American Financial Group, Inc. Announces Purchase of Verikai, Inc.
18 Januar 2022 - 10:30PM
Business Wire
American Financial Group (NYSE: AFG) announced today the
acquisition of Verikai, Inc. (“Verikai"), a machine learning and
artificial intelligence company that utilizes a predictive risk
tool for assessing insurance risk, effective December 2021. Verikai
will continue to be led by its President and CEO, Jeff Chen. AFG
paid approximately $120 million in cash at closing.
Carl H. Lindner III, AFG’s Co-CEO, stated: “We are thrilled to
welcome the Verikai team to AFG. We believe that artificial
intelligence and machine learning will continue to have a
significant impact on the insurance industry and see Verikai as a
thoughtful and effective leader in the use of these technologies.
We have been very selective and intentional with our investments in
the insurtech space and have enjoyed great success with several
strategic relationships. Although we don’t often invest directly in
insurtech entities, we found Verikai to be an outstanding
opportunity. Verikai will continue to operate as a stand-alone
company to serve its insurance clients. We are also pleased that
Great American Insurance Group will benefit from Verikai’s
predictive risk tool and unique Marketplace solution as it enters
the medical stop loss business, with a primary focus on small and
underserved risks.”
Jeff Chen, Verikai’s President and CEO, stated: “My team and I
are excited to join AFG. The Company’s financial strength and
support will provide the opportunity to grow our business by
enhancing our ability to provide a variety of compelling products
and innovative capabilities as a stand-alone insurance technology
company. We look forward to enriching our offerings for our clients
and serving as a leader in the predictive risk space. AFG’s culture
and the value it places on entrepreneurial spirit are a perfect fit
for Verikai’s vision and ambition.”
About Verikai, Inc.
Verikai is an insurance technology company, founded in 2018 and
based in San Francisco, California. Verikai leverages alternative
data and machine learning to change the way the insurance industry
views risk. Focused primarily on underwriting efficiency, Verikai
provides insurance companies with risk reports to optimize the
underwriting process. This greater insight helps increase new
business, reduce losses and ultimately provide consumers and
businesses with greater access to a broader range of insurance
products.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company, based
in Cincinnati, Ohio. Through the operations of Great American
Insurance Group, AFG is engaged primarily in property and casualty
insurance, focusing on specialized commercial products for
businesses. Great American Insurance Group’s roots go back to 1872
with the founding of its flagship company, Great American Insurance
Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20220118006231/en/
Diane P. Weidner, IRC Vice President – Investor & Media
Relations 513-369-5713
Websites: www.AFGinc.com
www.GreatAmericanInsuranceGroup.com
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