Verisk reveals $87m Rulebook acquisition for expansion
Verisk Analytics, a provider of property/casualty (P&C) insurance risk information, has acquired London-based Rulebook for $87 million in cash.
Rulebook is a provider of business intelligence and software solutions for the London insurance market. Its pricing engine is used for internal pricing and underwriting as well as external distribution for the specialty insurance market, according to a corporate statement.
Verisk said the acquisition will enable it to enhance its position as a provider of insurance software solutions to the global specialty market. In addition, Verisk expects the acquisition to generate an attractive return in excess of Verisk's cost of capital.
The transaction is expected to be accretive to 2019 adjusted earnings per share (EPS), and is likely to close in the fourth quarter of 2018.
"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 Verisk unit 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."
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."
Andy Galli, managing director of Rulebook, commented: "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. We offer a unique value proposition that will be further enhanced by leveraging synergies and collaborating with other Verisk businesses and their data analytics."
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
The Hartford snaps up MGU Y-Risk; hires team
AM Best picks Amsterdam for new Europe unit post-Brexit
NSM acquires KBK Insurance for North America expansion
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze