Data firm Verisk Analytics Inc. said it has acquired Halifax, Novia Scotia-based Analyze Re, a software analytics provider for the reinsurance and insurance industries founded in 2013.
Terms of the deal were not disclosed.
Analyze Re will become part of Boston-based AIR Worldwide, the Verisk Analytics catastrophe risk modeling 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. He said Analyze Re’s advanced analytics will complement AIR’s existing software.
Analyze Re says its PRIME product helps reinsurers improve complex reinsurance portfolios and insurers design reinsurance coverage to optimize coverage.
Analyze Re founder and CEO Adrian Bentley said his firm’s software can turn “huge volumes of data into meaningful insights in seconds.”
Bentley co-founded Analyze Re along with Oliver Baltzer and Shivam Rajdev. The three left Flagstone Re after it was acquired by Validus in 2012.
According to crunchbase, Analyze Re raised $1.4 million in November, 2013, with Innovacorp as lead investor.