Data analytics provider Verisk has signed a definitive agreement to acquire Rulebook, a provider of business intelligence and software solutions for the London Insurance Market.
The reported purchase price is $87 million in cash, funded through cash on hand and existing bank facilities, with the deal expected to close in the fourth quarter 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 also has a data analytics offering that develops business intelligence solutions for clients to enable historical, current, and predictive views of business operations.
“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, Chief Executive Officer of Verisk Analytics business Sequel.
“These enhanced offerings will provide our customers with more efficient methods of distribution and significantly improved data analytics capabilities.”
“The complementary applications give us a unique opportunity in our sector to complete the value chain, driving data through the process from broker to underwriter and quote through to claims settlement.”
Andy Galli, Managing Director of Rulebook said, “We’re very excited to join Verisk, as this will accelerate our growing business by providing greater access to global markets and Verisk’s existing international customers.”
“We offer a unique value proposition that will be further enhanced by leveraging synergies and collaborating with other Verisk businesses and their data analytics.”
Mark Anquillare, Chief Operating Officer of Verisk, added, “Rulebook is a Verisk-like business that furthers our goal of providing leading solutions to the global insurance market, including a comprehensive chain of solutions to specialty insurers for mitigating risk and optimizing total cost of operations.”