Welcome to our dedicated page for Verisk Analytics news (Ticker: VRSK), a resource for investors and traders seeking the latest updates and insights on Verisk Analytics stock.
Verisk Analytics, Inc. (Nasdaq: VRSK) is a leading provider of data analytics solutions, serving various sectors including insurance, energy, healthcare, financial services, government, and risk management. Leveraging advanced technologies, Verisk collects and analyzes billions of records to deliver predictive analytics and decision support solutions. These solutions are pivotal in areas like fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk management, and data management.
Verisk is renowned for its comprehensive suite of tools designed to help insurance providers assess and price risks more accurately, optimize operational efficiency, and improve claim settlement processes. The company's contributory database and proprietary data assets form the backbone of these analytical tools.
Recently, Verisk has taken significant steps to enhance its offerings and expand its market presence. In March 2024, Verisk announced a strategic integration with Seek Now, a claims inspection service, to improve processing times for claim resolutions. This integration is designed to streamline the damage assessment process, offering adjusters increased flexibility and accuracy, leading to better claims outcomes and enriched policyholder experiences.
Further, Verisk launched its Next Generation Models (NGM) in April 2024, a suite of over 100 catastrophe models aimed at improving global catastrophe modeling and risk analysis. These models are part of Verisk's Touchstone platform, which aids insurers and reinsurers in evaluating risks and mitigating potential losses more effectively.
Financially, Verisk reported robust results for the first quarter of 2024, with consolidated revenues of $704 million, up 8%, and adjusted EBITDA of $380 million, a growth of 11.8%. The company's financial health is further reflected in its strategic repurchase of $200 million of common shares and a 15% increase in its cash dividend to 39 cents per share.
Verisk's commitment to innovation and efficiency is evident through its launch of new products, integration with advanced technologies, and continuous expansion of its global footprint. The company remains a vital partner in helping clients navigate complex risk landscapes, enhance resilience, and make informed decisions about global risks including climate change, extreme events, and political issues.
To stay updated with the latest news and developments about Verisk Analytics, visit www.verisk.com.
Verisk (Nasdaq: VRSK), a premier data analytics provider, has successfully increased participation in its ISO Statistical Database, adding over 100 property and casualty insurers in the past three years. This expansion will enhance the database by more than 25%, which currently holds over 32 billion records of premiums and losses. These data enhancements are essential for insurers, improving their decision-making in critical areas such as ratemaking and product development. Verisk’s recent updates to statistical services include flexible data formats and automated quality controls, making it easier for insurers to contribute valuable data.
Verisk and APCIA report a significant decline in the U.S. property/casualty insurance industry for 2022, with a net underwriting loss of $26.9 billion, the largest since 2011. This marks a drastic increase from the $3.8 billion loss in 2021. Net income also dropped 33.6% to $41.2 billion. Incurred losses rose 14.1%, while earned premiums increased by 8.3%. The combined ratio worsened to 102.7%. Fourth-quarter income fell to $10.3 billion, with net underwriting losses of $5.5 billion. Insurers face challenges from rising costs and natural disasters as they strive for profitability in a tough market.
Verisk (Nasdaq: VRSK) has launched a new product suite, Real-Time Decisions, designed to enhance marketing efforts for considered purchases such as insurance. This suite allows marketers to make immediate, data-driven decisions during consumer interactions, improving customer experiences and conversion rates. It includes five configurable features: Identity Scoring, Attribute Enrichment, Lead Intelligence, Guardian, and Identity Completion. The launch follows a successful early adopter program, validating essential use cases across various industries, leveraging data assets from acquired companies Jornaya and Infutor.
Verisk (Nasdaq: VRSK) held its Investor Day on March 14, 2023, in Jersey City, NJ, outlining its growth strategies and financial goals for 2025. The company targets 6%-8% annual organic constant currency revenue growth and 7%-10% adjusted EBITDA growth. Verisk aims for 54%-56% adjusted EBITDA margins in 2024, with further expansion in 2025. CEO Lee Shavel emphasized the importance of becoming a dedicated data analytics partner for the global insurance industry, aiming to deliver value and returns for shareholders. Presentations are available via webcast.
Verisk Analytics (Nasdaq: VRSK) announced the execution of accelerated share repurchase agreements worth $2.5 billion with Citibank and Goldman Sachs as part of its existing share repurchase program. The agreements will see an initial delivery of approximately 10.7 million shares back to the company, with total repurchased shares dependent on the average share price during the calculation period. Settlement is expected by December 31, 2023. Following this action, $941.3 million remains available for additional repurchases, potentially enhancing shareholder value and earnings per share (EPS) over time.
Verisk Analytics, Inc. (Nasdaq: VRSK) announced the pricing of $500 million in 5.750% Senior Notes due 2033. The offering is set to close on March 7, 2023, pending customary closing conditions. The net proceeds will be used for general corporate purposes, including stock repurchases and repayment of amounts under the revolving credit facility. BofA Securities and HSBC Securities are the joint book-running managers for this offering. The Notes will be offered under an effective shelf registration filed with the SEC.
Verisk (Nasdaq: VRSK), a global leader in data analytics, will host an Investor Day on March 14, 2023, from 8 a.m. to 12 p.m. ET at the Hyatt Regency Jersey City. Key executives, including President and CEO Lee Shavel and CFO Elizabeth Mann, will lead discussions and presentations on the company's strategies and solutions. Attendees can also engage in demonstrations of Verisk's innovations. Additionally, Mann is set to present at the Bank of America 2023 Information and Business Services Conference on March 16 at 11:15 a.m. ET. More details can be found on Verisk's investor site, accessible via their news link.
Verisk (NASDAQ: VRSK) reported revenues of $630.4 million for Q4 2022, reflecting a marginal increase and an 8.1% growth on an organic constant currency (OCC) basis. Income from continuing operations rose 82.4% to $215.8 million, driven by earlier impairment reversals. Adjusted EBITDA was $332.0 million, marking a 4.1% increase. Diluted EPS increased by 87.7% to $1.37, supported by revenue growth and operational leverage. Net cash from operating activities was $249.0 million, up 32.0%, while free cash flow saw a 63.9% increase to $169.3 million. A dividend increase to 34 cents per share was announced for March 2023.
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