Hamilton eyes opportunities through MGA Attune
Hamilton Insurance is eyeing opportunities in the US small commercial market. This generates some $150 billion in premiums but, as a fragmented market with no dominant players, it is ripe for transformation, according to Pina Albo, chief executive of Hamilton Insurance Group.
The insurer is targeting this space through Attune, a digital managing general agent (MGA) owned by Hamilton, affiliates of Two Sigma Investments (Hamilton’s largest shareholder) and AIG. It is focused on transforming the small commercial segment by using data science and technology, fully automating the rate/quote/bind/issue process.
Albo believes Attune will transform the small commercial space, as it is able to transact business using technology and data science seamlessly, allowing carriers to make better informed decisions more quickly.
Albo said there is increased momentum around data science and technology in the industry, and an understanding of an urgency to modernise the businesses. New technology can be leveraged to make carriers more efficient, while data science can be used to ensure decisions are more informed, she said.
Echoing the mantra of her predecessor, Hamilton founder Brian Duperreault, Albo, now eight months into her position, stressed that the use of technology and data has become a key distinguishing factor for re/insurers—and it remains at the core of Hamilton’s strategy.
“In the industry there is an increased awareness of the fact that technology is necessary in our business,” said Albo. “We use it in every other business; we expect it when we buy something, and insurance is no different.”
Elsewhere in the business, Hamilton Re chief executive officer Kathleen Reardon is leading the creation, with requisite regulatory approvals, of a US reinsurance platform. Albo said this will give it access to additional business that doesn’t make its way to London or Bermuda, and to a larger talent pool in the US, which represents a real growth opportunity for the company.
“There is $40 billion in ceded premium that never gets to Bermuda; this will give us access to it,” she said. “We will start small, and grow as opportunities arise. We have no pressure at all to grow quickly in the US.”
This story was originally published on our sister publication, Intelligent Insurer.