07/29/2021 | Press release | Distributed by Public on 07/29/2021 14:24
Transaction advances Chubb's strategy to offer best-in-class IoT sensors to consumers and businesses
Zurich, July 29, 2021 - Chubb Limited (NYSE: CB) today announced that it has acquired the business of StreamLabs from Australia-based Reliance Worldwide Corporation Limited (RWC). StreamLabs offers leading Internet of Things (IoT) enabled water monitoring, leak detection and water shut-off products. The addition of StreamLabs, which uses patented and proprietary ultrasonic technology to monitor waterflow and alert property owners to potential water damage, advances Chubb's strategy to offer best-in-class 'predict and prevent' risk engineering services to its consumer and commercial clients. With the addition of StreamLabs, Chubb clients will have the ability to select from a broader range of water monitoring and leak detection products than is currently available. Financial terms of the transaction were not disclosed.
StreamLabs was founded in 2010 and acquired by RWC in 2016. In addition to its monitoring, detection and shut-off products, the business's mobile app enables users to manage alert settings for leaks and view historical and real-time water usage. The StreamLabs technology platform was built in the cloud and is modular by design, allowing seamless additions of new hardware as well as integration with other platforms and service providers. StreamLabs products are currently sold to consumers through plumbers, big box retailers, ecommerce sites and insurance agencies.
'The evolution of insurance from a model of 'repair and replace' to 'predict and prevent' is changing the relationship between insurers and their customers. The addition of StreamLabs - its technology, people, patents, products and potential - will meaningfully expand the breadth of IoT devices and capabilities that Chubb can deliver to our consumer and commercial clients,' said Sean Ringsted, Executive Vice President, Chubb Group and Chief Digital Officer and Chief Risk Officer.' All of us, including our colleagues in IoT, risk engineering, Personal Risk Services and commercial P&C, are delighted to welcome to Chubb the StreamLabs team, which has worked together for years and brings significant technical and industry experience. We look forward to working with them to add StreamLabs products to Chubb's IoT toolkit and, over time, develop new products and expand distribution.'
'My StreamLabs colleagues and I are excited to become part of Chubb, which has long been a leader in working with clients to predict and prevent losses,' said Frank Mess, a Director at StreamLabs who will serve as Director of Engineering. 'We're proud of what we've built at StreamLabs, including developing innovative technology, winning 59 patents, and introducing industry-leading products at attractive price points. We know there is so much more we can do as part of Chubb for customers in residential, commercial and industrial markets.'
During the past year, Chubb has expanded its commercial IoT program, installing IoT sensors in hospitals, laboratories, schools and college campuses, public libraries, residential high-rises and asset tracking in commercial shipping. In 2020, Chubb also began to roll out an IoT sensor monitoring program for homes with wine collections. The devices can alert private collectors via a smartphone app to fluctuations in temperature, humidity and other conditions in their wine storage that can significantly alter the quality of the wine. The sensor program supplements water leak detection, monitoring and shutoff capability available to Chubb's consumer clients through various preferred vendor partners.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Karen Beyer: (212) 827-4445, [email protected]
Jeffrey Zack: (212) 827-4444, [email protected]