Bermuda-based RenaissanceRe Holdings announced that its U.S. affiliate, WeatherPredict Consulting Inc., has acquired the primary technology assets of Commodity Hedgers, Inc.
RenRe described the company as a “specialist in remotely sensed meteorological observations and provider of high quality products and services to those that manage agricultural risk.
“Commodity Hedgers’ assets include a proprietary algorithm that translates Special Sensor Microwave Imager (SSM/I) data into products that monitor surface wetness, temperature and snow cover.”
RenRe added that the “information generated from these products is available under nearly all weather conditions and boasts a 20 year history of global agricultural data collection. This presentation of SSM/I information allows the evaluation of growing conditions in near real time for all of the world’s major agricultural regions.
“Commodity Hedgers’ founder and CEO, Alan Basist, who was central in the development of the SSM/I wetness and temperatures algorithms, will join WeatherPredict as a Senior Scientist.” In that role he will maintain and expand the application of SSM/I technology.
RenRe’s President and CEO Neill Currie commented: “We are pleased to expand our meteorological capabilities by adding Commodity Hedgers’ remote sensing technology, and we welcome Alan Basist’s unique expertise to our WeatherPredict team. The new SSM/I technology will enhance the information that our clients and affiliates use to understand the complex natural peril risks they manage, particularly in agriculture.”
Source: RenaissanceRe Holdings – www.renre.com; See also – www.weatherpredict.com
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