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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 (Nasdaq: VRSK) announced the retirement of Scott G. Stephenson as Chairman, President, and CEO, effective after the 2022 Annual Shareholder Meeting. Lee M. Shavel, current CFO, will succeed him as CEO, while Mark V. Anquillare will assume the role of President. Stephenson's tenure saw the company nearly double its annual revenue and triple its market capitalization. Shavel has contributed significantly to the company's financial strategy, while Anquillare has been vital in growing Verisk's insurance vertical.
Verisk Reports Underwriting Loss Amid Rising Non-Catastrophe Losses
Verisk (Nasdaq: VRSK) revealed a $5.6 billion net underwriting loss for U.S. property/casualty insurers in the first nine months of 2021, attributed to a 14.1% increase in personal auto liability losses. The industry's combined ratio worsened to 99.5% from 98.8% year-over-year, while net income after taxes rose to $42.1 billion, driven by premium growth and investment gains. Written premium growth accelerated to 9.4%, reflecting economic recovery. However, challenges persist with rising inflation and climate-related risks impacting the sector.
Verisk (Nasdaq: VRSK) announced that Pacific Life's Pacific Elite Term insurance product is now live using Verisk's FAST platform, essential for new business, policy management, and claims processing. This launch aligns with Pacific Life's ongoing digital transformation aimed at enhancing customer experience and operational efficiency. The FAST platform enables insurers to quickly launch complex products, reflecting flexibility and adaptability in an evolving market. Verisk's solutions apply advanced analytics and automation to improve the lifecycle of life insurance policies.
Verisk has announced an integration with HOVER that enables insurance carriers and policyholders to streamline property claims estimation. The HOVER app converts smartphone photos of properties into interactive 3D models with precise measurements. This data can be imported directly into Verisk's Xactimate, expediting the estimation of repair costs. The integration aims to improve efficiency for adjusters, allowing remote claim resolutions. A demonstration will occur on February 15-16 during Verisk Elevate 2022 in Salt Lake City, Utah.
Verisk (Nasdaq:VRSK) will announce its financial results for the fourth quarter ending December 31, 2021, on February 22, 2022, after the market closes. Investors can access the press release and financial details on the Verisk investor website. A live audio webcast discussing the financial results will take place the following day, February 23, 2022, at 8:30 a.m. EST. The replay will be available for 30 days. Verisk specializes in predictive analytics for various industries, with over 70% of the FORTUNE 100 leveraging its solutions.
Verisk (Nasdaq: VRSK) has entered an agreement to sell its 3E business to New Mountain Capital for up to $950 million. The transaction includes $630 million cash at closing, with additional earnouts based on 3E's performance in 2023 and 2024. 3E provides compliance solutions for industries managing regulatory compliance and environmental health. Verisk acquired 3E for $107 million in 2010. This sale is part of Verisk's strategy to optimize its portfolio and return proceeds to shareholders through buybacks, subject to closing conditions and regulatory approvals.
Verisk, a leading data analytics provider, has been recognized as a Great Place to Work for the sixth consecutive year, based on employee feedback. A survey indicated that 83% of employees feel it’s a great workplace, significantly higher than the 59% average in U.S. companies. Verisk emphasizes professional development, wellness programs, and volunteer initiatives, contributing to a positive workplace culture. Additionally, Verisk has received similar certifications in the UK, Spain, and India, highlighting its commitment to an inclusive and supportive work environment.
Verisk (NASDAQ: VRSK) has been certified as a Great Place to Work for the second consecutive year in the UK and Spain. This recognition is based on employee feedback regarding workplace culture, with 89% of employees feeling welcomed. The company emphasizes employee well-being through various wellness programs and encourages community involvement via Volunteer Week. Verisk continues to expand its certifications globally, affirming its commitment to a diverse and inclusive work environment.
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