Weather Analytics has announced that W.R. Berkley Corporation and Tokio Marine HCC have together funded a $17 million Series B financing round, taking the re/insurance industry software provider’s total funding to beyond $30 million.
Commenting on the recent funding, Chairman and Chief Executive Officer (CEO) of Weather Analytics, said; “This financing will accelerate scientific and technical innovation that vastly improve decision support in risk selection, pricing and policyholder services for insurance companies across the globe. Established providers are charging insurers too much and delivering too little. Weather Analytics is disrupting that equation.”
CEO of Tokio Marine, Chris Williams, who led Weather Analytics Series A financing round, in 2015, said; “We are delighted to continue investing in technology that differentiates our capabilities and the products we offer to our customers. Weather Analytics leadership and innovation within the Big Data space will help push the insurance industry into the future.”
Other investors in Weather Analytics include In-Q-Tel, a non-profit strategic fund designed to accelerate the development of innovative technologies to support the U.S. Intelligence Community, explained Chris Skarinka, President and Chief Operating Officer (COO), Weather Analytics.
“These investments speak volumes about the vision and commitment of our investors. Together, we are leading the change that delivers highly cost-effective and transformational solutions,” added Skarinka.
W. Robert Berkley, Jr., President and CEO of W. R. Berkley Corporation, also commented on the funding of Weather Analytics; “W. R. Berkley is proud to expand our relationship with Weather Analytics by becoming investors. As a client of Weather Analytics, we already are seeing concrete benefits by leveraging transformational technologies originally developed for the national intelligence and defense communities. From underwriting, to actuarial sciences, to claims – the potential for better decision-making and improved services to insureds is tremendous.”
