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Speedwell Weather Derivatives announces the acquisition of WeatherXchange Ltd’s data business

April 27 2006

Speedwell Weather Derivatives is pleased to announce the acquisition of the weather data and forecast business known as weatherXchange. This business will continue to be run by Phil Hayes, who was Head of Data and Forecast Products at weatherXchange and who has now joined the Speedwell team.

Phil Hayes will use his 20 years’ of meteorological knowledge combined with his
considerable experience in the provision of weather data and forecasts to service both the existing client base and to expand Speedwell’s products and services into the growing weather and energy markets.

As has been the case for the last 6 years, the Speedwell Weather System will remain a system open to any data and forecast vendor that our clients request.

The acquisition ensures that Speedwell are able to further develop and enhance the functionality of forecast product integration demanded by the weather and energy markets and to expand the resources available to weather and energy related consultancy clients.

Biography – Phil Hayes

Phil Hayes joined the operational observing section of the UK Met Office in 1984
working in both civil and military departments as an observer and quality control
supervisor for northern England. From 1993 he moved into the operational forecasting office in London as manager of IT and observing systems, working as part of the team supplying forecast products to the BBC and a range of commercial customers. In 1997 Phil moved to the Met Office headquarters as head of the forecaster workstation development project which produced the software used by the Met Office forecasters today. After a brief spell working with WMO in Africa installing technical systems and working at the African Centre for Meteorological Applications Development (ACMAD) he returned to the UK to head a project that delivered the award winning Time and Place weather service for the (then) new WAP and mobile phone industry.

In 2001 Phil was invited to head the development project to deliver a range of products and services for the newly formed WeatherXchange Ltd. Here he helped develop the unique site-specific ensemble forecast products for the weather risk market in the United States and Europe together with a range of high quality weather data products. In 2002 he joined weatherXchange, managing the IT and web development until 2003 when he assumed responsibility for sales and marketing.