JERSEY CITY, N.J., May 30, 2001 — Insurance Services Office, Inc., a leading provider of information about liability and property risk, has formed Intego Solutions, Inc., as a subsidiary corporation to acquire companies whose services, products and capabilities align with ISO's.
Intego Solutions will be especially focused on acquiring companies that bring new functionality to the property/casualty insurance value chain of services that range from marketing, to underwriting, to claims valuation and adjudication. Intego will also seek business combinations that extend ISO's core strengths in statistical analysis, contributory databases and predictive modeling into new markets.
Chief Executive Officer Scott G. Stephenson will head Intego Solutions, reporting to ISO President and Chief Executive Officer Frank J. Coyne.
"Creating Intego Solutions is the logical next step in ISO's progression since becoming a for-profit, stock corporation in 1997," said ISO's Coyne. "This new subsidiary will allow ISO to expand its information services by making platform acquisitions that will stand on their own, rather than becoming units of the parent company."
"By creating a new company whose sole purpose is to make acquisitions, ISO will remain focused on its core services and products, while Intego Solutions brings together companies that can redefine the way business is done through a thoughtful combination of data, software and decision support," said Coyne.
Intego Solutions' Stephenson said: "We will concentrate on companies that are growth-oriented. We are especially interested in information companies that create value for the long term by creating new ways of serving clients."
"As an ISO subsidiary, Intego Solutions has a unique opportunity to leverage ISO's strong financial position and highly regarded industry reputation to bring together information providers that will meet new risk-information needs in a rapidly changing and volatile marketplace," said Stephenson.
Stephenson was most recently an executive-in-residence with Silver Lake Partners, a private equity firm based in Menlo Park, Calif. and New York that focuses on buyouts and recapitalization of technology companies. Previously he was a senior vice president and director of The Boston Consulting Group (BCG) and headed the firm's Atlanta office. Stephenson's 16-year career with BCG included service to clients in the information and insurance industries.
Stephenson holds a mechanical engineering degree from the University of Virginia and a master of business administration from Harvard University.
Also joining Intego Solutions as vice chairman is Andrew G. Mills, formerly president and chief executive officer of Thomson Financial and Professional Publishing Group (TFPPG), a leading global provider of financial, legal, regulatory and human resources services and products with revenues of more than $3 billion. Before becoming TFPPG's CEO, Mills was president of Thomson Financial Services. Mills earned his undergraduate and master's degree at Oxford University, and a master's degree in business administration from Harvard.
ISO is a leading source of information about property and liability risk. 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. In the United States and around the world, ISO serves insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators, and other government agencies.