McGill and Partners and AIG announce collaboration
London-based insurance broker McGill and Partners and AIG announced a “significant strategic collaboration” for the subscription market that will provide clients with access to insurance solutions, backed by long-term insurance capacity and capital. As part of the initiative, AIG and McGill and Partners will leverage agentic AI capabilities to manage the deployment of capacity to clients.
Through the collaboration, AIG performed a detailed analysis of McGill and Partners’ specialty portfolio. Based on this analysis, the company created underwriting criteria to enable real-time underwriting through McGill and Partners’ digital broking platform. As a result of this approach, AIG expects to deploy meaningful capacity of 25% across up to $1.6 billion of McGill and Partners Gross Premiums Written specialty portfolio.
The analysis of McGill and Partners’ portfolio by AIG was made possible by the digital-first approach the broker has adopted since their launch in 2019. Utilizing its tech-enabled platform, McGill and Partners provided access to high-quality data and insights to enable AIG to underwrite the portfolio and to use an agentic AI approach to manage its performance in the future.
AIG collaborated with Palantir to build an ontology of McGill and Partners extensive portfolio. By leveraging McGill and Partners’ digital broking platform in addition to Palantir’s Foundry platform, AIG will develop comprehensive insights on business underwritten, including near real-time exposure, limit deployment, modelled risk outputs and loss information.
This strategic collaboration sets a “new industry benchmark” and “significantly evolves” the model for pre-secured capacity across a diverse specialty portfolio of risk.
“This collaboration has the potential to disrupt the dynamics of the subscription market. It strengthens the value proposition of leading underwriters in the market and redefines the way capacity is positioned in the best interests of our clients. This moves beyond incremental change, and repositions the way the market operates in the future.” – Steve McGill, CEO, McGill and Partners.
“The rapid evolution of AI and large language models is reshaping risk analytics, giving us the ability to continuously learn from McGill and Partners’ portfolio and deploy capacity with greater insight, discipline and speed. By using McGill and Partners’ robust data ingestion capabilities along with Palantir’s Foundry platform, we are able to evaluate their portfolio to align with our risk appetite, and over time, we see significant opportunity to deliver greater efficiency to the subscription market while giving clients easier access to high-quality insurance solutions.” – Peter Zaffino, Chairman & Chief Executive Officer of AIG.
