Chubb acquires StreamLabs
Chubb announced that it has acquired the business of StreamLabs Water from Australia-based Reliance Worldwide Corporation Limited (RWC). StreamLabs offers Internet of Things (IoT) enabled water monitoring, leak detection, and water shut-off products. With the addition of StreamLabs, Chubb clients will have the ability to select from a broader range of water monitoring and leak detection products than is currently available. The financial terms of the transaction were not disclosed.
StreamLabs was founded in 2010 and acquired by RWC in 2016. In addition to its monitoring, detection and shut-off products, the business’s mobile app enables users to manage alert settings for leaks and view historical and real-time water usage. The StreamLabs technology platform was built in the cloud and is modular by design, allowing ‘seamless’ additions of new hardware as well as integration with other platforms and service providers. StreamLabs products are currently sold to consumers through plumbers, big box retailers, ecommerce sites and insurance agencies.
“The evolution of insurance from a model of ‘repair and replace’ to ‘predict and prevent’ is changing the relationship between insurers and their customers. The addition of StreamLabs – its technology, people, patents, products and potential – will meaningfully expand the breadth of IoT devices and capabilities that Chubb can deliver to our consumer and commercial clients. All of us, including our colleagues in IoT, risk engineering, Personal Risk Services and commercial P&C, are delighted to welcome to Chubb the StreamLabs team, which has worked together for years and brings significant technical and industry experience. We look forward to working with them to add StreamLabs products to Chubb’s IoT toolkit and, over time, develop new products and expand distribution.” – Sean Ringsted, Executive Vice President, Chubb Group and Chief Digital Officer and Chief Risk Officer.
“My StreamLabs colleagues and I are excited to become part of Chubb, which has long been a leader in working with clients to predict and prevent losses. We’re proud of what we’ve built at StreamLabs, including developing innovative technology, winning 59 patents, and introducing industry-leading products at attractive price points. We know there is so much more we can do as part of Chubb for customers in residential, commercial and industrial markets.” – Frank Mess, a Director at StreamLabs who will serve as Director of Engineering.