Steadfast has made a “strategic” investment in Flame Security International, a fire detection and protection specialist headquartered at the University of New South Wales.
The fire specialist – which has its roots in Sweden – and the university have set up an R&D team of chemists and chemical engineers to develop a wide range of fire detection, extinguishing and protection products. fires.
Steadfast says the investment – made through its risk management arm Steadfast Risk Group – will strengthen its offerings as climate change increases extreme hazardous events such as bushfires.
“We are delighted to partner with Flame Security International, who are at the forefront of developing innovative and sustainable products to defend against the devastating effects of fire,” said EGM Corporate Development Martyn Thompson.
“Through our investment in Flame Security International, we want to bring a new option to our risk management offerings to the broker network and their clients, while putting in place resiliency measures to protect people, structures and property. environment against fire threats and the risk of increased insurance. premiums. »
He says insurance customers will “potentially” need to claim their policies more frequently as climate change affects Australia in the form of more frequent extreme natural events such as bushfires.
As part of this strategic investment, Steadfast intends to work with insurer partners, a network of brokers and the wider community to promote FSI’s fire products, following regulatory approvals.
FSI protection solutions are the product of extensive research and development in Australia and Sweden, including world-first technologies for solar and defense applications.
The fire protection specialist has received considerable support from the Australian and Victorian governments as well as the Department of Defense and Australian industry partners.
Flame Security managing director Justin Rooney said Steadfast’s investment will accelerate the commercialization of its “effective” fire protection products in Australia and around the world.
“[We] welcome Steadfast as a leading investor and technical collaborator in addressing the global human, commercial and environmental threats facing our communities and businesses to fire risk and sustainability, with an economically viable solution” , did he declare.