Jersey City-based Verisk, a data analytics provider, announced it has agreed to acquire Rulebook, a provider of business intelligence and software solutions for London’s insurance market, for $87 million.
Rulebook’s pricing engine can be used for internal pricing and underwriting as well as external distribution for the specialty insurance market, it said.
“The acquisition will expand Verisk’s existing offerings to the specialty insurance market by adding Rulebook’s proprietary pricing and management information engines to Sequel’s specialized software suite,” Ian Summers, CEO of Sequel, said. “These enhanced offerings will provide our customers with more efficient methods of distribution and significantly improved data analytics capabilities. The complementary applications give us a unique opportunity in our sector to complete the value chain, driving data through the process from broker to underwriter and quote through to claims settlement.”
The deal is expected to close in the fourth quarter of 2018, Verisk said.
“We’re very excited to join Verisk, as this will accelerate our growing business by providing greater access to global markets and Verisk’s existing international customers,” Andy Galli, managing director of Rulebook, said. “We offer a unique value proposition that will be further enhanced by leveraging synergies and collaborating with other Verisk businesses and their data analytics.”
“Rulebook is a Verisk-like business that furthers our goal of providing leading solutions to the global insurance market, including a comprehensive chain of solutions to specialty insurers for mitigating risk and optimizing total cost of operations,” Mark Anquillare, chief operating officer of Verisk, said.