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NEW YORK-The Insurance Services Office Inc. plans to broaden its services to include claims data by acquiring the New York-based American Insurance Services Group Inc.
ISO has reached an understanding with AISG's owner, the American Insurance Assn. in Washington, and hopes to finalize the acquisition probably in late fall, said an ISO spokesman in New York.
However, the transaction is subject to ISO completing several steps, including a due-diligence analysis of AISG's operations and assets; discussions with AISG's subscribers; as well as negotiation and execution of a definitive agreement approved by the AISG board of directors.
The price of the acquisition and other specific terms are not being disclosed, the ISO spokesman said.
Plans are for ISO to absorb AISG's 125 employees as well as its property and liability claims information and technical advisory services.
AISG operates two primary databases: an integrated all-claims database used in 17,000 claims offices to resolve claims and determine claims-filing patterns; and a claims database underwriters use to evaluate risk.
AISG provides its services to more than 3,800 companies, including insurers, self-insurers, third-party administrators and state workers compensation funds.
AISG's Property Claim Services division is the leading source of claims data for catastrophes.