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.
Summary not available.
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.
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.
Summary not available.
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.