Verisk Analytics Inc. announced the acquisition of Risk Intelligence Ireland, a leading provider of fraud detection, compliance, risk control, and process automation services to the Irish insurance industry.
“Risk Intelligence Ireland has developed valuable tools to help insurers control costs and improve the pricing of risk in a country where insurers are challenged by underwriting losses and a surge in claims costs,” said Scott Stephenson, chairman, president, and chief executive officer of Jersey City, N.J.-based Verisk Analytics.
“Their talent and experience will build on our core strengths and enhance the ability of our Verisk Insurance Solutions* business to serve the international insurance market,” Stephenson added.
“We’re very excited to join Verisk Insurance Solutions, a business that has been serving the insurance industry for more than 40 years,” said Ciaran McGaley, chief executive and managing director of Risk Intelligence Ireland. “Verisk’s vast data and experience, combined with our leading solutions in Ireland, will improve all of the services that we offer our customers.”
Following completion of the transaction, Risk Intelligence Ireland will become part of Verisk Insurance Solutions and will adopt the name Verisk Insurance Solutions – Ireland, with McGaley named as its managing director.
* Verisk Insurance Solutions, which includes the industry brands of ISO, AIR Worldwide and Xactware, provides information about property/casualty insurance risk, using data management and predictive modeling.
Source: Verisk Analytics
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