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American International Group Inc. said Wednesday that it has made a “strategic investment” in Human Condition Safety Inc., a New York-based firm that is working to develop wearable safety devices.
Terms of the deal were not disclosed by AIG. AIG Commercial Insurance CEO Rob Schimek is expected to discuss AIG's investment in Human Condition Safety on Friday during the Consumer Electronics Show in Las Vegas, according to a statement from AIG.
The “technology from HCS will help enable us to work with clients to make their worksites safer places for their employees and help reduce our clients' overall cost of risk,” Mr. Schimek said in the statement. “We will continue to look for more opportunities with firms like HCS that set the pace for mitigating and managing risks in ways unthinkable just a few years ago.”
Human Condition Safety's website provides limited information about its wearable technology, but says it includes “advanced fused sensor technology (that) disappears into traditional safety clothing and allows workers and employers to run the safest job sites possible and develop deep insights about safety, efficiency and future projects.”
A Wall Street Journal report said Wednesday that Human Condition Safety's technology includes sensors attached to safety vests that can provide real-time data about workers' movements.
CrunchBase reports that Human Condition Safety raised $12.92 million in first-round venture capital funding as of Dec. 17.
Jason Kelly, vice president at American International Group Inc., has said that the directors and officers insurance market in Malaysia is projected to grow at an annual rate of 10%, The Edge Markets reported.