Venture Capital News: Weather Analytics Secures $17M in Series B
WASHINGTON, DC, Leading provider of weather and predictive risk software for the insurance industry has raised a $17 million Series B financing round.
Weather Analytics, the leading provider of weather and predictive risk software for the insurance industry, announced today that global insurers Tokio Marine HCC and W. R. Berkley Corporation together have funded a $17 million Series B financing round. With the new capital, Weather Analytics' total funding now exceeds $30 million.
"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," said Bill Pardue, Chairman & CEO of Weather Analytics. "Established providers are charging insurers too much and delivering too little. Weather Analytics is disrupting that equation."
Chris Williams, CEO of Tokio Marine HCC, which led Weather Analytics' Series A funding 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."
"W. R. Berkley is proud to expand our relationship with Weather Analytics by becoming investors," said W. Robert Berkley, Jr., President & CEO of W. R. Berkley Corporation. "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."
Chris Skarinka, President & Chief Operating Officer of Weather Analytics, said, "These investments speak volumes about the vision and commitment of our investors." Besides Tokio Marine and W. R. Berkley, Skarinka noted, Weather Analytics investors include In-Q-Tel, the non-profit strategic fund that identifies and accelerates development of innovative technologies to support the U.S. Intelligence Community. "Together, we are leading the change that delivers highly cost-effective and transformational solutions."
About Weather Analytics
The weather impacts everything - from underwriting property and insuring against rainfall, to forecasting crop yields and planning exercises for national security. Our foundation at Weather Analytics is reliable, rationalized, gap-free weather data. By leveraging the world's best information, cleansed by a team of experienced meteorologists, we build rich, predictive insights based on the atmosphere's best data collection. For more information, please visit weatheranalytics.com.
About Tokio Marine HCC
Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland. Tokio Marine HCC's major domestic insurance companies have financial strength ratings of "AA- (Very Strong)" from Standard & Poor's Financial Services LLC, "A++ (Superior)" from A.M. Best Company, Inc., and "AA- (Very Strong)" from Fitch Ratings; its major international insurance companies have financial strength ratings of "AA- (Very Strong)" from Standard & Poor's Financial Services LLC. Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $31 billion as of December 31, 2016. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
About W. R. Berkley Corporation
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance. For further information about W. R. Berkley Corporation, please visit www.wrberkley.com.
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