Verisk, an American multinational data analytics and risk assessment firm, has recently announced that it has acquired Opta, a Canada-based leading provider of property intelligence and innovative technology solutions.

The acquisition is said to enhance the footprint of Verisk in the Canadian market and support Opta to rebuild risk management with respected business intelligence.

For more than 100 years, Opta has been driving the insurance industry's evolution with information and innovation, providing analytical insights, data, and solutions to help the market underwrite the policies and manage risks more efficiently.

As one of the only organizations in Canada which regularly collects and authenticates data via real-time dialogue and ongoing research, Opta is broadly considered the industry standard for property risk intelligence, valuations and loss control services.

It is also a leading source for community fire protection data in Canada via its Fire Underwriter Survey® (FUS). 

Greg McCutcheon, President of Opta, said that from focusing on building the insurance network to the passion for empowering customers with data-driven insights, it was evident that Opta had a solid cultural bond with Verisk.

The mutual deep domain expertise, unique data assets and advanced technology will be incredibly advantageous for customers and help the market hasten the use of data and insights as a viable advantage.

The industry-leading position and proprietary database of Opta in Canada aligns well with the position of Verisk in the marketplace and offers the prospect for long-term product management.

Although Opta's roots bounce back to the late 19th century when it started by seeing fire underwriting rules and rates, the company's path and its growing role in the insurance industry share strikes similarities to Verisk's.

Moreover, Verisk and Opta's innovative technology and commitment to innovation will further drive the efforts to support customers in improving their operational efficiencies by delivering unique data assets through long-term integration with customer workflows.

Source Credit - https://www.globenewswire.com/news-release/2022/03/01/2394808/0/en/Verisk-Acquires-Opta-Canada-s-leading-provider-of-property-intelligence-and-technology-solutions.html