Verisk Analytics, a data analytics provider, today announced its purchase of Arium – a company specializing in liability risk modelling and decision support.
The acquisition will see Arium merge with Verisk Analytics business, AIR Worldwide (AIR), expanding AIR’s casualty market modelling solutions and analytics.
Bill Churney, President of AIR, said; “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.”
Churney commented that the company had been searching for a platform and methodology that would allow it to manage the complete range of its casualty risk.
Robin Wilkinson, Founder and Managing Director of Arium, said the company’s casualty analytics platform extends well beyond product liability and would mean data analytics services could “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.”
“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,” added Mark Anquillare, Executive Vice President (EVP) and Chief Operating Officer (COO) of Verisk Analytics.
