Insurance intermediary Willis Towers Watson (WTW) has announced the acquisition of financial analytics company Butterwire.
The deal, whose financial value has not been disclosed, is expected to bolster WTW’s climate risk analytics capabilities.
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Glasgow, Scotland-based Butterwire provides data analytics, artificial intelligence (AI) and machine learning platforms.
It will become a part of WTW’s Climate and Resilience Hub.
Butterwire’s capabilities will complement WTW’s climate and investment services, which enable its clients to manage climate-related financial risks at scale.
WTW Climate and Resilience Hub senior Director, climate transition analytics David Nelson said: “We are delighted that the highly talented Butterwire team is joining WTW. They have been working closely with our team for a number of years, and bring proven capabilities that open significant opportunities.
“This acquisition enhances our ability to bring clients best-in-class products and solutions to help them achieve a climate-resilient future.”
Butterwire CEO and founder Raphael Fiorentino said: “WTW is a world leader in risk management and this vote of confidence leads us to the next stage of our evolution. I am hugely excited by the potential that WTW’s acquisition of Butterwire brings and look forward to continuing our work alongside colleagues within the Climate and Resilience Hub, which has already achieved an unrivalled breadth and depth of climate expertise and capabilities.”
Last month, WTW formed an alliance with climate analytics firm One Concern to support the adoption of parametric insurance policies.
