Verisk has struck an $87mn cash deal to acquire Rulebook, a provider of business intelligence and software solutions for the London Insurance Market.
Rulebook’s pricing engine can be used for internal pricing and underwriting as well as external distribution for the specialty insurance market. It also has a data analytics offering that develops business intelligence solutions for clients to enable historical, current, and predictive views of business operations.
Verisk said the deal will be funded by cash on hand and existing bank facilities, subject to typical closing adjustments, adding that the deal is expected to be accretive to 2019 adjusted EPS.
Sequel CEO Ian Summers remarked: “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,
“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.”
Rulebook managing director Andy Galli commented: “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, Verisk COO, 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.”
The transaction is slated to close in the fourth quarter of 2018, subject to the completion of customary closing conditions.