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September 30, 2022

Swiss Re acquires equity stake in Verily to expand in health and life space

Reinsurance giant, Swiss Re has acquired an equity stake in Verily by exchanging its investment in Granular Insurance Company (Granular).

Following the exchange, Granular is now wholly-owned by Verily, which operates in the healthcare delivery and management space.  

Verily, a subsidiary of Alphabet , generates and activates data from multiple sources such as clinical, social, behavioural and the real world, to offer solutions for a person based on a comprehensive view of the evidence.

Swiss Re CEO Christian Mumenthaler said: “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.”

Verily CEO, chairman, and founder Andy Conrad said: “During our two-year relationship, we have 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.”

Swiss Re, which made a minority investment in Granular in 2020, now does not have any direct shares in Granular.

Granular caters to self-funded employers via a data-based approach to help them manage risks, and costs and achieve better outcomes.

Last month, Swiss Re partnered with Cowbell Cyber to offer bespoke insurance solutions to clients operating in a cloud environment.

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