UK flood modeller secures backing from leading risk assessment firm
UK flood modeller Fathom has secured backing from a leading global risk assessment firm to expand its presence in global markets across multiple sectors including re/insurance, risk management, financial services, engineering and disaster response.
Fathom has received a minority investment from Moody’s Corporation, a global integrated risk assessment firm. As part of the investment, Moody’s will assume a seat on Fathom’s board of directors.
Climate change and flooding has had a significant impact on the global financial landscape in recent years. Data from Fathom’s new UK flood risk model launched in early 2021 revealed that the number of properties in Great Britain at substantial risk of flooding will rise by 24 percent to 1.35 million over the next 30 years due to climate change.
Fathom's unique data sets power insights to inform ESG (environmental, social and governance) policy and help mitigate the potentially devastating socio-economic impact that flooding can have.
“National and regional economies, insurers and financial services all need flood mapping data they can rely on, as the impact of flooding can have extremely serious physical, financial and environmental consequences today, that will further be exacerbated by climate change and urbanisation,” said Christopher Sampson (pictured left), co-founder at Fathom. “We’re delighted that the team at Moody’s has recognised this and understands the potential of our growing business.”
Andrew Smith (pictured right), co-founder at Fathom, added: “Our team of scientists and researchers constantly push the boundaries of flood mapping and risk data. Moody’s in-depth industry knowledge will help us to reach new markets and countries where this detailed level of flood data is urgently required.”
Stuart Whitfield, CEO of Fathom, commented: “ Moody’s investment in Fathom is further testament to the quality of Fathom’s underlying technology and data. This will enable us to accelerate our plans to become the world’s leading provider of water risk intelligence.”
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