Verisk Analytics disclosed it has snatched up MarketStance, a well-regarded firm that provides property/casualty insurance companies, brokers and agents market intelligence data and analytics.
Neither side is disclosing financial terms.
Verisk, a data analytics provider, also owns ISO, which generates information about property/casualty insurance risk. Plans call for making MarketStance a part of ISO, something that ISO said will help boost its current products and services.
“Our property/casualty customers are always looking for unique insights to help them profitably grow their business,” ISO Solutions President Beth Fitzgerald said in prepared remarks. “MarketStance has built a proprietary analytics model to provide actionable insights around these core needs that will enhance our ISO offerings.”
MarketStance, in turn, sees the acquisition as a way to grow and diversify more than it would have on its own.
“Becoming part of a larger company will expand our breadth of offerings, help strengthen our capabilities, allow us to reach new customers and provide additional value to our customers,” MarketStance founder and CEO Frederick (Fritz) Yohn said in a prepared statement.
Yohn is well-known in the industry, and he will remain in charge of Middletown, Conn.-based MarketStance.(An article he wrote for Carrier Management about differences in commercial lines exposure growth rates by state is available here.)
Verisk has made a wide range of acquisitions in recent years of varying sizes, both regional and global and in multiple areas. Among those deals:
Earlier in November, Verisk said it had acquired The GeoInformation Group, a U.K.-based firm that offers large-scale mapping services and geospatial data and analytics products to a wide range of companies and more than 300 public sector organizations. Financial details there were not disclosed. Verisk went far larger in March 2015 when it bought Wood Mackenzie for about $2.8 billion, gaining a company that provides information to the energy, chemicals and mining industries.
Back in January 2014, Verisk bought EagleView Technology Corp for $650 million, and the deal gave it an image library of about 90 percent of U.S. structures. In doing so, Verisk said at the time that the acquisition would help enhance its underwriting software and expand its offerings to insurance and government customers.
Source: Versisk Analytics Inc.