(Alliance News) - Water Intelligence PLC on Wednesday said it has signed and launched a formal national contract with an undisclosed US insurer.
Shares in Water Intelligence were up 11% at 349.64 pence in London in morning trading.
Water Intelligence provides leak detection and remediation solutions for potable and non-potable water, and the deal was signed by its American Leak Detection subsidiary with "another of the leading insurance companies in the US".
Despite Covid-19 disruption, Water Intelligence is still growing its national insurance accounts, it said. Its ALD business works with insurance companies and adjusters, deploying its solutions for pinpointing water leaks and minimising collateral damage claims by homeowners and businesses.
Moreover, ALD provides a "one-stop shop" through its centralised water-related claims for national business-to-business customers. Water-related damage claims generate aggregate losses of more than USD13 billion a year for US insurance companies.
The London-headquartered company is aiming to grow as an "essential service provider" for water and wastewater despite the pandemic.
"Today's contract represents the fourth national contract for ALD with a top US insurance company. ALD remains the only nationwide pinpoint leak detection specialist," Water Intelligence said.
Executive Chair Patrick DeSouza said: "It has been a busy quarter which has included additional franchise reacquisitions. Today's transaction will reinforce organic growth for both corporate and franchise locations. We continue to distinguish ourselves in the Covid-19 marketplace and reinforce our growth trajectory. Water is a precious strategic resource and we are on a mission to provide high quality water infrastructure solutions to meet increasing demand even during these challenging times."
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Water Intel. (WATR)