This press release was published by PR Newswire on April 15, 2015
Coastal Risk Consulting, LLC (CRC), helping property owners, businesses, and communities become climate ready and storm safe, announced that Trexin Consulting, LLC, a leading management and technology consulting firm, has agreed to make an in-kind $515,000 seed round investment in CRC.
CRC’s Coastal Risk Rapid Assessment™, a simple yet comprehensive online tool, provides residential and commercial customers with an analysis of flooding risk at individual properties over a standard 30-year mortgage cycle.
Albert J. Slap, CRC’s President, said “Knowing the risk of flooding of a home or business is priceless information. Over 50 million residential property owners in coastal areas, as well businesses and municipalities, now can assess the impacts on their property values and make informed decisions regarding inevitable future rising water levels.” Mr. Slap added, “CRC’s Flood Inundation Risk Score and Table (FIRST Score™) gives our customers the tools to become climate ready and storm safe.”
Jon Waddell, Trexin’s Chief Technology Officer and co-Founder, said “We recognize the huge potential of the applied analytics and data science underlying CRC’s Coastal Risk Rapid Assessment and the outstanding market opportunity it represents.”
Trexin Consulting is a leader in helping companies respond to disruptive business and technology changes by leveraging advanced analytics, cloud and other innovative capabilities. Building on Trexin’s deep financial services experience, Marvin Richardson, Trexin’s Managing Director and co-Founder declared “We envision the FIRST Score™ to be a FICO™1 -type tool. No one gets a home loan without a good FICO™ score. CRC’s FIRST Score™ is really a FICO™-type ‘flood score’ for coastal zone properties that adds a new dimension to property risk calculations.”
Mr. Slap said “In addition to providing an individual property’s future flood risk, CRC and Trexin will work with banks, mortgage lenders and insurance companies behind their firewalls to “flood score” millions of coastal properties in their portfolios. This will help those industries better manage and price the risks of coastal flooding now and in the future.”
About Coastal Risk Consulting
Coastal Risk Consulting is a Florida LLC formed in 2014. The mission of CRC is to help individuals, communities, business and government become climate ready and storm safe. CRC has developed strategic partnerships with several leading companies. CRC’s management, scientific team and board include leading professionals in the field of climate risk and sea level rise. For further information, please go to www.coastalriskconsulting.com, or see CRC’s short video here.
About Trexin Consulting
Trexin is a management consulting and IT solutions firm specializing in the application of advanced technologies that drive business value. We help our Clients devise business strategies that capitalize on disruptive changes related to technological innovation, government regulation, organizational restructuring, and business-model shifts. Our expertise is aligned with the industries that we serve, including Financial Services, Healthcare & Life Sciences, and Products & Distribution, and we have national coverage with offices in Chicago, Minneapolis, New York and San Francisco.
Download and view Coastal Risk Consulting’s Fact Sheet (Updated 6/20/2016)
1 FICO™ is a registered trademark of FICO Corporation