US-based catastrophe modelling company KatRisk has acquired Gamma, an Irish company engaged in location intelligence and property-level risk assessment.
The financial terms of the acquisition have not been made public.
The acquisition strengthens KatRisk's risk analytics offerings, enabling the provision of insights and technologies to support decision-making.
Gamma's flagship product, Perilfinder, is known for its “address-level” risk assessment and underwriting solutions, which have been developed through partnerships with various general insurers.
KatRisk plans to incorporate Gamma's property-level visualisation technology to offer clients map-based risk insights, dashboards and spatial analytics.
The enhanced capability includes exposure to floods, wind, wildfires and other perils, and is intended to provide insurers with improved risk selection and portfolio management.
Gamma CEO Feargal O’Neill said: “The combination of Gamma and KatRisk represents an exciting opportunity for our customers and partners. Joining KatRisk gives us access to the world’s leading catastrophe modellers, while opening global markets for Perilfinder.
“Together, our combined strengths in catastrophe modelling and location intelligence will empower insurers and underwriters to make smarter, faster risk decisions with greater confidence.”
The combined strengths of KatRisk and Gamma will cover multiple continents, with a presence in North America and Europe.
KatRisk EVP of strategy Brandon Katz stated: “Our acquisition of Gamma is a major step forward in our mission to provide the most comprehensive, high-resolution risk data available.
“By combining our catastrophic risk models across floods, storms and fire with Gamma’s location intelligence capabilities, we will deliver an even more powerful suite of tools that improves risk selection, reduces loss ratios and enhances underwriting efficiency.”
This move is supported by the backing of KatRisk and Technosylva by investment firms TA Associates and General Atlantic BeyondNetZero.
In September last year, KatRisk launched a severe convective storm model to aid the insurance industry in managing risks associated with severe weather events.
"KatRisk buys property risk analytics provider Gamma " was originally created and published by Life Insurance International, a GlobalData owned brand.
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