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Verisk said today it has acquired Nasdaq subsidiary Simplitium Limited, the owner and operator Nasdaq Risk Modelling for Catastrophes (NRMC).

NRMC is a software-as-a-service platform that supports an open ecosystem where specialized model partners make models, hazard data, and analytics available to the industry to help assess and address the global insurance protection gap.

Jersey City, New Jersey-based Verisk said the acquisition will give its clients access to more than 300 third-party models to provide “unique, niche views of risk across the globe.”

Financial details of the acquisition were not disclosed. Verisk said the transaction is not expected to materially affect financial results.

NRMC will become part of Verisk’s Extreme Event Solutions.

“Verisk risk modeling 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,” said Gayatri Natarajan, senior vice president of product management at Verisk, in a statement. “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.”

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 said.

Topics Catastrophe