Swiss Re has acquired Fathom, a UK-based company focused on water-related risks, for an undisclosed sum.

Founded in 2013, Fathom (formerly SSBN) offers flood simulations as well as insights on water risk to insurance companies and other clients operating in diverse fields.

Swiss Re said that the deal bolsters its Reinsurance Solutions division’s product portfolio and enhances its flood hazards data and risk management capabilities.

Fathom will retain its brand and work alongside the reinsurer’s Reinsurance Solutions division to strengthen its flood and climate risk information, maps and models.

Recent data from Swiss Re shows that, in 2023, the reinsurance sector paid for around 40% of the economic damages resulting from natural disasters, highlighting a significant global protection gap.

As per estimates by the company, this year natural disasters across the globe resulted in insured losses of $100bn, with flood-related incidents accounting for losses worth $12bn.

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The reinsurer noted that data modelling and intelligence offer insurance and risk management experts improved insight into the impact of floods on individuals, structures and enterprises.

Swiss Re Reinsurance Solutions CEO Russell Higginbotham said: “We are very pleased to join forces with Fathom in our quest to narrow the protection gap for natural catastrophe risks such as floods. Fathom’s market-leading research and innovative tools in this area create great synergies with Swiss Re’s risk knowledge and digital capabilities.”

Fathom CEO Stuart Whitfield said: “We are committed to helping organisations around the world to analyse, understand and respond to flood risk and the changing climate landscape.

“This transaction represents a further key step in helping us achieve our vision of becoming the gold standard in the provision of water risk intelligence.”

Last month, Swiss Re teamed up with property and casualty insurtech company Guidewire to build a “more interconnected insurance industry” using technology.