Verily and Swiss Re broaden strategic relationship
Verily and Swiss Re have closed a transaction whereby Swiss Re exchanged its investment in Granular Insurance for an equity stake in Verily, the Alphabet subsidiary. Granular is now wholly-owned by Verily.
In 2020, Swiss Re made a minority investment in Granular, an insurer that provides self-funded employers with a data-based approach to help them manage risks, costs and achieve better outcomes. Swiss Re will no longer be a direct shareholder in Granular, nor directly involved in its operations. Both Granular and Swiss Re remain independently committed to the employer stop loss segment in the US.
“During our two-year relationship, we’ve been able to show Swiss Re our vision for how Verily can impact precision health. We welcome Swiss Re and their expertise to our group of investors who see the potential of Verily to impact the larger healthcare ecosystem.” – Andy Conrad, CEO, chairman, and founder of Verily.
“We are pleased to broaden our strategic relationship with Verily. 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.” – Christian Mumenthaler, CEO of Swiss Re.