Verisk Analytics

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Verisk Analytics
Type Public
Traded as NASDAQVRSK
NASDAQ-100 Component
Industry Risk management
Founded 1971
Headquarters Jersey City, New Jersey
Key people Frank J. Coyne (Chairman)
Revenue Increase US$1.53 billion (2012)[1]
Net income Increase US$329 million (2012)[1]
Website Verisk Analytics
The Insurance Services Office building in Jersey City, New Jersey, headquarters of Verisk Analytics.

Verisk Analytics, Inc. is an American information services firm based in Jersey City, New Jersey, United States. It provides information and analytical tools for companies in the insurance, healthcare, and financial services industries, among others. The services help customers manage risks and standardize procedures. The company was privately held until its October 6, 2009, initial public offering, 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 2009.[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. Among the firm's largest shareholders, Berkshire Hathaway was the only company not to sell any of its stock in the October IPO.[2]

In the year ended December 31, 2012, the company brought in revenues of $1.53 billion, up 15.2% from $1.33 billion in 2011. It saw profits jump to $329.1 million, an increase of 16% from 2011, which saw the firm reap $282.8 million in net income.[1]

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. ISO’s functions include helping insurers in their product development, underwriting, and rating functions. 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.[3]

Since 2000, the company has acquired about 30 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.[4] In 2004, it entered the healthcare market by acquiring several businesses, through which is 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.[5] In 2010, Verisk acquired 3E Company, a provider of services that help customers comply with government-mandated environmental health and safety requirements.[6]

Corporate leadership[edit]

Members of the Verisk corporate leadership team include:[7]

References[edit]

  1. ^ a b c Verisk Analytics Incorporation Company Snapshot, CorporateInformation. Accessed September 2, 2013.
  2. ^ a b Todd, Susan. "Verisk Analytics of Jersey City raises $1.9B in stock offering", The Star-Ledger, October 8, 2009. Accessed October 8, 2009.
  3. ^ via Dow Jones Newswires "Verisk Analytics' 85.25M-Share IPO Priced At $22 Each", Wall Street Journal, October 6, 2009. Accessed October 8, 2009.
  4. ^ "ISO Acquires AIR to Deliver New Decision-Making Tools as Insurers and Reinsurers Face Increasing Extreme-Event Risk", ISO press release dated May 14, 2002. Accessed September 2, 2013. "Insurance Services Office, Inc. (ISO) has acquired Applied Insurance Research (AIR), a leading provider of risk-assessment and risk-management technology for all major natural hazards in the U.S. and 40 countries worldwide."
  5. ^ 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."
  6. ^ Staff. "Verisk Analytics To Acquire 3E Company", TheStreet.com. December 7, 2010. Accessed September 2, 2013. "erisk Analytics, Inc. (Nasdaq:VRSK), a leading source of information about risk, announced today it has signed an agreement to acquire 3E Company, a premier provider of services that help companies comply with government-mandated environmental health and safety (EH&S) requirements relating to workplace safety and product stewardship."
  7. ^ Verisk Leadership, Verisk. Accessed September 2, 2013.