Business News: Verisk, CoreLogic, Arbella

Verisk Launches WaterLine for Private Flood Insurance Market

Verisk, a data analytics provider, announced the launch of WaterLine, an underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers meet the needs of the growing number of homes and businesses vulnerable to flood.

WaterLine, developed by Verisk businesses ISO and AIR Worldwide, is based on advanced models of river, surface, and storm surge flooding. The tool can help insurers underwrite any property, including those not traditionally considered flood-prone. WaterLine can also help insurers that don’t offer flood insurance serve their customers better by providing them with critical information about their level of flood risk.

The product scores properties on a 0-to-100 relative risk scale and shows the factors contributing to the score. It uses advanced probabilistic simulations based on hydrologic and hydraulic engineering from AIR’s Inland Flood Model for the United States.

CoreLogic to Acquire Symbility Solutions Inc.

CoreLogic, a global provider of property information, insight, analytics and data-enabled solutions, announced it has entered into a definitive agreement to acquire the outstanding shares of Symbililty Solutions Inc. not already owned by CoreLogic. CoreLogic currently holds approximately a 28 percent ownership interest in Symbility.

Symbility, founded in 2004, is a provider of subscription and cloud-based property insurance claims workflow solutions for the property & casualty insurance industry. Symbility also provides enterprise mobile and application software solutions. The company is headquartered in Toronto, Canada and operates in the U.S., Canada, the United Kingdom, Germany, Netherlands, Australia and New Zealand.

The transaction is expected to close by the end of 2018 and is subject to Symbility shareholder and option-holder approval, court approval, certain third-party consents and customary closing conditions. Under the terms of the definitive agreement, CoreLogic will acquire all outstanding common shares of Symbility not owned by CoreLogic or its affiliates for C$0.615 per share in cash. In addition, all holders of outstanding stock options of Symbility will be entitled to receive the “in-the-money” value of such stock options, less applicable withholdings. The Company intends to fund the acquisition of Symbility using cash on hand and available amounts under its revolving credit facility.

The acquisition is expected to be accretive to 2019 financial results excluding one-time integration costs as well as reductions in acquired deferred revenue and other purchase accounting adjustments. BMO Capital Markets is acting as financial advisor to CoreLogic on the transaction.

Arbella Insurance Group Introduces New ‘Home Cyber Protection’ Insurance

The Arbella Insurance Group announced the launch of its new Home Cyber Protection insurance coverage designed to protect individuals and families after a cyber attack has occurred. The new endorsement can be added to homeowners, condominium and renters insurance policies. Arbella is one of the few insurance companies in Massachusetts offering cyber insurance to homeowners, which also includes cyberbullying protection in its product.

The suite of coverage in Arbella’s Home Cyber Protection plan provides policyholders with assistance when a member of their household has been targeted by:

• Cyber Attack: Covers the cost of removing a virus or the reprogramming of computers and tablets, Wi-Fi routers and other Internet access points.
• Cyber Extortion: Professional assistance with responding to a ransomware attack and reimbursement for approved ransom payments.
• Online Fraud: Reimbursement for financial losses due to identity theft, phishing schemes, illegal banking or credit card transfers and other deceptions.
• Data Breach: Specialized review from a forensic IT and/or legal representatives as well as notification and recovery services when personal data and information entrusted to you is lost, stolen or published.
• Cyberbullying: Covers the costs an individual may incur after a cyberbullying attack, including legal expenses, temporary relocation expenses or private tutoring.

In addition to financial reimbursement, Home Cyber Protection provides policyholders extensive support from cyber claim specialists and technical experts who will help guide them through the attack and put them on the path to recovery.

Arbella’s Home Cyber Protection coverage is available to Arbella customers in Massachusetts as of October 1, 2018.