(Trafalgar Square in London, home of Arium. Photo credit: Christian Reimer.)
Verisk Analytics (Jersey City, N.J.), a provider of data analytics to the insurance industry, has announced its acquisition of Arium (Architects for Risk Identification, Understanding, and Management; London), an independent company specializing in liability risk modeling and decision support. Arium will become part of AIR Worldwide, a Verisk Analytics business, and will enable AIR to provide its clients with additional modeling solutions and analytics for the casualty market, according to a Verisk statement.
“The industry has been searching for a platform and methodology to manage the complete range of its casualty risk,” comments Bill Churney, president, AIR Worldwide. “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.”
Arium was established in 1998 by Robin Wilkinson, former head of Legal Services at British Airways. Arium specializes in developing risk models, primarily for the reinsurance industry, using what it calls a unique methodology based on dependency theory.
“We’re excited to join the Verisk Analytics family of businesses and expand AIR’s offerings through our expertise in liability risk,” comments Robin Wilkinson, founder and managing director of Arium. “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.”
Critical Insurance Expertise
Arium adds critical insurance expertise to Verisk Analytics portfolio of business, according to Mark Anquillare, executive VP and COO, Verisk Analytics. “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,” he says.