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 provides data analytics, software and technology for the global insurance industry, with recurring updates tied to underwriting, claims, policy administration, fraud detection and risk intelligence. Company news often covers insurance workflow products such as Verisk Ignite for policy management, Xactimate for property claims estimating and ClaimSearch-based claims trend analysis.
Verisk also reports developments in AI-enabled insurance analytics, product integrations with insurance and restoration platforms, property-and-casualty industry research, quarterly financial results, dividends, share repurchases and financing activity. Its releases frequently connect proprietary insurance datasets with underwriting outcomes, claims efficiency, catastrophe risk, climate risk and other global risk topics.
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.
Summary not available.
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.
Summary not available.
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.
Verisk (Nasdaq: VRSK) has launched its Electric Vehicle Database for the UK and Ireland, addressing the rising demand for electric vehicles. This proprietary dataset includes over 175 technical attributes of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), aiding insurers and brokers in risk assessment and strategic decision-making. The database is accessible through Verisk’s Data Insight Hub, enhancing the efficiency of insurance services. Jonathan Guard, commercial director at Verisk, emphasizes the company's commitment to supporting the insurance industry amidst evolving technologies and regulations.