UniFi Group, a privately held service organisation, has acquired a controlling interest in National Flood Services (NFS) from Peak6 Investments.
PEAK6 InsurTech, an insurance operations subsidiary of PEAK6 Investments, will retain a minority stake in the new joint venture.
PEAK6 said its aim is to use technology to “find a better way of doing things.”
The company’s first tech-based solution was developed in 1997 to optimize options trading, and over the past two decades, the same formula has been used across a range of industries, asset classes, and business stages to consistently deliver superior results.
UniFi builds technologies for the insurance industry, and are passionate about bringing tech solutions into customer hands quicky and effectively.
For more than 36 years, NFS has worked with top insurance companies to help protect homeowners from the costly impacts of flooding. NFS supports over 85,000 active flood agents who oversee approximately $1.4bn of National Flood Insurance Program (NFIP) premiums annually and more than 1.5 million policies.
According to PEAK6, UniFi and NFS will combine strengths across both organisations to deliver improved technology and services that propel NFS forward as the premier flood insurance service provider.
Dr. Kiran C. Patel, chairman of UniFi Group, said, “UniFi focuses on building technology solutions that support the Flood and P&C Insurance markets. Our modular SaaS based system will allow client customszations that will provide NFS clients a competitive advantage.”
The transaction is expected to close in the third quarter of 2022.
Climate change has given rise to the need for more natural catastrophe (NatCat) solutions to insurers. Arturo, a PropTech company that delivers intelligent analytics from individual property to portfolio, partnered with expert in NatCat ICEYE to bring insurers flood and property damage insights.
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