U.S.-based data analytics firm Verisk has agreed to acquire Rulebook, a provider of business intelligence and software for the London Insurance Market.
The purchase price is $87 million in cash, which Verisk said will be funded through cash on hand and existing bank facilities, subject to typical closing adjustments. The transaction is expected to be accretive to 2019 adjusted EPS. In addition, Verisk expects the acquisition to generate an attractive return in excess of Verisk’s cost of capital.
The transaction is expected to close in the fourth quarter of 2018.
Rulebook’s proprietary pricing engine can be used for internal pricing and underwriting as well as external distribution for the specialty insurance market through its Rulebook hub platform. Rulebook, which was started in 2002, also offers data analytics on historical, current and predictive views of business operations.
Rulebook’s pricing engine is used by carriers in the London specialty insurance market to build underwriting rules for complex specialty insurance products through a simple, easy-to-use web-based platform.
Mark Anquillare, chief operating officer of Verisk, called Rulebook “a Verisk-like business.”
“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,” said Ian Summers, CEO of Sequel, another London insurance software firm acquired by Verisk in 2017. “These enhanced offerings will provide our customers with more efficient methods of distribution and significantly improved data analytics capabilities.”
Verisk, headquartered in Jersey City, N.J., operates in 30 countries.
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