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.
Mile Auto has partnered with Verisk (Nasdaq: VRSK) to enhance its telematics-based car insurance offerings for low-mileage drivers. This integration allows Mile Auto to provide personalized quotes based on verified mileage data collected from connected cars. Using Verisk's DrivingDNA Mileage and Discount Alert, users can save up to 40% on premiums. This collaboration represents a significant step towards enhancing insurance accessibility and affordability for drivers in states like Arizona, California, and Texas.
Verisk (Nasdaq:VRSK) has partnered with Ametros to enhance its professional administration services for clients handling insurance claims with future medical liability. This collaboration aims to provide clients with superior service through Ametros' expertise in post-settlement medical care coordination. Ametros manages $3 billion of post-settlement medical allocations, leveraging its CareGuard™ platform. The transition of services will start in March 2022, ensuring continued top-tier support for Verisk's customers during the process.
New Mountain Capital has completed the acquisition of 3E from Verisk (Nasdaq: VRSK) with New Mountain acting as the control investor. 3E specializes in environmental health and safety data and software solutions, serving over 5,000 clients, including top global chemical manufacturers and pharmaceutical companies. The partnership aims to leverage New Mountain's expertise to enhance 3E's market position, focusing on product innovation, market expansion, and strategic acquisitions to meet evolving global regulations and sustainability demands.
Verisk has entered into an agreement with Ford to provide connected car data to insurers in the UK, France, Germany, Italy, and Spain. This partnership will enable insurers to access standardized driving behavior data from Ford vehicles, allowing for improved risk assessment and personalized insurance offerings. The initiative focuses on usage-based insurance, rewarding safe driving with discounts. This expansion in Europe follows a successful collaboration in the United States, augmenting Verisk's capabilities in telematics solutions.
Verisk (Nasdaq: VRSK) has acquired Opta, a premier property intelligence provider in Canada, enhancing its market presence and data-driven services in the region. This strategic acquisition will allow Verisk to integrate Opta's advanced analytics and technology, improving risk management solutions for the insurance and financial sectors. With over a century of expertise, Opta is a leader in property risk intelligence and community fire protection data. The merger positions Verisk to further optimize operational efficiencies and expand its offerings in the insurance ecosystem.
Verisk collaborates with Infosec Institute to enhance cyber risk mitigation for businesses. Insurers utilizing the ISO Cyber Insurance Program can now offer discounts on Infosec's role-guided cybersecurity training. This partnership addresses the growing threat of cybercrime, emphasizing the importance of employee education in preventing data breaches, which can incur substantial costs. The program incorporates comprehensive training resources, including a unique Cybersecurity Culture Survey to assess organizational security attitudes. This initiative represents a significant step in building cyber resilience.
Verisk (Nasdaq: VRSK) has announced the acquisition of Infutor, a leader in identity resolution and consumer intelligence data. This strategic move enhances Verisk's marketing solutions, particularly within the insurance sector. By integrating Infutor with Jornaya, acquired in 2020, the new entity, Verisk Marketing Solutions, aims to provide comprehensive data-driven strategies while prioritizing consumer privacy. Demand for Infutor's services is growing as companies navigate a future without third-party cookies, emphasizing the importance of first-party data enrichment in today's marketing landscape.
Verisk (Nasdaq: VRSK) reported consolidated revenues of $766.0 million for Q4 2021, marking a 7.4% increase year-over-year. However, net income fell 19.5% to $141.9 million, primarily due to a $134.0 million non-cash impairment charge. Adjusted EBITDA rose 9.0% to $375.0 million, while diluted EPS decreased to $0.87 but adjusted EPS increased 15.7% to $1.47. Operating cash flow declined 24.2% to $188.6 million, and free cash flow decreased 41.5% to $103.3 million. The board approved a 6.9% dividend increase to 31 cents per share, effective March 31, 2022.
Verisk (Nasdaq: VRSK) announced a definitive agreement to sell its Verisk Financial Services business to TransUnion (NYSE: TRU) for $515 million in cash.
This strategic move aligns with Verisk's portfolio review to enhance focus on core operations and shareholder value. In 2021, Verisk Financial generated $143 million in revenue and $23 million in adjusted EBITDA. Proceeds from the sale will be returned to shareholders through share repurchases. The transaction is awaiting regulatory approval and is expected to close in Q2 2022.
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