SAN FRANCISCO, March 29 /PRNewswire/ -- WeatherBill, the world's only
online weather risk management service, announced today that the company
has entered into a financial risk agreement with the Nimbus Weather Fund,
which is managed by Nephila Capital, a leading fund manager in catastrophe
reinsurance and weather risk. Under the terms of the agreement, Nimbus will
provide risk capacity and collateral to WeatherBill to support Weather
Contracts sold to customers.
"This partnership is truly valuable for the 70% of businesses affected
by the weather," says David Friedberg, CEO of WeatherBill. "Marrying
Nephila's significant risk capacity with WeatherBill's easy, online service
for managing weather risk, enables all businesses, small to very large, to
easily, safely, and affordably purchase customized weather coverage to
protect their bottom line."
Barney Schauble, a Nephila principal, said, "Our agreement with
WeatherBill is an important milestone for the weather risk industry. We
have a unique opportunity to create a much more expansive weather market
that provides real accessibility to risk management services for weather
sensitive businesses. We believe the combination of Nephila's experience in
pricing natural hazard risk, Nimbus' risk capacity and WeatherBill's broad
and diverse market approach, across industries, geographies and business
size, will create groundbreaking growth."
Following the announcement, WeatherBill automatically expanded limits
for individual Weather Contracts and will now price contract limits in a
range from $1 up to $50 million or more. "Offering contracts across a
comprehensive range of limits allows us to fully serve all businesses that
may be vulnerable to financial impact from weather," said Friedberg.
"Agriculture, Construction, Energy, Sports & Leisure, Transportation,
Travel and Retail will benefit immediately from the increased size of
secure coverage from our new relationship with one of the world's leading
weather risk funds."
WeatherBill, Inc. provides the only
online service that allows businesses to protect revenue and control costs
from the impact of bad weather. Founded by David Friedberg and several
other former key members of the Google team, WeatherBill, Inc. is funded by
New Enterprise Associates and Index Ventures.
Nephila Capital Ltd is a leading fund manager specializing in the
reinsurance industry with multiple investment vehicles dedicated to
investing in instruments such as insurance-linked securities, catastrophe
bonds, insurance swaps, and weather derivatives. The company has been
managing institutional assets in this space since it was founded in 1998,
with over $2 billion under management at the start of 2007.
