Verisk Analytics, Inc. - VRSK STOCK NEWS

Verisk (Nasdaq: VRSK) estimates that Hurricane Beryl will cause industry insured losses to onshore property from wind in the U.S. ranging between USD 2 billion to USD 3 billion. Beryl, which formed on June 28, became the earliest Category 5 hurricane on record in the Atlantic before making landfall near Matagorda Bay, Texas on July 8 as a Category 1 hurricane with 80 mph winds.

The storm caused widespread power outages affecting nearly 3 million households in Texas, with over 2.2 million in Harris County alone. These outages may lead to significant claims due to food spoilage, mold, and losses to additional living expenses and business interruption coverages. The estimates exclude various factors such as storm surge losses, National Flood Insurance Program payouts, and litigation-related losses.

Verisk (Nasdaq: VRSK), a key player in global data analytics and technology, is set to release its financial results for the fiscal second quarter of 2024 on July 31, 2024, before the market opens. Results for the quarter ending June 30, 2024, will be posted on the Verisk investor website. A live audio webcast and conference call will be hosted by Verisk's management team at 8:30 a.m. ET on the same day to discuss these results and other business highlights. Interested parties can access the webcast through the Verisk investor website or by dialing specific numbers for U.S./Canada and international participants. A replay of the webcast will be available for 30 days post-event.

Verisk has launched the ISO Experience Index, an innovative tool aimed at modernizing risk pattern analysis for actuaries in the insurance industry. The insurance sector faced unprecedented loss ratios in 2023, with $21.2 billion in underwriting losses. The new index helps insurers assess risk patterns, make informed pricing decisions, and adapt to changing market conditions. It offers quarterly updates, streamlined data adjustments, and consistent methodology across states. Initial metrics focus on Homeowners, with expansion to other lines of business expected. The index revealed a 2.5% rise in Q4 2023, a 3.4% increase from the end of 2022, and a 24.4% rise since 2021.

Verisk (Nasdaq: VRSK) has received multiple awards from Newsweek, Great Place to Work, and Latino Leaders recognizing its efforts in workplace culture, diversity, and sustainability.

Newsweek honored Verisk in three categories: 'America’s Greatest Workplaces for Diversity 2024,' 'America's Greatest Workplaces for Mental Wellbeing 2024,' and 'America's Greenest Companies 2024.' Verisk's environmental stewardship includes lower Scope 1 and 2 emissions and adherence to the Task Force on Climate-related Financial Disclosures (TCFD) framework.

For the eighth consecutive year, Verisk earned the Great Place to Work Certification in the U.S., UK, Spain, Poland, and India. The company’s commitment to employee well-being and an inclusive workplace has played a important role in attracting and retaining top talent.

Latino Leaders recognized Verisk as one of the 'Best Companies for Latinos to Work 2024.' The company supports nine employee resource groups, including the Verisk Unidos Network, promoting Hispanic and Latinx culture.

The Extreme Event Solutions business unit of Verisk (Nasdaq: VRSK) estimates insured losses from flooding in Southern Germany between May 15 and June 5 to be between EUR 2.4 billion (USD 2.6 billion) and EUR 3.6 billion (USD 3.9 billion). The flooding, caused by excessive rainfall, severely impacted Bavaria and Baden-Württemberg, submerging streets, homes, and businesses. Notably, nearly half of all structures in Bavaria and over 90% in Baden-Württemberg are insured for flood damage. The loss estimate includes insured physical damage to residential, commercial, industrial, auto, and agricultural properties, as well as additional living expenses and business interruption claims.

Verisk Analytics (Nasdaq: VRSK) has announced the pricing terms of its cash tender offer for up to $400M of its 4.000% Senior Notes due 2025.

The reference yield was set at 5.113%, and the total consideration is $987.09 per $1,000 principal amount of Notes tendered by June 4, 2024.

As of the Early Tender Date, $469.6M of Notes were tendered, exceeding the maximum amount, so purchases will be prorated.

The company will pay for tendered Notes on June 7, 2024, with an additional $30 early tender payment per $1,000 of Notes.

Accrued interest will also be paid up to the settlement date.

Verisk Analytics announced early results of its cash tender offer for up to $400 million of its 4.000% Senior Notes due 2025.

As of June 4, 2024, $469.6 million in principal amount was tendered, exceeding the maximum purchase amount.

The company expects to accept $400 million of these tenders on a prorated basis and will make payment on June 7, 2024.

The early tender payment is $30 per $1,000 in principal, and accepted holders will receive accrued interest up to the settlement date.

No further notes will be purchased after this settlement.

Verisk's National Equipment Register (NER) has partnered with KYCS Global to enhance heavy equipment security and theft recovery through the integration of KYCS Locate technology. This strategic collaboration targets businesses in agriculture, construction, and industrial services, combining NER's extensive data and tracking capabilities with KYCS's recovery device technology. The upgraded solution, now named IRONwatch Locate, offers new functionalities and incentives, including complimentary HELPtech registration and insurance benefits. Among the highlights is a theft deductible waiver up to $10,000, aimed at providing financial security and operational efficiency to clients.

Verisk Analytics (Nasdaq: VRSK) announced the pricing of a $600 million offering of 5.250% Senior Notes due 2034. The closing is expected on June 5, 2024, pending customary conditions. The company plans to use part of the net proceeds to purchase its outstanding 4.000% Notes due 2025 through a tender offer, with a cap of $400 million. The remaining proceeds will be used for general corporate purposes. BofA Securities and HSBC Securities are joint book-running managers for the offering. The Senior Notes are being offered under an effective shelf registration statement filed with the SEC.