Commercial property insurer FM has acquired FortressFire, a wildfire intelligence company combining machine learning with physics-based modeling to assess and mitigate property-level wildfire risks. Financial terms of the transaction were not disclosed.
FortressFire will operate as an independent, wholly owned division of FM and will continue serving customers under its existing brand and leadership.
The company’s platform helps insurers and property owners assess wildfire exposure down to individual structures.
Its capabilities include aerial wildfire reports, monitoring, analytics, ground inspections and mitigation assessments designed to generate structure-specific risk information and recommendations.
FortressFire focuses on determining whether an individual structure is likely to ignite and then recommending mitigation steps intended to lower that risk.
Its AMP Platform, which stands for Assess, Mitigate, Monitor and Protect, combines wildfire science, physics, thermodynamics, fire behavior modeling and structure-fuel analysis.
The acquisition combines those capabilities with FM’s engineering expertise, scientific research and property-risk management platform.
FortressFire will continue serving insurers, reinsurers, brokers, real estate companies, lenders and property owners across the broader market.
FM works with many of the world’s largest businesses, including approximately one-quarter of Fortune 500 companies.
KEY QUOTES:
“FortressFire shares FM’s core belief in the power of data-driven, location-based risk mitigation and protection measures to help clients better understand and manage wildfire exposure. The FortressFire team brings powerful tools to assess and mitigate wildfire risk, and we are excited to welcome them to the FM family.”
Malcolm Roberts, Chairman And CEO Of FM
“For years we’ve argued that the best risk management is ignition prevention, and that the path to insurability runs through science. To have an engineering-focused insurer of FM’s caliber put its capital and conviction behind that thesis is the strongest possible validation of what our team has built.”
Michael Ashker, Founder, Chairman And CEO Of FortressFire
