Verisk Analytics

Last updated
Verisk Analytics, Inc.
Company type Public
Industry Data analytics and risk assessment
Founded1971;53 years ago (1971)
Headquarters Jersey City, New Jersey, U.S.
Key people
RevenueIncrease2.svg US$2.68 billion (2023)
Decrease2.svgUS$1.13 billion (2023)
Decrease2.svgUS$614 million (2023)
Total assets Decrease2.svgUS$4.37 billion (2023)
Total equity Decrease2.svgUS$310 million (2023)
Number of employees
c. 7,500 (2023)
Subsidiaries
Website www.verisk.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1]

Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.

Contents

The company was privately held until an initial public offering on October 6, 2009, which raised $1.9 billion for several of the large insurance companies that were its primary shareholders, making it the largest IPO in the United States for the year. [2] The firm did not raise any funds for itself in the IPO, which was designed to provide an opportunity for the firm's casualty and property insurer owners to sell some or all of their holdings and to provide a market price for those retaining their shares. The 2009 IPO was priced at $22 per share for 85.25 million shares owned by its shareholders, including American International Group, The Hartford and Travelers, making it the largest since the 2008 IPO for Visa Inc. In an action described by investment research company Morningstar as a "vote of confidence" in Verisk, Berkshire Hathaway was the only company among the firm's largest shareholders that did not sell any of its stock in the October 2009 IPO. [3]

History & Acquisitions

The company's Insurance Services Office (ISO) subsidiary was created in 1971 through the consolidation of various state, regional, and national rating bureaus for various lines of property/casualty insurance. [1] ISO helps insurers with product development, underwriting, and rating. In 2008, Verisk Analytics was established to serve as the parent holding company of ISO. In 2009, Verisk completed its IPO and became a publicly traded company. [4]

Since 2000, the company has acquired about 40 new businesses, which have helped broaden its product offerings. In 2002, it expanded its decision analytics business with the acquisition of AIR Worldwide, a catastrophe modeling firm. [5] In 2004, it entered the healthcare market by acquiring several businesses, through which it offers analytical and reporting systems for health insurers, provider organizations, and self-insured employers. In 2006, the company expanded in the insurance claims sector with the acquisition of Xactware, a provider of estimating software for building repair and construction. [6] In 2010, Verisk acquired 3E Company, a provider of services that help customers comply with government-mandated environmental health and safety requirements. [7]

In 2012, Verisk acquired Argus & Advisory Services, a provider of competitive benchmarking, analytics, and customized services to financial institutions and regulators in North America, Latin America, and Europe. [8] Also in 2012, Verisk acquired Aspect Loss Prevention, a loss prevention software developer for retail, entertainment, and food industries; [9] and MediConnect Global, Inc., which develops software for medical records aggregation and analysis. [10]

In 2014, Verisk acquired Maplecroft, a provider of global risk analytics and advisory services, [11] and Dart, a provider of benchmarking financial services for companies operating in Australia, New Zealand, and other Asia-Pacific markets. [12] Then in 2015, Verisk acquired Wood Mackenzie, a data analytics and commercial intelligence company for energy, chemicals, metals, and mining industries, in a deal valued at $2.8 billion. [13] Verisk later acquired PowerAdvocate, a provider of data analytics and consulting services for the utilities and oil & gas industries, in 2017 for approximately $280 million. [14]

Verisk also currently owns and operates Atmospheric and Environmental Research (AER), a research agency headquartered in Lexington, Massachusetts. [15] AER conducts environmental studies with a focus on weather and climate research in order to provide risk assessment and analysis for various clients such as NOAA, NASA, and the United States Armed Forces. [16]

Wood Mackenize was sold to Veritas Capital in October 2022 in a deal valued at $3.1 billion. [17]

In December 2022, Verisk announced that it had entered into an agreement to acquire Mavera, a Sweden-based insurtech firm that operates a personal injury claims management platform. [18]

