Verisk Signs Definitive Agreement to Acquire SuranceBay to Expand its Life & Annuity Offerings

Core Insights - Verisk has signed a definitive agreement to acquire SuranceBay for $162.5 million in cash, aiming to enhance efficiency in the life and annuity insurance ecosystem [1][2] - The acquisition will integrate SuranceBay's agency management software, SureLC™, into Verisk's FAST platform, covering all aspects of the insurance life cycle [2][3] - Verisk's commitment to investing in the life and annuity space is emphasized, with a focus on improving the connection between carriers and distribution partners [4][5] Company Overview - Verisk is a leading global data analytics and technology provider for the insurance industry, focusing on operational efficiency, underwriting, claims outcomes, and risk management [6] - SuranceBay specializes in software solutions that automate and simplify the insurance buying and selling process, providing an integrated experience for various stakeholders [3][4] Strategic Goals - The integration of SuranceBay is expected to enhance efficiency, agility, and scalability in the insurance market, reducing friction between carriers and distribution partners [2][4] - Both companies share a focus on technology that streamlines operations, aiming to deliver necessary efficiencies in the life and annuity market [5]