Reask Raises $4 Million to Advance Climate Catastrophe Risk Solutions
Reask, a leader in climate and catastrophe risk analytics, has successfully closed a $4 million funding round. The round was strategically led by the InsuResilience Investment Fund Private Equity II (IIF II), under the management of BlueOrchard Finance Ltd.
Specializing in providing precise, event-specific data on tropical cyclones, Reask is set to broaden its scope to include other natural perils. Its proprietary datasets, which are rooted in dynamic climate physics, deliver detailed and comprehensive global coverage. This empowers clients to effectively manage and mitigate exposure risks.
In 2024, losses insured against natural catastrophes reportedly hit $135 billion, with annual losses exceeding $100 billion becoming a new industry standard. In response, Reask aims to deliver sophisticated data solutions that facilitate accurate premium pricing, climate risk assessments, and the development of parametric insurance products, especially in hurricane-prone and extreme-weather-affected regions.
BlueOrchard’s investment aligns with its InsuResilience Private Equity strategy, which focuses on utilizing technology to broaden access to affordable climate insurance solutions. The strategy underscores the significance of public-private partnerships in tackling the climate crisis.
Ernesto Costa, Senior Investment Director at BlueOrchard, remarked, “Reask‘s groundbreaking and defensible data products have the potential to revolutionize the climate insurance industry. Their mission aligns seamlessly with our strategy to foster a more resilient world through accessible and affordable climate insurance solutions. We are eager to collaborate closely with Reask’s leadership to expedite their impact.”
Jamie Rodney, Chief Executive Officer of Reask, stated, “We are thrilled to partner with BlueOrchard, a prominent impact investor with extensive expertise in the insurance sector. Their backing will enable us to accelerate our growth, further refine our product offerings, and enhance the financial resilience of communities most in need. BlueOrchard’s investment perfectly aligns with our vision of making extreme weather risks manageable, accessible to all, and actionable anywhere, anytime.”
