The combined technologies will provide (re)insurers and brokers with access to wider views of risk, facilitating global resilience for individuals, communities and businesses
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, and Nasdaq (Nasdaq: NDAQ) today announced that Verisk has acquired Nasdaq subsidiary Simplitium Limited, which owns and operates Nasdaq Risk Modelling for Catastrophes (NRMC), a SaaS platform that supports an open ecosystem where specialized model partners make their models, hazard data and analytics available to the industry to help assess and address the global insurance protection gap. The acquisition will provide Verisk clients with access to 300+ third-party models, providing unique, niche views of risk across the globe.
NRMC is powered by the OASIS Loss Modelling Framework, the industry standard for open-source catastrophe risk modelling, and delivered as a cloud-based service. With access to a wide array of models and support for in-house developed models, clients will be able to evaluate more views of risk, look at potential losses through different model lenses and apply the models that align with their business needs.
“We’re excited to welcome this talented team to Verisk,” said Gayatri Natarajan, senior vice president of product management at Verisk. “Verisk risk modelling powers mitigation strategies and disaster financing to narrow the insurance protection gap, reducing uncertainty and empowering people to protect what matters most – their families, homes and livelihoods. Access to more views of risk, especially covering niche areas of risk, strengthens our clients’ ability to make decisions that will deliver resiliency to our communities and businesses.”
Built on Open Standards, the platform standardizes and streamlines data exchange, allowing (re)insurers to optimize their catastrophe risk strategies with precision and efficiency. Verisk has a long history of supporting open exposure formats, Catastrophe Exposure Data Exchange (CEDE) and the Open Exposure Database (OED), to facilitate accurate and transparent data exchange. This commitment to transparency allows for efficiencies and faster new innovations with common frameworks for encoding, transferring and interpreting data throughout the insurance value chain.
“This transaction will refine Nasdaq’s focus as we look to foster deeper client relationships within our Financial Technology business,” said Magnus Haglind, Head of Marketplace Technology at Nasdaq. “We are pleased that NRMC will become part of an organization with a scaled presence in catastrophe risk modelling and we look forward to NRMC’s continued success under Verisk’s ownership.”
NRMC will become part of Verisk’s Extreme Event Solutions, which delivers unparalleled access to risk management with sophisticated catastrophe risk modelling, global loss indexes and advanced analytics. No financial details of the transaction are disclosed. This transaction is not expected to have a material impact on financial results.
About Verisk
Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.
Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index.
For more information, please visit www.verisk.com and the Verisk Newsroom.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Source: Verisk Press Release
