Verisk Analytics
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Verisk Analytics corporate headquarters in Jersey City, New Jersey
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| Public | |
| Traded as |
NASDAQ: VRSK NASDAQ-100 Component S&P 500 Component |
| Industry | Data analytics and risk assessment |
| Founded | 1971 |
| Headquarters | Jersey City, New Jersey |
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Key people
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Scott G. Stephenson (Chairman, President and Chief Executive Officer) |
| Revenue | US$2.1 billion (2015) |
| US$507.6 million (2015) | |
| Website | Verisk Analytics |
Verisk Analytics, Inc. is an American data analytics and risk assessment firm based in Jersey City, New Jersey, United States, serving customers worldwide in insurance, natural resources, financial services, government, and risk management. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and other fields.
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. 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.
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 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.
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. 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. In 2010, Verisk acquired 3E Company, a provider of services that help customers comply with government-mandated environmental health and safety requirements.
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Wikipedia