Verisk to Acquire Rulebook
Combined power of Rulebook acquisition and Sequel enhances Verisk's position as a leading provider of insurance software solutions to the global specialty market
JERSEY CITY, N.J., Dec 03, 2018 - (ACN Newswire) - Verisk (Nasdaq:VRSK), a leading data analytics provider, has signed a definitive agreement to acquire Rulebook, an industry-leading provider of business intelligence and software solutions for the London Insurance Market.
Rulebook's proprietary, uniquely distinctive pricing engine can be used for internal pricing and underwriting as well as external distribution for the specialty insurance market through its Rulebook Hub platform. Rulebook also has a data analytics offering that develops business intelligence solutions for clients to enable historical, current, and predictive views of business operations.
Rulebook's pricing engine is used by some of the leading carriers in the London specialty insurance market to build underwriting rules for complex specialty insurance products through a simple, easy-to-use web-based platform. Through its platform, Rulebook provides clients with greater accuracy and better control over the pricing and distribution process, thus facilitating consistency and improving regulatory reporting and compliance.
"The acquisition will expand Verisk's existing offerings to the specialty insurance market by adding Rulebook's proprietary pricing and management information engines to Sequel's specialized software suite," said Ian Summers, CEO of Sequel. "These enhanced offerings will provide our customers with more efficient methods of distribution and significantly improved data analytics capabilities. The complementary applications give us a unique opportunity in our sector to complete the value chain, driving data through the process from broker to underwriter and quote through to claims settlement."
"We're very excited to join Verisk, as this will accelerate our growing business by providing greater access to global markets and Verisk's existing international customers," said Andy Galli, managing director of Rulebook. "We offer a unique value proposition that will be further enhanced by leveraging synergies and collaborating with other Verisk businesses and their data analytics."
Mark Anquillare, chief operating officer of Verisk, added, "Rulebook is a Verisk-like business that furthers our goal of providing leading solutions to the global insurance market, including a comprehensive chain of solutions to specialty insurers for mitigating risk and optimizing total cost of operations."
The purchase price is $87 million in cash, funded through cash on hand and existing bank facilities, subject to typical closing adjustments. The transaction is expected to be accretive to 2019 adjusted EPS. In addition, Verisk expects the acquisition to generate an attractive return in excess of Verisk's cost of capital. The transaction is expected to close in the fourth quarter of 2018, subject to the completion of customary closing conditions.
Verisk will discuss the transaction and Rulebook's solutions and business in greater detail at its upcoming Investor Day on December 6, 2018.
About Rulebook
The Rulebook suite of products is the combination of a powerful rules engine and an insurance underwriting and broking desktop, together with a comprehensive analytics capability that enables clients to transact with and learn from their data for even the most complex lines of specialty insurance business. Rulebook supports companies primarily in the London Insurance Market but increasingly internationally. Founded in 2002, Rulebook is headquartered in London. For more information, visit www.rulebook.com.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500(R) Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Contact: Investor Relations Stacey Brodbar Head of Investor Relations Verisk 201-469-4327 stacey.brodbar@verisk.com
Media Frank Lentini Edelman (for Verisk) 212-704-4425 frank.lentini@edelman.com
###
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Verisk Analytics Inc. via Globenewswire
Source: Verisk Analytics, Inc.
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan Apr 26, 2024 10:00 JST
| Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024 Apr 25, 2024 18:21 JST
| MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park Apr 25, 2024 17:45 JST
| GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series Apr 25, 2024 16:50 JST
| Toyota Exhibiting at Beijing Motor Show 2024 Apr 25, 2024 16:25 JST
| Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada Apr 25, 2024 11:10 JST
| UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh Apr 25, 2024 09:00 JST
| Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date Apr 24, 2024 17:19 JST
| MC and Denka Sign J/V Agreement in Fullerene Business Apr 24, 2024 17:02 JST
| Mitsubishi Motors Posts Record Sales in the Philippines in FY2023 Apr 24, 2024 13:56 JST
| NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance Apr 24, 2024 13:25 JST
| Fujitsu SX Survey reveals key success factors for sustainability Apr 23, 2024 10:25 JST
| Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions Apr 22, 2024 16:09 JST
| NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II Apr 22, 2024 15:09 JST
| Soft Space Launches the First and Only JCB Payment Gateway in Malaysia Apr 22, 2024 15:00 JST
| TOYOTA GAZOO Racing takes a one-two in Croatian thriller Apr 22, 2024 10:47 JST
| First-ever Mazda CX-80 Crossover SUV Unveiled in Europe Apr 19, 2024 13:50 JST
| Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces Apr 19, 2024 10:17 JST
| Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas Apr 18, 2024 17:01 JST
| Toyota Launches All-New Land Cruiser "250" Series in Japan Apr 18, 2024 13:39 JST
|
More Latest Release >>
|