Data analytics provider Verisk Analytics has acquired Risk Intelligence Ireland (RII) for an undisclosed sum.
RII offers fraud detection, compliance, risk control and process automation services to the Irish insurance industry.
Since 20 years, RII has been working with the general insurance market to develop specialist products and industrywide services.
RII will operate as part of Verisk Insurance Solutions and rebranded as Verisk Insurance Solutions – Ireland, following completion of the deal.
Verisk Analytics chairman, president and CEO Scott Stephenson said: "Risk Intelligence Ireland has developed valuable tools to help insurers control costs and improve the pricing of risk in a country where insurers are challenged by underwriting losses and a surge in claims costs.
"Their talent and experience will build on our core strengths and enhance the ability of our Verisk Insurance Solutions business to serve the international insurance market."
Risk Intelligence Ireland chief executive and managing director Ciaran McGaley said: "We’re very excited to join Verisk Insurance Solutions, a business that has been serving the insurance industry for more than 40 years."
Verisk Analytics subsidiary Verisk Insurance Solutions provides property and casualty insurance risk services to its customers.
Image: Verisk Analytics has acquired Risk Intelligence Ireland that serves general insurance market. Photo: courtesy of PinkBlue / FreeDigitalPhotos.net.