2 June 2021

Risk Intelligence A/S announces today that the West of England P&I Club has signed an agreement for the Risk Intelligence System and Reports.

The West of England is a leading insurance provider to the global maritime industry, combining financial strength with outstanding service to help its members meet the continually evolving liability environment in which shipowners, operators and charterers operate. They are a member of the International Group of P&I Clubs and insure more than 3,700 vessels.

Jim Pascoe, Chief Commercial Officer of Risk Intelligence, says:

“We’re delighted to be working with West P&I, directly supporting their loss prevention team, providing them with access to our Risk Intelligence System and reports, which will enable them to provide excellent advice to their members. We have seen our P&I client base grow significantly over the last 12 months, and several members of the International Group of P&I clubs now use our services as a way to provide even better member benefits and services – the end result of course being a reduction in the likelihood of claims.”

The Risk Intelligence System

The Risk Intelligence System is a digital security intelligence solution developed in close collaboration with global businesses that are established within the fields of shipping, offshore, oil and gas. The digital solution is designed based on insights directly from customers and their needs as well as Risk Intelligence’s experienced security risk analysts and developers’ knowledge of intelligence and assessment needs.

The Risk Intelligence System offers customers a complete picture of immediate, short- and medium-term security risks for coastal areas, ocean, port and landside threats. The analysis is focused on insurgency, piracy, organised crime, activism, terrorism, military conflicts, and any interplay between these. Risk Intelligence identifies where serious events arise and presents an assessment of how great the threat is in each area. This enables companies to evaluate both current and future security risks in real time to minimise risks across their operations.

Risk Intelligence clients currently operate more than 15.4% of the global merchant fleet.

Licences provide strong recurring revenue

The license agreement provides access to the Risk Intelligence System (MaRisk+PortRisk) through a subscription, paid for twelve months at a time, in advance. Variables of the Risk Intelligence System license agreements are: number of modules, selection of additional layers, number of users, and any technical integration such as API. The Risk Intelligence System license agreements create recurring revenue with a renewal rate of 98-100% (churn of 0-2%) and generates strong cash flow for the Company. The lifetime value (LTV) of a Risk Intelligence System license is on average about 1M DKK.

For further information about Risk Intelligence, please contact:
Hans Tino Hansen, CEO
Jens Krøis, CFO
Jim Pascoe, CCO
Telephone: +45 7026 6230
E-mail: investor@riskintelligence.eu