Swiss Re takes equity stake in Google unit Verily

Global reinsurance giant  Swiss Re has exchanged its investment in Granular Insurance Company for an equity stake in Google’s sister company Verily (a subsidiary of Alphabet), in a move to explore new areas of innovation in the life and health space.

Granular is now wholly-owned by Verily. Swiss Re will no longer be a direct shareholder in Granular, nor directly involved in its operations.

The transaction follows Swiss Re’s minority investment in Granular in 2020. The insurer that self-funded employers with a data-based approach to help them manage risks, costs and achieve better outcomes.

“We are pleased to broaden our  strategic relationship with Verily,” said Christian Mumenthaler (pictured), 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.”

Andy Conrad, chief executive officer, chairman, and founder of Verily, said: “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.”

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