Verily and Swiss Re Broaden Strategic Relationship
Verily and Swiss Re today announced they have closed a transaction whereby Swiss Re exchanged its investment in Granular Insurance Company (“Granular”) for an equity stake in Verily. Granular is now wholly-owned by Verily.
“During our two-year relationship, we’ve been able to show Swiss Re our vision for how Verily can impact precision health,” said 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.”
Swiss Re is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer and solutions. In 2020, it 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 United States.
“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.”
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