Marsh, First American Spatial Solutions Sign Agreement to Make Flood Exposure Assessments Available
July 29, 2009, SANTA ANA, Calif.
Marsh, the world’s leading insurance broker and risk advisor, and First American Spatial Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in spatial and natural hazard risk solutions, announced today that First American Spatial Solutions has agreed to provide flood modeling for Marsh clients with U.S. commercial properties.
The flood risk assessments can be conducted on a company’s individual or portfolio of commercial properties to provide insight into their potential flood-related exposure. This information is valuable when businesses consider purchasing flood insurance for their commercial properties and could have a significant impact on the cost of insurance.
“In the current economic environment, businesses in all parts of the country are trying to be more efficient in all aspects of operations, including the purchase of insurance and investments to protect themselves against risk,” said Duncan Ellis, a managing director and leader of Marsh’s U.S. Property Practice. “First American’s ability to model flood exposure throughout the nation provides a resource that businesses can use as a first step in assessing their risks. They then can look more closely at individual properties and revisit their property and flood insurance programs. In some cases, firms taking corrective action or those found to be less exposed to flood risk, may be able to manage their insurance purchases with greater confidence and possibly reduce their costs,” he added.
“We are delighted to work with Marsh and to make our models available to their commercial clients throughout the country,” said Scott Little, vice president and general manager of First American Spatial Solutions.
Marsh has over 23,000 employees and provides advice and transactional capabilities to clients in more than 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 54,000 employees and annual revenue exceeding $11 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; Oliver Wyman, the management consultancy; and Kroll, the risk consulting firm. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC’s Web Site is www.mmc.com. Marsh’s Web site is www.marsh.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.