As (re)insurance companies accumulate more and more risks, the data contained in these portfolios continues to grow. Understanding how to make sense of it all is critical, and there is no shortage of metrics one can employ. Sure, there are the basic CAT model output metrics such as Average Annual Loss, Exceedance Probability (EP), and Return Periods discussed in our recent blog post—but what other portfolio metrics can provide additional insights? Read More
Acquisition extends AIR’s analytical solutions beyond catastrophe modeling to advance real-time decision making
JERSEY CITY, N.J., Oct. 24, 2016 — Verisk Analytics, Inc. (Nasdaq:VRSK), a leading data analytics provider, today announced it has acquired Analyze Re, a software analytics provider for the reinsurance and insurance industries. Analyze Re will become part of AIR Worldwide (AIR), a Verisk Analytics business, and will enable AIR to provide its clients with additional real-time pricing, exposure management, and enterprise portfolio roll-up capabilities.
“Clients are increasingly looking to track and reduce portfolio risk in real-time,” said Bill Churney, president of AIR Worldwide. “Analyze Re’s advanced analytics will complement our existing software solutions, enabling companies to manage their enterprise view of risk and perform multi-modeling and portfolio optimization, all within a single environment.”
“We’re excited to join the Verisk Analytics family of businesses,” said Adrian Bentley, chief executive officer of Analyze Re. “Our team has been creating technology solutions for the insurance, reinsurance, and capital markets industries for more than a decade, turning huge volumes of data into meaningful insights in seconds. We look forward to continuing to offer these capabilities as part of AIR’s already robust product offerings.”
“Analyze Re and its high-performance technology will be a valuable addition to both AIR Worldwide and Verisk Analytics, and the complementary capabilities will enable a more competitive and complete service for our clients,” added Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
About Analyze Re
Founded in 2013, Analyze Re provides a software analytics suite designed for the reinsurance and insurance industries. In addition to predictive analytics for strategic planning, Analyze Re technology helps organizations make faster and more accurate pricing and portfolio decisions.
Servicing all parts of the reinsurance value chain, the Analyze Re platform is built to help reinsurers to improve complex reinsurance portfolios and insurers design reinsurance coverage to optimize coverage. For more information, please visit www.analyzere.com.
About AIR Worldwide
AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make individuals, businesses, and society more resilient. AIR founded the catastrophe modeling industry in 1987, and today models the risk from natural catastrophes, terrorism, and pandemics globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 23 countries and is a member of Standard & Poor’s S&P 500® Index. In 2016, Forbes magazine named Verisk Analytics to its World’s Most Innovative Companies list and to its America’s Best Large Employers list. Verisk is one of only 14 companies to appear on both lists. For more information, please visit www.verisk.com.
Director, Investor Relations and Strategic Finance
Verisk Analytics, Inc.
MWW Group (for Verisk Analytics)
Reinsurance decision-making for risk pricing and portfolio optimization has traditionally relied on the ‘gut intuition’, relationships and experience of the underwriting team, with executive committees’ strategic objectives loosely guiding the scope of business. These enterprises can no longer afford to continue in this model, as they now operate in a low margin environment with significant competitive pressures from the entry of capital market players. While a lot of them have set up internal risk analytics practices, there is still an opportunity for them to harness newer big data and analytics technologies over traditional practices. Read More
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