Verisk Analytics is another in the line of these odd-ball American businesses, where a function that should be conducted by a government, or non-private entity, is actually being carried out by a public company.
Unsurprisingly, there is scant public information available on the history of the business. In this (relatively) short piece I will aim to give a brief summary of it’s crown jewel - Insurance Services Office, Inc. - and how a management change looks like it will result in a general improvement in business quality. After a decade or more of mediocre M&A activity, returns are the meal du jour, not empire building.
From the outset I will also state that the valuation - even accounting for the positive catalysts at play - looks quite full, so by no means is this a recommendation - as always DYODD. I currently hold no shares.
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