Shares in leak detection and remediation company Water Intelligence (WATR:AIM) jumped 6% to 922p after it signed a significant US national insurance contract.
Today’s announcement represents the fourth insurance contract win this year and the first where the company has been awarded ‘preferred contractor’ status.
The broader designation means that the firm will have the right to handle all water leak and repair jobs across the US from the unnamed insurance provider.
ENDORSEMENT OF NATIONWIDE CAPABILITY
There are two important ramifications, firstly it validates the company’s status as the only national provider that is able to execute ‘anywhere, anytime, across the US’ and secondly, it drives the firm’s footprint and continued expansion of jobs with no additional marketing spend.
Executive chairman Patrick DeSouza commented, ‘this win is especially exciting because of the opportunity to receive all leak detection and repair work nationally for a leading insurance company.
‘We seek to capture more and more of the $13 billion insurance market for water-related claims.’
Water Intelligence has generated good momentum over the last few months with the business-to-business insurance channel growing 25% year-on-year, up from 20% achieved last year.
