Acquisition extends AIR’s modeling solutions beyond property to casualty market
Jersey City, NJ (Feb 8, 2017) – Verisk Analytics, Inc. (Nasdaq:VRSK), a leading data analytics provider, today announced it has acquired Arium, an independent company specializing in liability risk modeling and decision support. Arium will become part of AIR Worldwide (AIR), a Verisk Analytics business, and will enable AIR to provide its clients with additional modeling solutions and analytics for the casualty market.
“The industry has been searching for a platform and methodology to manage the complete range of its casualty risk,” said Bill Churney, president of AIR Worldwide. “We believe Arium’s capabilities will allow us to do for casualty analytics what we’ve already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios.”
“We’re excited to join the Verisk Analytics family of businesses and expand AIR’s offerings through our expertise in liability risk,” said Robin Wilkinson, founder and managing director of Arium. “Our casualty analytics platform extends well beyond product liability, enabling companies to run historical and emerging scenarios and build their own scenarios across all casualty lines to visualize how a single event can quickly spill over into other industries and their supply chains.”
“Arium is a valuable addition to the Verisk Analytics family of businesses, providing critical insurance expertise,” added Mark Anquillare, executive vice president and chief operating officer of Verisk Analytics. “Combined with AIR’s leading models, Arium’s solutions will now enable customers to manage their extreme event risk from both property and casualty catastrophe exposures.”
Architects for Risk Identification, Understanding, and Management (Arium) was established in 1998 by Robin Wilkinson, former head of Legal Services at British Airways. Arium specializes in developing risk models, primarily for the reinsurance industry, using a unique methodology based on dependency theory. For more information, please visit www.arium.co.uk.
About AIR Worldwide
AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make individuals, businesses, and society more resilient. AIR founded the catastrophe modeling industry in 1987, and today models the risk from natural catastrophes, terrorism, cyber attacks, and pandemics globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 23 countries and is a member of Standard & Poor’s S&P 500® Index. In 2016, Forbes magazine named Verisk Analytics to its World’s Most Innovative Companies list and to its America’s Best Large Employers list. Verisk is one of only 14 companies to appear on both lists. For more information, please visit www.verisk.com.