| Type | Public (NASDAQ: VRSK) |
|---|---|
| Industry | Risk management |
| Founded | 2009 |
| Headquarters | Jersey City, New Jersey |
| Key people | Frank J. Coyne (CEO) |
| Revenue | US$437 million (to 2Q 2009)[1] |
| Net income | US$90.8 million (to 2Q 2009)[1] |
| Website | Verisk Analytics |
Verisk Analytics is an American financial services firm based in Jersey City, New Jersey, that provides information and analytical tools for mortgage and insurance companies, to better help them identify risks and standardize procedures. The company had been privately held until its October 6, 2009, initial public offering, which raised $1.9 billion for several of the large insurance companies that are its primary shareholders, making it the largest IPO in the United States for the year 2009 to date.[1]
The firm did not raise any funds for itself in the IPO, which was designed to provide an opportunity for the firm's casualty and property insurer owners to sell some or all of their holdings and to provide a market price for those retaining their shares. The 2009 IPO, was priced at $22 per share for 85.25 million shares owned by its shareholders, including American International Group, The Hartford and Travelers, making it the largest since the 2008 IPO for Visa Inc. Among the firm's largest shareholders, Berkshire Hathaway was the only company not to sell any of its stock in the October IPO.[1]
In the year through June 2009, the company brought in revenues of $503 million (up 15% from $437 million in the corresponding 2008 period). It saw profits jump to $90.8 million, an increase of 12% from the same period in 2008, which saw the firm reap $80.9 million in net income.[1]
The company was created in 1971 through the combination of several small firms to provide guidance and ratings for property and casualty insurers by providing actuarial and underwriting data for companies in the industry based on summarizing and combining data the firms provide.[2] The firm specializes in offering its products and services to manage risks for insurance companies, mortgage lenders and government agencies, through its Insurance Services Office subsidiary and other business units.[1]
For list of other senior corporate executives, risk assessment executives, and decision analytics executives, visit Verisk Leadership