WASHINGTON (Reuters) – Verisk Analytics Inc filed for an initial public offering on Tuesday to raise up to $750 million in class A common stock.
The risk management firm said in the filing with the U.S. Securities and Exchange Commission that Merrill Lynch and Morgan Stanley are underwriting the IPO.
Verisk did not indicate how many shares its shareholders expect to sell or the expected price.
It said stockholders are selling all the shares in the IPO, and that it will not receive any proceeds from the offering.
Verisk said it is the largest aggregator and provider of detailed actuarial and underwriting data pertaining to U.S. property and casualty, or P&C, insurance risks.
In 2007, Verisk's U.S. customers included all of the top 100 P&C insurance providers, four of the 10 largest Blue Cross Blue Shield plans, four of the seven leading mortgage insurers, 14 of the top 20 mortgage lenders, and all of the 10 largest global reinsurers, the company said.
Verisk's principal shareholders include The Hartford Financial Services Group Inc (HIG.N: Quote, Profile, Research, Stock Buzz), The Travelers Companies Inc (TRV.N: Quote, Profile, Research, Stock Buzz), and American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz).
For the three months ended March 31, the company earned $41 million on $215.6 million of revenues. For the year-earlier period, the company earned $38.3 million on $198.8 million of revenues. (Reporting by Karey Wutkowski; editing by Jeffrey Benkoe and Gunna Dickson)