Verisk Analytics, Inc. (Nasdaq:VRSK), a leading data analytics provider, 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.
Source: Verisk Press Release