Verisk sees strong growth in insurance business

Data analytics company Verisk saw strong growth in its insurance business in the third quarter, despite suffering a $125 million charge for patent infringement.

The Jersey City-based company said revenue in the insurance division rose to 466.8 million in the third quarter, from $427.7 million a year earlier. Underwriting & rating revenue increased 8.8 percent in the quarter, resulting primarily from increases in the company’s industry-standard insurance programs, property-specific underwriting solutions, and catastrophe modeling solutions.

Claims revenue grew 9.8 percent in the quarter, resulting primarily from growth in claims analytics revenue and repair cost estimating solutions revenue.

In the third quarter, a jury determined that Verisk had willfully infringed five patents related to its remote imagery business and assessed damages of $125 million, for which the company has recorded a reserve. Versk plans to appeal this decision. Largely as a result of the charge, EBITDA in the insurance division fell to $112.2 million, from $240.1 million.

Scott Stephenson, chairman, president, and chief executive said,: “I’m pleased to report that Verisk delivered strong revenue and EBITDA growth in the third quarter driven by continued strength in our Insurance segment…We’re strongly positioned to continue to deliver on our strategies…”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Premiums surge at RenaissanceRe in casualty and specialty
AXIS Capital combined ratio soars to 109.4% on cat losses

Lloyd’s calculates a single cyber-attack on APAC ports could cost $110bn

China and India have biggest non-life insurance potential: Mapfre

Apollo Syndicate Management appoints Vinay Mistry as chief risk officer

LV= appoints appointed Jon Mansley as sales and marketing director

Feature:  10 ways insurers are using insurtech to drive new business