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.
Wood Mackenzie is hosting the Grid Edge Innovation Summit in Phoenix, Arizona on December 6-7, 2022. This event will gather industry leaders from Shell Recharge Solutions, Exelon, BMW, and General Motors to discuss electrification and grid modernization. Key topics include EV infrastructure ownership models, grid resilience, and distributed energy resource management systems.
Attendees will gain insights from experts and connect with professionals in energy services and electric vehicles.
Verisk reported third-quarter 2022 results with consolidated revenues of $745.3 million, a 1.8% decline largely due to the sale of its environmental health and safety business and the suspension of operations in Russia. Net income diminished 6.1% to $189.4 million, while adjusted EBITDA increased 1.2% to $383.5 million. Diluted EPS was $1.20, down 3.2%, but diluted adjusted EPS rose 1.4% to $1.46. The company repurchased $300 million worth of shares and approved a 31-cent dividend for December 30, 2022.
Verisk (Nasdaq: VRSK) has announced the sale of its Energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion in cash, plus up to $200 million contingent consideration. This strategic move aims to enhance shareholder value and focus Verisk on its core role in the global insurance industry. Wood Mackenzie, a leader in energy analytics for nearly 50 years, will continue to innovate under Veritas, which possesses substantial sector expertise. The deal is expected to close in Q1 2023, pending regulatory approvals.
Verisk (Nasdaq: VRSK) is assisting insurers in California to comply with new regulations regarding property coverage in wildfire-prone areas. The California Department of Insurance mandates insurers to incorporate specific wildfire mitigation factors into their rating plans. Verisk has enhanced its FireLine risk assessment solution to include required property-level mitigation measures. They are also updating their ISO Rating Manuals and providing insurers with advisory notices to facilitate compliance. This initiative is supported by collaboration with the National Fire Protection Association.
Insurance Supermarket International Inc. (ISI) has partnered with Verisk to utilize its FAST technology platform, enabling ISI to launch a digital distribution management platform for U.S. agents in just two months. This initiative positions ISI as a preferred supplier for whole life and term products. From initial discussions in May 2022, development began in July, with the distribution management project going live by early September 2022. The collaboration emphasizes rapid deployment and innovation in the life insurance market.
Verisk (Nasdaq: VRSK) has been named a 'Luminary' by Celent for its innovative anti-fraud solutions designed for property/casualty and life insurance sectors. The company excelled in the Celent Technical Capability Matrix, ranking among the top providers for Advanced Technology and Breadth of Functionality. Verisk's solutions, supported by ClaimSearch® with over 1.5 billion claims, leverage AI and automation to detect claims fraud efficiently, enhancing the claims experience for insurers.
Verisk (Nasdaq: VRSK) will announce its fiscal third quarter results on November 1, 2022, after market close. This report will detail financial highlights for the period ending September 30, 2022. The management team will host a live audio webcast on November 2, 2022, at 8:30 a.m. EST to discuss these results and provide business updates. Investors can access the press release and webcast on the Verisk investor website. A replay will be available for 30 days post-event.
Join former U.S. Secretary of Energy Dan Brouillette and leaders from various sectors at the upcoming Energy & Natural Resources Summit: Americas 2022.
Scheduled for November 3 in Houston, the summit will address critical energy market trends amidst rising oil, gas, coal, and metal prices.
Key discussions will include the global energy crisis, opportunities in low-carbon technologies, and the U.S.'s role in the new geopolitical landscape.
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