NEW YORK, Sept. 5, 2000 — Insurance Services Office, Inc. (ISO) has agreed to acquire Elliston, a consulting and specialized claims and litigation management company that serves clients in North America and Europe.
Elliston provides a wide range of consulting and claims services to property, casualty, marine and life insurers, as well as reinsurers, risk-retention groups and self-insured entities.
"Combining Elliston's consulting and high-level expertise with ISO's information, products and services related to property and liability risk makes ISO an even more comprehensive and cost-effective resource," said Frank J. Coyne, ISO's president and chief executive officer. "Our combination with Elliston also deepens ISO's consulting capabilities, so we're even better positioned to solve customers' business problems along the entire chain of insurance operations, from identifying potential markets through underwriting to resolving claims. Elliston's London office expands ISO's global presence to Europe, which we expect to be an even more important market for ISO's future."
Elliston will retain its name and operate as a wholly owned ISO subsidiary from its offices in New Hope, Pa., and London. Elliston founders Mike Holland and Jackie Rose are to continue to manage Elliston. Elliston's staff of underwriting and claims professionals, engineers, investigators, accountants, lawyers, and business and financial executives also will continue with the organization.
"Joining forces with ISO greatly enhances Elliston's resources and expertise for the benefit of ISO's clients as well as our own," said Holland. "Elliston and ISO have partnered successfully on a number of projects over the past two years, and it is obvious to the management of both companies that merging our talents will be of the greatest value to all our clients. The Elliston team looks forward to steady business growth by expanding services to our existing clients and taking every opportunity of proving our worth to ISO and its customers," Holland said.
Elliston's services include:
ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; and information about specific locations for a broad spectrum of commercial and personal lines of insurance. ISO's statistical database, containing 6.5 billion records on insurance premiums and losses, is among the largest private databases in the world. ISO operates the ISO ClaimSearch system, a 204-million-record comprehensive claims-information system used to identify potential fraud.
ISO's consulting practice comprises policy forms and rules, regulatory filings and compliance, data management, underwriting, claims, and litigation support, as well as actuarial and catastrophe consulting.
In the United States and around the world, ISO serves more than 2,900 insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.