AIR Worldwide enters casualty modelling as parent acquires Arium

Verisk Analytics, a data analytics provider that also owns AIR Worldwide, has acquired specialist risk modelling company Arium.

AIR said the acquisition will enable it to extend its solutions beyond property to the casualty market.

"Arium is a valuable addition to the Verisk Analytics family of businesses, providing critical insurance expertise," said Mark Anquillare, executive vice president and chief operating officer of Verisk Analytics.

"Combined with AIR's leading models, Arium's solutions will now enable customers to manage their extreme event risk from both property and casualty catastrophe exposures."

Bill Churney, president of AIR Worldwide, added: "The industry has been searching for a platform and methodology to manage the complete range of its casualty risk.

"We believe Arium's capabilities will allow us to do for casualty analytics what we've already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios."

Robin Wilkinson, founder and managing director of Arium, said: "We're excited to join the Verisk Analytics family of businesses and expand AIR's offerings through our expertise in liability risk.

"Our casualty analytics platform extends well beyond product liability, enabling companies to run historical and emerging scenarios and build their own scenarios across all casualty lines to visualize how a single event can quickly spill over into other industries and their supply chains."