Swiss Re has expanded its partnership with Verily by exchanging an investment in Granular Insurance Company for an equity stake in Verily.
Following this transaction, Granular will be wholly-owned by Verily, which is the life sciences and healthcare subsidiary of Alphabet, the parent company of Google.
Swiss Re previously made the investment into Granular – a precision risk company created by Verily – back in March 2021 via its Swiss Re Corporate Solutions arm.
This followed on from an earlier transaction in August 2020 when Swiss Re first established its insurance partnership with Verily by backing a subsidiary focused on employer stop-loss called Coefficient Insurance Company.
“We are pleased to broaden our strategic relationship with Verily,” said Christian Mumenthaler, Chief Executive Officer of Swiss Re. “Our positive experience collaborating with Verily over the last two years has given us confidence in expanding the relationship towards potential new areas of innovation in the life and health space.”
“During our two-year relationship, we’ve been able to show Swiss Re our vision for how Verily can impact precision health,” added Andy Conrad, Chief Executive Officer, Chairman, and Founder of Verily. “We welcome Swiss Re and their expertise to our group of investors who see the potential of Verily to impact the larger healthcare ecosystem.”
Granular is an insurer that provides self-funded employers with a data-based approach to help them manage risks, costs and achieve better outcomes.
Going forward, Swiss Re will no longer be a direct shareholder in Granular, nor directly involved in its operations, although both Granular and Swiss Re say they will remain independently committed to the Employer Stop Loss segment in the United States.