Data analytics and technology provider Verisk has acquired Nasdaq subsidiary Simplitium Limited, which owns and operates Nasdaq Risk Modelling for Catastrophes (NRMC).
Verisk described NRMC as a SaaS platform fostering an open ecosystem where specialised model partners share models, hazard data, and analytics to help bridge the global insurance protection gap.
Built on Open Standards, the platform is said to standardise and streamline data exchange, enabling re/insurers to refine their catastrophe risk strategies with greater precision and efficiency.
“NRMC is powered by the OASIS Loss Modelling Framework, the industry standard for open-source catastrophe risk modelling, and delivered as a cloud-based service. With access to a wide array of models and support for in-house developed models, clients will be able to evaluate more views of risk, look at potential losses through different model lenses and apply the models that align with their business needs,” Verisk added.
NRMC will reportedly become part of Verisk’s Extreme Event Solutions, which delivers access to risk management with catastrophe risk modelling, global loss indexes and advanced analytics.
Gayatri Natarajan, senior vice president of product management at Verisk, commented, “We’re excited to welcome this talented team to Verisk.
“Verisk risk modelling powers mitigation strategies and disaster financing to narrow the insurance protection gap, reducing uncertainty and empowering people to protect what matters most – their families, homes and livelihoods.
“Access to more views of risk, especially covering niche areas of risk, strengthens our clients’ ability to make decisions that will deliver resiliency to our communities and businesses.”
Magnus Haglind, Head of Marketplace Technology at Nasdaq, said, “This transaction will refine Nasdaq’s focus as we look to foster deeper client relationships within our Financial Technology business.
“We are pleased that NRMC will become part of an organization with a scaled presence in catastrophe risk modelling and we look forward to NRMC’s continued success under Verisk’s ownership.”
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