Bankers Insurance Selects First American Risk Solutions

Bankers Insurance Group, a St. Petersburg, Fla.-based multi-line carrier, has entered an agreement with First American Spatial Solutions (Santa Ana, Calif.) to license key components of the vendor's Advanced Flood Risk Solutions product suite.

Under the agreement, the carrier will utilize First American's Flood Risk Score solution and its U.S. River Flood and Storm Surge Model, commonly known as the Flood Model.

"Flood coverage has been offered through Bankers Insurance Group for more than 20 years," said Scott Little, executive vice president of First American Spatial Solutions, in a press release. "With First American's tools, Bankers can manage their existing portfolio even more accurately and actively than before—along with writing favorably priced additional business that fits their risk profile."

According to the same release, Flood Risk Score is an underwriting and risk management tool for excess flood insurance that combines flood hazard data, such as levee and dam inventory and conditions, historical flooding patterns and advanced hydrological science. The Flood Model, meanwhile, enables analysis of riverine and coastal flood risk at the portfolio and policy level for locations throughout the continental United States.