Verisk Analytics has acquired a software analytics provider for the reinsurance and insurance industries for an undisclosed sum.
Analyze Re became part of AIR Worldwide (AIR), a Verisk Analytics business, on 20 October.
Verisk said the addition of Analyze Re will enable AIR to provide its clients with additional real-time pricing, exposure management and enterprise portfolio roll-up capabilities.
“Clients are increasingly looking to track and reduce portfolio risk in real-time,” explained Bill Churney, president of AIR Worldwide. “Analyze Re’s advanced analytics will complement our existing software solutions, enabling companies to manage their enterprise view of risk and perform multi-modeling and portfolio optimization, all within a single environment.”
Adrian Bentley, CEO of Analyze Re, added: “Our team has been creating technology solutions for the insurance, reinsurance, and capital markets industries for more than a decade, turning huge volumes of data into meaningful insights in seconds. We look forward to continuing to offer these capabilities as part of AIR’s already robust product offerings.”
Analyze Re’s management team is made up of three former Flagstone Reinsurance employees. Churney was its director of software development before leaving to form Analyze Re in 2013.
Chief technology officer Oliver Baltzer was chief architect for computational analytics at Flagstone Reinsurance, while COO Shivam Rajdev was its director of risk management systems development.
They launched Analyze Re as a vehicle for Prime, a risk engineering platform.
