executive Officer of Hamilton.
Hamilton is a Bermuda-based holding company for insurance and reinsurance operations doing business on a worldwide basis. AIG is a leading global insurance organization. TSIQ is an independent affiliate of Two Sigma Investments, LP, and is a dedicated partner to some of the most established companies in the insurance industry. Completion of the proposed transaction is subject to negotiation of definitive agreements and obtaining required regulatory approvals.
The Kirkland team advising Hamilton was led by corporate partners Sarkis Jebejian (Picture) and Adele Maloney and associate Jayk Kooper; technology & IP transactions partner Seth Traxler and associate Matthew Colman; executive compensation partner Scott Price and associate Katherine Coverdale; and tax partner Dean Shulman and associate Adam Kool.
Involved fees earner: Sarkis Jebejian – Kirkland & Ellis; Adele Maloney Thomas – Kirkland & Ellis; Jayk Kooper – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis; Matthew Colman – Kirkland & Ellis; Scott Price – Kirkland & Ellis; Katherine Coverdale – Kirkland & Ellis; Dean Shulman – Kirkland & Ellis; Adam Kool – Kirkland & Ellis;
Law Firms: Kirkland & Ellis;
Clients: Hamilton Insurance Group;