Jersey City data analytics provider acquires Arium

Verisk Analytics Inc., a Jersey City-based data analytics provider, announced it has acquired Arium, a liability risk modeling and decision support company.Verisk Analytics Inc., a Jersey City-based data analytics provider, announced it has acquired Arium, a liability risk modeling and decision support company.

Under terms of the acquisition, Arium will become part of AIR Worldwide, a Verisk business.

“The industry has been searching for a platform and methodology to manage the complete range of its casualty risk,” Bill Churney, president of AIR Worldwide, said in a prepared statement. “We believe Arium’s capabilities will allow us to do for casualty analytics what we’ve already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios.”

Financial terms were not disclosed.

“We’re excited to join the Verisk Analytics family of businesses and expand AIR’s offerings through our expertise in liability risk,” Robin Wilkinson, founder and managing director of Arium, said in a prepared statement. “Our casualty analytics platform extends well beyond product liability, enabling companies to run historical and emerging scenarios and build their own scenarios across all casualty lines to visualize how a single event can quickly spill over into other industries and their supply chains.”

“Arium is a valuable addition to the Verisk Analytics family of businesses, providing critical insurance expertise,” Mark Anquillare, executive vice president and chief operating officer of Verisk, said in a prepared statement. “Combined with AIR’s leading models, Arium’s solutions will now enable customers to manage their extreme event risk from both property and casualty catastrophe exposures.”