American Financial Group, Inc. Announces Purchase of Verikai, Inc.
Summary
CINCINNATI--(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. 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. 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. Verikai leverages alternative data and machine learning to change the way the insurance industry views risk.