Verisk Analytics, a provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management, has acquired Crowe Paradis Services, from New York-based private equity firm Clarion Capital Partners, for $90m.
Crowe Paradis Services is a provider of claims analysis and compliance solutions to the property/casualty insurance industry. It offers solutions for complying with the Medicare Secondary Payer (MSP) Act, provides services to property/casualty insurance companies, third-party administrators (TPAs), and self-insured companies.
Upon completion of the acquisition, Crowe Paradis Services will become a subsidiary of Verisk Analytics and its CEO Kenneth Paradis will continue to lead the company.
Verisk ISO business unit senior vice president Vincent Cialdella said the Crowe Paradis’ analytical model for medical and legal review draws on significant intellectual capital, including the knowledge of its legal and medical experts.
Adding Crowe Paradis’s solutions to our existing offerings, including our Section 111 reporting services, will provide a unique, comprehensive set of solutions to address those challenges, Cialdella said.
The transaction is expected to close in December, subject to the completion of customary closing conditions, including receipt of regulatory approvals.