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References

  1. 1 2 "Verisk Analytics, Inc. 2023 Annual Report (Form 10-K)". SEC.gov. U.S. Securities and Exchange Commission. 21 February 2024.
  2. ↑ Todd, Susan (8 October 2009). "Verisk Analytics of Jersey City raises $1.9B in stock offering". No. Business. United States: The Star-Ledger. New Jersey On-Line LLC. Retrieved 8 October 2009.
  3. ↑ Wahba, Phil (6 October 2009). "UPDATE 2-Verisk IPO raises $1.88 bln, prices above range". No. Fund News. New York, N.Y., United States: Reuters. Thomson Reuters. Retrieved 6 July 2016.
  4. ↑ via Dow Jones Newswires "Verisk Analytics' 85.25M-Share IPO Priced At $22 Each", The Wall Street Journal , October 6, 2009. Accessed October 8, 2009.
  5. ↑ "ISO ACQUIRES AIR TO DELIVER NEW DECISION-MAKING TOOLS AS INSURERS AND REINSURERS FACE INCREASING EXTREME-EVENT RISK", Verisk Analytics, May 14, 2002. Accessed July 30, 2015.
  6. ↑ Staff. "ISO Acquires Xactware", Insurance Journal, August 14, 2006. Accessed September 2, 2013. "ISO has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries."
  7. ↑ Shankar, Archana; Kakkrakandy, Jarshad (7 December 2010). "Verisk to buy privately held 3E for $110 million". No. Deals. Bangalore: Reuters. Thomson Reuters. Retrieved 30 July 2015.
  8. ↑ Buhayar, Noah; Norton, Steven (8 August 2012). "Verisk Says Build It Once, Sell It Many Times After Deal". No. Deals. United States: Bloomberg Businessweek. Bloomberg L.P. Retrieved 30 July 2015.
  9. ↑ Staff. "Verisk Analytics acquires Aspect Loss Prevention for $8M", Yahoo! Finance, June 15, 2012. Accessed July 30, 2015.
  10. ↑ Fitzgerald, Drew (24 March 2012). "Verisk Analytics to buy MediConnect for $348.6M". No. Stocks. United States: MarketWatch. Dow Jones & Company Inc. Retrieved 30 July 2015.
  11. ↑ Cao, Jing (8 December 2014). "Verisk Buys U.K.'s Maplecroft for Geopolitical Risk Analytics". United States: Bloomberg Businessweek. Bloomberg L.P. Retrieved 30 July 2015.
  12. ↑ "Verisk Analytics FORM 10-K for End of 2015 Fiscal Year". www.sec.gov. Retrieved 2020-04-26.
  13. ↑ Kent, Sarah. "Verisk Analytics to Buy Wood Mackenzie for $2.8 Billion; Acquisition of energy consultancy boosts U.S. company’s international exposure", The Wall Street Journal , March 10, 2015. Accessed July 30, 2015.
  14. ↑ Zacks Equity Research. "Verisk Buys PowerAdvocate to Boost Energy Sector Presence", Nasdaq , December 01, 2017.
  15. ↑ "Atmospheric and Environmental Research", Verisk Analytics. Accessed August 17, 2017.
  16. ↑ "About Us", Atmospheric and Environmental Research. Accessed August 17, 2017.
  17. ↑ "Verisk to sell Wood Mackenzie unit to PE firm for $3.1 bln", Reuters, October 31, 2022. Accessed December 28, 2022. "Verisk Analytics Inc (VRSK.O) said on Monday it had agreed to sell its energy research and consulting unit Wood Mackenzie to private equity firm Veritas Capital for $3.1 billion, as the data analytics firm looks to streamline its business to focus on insurance."
  18. ↑ Lindner, Linda. "Verisk to acquire Sweden-based insurtech firm Mavera", ROI-NJ.com, December 27, 2022. Accessed December 28, 2022. "Verisk said Friday it will acquire Mavera, a Sweden-based insurtech firm with a strong regional presence and established customer base for its personal injury claims management platform."
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