Verisk reports Q1 consolidated revenues of $704m

Verisk has revealed that consolidated revenues in Q1 of 2024 were $704 million, up from $652 million in the previous year.

Elsewhere, Verisk’s underwriting revenues increased 8.2% in the quarter and 7.8% on an organic constant currency (OCC) basis. The firm explained that this was primarily due to its forms, rules and loss cost services, underwriting data solutions, and extreme event solutions.

In addition, life insurance and specialty business solutions contributed to the growth, partially offset by continued weakness within Verisk’s marketing solutions.

Verisk’s claims revenues also grew 7.6% in Q1 of 2024 and 4.7% on an OCC basis. The firm attributed this to growth in its anti-fraud solutions and international solutions.

Meanwhile, income from continuing operations in Q1 of 2024 was $219 million, an increase of 12.9%.

Adjusted EBITDA increased 11.8%, and 10.6% on an OCC basis, primarily due to strong revenue growth and cost discipline, as per Verisk.

Lee Shavel, president and CEO, Verisk, commented, “I am very pleased to share that 2024 is off to a solid start at Verisk.

“We are executing our growth strategy with our powerful economic model that creates value through investment in data, new technologies, and strategic engagement with our clients across the entire insurance ecosystem.”

Elizabeth Mann, CFO, Verisk, added, “During the first quarter, Verisk delivered solid revenue and adjusted EBITDA growth resulting in healthy margin expansion and strong double-digit EPS growth.

“We continue to invest our capital behind our highest return on invested capital opportunities while returning excess cash to shareholders. We remain confident in our ability to deliver on our growth strategy and our margin expansion commitments.”

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