pina-albo_hamilton-insurance-group
Pina Albo, chief executive of Hamilton Insurance Group
28 October 2018Insurance

Hamilton Insurance 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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news from PCI

Insurers must find a way to plug the flood protection gap

Desperate ILS funds doing ‘crazy’ deals in renewals

New risks and a united front for Aon

ILS markets will learn and evolve, says Fitch

RAA hopes for flood market boost

ILS supply leads to rate ceiling

Insurtech ‘is a long-term bet’

Archaic market ripe for change

Goldie predicts smoother seas ahead for reinsurance market

India: a land of opportunity

Guy Carp helps with insurtech

Ted Blanch returns with cat-focused broker COIN Re

NAIC accused of deviating from spirit of Covered Agreement

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

article
28 November 2018   Hamilton Re, the Bermuda-based insurance and reinsurance platform for Hamilton Insurance Group, has promoted Liam Chan to the position of senior vice president, casualty & specialty.
Insurance
14 November 2018   Bermuda-based Hamilton Re has appointed David Roache to the newly-created position of senior vice president, head of risk XS.