Reinsurance News

Verisk completes sale of its energy business, Wood Mackenzie to Veritas

3rd February 2023 - Author: Jack Willard

Global data analytics provider Verisk has completed the sale of its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion.

Plans for the sale were originally announced in October 2022. Over the last year, Verisk has also been shifting its focus towards becoming a pure-play re/insurance business.

This sale therefore represents the latest effort by the firm to continue to optimise its business operations and re-align its interests.

Additionally, Morgan Stanley & Co LLC are acting as financial advisor and Davis Polk & Wardwell LLP as legal advisor to Verisk in connection with the transaction.

Gibson, Dunn & Crutcher LLP are acting as legal advisor to Veritas.

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“This marks a significant value-creating step for Verisk, which returns the company to its roots as a dedicated strategic partner to the global insurance industry,” said Lee Shavel, president and CEO, Verisk.

“We’ll continue to execute our strategy to deliver long-term sustainable growth by enabling our customers to make better decisions, increase efficiency and reduce operating expenses, while delivering a better experience to their customers.”

Earlier this year, reinsurance giant Munich Re selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence across the entire enterprise.

In December 2022, it was also reported that Verisk had agreed to acquire Sweden-based insurtech firm, Mavera. 

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