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EDINBURG, Scotland—Moody's Corp. has acquired Barrie & Hibbert Ltd., an Edinburgh, Scotland-based provider of risk management modeling tools for insurance companies.
New York-based Moody's said Monday that the acquisition broadens software services available to the insurance and pension sector through its Moody's Analytics unit, which offers software; advisory services; and research for credit, economic analysis and financial risk management.
Moody's purchased Barrie & Hibbert for £50 million ($77.6 million) in cash.
The transaction gives Moody's access to Barrie & Hibbert's Economic Scenario Generator for valuing and projecting assets and liabilities and assessing risk and capital positions.
Also, Moody's said, Barrie & Hibbert's offerings and expertise in risks associated with long-term asset and liability management will bolster Moody's data management, capital calculation and regulatory reporting platform to better serve clients involved in risk management and regulatory compliance activities, including Solvency II.
The company said it will integrate Barrie & Hibbert into the Moody's Analytics risk management software segment.
NEW YORK—Catastrophe losses drove net income for U.S. publicly traded property/casualty insurance companies down to $1.38 billion during the second quarter of 2011, according to survey released by Moody’s Investors Service Inc. on Thursday.