FM acquires FortressFire
Commercial property insurer FM has acquired FortressFire , a provider of wildfire intelligence combining machine learning with physics-based modeling. Financial terms were not disclosed.
Founded in 2020, the Bay Area company has raised approximately $69,000 and has a team of 17 people, according to LinkedIn. Its platform helps insurers, reinsurers, brokers, lenders and property owners assess whether individual structures are likely to ignite and identify steps to reduce that risk.
FortressFire will operate as an independent, wholly owned division of FM under its existing brand and leadership. The acquisition combines its wildfire modeling capabilities with FM’s engineering, research and property risk management expertise.
“FortressFire shares FM’s core belief in the power of data-driven, location-based risk mitigation and protection measures to help clients better understand and manage wildfire exposure. The FortressFire team brings powerful tools to assess and mitigate wildfire risk, and we are excited to welcome them to the FM family.” – Malcolm Roberts, chairman and chief executive officer of FM.
