Verisk Analytics, Inc. - VRSK STOCK NEWS

Verisk (Nasdaq: VRSK) has acquired Data Driven Safety, a public record data aggregation firm specializing in driver risk assessment, to enhance its auto insurance analytics. This acquisition expands Verisk’s data capabilities, allowing insurers to better assess risk and improve customer experiences. With access to extensive driver risk records, Verisk aims to provide insurers with cost-effective solutions for underwriting. The transaction is expected to advance digital transformation strategies in the insurance sector, promoting public safety by incentivizing safe driving.

Verisk (Nasdaq:VRSK) reported consolidated revenues of $759.0 million for Q3 2021, marking an 8.0% increase. Net income rose 8.6% to $201.7 million. Adjusted EBITDA was $378.8 million, up 3.5%. Diluted EPS increased 10.7% to $1.24, with diluted adjusted EPS up 9.1% to $1.44. Operating cash flow surged 37.7% to $285.2 million. The company paid out a cash dividend of 29 cents per share and repurchased $150 million of shares in Q3. The management plans potential portfolio changes within the next two to three quarters.

Wood Mackenzie, a Verisk business (Nasdaq: VRSK), announces its launch of the Solar Series 2021 and Energy Storage Series 2021. The virtual events will run from November 2 to November 18, focusing on critical issues affecting the U.S. solar and energy storage industries.

Guest speakers include leaders from the U.S. Department of Energy and major renewable power firms. The series aims to explore the impact of policy frameworks, technology costs, and international trade tensions on market growth.

Verisk (Nasdaq:VRSK) has announced its acquisition of ACTINEO, a leader in digital and medical assessment solutions for bodily injury claims, expanding Verisk's footprint in Europe. This strategic move strengthens Verisk's capabilities in claims management across the continent. ACTINEO, founded in 2009, enhances Verisk's offerings with established solutions and a strong market presence in Germany and Austria. The acquisition is expected to enhance customer service and improve operational efficiencies in the insurance sector, while also being subject to customary closing conditions and regulatory review.

Verisk’s AIR Worldwide released its 2021 Global Modeled Catastrophe Losses report, estimating an average of $106 billion in annual insured losses due to natural disasters. The report highlights that actual losses have been below the long-term average, with a notable 40% chance of exceeding $200 billion in losses within the next decade. Additionally, global economic losses are projected to be three times higher than insured losses. The analysis emphasizes the increasing resilience needs of businesses and governments in light of climate risks.

Verisk has launched PAASvirtual™, a new InsurTech platform that enhances the efficiency of virtual premium audits. This fully customizable, cloud-based solution allows auditors to conduct meetings online, share documents seamlessly, and access over 50 exclusive audit forms. The platform addresses limitations of traditional audits, especially highlighted during the COVID-19 pandemic, where companies are planning to reduce physical audits by 70%. With PAASvirtual, Verisk aims to enhance collaboration among insurers and policyholders while significantly cutting operating costs.

NTT DATA has integrated FAST into its Global Insurance Digital Platform (GIDP) to enhance support for life and annuity products. The rollout includes the Fixed Index Linked Annuity (FILA) from F&G, enhancing digital experiences for producers and clients. The GIDP aims to increase operational efficiency and facilitate rapid product development while modernizing customer interactions. This collaboration reflects a strong partnership between NTT DATA and F&G, promising improved data access and service capabilities for insurers.

Verisk (Nasdaq: VRSK) has enhanced its CourtSide™ legal dashboard with a new Verdict Database to aid insurance companies in product development, underwriting, and claims management. This database provides aggregate verdict information by jurisdiction and insurance topic, improving decision-making and strategic planning. The enhancement offers quantitative evaluations of coverage issues, comparisons of verdict data between courts, and insights into 'nuclear verdicts' related to potential exposures. This upgrade positions Verisk as a pivotal resource for insurers navigating complex legal terrains.

Verisk (Nasdaq: VRSK) announced it will release its financial results for Q3 FY2021 on November 2, 2021, after market close. A live audio webcast discussing the results will be held on November 3, 2021, at 8:30 a.m. EDT. The results will be accessible through the Verisk investor website. Verisk provides analytics and solutions for insurance, energy, and financial sectors, with over 70% of the FORTUNE 100 as clients. The company celebrates its 50th anniversary and has more than 100 offices in nearly 35 countries.