Verisk Analytics Inc., whose owners include The Hartford and Travelers Cos., today raised $1.9 billion in one of the largest initial public offerings this year.
Verisk, a New Jersey-based insurance data specialist, sold 85.3 million shares at $22 each.
In its first day of trading on Nasdaq under the symbol “VRSK,” shares are up $6, or 27 percent, to $28.
The proceeds will to go some of the large insurance firms that own stakes in the company, including American International Group Inc., Hartford Financial Services Group Inc. and Travelers Cos., which plan to sell some of their shares.
Another 12.7 million shares will be available to underwriters to cover overallotments, Verisk said.
The company was founded in 1971, helping insurance companies asses risks and meet regulatory requirements. Verisk says it is the largest provider of risk assessment data for the U.S. property and casualty insurance industries.
The company says it earned $90.9 million on sales of $503.7 million in first half of the year, compared with income of $80.9 million on revenue of $437.7 million in the year-earlier period. (AP)
