A subsidiary of Bermuda-domiciled White Mountains Insurance Group has reached an agreement with US technology company Storm Exchange aimed at providing ready access to ways of predicting the impact of weather on business and how those businesses can protect themselves through risk transfer, hedging and other devices.

Storm Exchange helps corporations involved in agriculture, energy, travel, retail and construction to reduce the financial impact of unplanned weather on earnings.

It has reached an agreement with Galileo Weather Risk Management Ltd, a subsidiary of White Mountains.

Galileo, which offers tailored financial weather risk management products to corporations and municipalities, will provide capacity and real-time pricing for contracts initiated through Storm Exchange online electronic weather exchange

"Our relationship with Storm Exchange is an opportunity to diversify our product offerings to include new risks, originating from the agriculture, construction, aviation and entertainment industries," said Martin Malinow of Galileo.

"We're confident in Storm Exchange's ability to bring end-users from these industries to the weather market through its innovative technology platform and to meaningfully increase the size of the market."

Contract limits are anticipated to be sized up to $10 million, but Galileo has the flexibility to enter into contracts with limits up to $50 million and beyond.

"Having capacity provided by Galileo is critical to offering our clients effective solutions backed by the credit of a strong financial partner," said David Riker, president & CEO of Storm Exchange. "Galileo is a leader in the weather risk management market, and it's owned by White Mountains, one of the most respected names in the insurance and financial services industries."