SPAQ Spinnaker Acquisitions Plc

TIDMONDO

RNS Number : 0569H

Ondo InsurTech PLC

04 April 2022

4(th) April 2022

Ondo InsurTech Plc ("Ondo" or "the Company")

Ondo incorporates LeakBot USA Inc and hires General Manager for North America with goal of expanding LeakBot across the United States

Ondo InsurTech Plc ("Ondo"), the London-listed insurtech company boasting a proprietary, patented water management security technology, announces that it has incorporated LeakBot USA Inc and has appointed Jim Strickland as General Manager for North America to spearhead the North American expansion.

Highlights

   -       Leakbot USA Inc. was incorporated in the state of Delaware on 22 March 2022 

- Jim Strickland has been appointed as General Manager for North America effective April 1(st)

   -       LeakBot is currently operational in 2 US states. 

Jim Strickland has been appointed to spearhead the US expansion of LeakBot. Jim joins the Senior Executive team of Ondo InsurTech Plc and will also be a Board Director of LeakBot USA Inc. Jim has over 3 decades of experience in building transformational B2B relationships in the Property and Casualty ("P&C") industry, is well known across the industry and has domain-specific expertise in what works and (what does not) in the field of using IOT and in-home repair services to deliver ROI for P&C carriers.

LeakBot is a non-invasive self-installed device that can detect a leak anywhere on the mains water pipes. The technology offers the accuracy of leak detection usually seen in high-cost plumbed-in systems, for the price of low cost but ineffective moisture sensors. The technology enabling LeakBot is proprietary and is protected by a set of patents already granted in the United States.

US Market Opportunity

The US market is a significant opportunity for the LeakBot product

(--) Homeowners' insurance in the USA is a $100 billion annual premium business

(--) US households incur $16.5 billion of homeowners' insurance claims annually for escape of water damage, with an average claim value of $11,000. That is approximately 1.5 million claims a year - equivalent to one claim every 20 seconds

(--) Water loss is a significant sustainability issue in the US too. 1 trillion gallons of water are lost annually through domestic water leaks, where water purification accounts for 3-4% of energy usage in the USA according to the EPA.

Protected by a portfolio of patents in the US market, LeakBot has a unique offering for the US market - a low-cost non-invasive self-install device combined with a proactive and preventative in-home repair solution that offers a scalable way to tackle the problem of escape-of-water damage

The aim of LeakBot USA Inc is to expand beyond the existing footprint of 2 states across the rest of the US, and to expand the number of US P&C insurance partnerships.

Jim Strickland, General Manager North America, Ondo InsurTech Plc, commented: "I know that the Property & Casualty industry in North America is very keen to find a solution to the escape-of-water problem and I am totally convinced LeakBot is the break-through solution the US industry have been waiting for. I am thrilled to join the team at Ondo and take the lead in growing LeakBot in North America".

Craig Foster, CEO of Ondo InsurTech Plc, says: "The need for LeakBot in the USA is very clear - it is the only solution that can really solve this GBP16.5bn problem in a scalable way. We are thrilled to have Jim join the team and lead the expansion in North America where he can quickly put to work his significant knowledge of the US P&C insurance industry and his domain specific expertise in this area to good use".

Enquiries

For further information, please visit www.ondoplc.com or contact the following:

 
 
   Ondo InsurTech Plc            Craig Foster, CEO      +44 (0) 800 783 9866 
 SI Capital Ltd                Nick Emerson           +44 (0) 1483 413500 
  (Company Broker)              Jon Levinson           +44 (0) 20 3143 0600 
 Cassiopeia Services 
  Ltd 
  (PR & Investor Relations)    Stefania Barbaglio     +44 (0) 7949 690338 
 

About Ondo InsurTech Plc

Ondo InsurTech Plc works with home insurers to deploy proprietary solutions to deliver sustainable risk reduction. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem.

LeakBot partners with 9 insurance carriers - including Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc.

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April 04, 2022 02:00 ET (06:00 GMT)

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