Steadfast boosts risk offering with investment in fire detection specialist

Steadfast has made a “strategic” investment in Flame Security International, a fire detection and protection specialist headquartered at the University of New South Wales.

The fire specialist – which traces its roots to Sweden – and the university have established an R&D team of chemists and chemical engineers to develop a wide range of fire detection, suppression and protection products.

Steadfast says the investment – made via its risk management arm Steadfast Risk Group – will strengthen its offerings as climate change increases extreme hazard events such as bushfire.

“We’re pleased to be partnering with Flame Security International, which is at the forefront of developing innovative and sustainable products to defend against the devastating impacts of fire,” EGM Corporate Development Martyn Thompson 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, while building resilience measures to protect people, structures and the environment from fire threats and the risk of rising insurance premiums.”

He says insurance clients will “potentially” need to claim on their policies more frequently as climate change impacts Australia in the form of more frequent extreme natural hazard events such as bushfires.

As part of the strategic investment, Steadfast intends to work with insurer partners, broker network and the wider community to promote FSI’s fire products, following regulatory approvals.

FSI protection solutions are the products of extensive Australian and Swedish research and development, including world first technologies for solar and defence applications.

The fire protection specialist has received considerable support from the Australian and Victorian governments as well as the Department of Defence and Australian industry partners.

Flame Security MD Justin Rooney says the Steadfast investment will accelerate the commercialisation of its” efficient” fire protection products in Australia and globally.

“[We] welcome Steadfast as a cornerstone investor and technical collaborator in tackling the global human, commercial and environmental threats faced by our communities and businesses around fire risk and sustainability, with an economically viable solution,” he said.