KatRisk, a provider of catastrophe risk modeling software to the insurance and financial services industries, has acquired RED, a specialist provider of catastrophe models, including earthquake, flood, landslide and wind risk models.
KatRisk said the acquisition accelerates the development of high-fidelity seismic models in the United States and enhances the multi-hazard catastrophe modeling portfolio for insurance companies, reinsurers and financial institutions.
RED’s European earthquake model will be integrated into SpatialKat, giving customers seamless access to seismic risk data in the short term along with KatRisk’s other hazard models.
“Customers are demanding a consistent, multi-risk model suite from a single trusted provider,” said Martyn Sutton, general manager at KatRisk. “By bringing RED to the KatRisk family, we can expand our reach into the seismic domain and continue to raise the bar for quality and speed in disaster modeling in the market.”
The company said KatRisk’s existing strengths in floods, tropical cyclonic winds, severe convective storms (SCS) and near-future wildfires are further enhanced by the addition of RED’s proven European seismic platform and complementary climate hazard models.
“Our teams share a common mission: to build resilience to climate, weather and geophysical hazards through improved science and advanced analytical tools,” said RED co-founder Paolo Bazzurro.
The acquisition of RED reinforces KatRisk’s commitment to advancing innovation, deepening technology expertise and expanding global reach. KatRisk and RED combine their proven capabilities in North America and Europe to accelerate the development and delivery of high-fidelity U.S. seismic models.