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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 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.
On February 9, 2023, Verisk (Nasdaq: VRSK) and Hyundai Motor America announced the renewal of their partnership to analyze telematics data from Hyundai and Genesis vehicle owners. This renewal allows insurers to access driving data, potentially translating into savings for policyholders. Verisk's expertise in insurance analytics has contributed to a significant increase in usage-based insurance (UBI) transactions, which have more than doubled in the past year. This collaboration aims to enhance the UBI program, providing insurers with valuable insights from the Verisk Data Exchange, a leading telematics platform that serves major auto insurers across North America.
Verisk (Nasdaq: VRSK) and HOVER have announced an enhanced collaboration to automate the claims resolution process for insurance providers. This partnership aims to improve cycle times, estimating accuracy, and customer satisfaction.
The integration enables carriers to streamline the claims lifecycle, allowing policyholders to capture property damage photos directly through Xactimate. These are transformed into comprehensive measurement packages, enhancing efficiency. The move addresses the industry's challenges of experienced adjuster shortages and rising costs, with both companies committed to advancing digital transformation in insurance.
Hosta A.I. has announced its integration with Verisk to streamline the remote property assessment process. This integration will be showcased at Verisk Elevate 2023 in Salt Lake City, Utah, on February 7-8. Hosta A.I.'s technology allows policyholders to upload just 4-6 images per room, enabling quick damage detection and cost estimation without the need for onsite assessments. This innovation aims to enhance the efficiency of claims processing for insurers and improve the overall claims experience. Hosta A.I. emphasizes the goal of making property assessments faster and more convenient for all stakeholders involved.
On February 6, 2023, Verisk (Nasdaq: VRSK) announced a collaboration with Tractable to enhance property damage assessment through AI technology. This integration allows Verisk's Xactimate platform to automate property claims processing, reducing settlement time from months to as little as one day. By utilizing Tractable's AI, insurers can efficiently identify and measure property damage via a user-friendly mobile app. This partnership aims to improve the claims experience amidst increasing weather-related damage, providing a timely solution for insurers and policyholders alike.
Veritas Capital has completed the acquisition of Wood Mackenzie from Verisk (Nasdaq: VRSK). This strategic move positions Wood Mackenzie as an independent company, enhancing its ability to provide critical analytics in the energy and renewables sector. Wood Mackenzie, which has been in operation for nearly 50 years, is set to leverage its industry expertise under the leadership of newly appointed CEO Mark Brinin and COO Joe Levesque. Veritas, managing over $40 billion in assets, aims to drive growth and innovation within Wood Mackenzie, focusing on the global energy transition.
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