Weather Analytics merges with Athenium

Weather Analytics, a US-based provider of risk information for insurance carriers, has acquired and merged with Athenium. The new entity will operate as Athenium Analytics.

Athenium software currently helps carriers assess performance of both claims and underwriting.

Following the deal, the combined companies will invest $25 million to build a new decision-support software for insurers, enabled by artificial intelligence and computer-vision capabilities. These new programmes will include advanced mobile applications for crop insurance, tools to more efficiently insure small businesses, and models to assess risk in workers' comp for diverse business classifications.

Together, the two firms now will serve more than 65 insurance carriers and reinsurers, plus financial traders, and the US Intelligence and Defense Communities.

Bill Pardue, who co-founded Weather Analytics, will become the chairman and chief executive officer of the merged companies.

"Carriers deserve intelligent solutions to get more informed insights, and these solutions will come from additional specialized products for risk selection and pricing," Pardue said. "Insurers also want the choice of a single risk selection and pricing provider who can marry those capabilities with third-party content and operational insights. Merged with Athenium, we now are in a great position to make that happen for customers."

Joe Kislo, CEO and president of Athenium, said: "We have helped clients identify more than half a billion dollars of claims and underwriting opportunities since 2010. With this union of our companies, we can apply Weather Analytics' data-science expertise to boost further both operational savings and insights for clients."

He added: "Increasingly over the next two years Weather Analytics and Athenium together will become the market-leading information solution for carriers. Our products will deliver for a broad set of insurers' business lines – property, workers' compensation, automotive, and general and professional liability."

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