JERSEY CITY, N.J., January 13, 2010 — Verisk Analytics (NASDAQ: VRSK) subsidiary Xactware Solutions now issues rate schedule publications for the Republic of Ireland to offer local insurers and contractors access to regularly updated costs for nearly 5,500 construction items. Xactware is an international market leader in property claims estimation solutions.
Xactware publishes quarterly rate schedules for the city of Dublin, East Ireland, and West Ireland, in addition to nine other European cost information regions. Rates are reported as cost information within the schedules, which surveyors can then reference or use as they deem appropriate to estimate quickly the cost to repair damage. Cost information for construction material and labor rates contained in the schedules is generated using market surveys and industry and government publications. The rate schedules will be published quarterly to provide Xactware users in Ireland with appropriate cost information.
“We look forward to expanding the number of geographic areas covered by our published cost information rates,” said Mike Fulton, Xactware’s assistant vice president of Pricing Data Services. “Having access to regularly published market rates for repair is a key benefit for customers in the surveying process.”
For more than 20 years, Xactware has reported market cost information for building materials and labor rates to insurance brokers and construction contractors. The company made its European debut in February of last year, releasing cost information data for nine regions in the United Kingdom: London, Midlands, Scotland, Wales, and Northern Ireland, as well as the northeast, northwest, southeast, and southwest parts of England. The company’s office is located in London.
Xactware uses a unique, three-pronged scientific approach to report reliable building cost data for the property insurance industry. The company gathers actual rates directly from live estimates as they are processed and performs an independent validation by separately researching costs associated with construction labor, material, and plant rates.
Each year, Xactware researches and analyzes millions of price points to report current market costs to construction, claims, and underwriting professionals. The database includes costs to remove, replace, repair, detach and reset, paint, and clean structural items and enables professionals to estimate repairs or total rebuild costs accurately for residential, commercial, agricultural, and manufactured structures.
Xactware’s in-house team of construction and restoration professionals researches, validates, and supports each rate schedule to maintain the database’s quality. This team has more than 400 years of combined construction industry experience.
Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics specializing in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include estimating software programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or visit www.xactware.com.
About Verisk Analytics
Verisk Analytics (NASDAQ: VRSK) is a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage lending, government, risk management, and human resources. Verisk Analytics includes the holdings of Insurance Services Office, Inc. (ISO) and its subsidiaries, which provide essential solutions to the insurance, mortgage lending, and healthcare markets. For more information, visit www.verisk.com.
MWW Group (for Verisk Analytics)
Head of Investor Relations
Verisk Analytics, Inc.