Verisk Analytics, a provider of property/casualty insurance risk information, has acquired Risk Intelligence Ireland, a provider of fraud detection, compliance, risk control, and process automation services to the Irish insurance industry.
Following completion of the transaction, Risk Intelligence Ireland will become part of Verisk Insurance Solutions and will adopt the name Verisk Insurance Solutions - Ireland.
Ciaran McGaley, chief executive officer (CEO) of Risk Intelligence Ireland will be appointed managing director of Verisk Insurance Solutions - Ireland.
Scott Stephenson, chairman, president, and CEO of Verisk Analytics, said: "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.
“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."
McGaley added: "We're very excited to join Verisk Insurance Solutions, a business that has been serving the insurance industry for more than 40 years.
“Verisk's vast data and experience, combined with our leading solutions in Ireland, will improve all of the services that we offer our customers."
Verisk Analytis, Risk Intelligence Ireland, M&A, North America, Ireland, Ciaran McGaley, Scott Stephenson, Europe