3 Things – Greenberg ITC Remarks, Coalition / Attune & OnStar Insurance – 10/08/2021

Hi All!  It was great to be back in Vegas for ITC and we enjoyed catching up with people in person and the events of the conference.  It was a busy week and we are following Evan Greenbergs comments, Coalition acquiring Attune and OnStar Insurance.  Here are the three things we learned:


When Evan Greenberg Speaks …

Evan Greenberg addressed the Insuretech Connect conference for the first time this year.  His comments were insightful and blunt but a key theme was that technology and hype does not change the fundamental that insurance is the art and science about taking risk.  Hard to argue with someone who has done that so well; he’s made the largest and most capitalized player in the industry.  In case you don’t believe that, later in the week Chubb announced they are dropping $5.75 B in cash to acquire Cigna’s Asia businesses to increase their A&H market reach.


Coalition Acquires Attune

In the news again for the second week in a row, the $3.5B valued cyber startup Coalition announced the acquisition of Attune, the MGA joint venture of AIG & Hamilton.  AIG looks to be shedding the investment to continue to narrow their focus on become healthier.  For Coalition, this would appear to be an opportunity to buy a significant distribution channel for an attractive cost, though terms were not revealed.  What is the value of 130,000 small business customers that you can now cross sell cyber liability?  Coalition is putting their newly raised capital to good use.


GM’s Onstar Insurance 

GM released plans to increase revenue and improve margins by transforming from an auto manufacturer to a growth company with electric vehicles, connected services and new businesses.  What does this mean for insurance?  According to the President of Onstar Insurance (division of GM), they will be a big part of this transformation by contributing $6B of revenue by end of decade based on “Our three rights to win: 1) Access to GM customers; 2) GM’s superior vehicle data; and 3) The GM ecosystem will help us to achieve this goal.”  The timing of this release with ITC 2021 cannot be a coincidence.

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