KatRisk, a provider of catastrophic risk modelling software to the insurance and financial services industries, has acquired RED, a specialist provider of catastrophe models, including earthquake, flood, landslide, and wind risk models.
This acquisition accelerates the development of a high-fidelity U.S. earthquake model and strengthens a multi-peril catastrophe modeling portfolio for insurers, reinsurers, and financial institutions, says KatRisk.
RED’s European earthquake model will be integrated into SpatialKat, allowing clients to seamlessly access earthquake risk data alongside KatRisk’s other peril models in the near term.
“Customers are asking for a consistent, multi-peril suite of models from a single trusted provider,” said Martyn Sutton, general manager of KatRisk. “By bringing RED into the KatRisk family, we can extend our footprint into earthquakes and continue to raise the bar on the quality and speed of catastrophe modelling available to the market.”
KatRisk’s existing strengths in flood, tropical cyclone wind, severe convective storm (SCS), and in the near future wildfire, are further enhanced with the addition of RED’s proven European earthquake platform and complementary climate peril models, the firm stated.
“Our teams share a common mission: to enhance resilience to climate, weather, and geophysical hazards through improved science and advanced analytical tools,” said Paolo Bazzurro, co-founder at RED.
The acquisition of RED reinforces KatRisk’s commitment to advancing innovation, deepening technical expertise, and expanding global reach. Combining their proven North American and European capabilities, KatRisk and RED aim to accelerate the development and delivery of a high-fidelity U.S. earthquake model.
