Water Intel. Regulatory News (WATR)

Water Intelligence plc

New Nationwide Account: Leading Insurance Company

Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or "Company"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce the signing and launch of another formal national contract between its American Leak Detection (ALD) subsidiary and a leading insurance company in the United States. Insurance companies value ALD's delivery of minimally-invasive water leak detection solutions anywhere, anytime across the US given that water is the leading source of homeowners' claims.

This new nationwide account for a major insurance customer is the second one gained during 2H. It follows the national account win announced in 3Q. This win will feed additional growth in 2021 and beyond. Moreover, in addition to the formal nationwide account structure, the Company is continuing to grow its base of insurance customers across the US at local levels. Working capital from the Company's successful capital raise and the full implementation of its Salesforce automated dispatch and scheduling system during 4Q will enable the Company to meet its nationwide customers' further increased demand in 2021 and beyond. The Company expects to continue the rapid growth rate of this nationwide channel.

Despite the disruptions of Covid-19, the Group continues to grow. ALD is an "essential service provider" and provides consumers with solutions to water issues while they "shelter in place." ALD provides insurance companies and their adjusters with a trusted partner across the United States to pinpoint water leaks and minimize collateral damage claims from homeowners and businesses.

Today's contract represents the fifth nationwide contract for ALD with a top US insurance company, reflecting ALD's position as the only nationwide pinpoint, minimally-invasive leak detection specialist. 

Executive Chairman, Dr. Patrick DeSouza commented: "We are delighted to have the opportunity to work together with another industry leader. Our established business-to-business channel is attractive for insurance companies because we can leverage our existing national sales footprint, data security and execution experience to deploy solutions anywhere and anytime to minimize damage from water-related claims.

We have strong momentum as a business. The third quarter was fast-paced with a national insurance account win, three franchise reacquisitions that were accretive to the Group's revenue and profits and receipt of the Green Economy Mark from the London Stock Exchange. The fourth quarter has kicked-off in similar fashion with a successful set of capital transactions to accelerate growth and now another insurance win. We will remain aggressive in our growth plan and seek to distinguish ourselves in today's marketplace. Demand is high for our solutions."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014

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