Tuesday, Verisk Analytics Inc., an advisory and rating organization for the P&C insurance industry, in a filing with the Securities and Exchange Commission said it would sell Class A common stock of the company in an initial public offering for the maximum aggregate offering price of $750 million.
The New Jersey-based provider of actuarial services said selling stockholders are selling all of the shares of common stock in this offering and the company will not receive any proceeds from the sale of shares.
The company said principal stockholders of the company include The Hartford Financial Services Group, Inc. (HIG), The Travelers Companies, Inc. (TRV) CNA Financial Corporation, (CNA) American Financial Group, Inc. American International Group, Inc. (AIG) and ACE Group Holdings, Inc.
Verisk in its 'preliminary prospectus' did not provide the public offering price and the date of commencement of the sale.
For the three-month period ended March 31, 2008 the company had net income of $41.02 million or $10.45 per share compared with $38.26 million or $8.96 per share in the prior year period. Revenues increased to $127 million from $121.8 million in the corresponding period last year.
For the year ended December 31, 2007 the company had net income of $150 million or $35.93 per share on revenues of $802 million.
Merrill Lynch & Co. and Morgan Stanley are serving as the underwriters for the offering.
For comments and feedback: editorial@rttnews.com