Sydney, Australia (CU)_ The risk management arm of Steadfast Group has joined forces with a Sydney-based global fire protection technology business. This first-of-its-kind partnership and the strategic investment in Flame Security International (FSI) aim to increase the fire resistance of homes and businesses.
Martyn Thompson, executive general manager of corporate development at Steadfast, which is the biggest broker network in Australia and New Zealand, warned over the climate change crisis. He said, “With climate change resulting in the warming of Australia, we can expect more frequent extreme natural hazard events, such as bushfires, leading to increased damage to our infrastructure, property and assets”.
According to Steadfast’s press statement, Steadfast’s investment in FSI entails coordinating with insurer partners and broker networks to market FSI’s range of products. Justin Rooney, managing director at FSI, expressed delight over the collaboration. He said, “FSI welcomes Steadfast as a cornerstone investor and technical collaborator in tackling the global human, commercial and environmental threats around fire risk and sustainability with an economically viable solution”.
Thompson expressed hopes over the partnership. He said, “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”. According to Thompson, if these flames are not controlled, further insurance claims are inevitable.
According to the media statement, FSI’s series of fire prevention and protection solutions for fire, defense, and solar can greatly mitigate the damage caused by fire threats. To prevent the spread of fire, these technologies use specific water-based interior and exterior coatings and polymer-based membranes covered around the base of power poles.
The announcement stated that water-based containment line sprays, gels, and foams would enable property owners to protect themselves from approaching bushfires. Rooney added, “Steadfast’s investment in FSI will underpin the commercialisation of our efficient fire protection products in both Australia and across the globe which aim to improve community resilience to bushfire and other fire threats”.