Technosylva, a provider of wildfire simulation modeller, risk analysis, and operational response software solutions, has acquired global catastrophe modelling software company, KatRisk.
The pair will now offer an integrated approach for risk assessment, prediction, and response solutions across wildfires, floods, severe convective storms, and other extreme weather threats.
This move aims to support and strengthen the evolving needs of electric utilities, the insurance industry, financial institutions, and government agency customers.
The acquisition aligns with Technosylva’s focus on expanding severe weather hazards, as it recently announced a collaboration with CenterPoint Energy to bolster the utility’s resilience against escalating catastrophe risks.
Due to the increased frequency and intensity of natural catastrophes, the firm stated, it is imperative that electric utilities leverage solutions that enable them to protect communities and assets better, and for the insurance industry to strengthen its understanding and ability to articulate the changing nature of wildfire risk in policy writing.
Technosylva’s solutions, including Wildfire Analyst, fiResponse and Tactical Analyst, equip electric utilities and government agencies with data-rich forecasts and real-time wildfire spread simulations to safeguard their communities and assets from the devastating effects of wildfires.
KatRisk’s offerings, including SpatialKat and SoloKat, provide precise financial risk simulations for natural disasters, enabling insurers to quantify and prepare for catastrophic events. KatRisk is committed to further expansion into other types of natural disasters to meet insurers’ growing demand for robust and diversified catastrophe models.
Bryan Spear, Chief Executive Officer (CEO), Technosylva, commented, “As the frequency and severity of natural disasters increase, the need for precise, multi-peril catastrophe modelling has become essential. By uniting our respective strengths in wildfire risk modeling and catastrophe modeling, we are positioned to offer our customers an unmatched suite of tools to anticipate, plan for, and effectively respond to a multitude of extreme weather events. We look forward to further expanding and enhancing these capabilities as we enter our next phase of growth.”
Joaquin Ramirez, Founder and Chief Technology Officer of Technosylva, added, “Our goal has always been to leverage the best available science and technology to protect people, communities and assets. Joining forces with KatRisk enables us to expand our modelling and analytics capabilities across more types of extreme weather events, providing customers with accurate and actionable insights that are critical to create more resilient societies in a time when extreme conditions have become the new normal.”
Jeffrey Chen, CEO of KatRisk, concluded, “KatRisk’s specialised flood and hurricane models have become indispensable for over 100 of the largest insurance and financial services companies around the world, especially in high-risk areas increasingly impacted by climate change.
“Partnering with Technosylva gives us the opportunity to offer a more integrated platform, including providing access to the leading wildfire models in the world, filling a critical need in the industry, and ensuring customers have the insights and flexibility they need to address their specific challenges and adapt to evolving climate risks. We believe this will be transformative, not only for Technosylva and KatRisk, but for our customers and the communities they serve.”
