In a move that further expands its presence in Canada, Jersey City-based Verisk announced Wednesday that it has acquired Opta Information Intelligence, Canada’s leading provider of property intelligence and innovative technology solutions.
Terms of the deal were not disclosed.
Verisk, a Fortune 500 global data analytics provider, said it supports Opta’s efforts in reshaping risk management with valuable business intelligence.
For more than 100 years, Opta has been driving the insurance industry’s evolution with information and innovation, providing data, analytical insights and solutions to help companies market more efficiently, underwrite policies and manage their risk.
As the only organization in Canada that regularly gathers and validates data through real-time dialogue and ongoing research, Opta is widely considered the industry standard for valuations, property risk intelligence and loss control services. It is also Canada’s leading source for community fire protection data through its Fire Underwriter Survey.
Opta President Greg McCutcheon said combining with Verisk makes sense on a number of fronts.
“From the focus on building the insurance ecosystem to the passion for empowering customers with data-driven insights, it was clear that we have a strong cultural bond with Verisk,” he said. “Our combined deep domain expertise, advanced technology and unique data assets will be incredibly advantageous for our customers and help the market accelerate the use of data and insights as a competitive advantage.”
Opta Information Intelligence delivers Canada’s most comprehensive property intelligence and loss control services nationwide. Offering streamlined services, Opta provides access to superior data and innovative property solutions, delivering more profitable underwriting results with greater accuracy and insights than ever before.
Verisk officials say Opta’s industry-leading position and proprietary database in Canada align well with Verisk’s position in the marketplace and provide the opportunity for long-term product harmonization. Although Opta’s roots stretch back to the late 19th century, when it began by observing fire underwriting rules and rates, the company’s trajectory and its growing role in the insurance industry share striking similarity to Verisk’s.
About three years after Verisk’s founding in 1971, Opta began focusing on providing advice and information to a broader range of clients in the insurance industry, from insurers and brokers to governments and risk managers, across a wide range of services and topics.
Verisk officials feel that combing Verisk and Opta’s advanced technology and commitment to innovation will further fuel efforts to help customers improve operational efficiencies by delivering unique data assets via long-term integration with customer workflows.
“Verisk and Opta share similar roots, an intense focus on our customers’ needs and a passion to serve as key partners that anticipate the needs of a critical industry,” Mark Anquillare, Verisk’s chief operating officer and group president, said. “Together, we’ll accelerate our customers’ innovation agendas and create new ways to add value to their business and the insurance ecosystem. We are pleased to welcome the Opta team to the Verisk family.”