Verisk Analytics, Inc.: Verisk signs pact to buy SuranceBay

Verisk Analytics, Inc.: Verisk signs pact to buy SuranceBay

Verisk Analytics, Inc. (Nasdaq: VRSK) has signed a definitive agreement to acquire SuranceBay for approximately $162.5 million in cash. The transaction, which is subject to customary closing conditions, aims to expand Verisk's offerings in the life and annuity market.

SuranceBay, a leading provider of producer licensing, onboarding, appointment, and compliance solutions for the life and annuity industry, will become part of Verisk's Life Solutions platform. The integration of SuranceBay's solutions, including its best-in-class agency management software, SureLC™, will enhance Verisk's FAST platform, which is designed to cover all aspects of the insurance life cycle, from the buying experience through claims.

Verisk's co-president of underwriting solutions, Saurabh Khemka, commented on the acquisition, stating that it underscores Verisk's commitment to streamlining and automating the insurance buying and selling process. He added that the acquisition will help Verisk's clients grow their business, enhance the customer experience, and foster innovation.

Anatole Tartakovsky, CEO of SuranceBay, echoed Khemka's sentiments, noting that the Verisk and SuranceBay teams share a joint focus on clients and technology. He expressed excitement about the potential to deliver the efficiencies the life and annuity market needs.

The acquisition is expected to be completed in the second quarter of 2025, and Verisk will provide more details around the impact on its consolidated financial results during its second quarter 2025 earnings conference call.

References:
[1] https://finance.yahoo.com/news/verisk-signs-definitive-agreement-acquire-132800243.html
[2] https://www.marketscreener.com/news/verisk-analytics-inc-signed-a-definitive-agreement-to-acquire-surancebay-for-approximately-160-mi-ce7c5cd9d189f624
[3] https://www.verisk.com/company/newsroom/verisk-signs-definitive-agreement-to-acquire-surancebay-to-expand-its-life--annuity-offerings/
[4] https://www.nasdaq.com/articles/verisk-acquire-surancebay-1625-mln