Reask, a climate and catastrophe risk assessor, has successfully completed a $4 million funding round, led by the InsuResilience Investment Fund Private Equity II (IIF II), managed by BlueOrchard Finance Ltd.
Reask specialises in delivering precise, event-driven data on tropical cyclones, with plans to expand into other perils. Its proprietary datasets are grounded in dynamic climate physics, offering granularity and global coverage, enabling clients to manage exposure effectively.
In 2024, insured losses from natural catastrophes reached a reported $135 billion, and annual losses of more than $100 billion has become somewhat of a new norm for the industry.
Reask aims to provide data solutions to accurately price premiums, assess climate risks, and develop parametric insurance products, particularly in vulnerable regions prone to hurricanes and other extreme weather events as losses continue to mount.
BlueOrchard’s investment is part of its InsuResilience Private Equity strategy, which focuses on leveraging technology to expand access to affordable climate insurance solutions. The firm explains that the strategy emphasises the importance of public-private partnerships in addressing the climate crisis.
Ernesto Costa, Senior Investment Director at BlueOrchard, commented, “Reask’s innovative and defensible data products have the potential to transform the climate insurance landscape. Their work is directly aligned with our strategy to build a more resilient world through accessible and affordable climate insurance solutions. We look forward to working closely with Reask’s leadership to help accelerate their impact.”
Jamie Rodney, Chief Executive Officer of Reask, added, “We are excited to partner with BlueOrchard, a leading impact investor with deep expertise in the insurance sector. Their support will empower us to accelerate our growth, further refine our product offerings, and enhance the financial resilience of populations that need it the most. BlueOrchard’s investment aligns perfectly with our vision to make extreme weather risks manageable, accessible to all, and actionable anywhere, anytime.”
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