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| 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 3, 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
Topic: Merger & Acquisition
Source: Verisk Analytics, Inc.
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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