NEW YORK, September 9, 1996 — Insurance Services Office, Inc. (ISO) today announced it has purchased assets of McClave & Co., Inc., a privately owned commercial-multiline survey company with $1.5 million in annual sales to property/casualty insurance companies in the Northeast.
"Integrating McClave's special skills with our strengths will move ISO into new markets by enhancing the delivery of our multiline services to our customers, including casualty surveys and risk assessment," said Patrick McLaughlin, vice president - risk decision services, who manages ISO's specific-risk survey operations.
"Acquiring an established, high-quality survey product line like McClave's is designed to ensure that we continue to meet the needs of the industry in the years to come," McLaughlin said.
McClave, based in Stephentown, N. Y., has been providing regional insurers and branches of national insurers with commercial multiline surveys in New England, New York, New Jersey and Pennsylvania since 1947.
"This development is a real benefit to all former McClave & Co. customers," said Rowland W. "Rik" McClave III, a principal and president of the multiline survey firm. "Our customers will receive the high-quality service they're accustomed to, plus benefit from survey enhancements made possible by ISO's deep and broad expertise in site-specific services, and its investment in state-of-the-art technology," added McClave, who joins ISO as a director of survey field staff.
McClave's 29 field-survey and management employees will be integrated into ISO's Risk Decision Services Department, which uses state-of-the-art technology to produce and deliver information that insurers need to underwrite and rate specific risks, including site-specific surveys of medium-sized and large commercial risks, and high-value homes.
McClave's former customers will be able to get surveys on a broader array of risks in every state, because ISO maintains a countrywide network of field representatives who collect risk information for multiple insurance lines and risk classifications.
To speed the collection and delivery of survey results, ISO field representatives use FR Toolkit™, a hand-held personal computer and digital camera that receives assignments electronically and transmits completed surveys and digitized photos and diagrams of properties from remote sites to ISO's central processing centers. All of this information is electronically integrated into ISO's data base. Insurers and agents can receive survey information electronically via ISO's ISOTEL® network, through a toll-free telephone number, by fax or by mail.
ISO is a nonprofit corporation that provides information about property/casualty insurance, including statistical information, actuarial analyses, policy language, and related services. ISO's customers include more than 1,500 insurance companies, as well as agents and regulators.