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Water Intelligence (WATR)

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Monday 01 March, 2021

Water Intelligence

Two Insurance National Account Wins

RNS Number : 6038Q
Water Intelligence PLC
01 March 2021
 

Water Intelligence plc

Two Insurance National Account Wins

 

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 two insurance national account wins.  First, the Company is pleased to have signed and launched another formal national contract between its American Leak Detection ("ALD") subsidiary and a leading insurance company in the United States.  The Company also announces the broadening of an existing national account both to add repair solutions and to create a multi-year framework.

Water-related claims are one of the largest sources of claims for the insurance market in the United States. Accordingly, market demand for ALD's precision leak detection and repair solutions is expected to increase further, particularly in the aftermath of extreme weather conditions in the southern part of the United States during February, especially Texas and Oklahoma.  Insurance companies value ALD's delivery of minimally-invasive water leak detection and repair solutions anywhere, anytime across the United States.

Today's two wins reinforce the momentum gained during 2020 with respect to the ALD's national account channel.  As discussed in February's 2020 Year-end Trading Update, despite Covid, the Company's insurance channel grew 20% year over year and added three national accounts during 2H 2020.  

Executive Chairman, Dr. Patrick DeSouza commented: "Our two insurance national account wins open 2021 in strong fashion, picking up where we left-off after outstanding results during 2020. We take special pride in delivering minimally-invasive water and wastewater infrastructure solutions to help homeowners and businesses face the aftermath of this winter's extreme weather in the US.  We hope to lead private sector efforts to advance water-related solutions for the Green Economy."

 

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

Enquiries :

Water Intelligence plc

 

Patrick DeSouza, Executive Chairman

Tel: +1 203 654 5426

Adrian Hargrave, VP Corporate Development

 

+ 44 (0)7775 701 838

WH Ireland Limited - NOMAD & Broker

Tel: +44 (0)207 220 1666

Adrian Hadden

 

James Sinclair-Ford

 

 

Matthew Chan

Dowgate Capital Ltd - Broker & Advisor 
Stephen Norcross 

Tel:  +44 (0)7920 599 793

 

 

         

 

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