Napa Valley Wildfire Resiliency Summit Convenes 250 Attendees to Address Regional and Global Insurability and Risk Mitigation Challenges

Galway Holdings hosts successful, first-of-its-kind event designed to initiate an ongoing dialogue between the insurance industry, regional wineries, wildfire professionals and residential property owners

SAN FRANCISCO--(BUSINESS WIRE)--
Galway Holdings, a financial services and insurance distribution platform, is pleased to announce the successful conclusion of its Wildfire Resiliency Summit held in Napa Valley on March 9-10, 2023. This invite-only, two-day event achieved its objective of starting a dialogue and fostering collaborative efforts in the wine community to address global insurability, proactively address wildfire threats, and ultimately mitigate future wildfire loss.

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At the Wildfire Resiliency Summit that took place in March 2023, owner/proprietors from well-known wineries in the Napa Valley took the stage to share their insights and experiences in dealing with annual wildfire threats. (Photo: Galway Holdings)

The gathering brought together key constituents from Napa Valley and beyond, including insurance companies, winery owners and representatives, wildfire experts, leaders in mitigation solutions and local residents. Galway Holdings believes that a cooperative strategy is the way forward for both property owners and insurers to address wildfire exposure, extend risk transfer solutions to affected regions, and support wildfire-impacted communities.

Galway Holdings’ Executive Chairman John Hahn provided opening remarks, stressing that while this particular event was specific to Napa Valley, wildfires and insurance protections are a nationwide and global concern. This gathering served as a catalyst for action and long-term solutions to a wildfire crisis that has accelerated in recent years. Linda Reiff, the President and CEO of the Napa Valley Vintners Association, spoke next about Napa Valley as an American treasure and strong agricultural community, known for its innovation and leadership, and shared a number of examples of the collaborative efforts underway to prevent and mitigate wildfires.

As the California wine industry contributes approximately $170 billion each year to the U.S. economy, climate change-related wildfires are placing it—and the hundreds of thousands of jobs that it supports—in peril. On average, wildfire prevalence, severity, size, and costs are increasing. These wildfires place health, lives, communities, properties, and livelihoods at risk across the entire nation: more than 71 million U.S. homes were reported to have some level of wildfire risk in 2022, according to the First Street Foundation.

“Pressing issues such as wildfires necessitate bold, proactive undertakings and collaboration between the various parties affected,” said Louis Reynaud, SVP - Climate Risk Resiliency Practice Leader, Galway Holdings. “This event was a first step in bringing together these different groups to open the lines of communication, provide a forum for them to share their unique perspectives, highlight the proactive efforts that the Napa community has made, and showcase how the effectiveness of those measures should be reflected in underwriting practices.”

Following the opening remarks, the owner/proprietors from well-known wineries in the region took the stage to share their insights and experiences in dealing with annual wildfire threats. Cyril Chappellet, President and CEO of Chappellet Winery, joined Kellie Duckhorn, General Manager of Baldacci Family Vineyards and Schatzi Throckmorton, Proprietor of Relic Wine Cellars, to offer their views. They were followed by local firefighting experts and scientists, who left no doubt as to the dangers to people and property but also offered clear, actionable steps that—if implemented—can substantially reduce the risk of major wildfire loss.

Day two of the Summit featured a “boots-on-the-ground” tour of local wineries and homes, showcasing business and property owners’ efforts to protect their assets and communities. Attendees witnessed various mitigation strategies, including fuel reduction and strategic fuel breaks, emergency egress, advanced sprinkler defense systems, property hardening components, and examples of defensible spaces that help manage and contain wildfire risk in the Napa Valley region.

“Galway Holdings is committed to enriching and empowering the communities it serves. There is much we can achieve if we work together to identify solutions and coordinate meaningful next steps,” said Derek Thomas, Chief Strategy Officer, Galway Holdings and President, Galway Strategic Solutions. “Early feedback post-Summit indicates that these initial discussions are likely to serve as a springboard for transformative action. We’re already hearing from insurance carriers who are rethinking their wildfire risk.”

Galway Holdings’ affiliate companies — EPIC Insurance Brokers & Consultants, Jencap, Paragon, and MAI Capital Management — provide a unique opportunity to leverage broad market access with strategic partners in the excess and surplus (E&S), retail, and reinsurance spaces to encourage participation and partnership in reducing wildfire risk. For those who have questions about the event or would be interested in learning more about Galway Holdings’ wildfire mitigation initiatives, please contact us at climate@galwayholdings.com.

About Galway Holdings

Galway Holdings, LP, is a financial services platform focused on powering the growth of its network of companies utilizing data and technology to develop innovative next-level solutions on behalf of its clients. We empower our people with a commitment to our culture, the community and climate in an actionable manner leveraging the resources available across our platform. For more information about Galway Holdings, follow us on LinkedIn.

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Source: Galway Holdings