Shares of Fifth Third Bancorp (NASDAQ:FITB) ended Thursday session in red amid volatile trading. The shares closed down -0.30 points or -1.46% at $20.24 with 8.32 million shares getting traded. Post opening the session at $20.42, the shares hit an intraday low of $20.13 and an intraday high of $20.90 and the price vacillated in this range throughout the day. The company has a market cap of $15.38 billion and the numbers of outstanding shares have been calculated to be 766.37 million shares.
Fifth Third Bancorp (FITB) on September 21, 2016 announced the appointments of Jerry W. Burris and Eileen A. Mallesch to the Bancorp Board of Directors.
“Both of these individuals represent outstanding additions to the Board and we welcome them,” said Marsha C. Williams, chair of the Fifth Third Bancorp Board.
She added, “Jerry’s background as a CEO of Associated Materials, a privately held company, as well as his 20 years of management background with General Electric provide deep and broad management expertise. Eileen’s career includes roles as a CFO with Genworth Financial as well as a variety of other finance leadership roles at other companies including PepsiCo. That will enable her to make a substantial contribution to our board as well.”
Prior to serving as CEO and president of Associated Materials, LLC from 2011 to 2014, Jerry Burris was a senior executive with Barnes Group Inc. for five years, including serving as president of Precision Components. He also served in various management roles at GE, including president and CEO of Advanced Materials Quartz & Ceramics, general manager of Global Services for GE Healthcare, and general manager of Global Sourcing for GE Industrial Systems. He first joined GE in 1986.
Burris’ expertise includes strong technical marketing skills, a sound understanding of how best to integrate technology, rapid innovation, mergers and acquisitions, and cost and efficiency management based on his Six Sigma training and experiences.
Shares of American International Group Inc (NYSE:AIG) ended Thursday session in red amid volatile trading. The shares closed down -1.10 points or -1.85% at $58.40 with 7.29 million shares getting traded. Post opening the session at $59.35, the shares hit an intraday low of $58.23 and an intraday high of $59.86 and the price vacillated in this range throughout the day. The company has a market cap of $63.58 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
On September 28, 2016 American International Group, Inc. (AIG), Hamilton Insurance Group, Ltd. (Hamilton), and affiliates of Two Sigma Investments, LP (Two Sigma) announced they have reached agreement to form Attune, a technology-enabled platform to serve the $80 billion U.S. Small to Medium Sized Enterprise (SME) commercial insurance market. The agreement follows a memorandum of understanding the three companies signed in April to form this partnership.
Terms of the deal were not disclosed.
Attune will use data science and advanced technology to meet the risk needs of small businesses. Partnering with retail and wholesale insurance brokers, agents and other intermediaries, it will provide small business owners with a broad, flexible range of products. The ultimate goal of Attune is to streamline risk submission and the insurance underwriting process for small businesses.
Attune will combine Hamilton’s small business knowledge and underwriting expertise with AIG’s scale, extensive data, and long-standing distribution network. Technology and data science capabilities for Attune will be developed and managed by Two Sigma, a company that applies its technology platform and artificial intelligence capabilities to reveal unique data insights.
Two Sigma co-founder David Siegel said, “At Two Sigma, we have shown how a technology and data-science platform can help discover value in the world’s economic data. The insurance industry is ripe for change, and we are excited to partner with AIG and Hamilton on this new venture.”
Hamilton Chairman and CEO Brian Duperreault, who will serve as Chairman of the Board of Attune, said, “Attune has the potential to transform underwriting in the SME market, and what we learn in building Attune’s technology platform can be applied to any size risk. We’re on the cusp of true innovative change in our industry. Being able to partner with AIG and Two Sigma – leaders in their respective industries – makes this venture all the more exciting.”
Peter Hancock, AIG President and CEO, said of the venture, “Attune represents an important way forward for the insurance industry as it adapts to the disruptive forces of data analytics and the powerful technology supporting it. By combining our industry expertise, knowledge, and capabilities with the advanced data technology of Two Sigma, we play a critical role in determining how these forces will shape the way we work with our brokers and agents in the SME segment. We will gain an even deeper understanding of how to harness the power of analytics for the benefit of our company, our clients, and our shareholders.”