Verisk Acquires Franco Signor
Property/casualty insurers, self-insureds, and TPAs will benefit from the most comprehensive suite of fully integrated Medicare compliance solutions and greater access to the nation’s top Medicare experts
Jersey City, NJ, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today that it has acquired Franco Signor, a highly-regarded Medicare Secondary Payer (MSP) service provider.
Franco Signor will become part of Verisk’s Claims Partners business, a leading provider of MSP compliance and other analytic claim services. Claims Partners and Franco Signor will be combining forces to provide the single best resource for Medicare compliance.
“We’re pleased to add Franco Signor’s well-regarded capabilities to Verisk’s strong offerings in the Medicare space,” said Mark Anquillare, chief operating officer of Verisk. “We anticipate that this acquisition will have substantive long-term advantages for the industry, as Verisk will now be able to offer unparalleled guidance and an all-inclusive solution suite for all aspects of an insurer’s Medicare compliance needs.”
While Claims Partners and Franco Signor have both delivered valued Medicare compliance services for decades, their approaches are very complementary. With the addition of Franco Signor’s offerings to Claims Partners’ MSP compliance suite, Verisk now offers the broadest range of Medicare solutions powered by its sophisticated analytics and the highest quality data available. With the synergies resulting from the acquisition, the industry will benefit from flexible service levels that fully support insurers, self-insureds, and third-party administrators (TPAs) in their compliance needs throughout the life of a claim, as well as the industry-leading quality and service for which Claims Partners is known.
“The complexities of Medicare compliance obligations are extremely challenging,” said Richard Della Rocca, president of Claims at Verisk. “With the addition of Franco Signor to the Claims Partners team, we can offer the insight and experience of the country’s top MSP experts under one roof for the benefit of the entire industry and look forward to providing the very best experience and service for our customers.”
“We are excited to join Claims Partners in order to provide integrated solutions and enhanced support to claims professionals,” said John Williams, chief executive officer of Franco Signor. “Becoming part of the Verisk family will enable us to offer added value to our current customers through advanced analytics.”
The comprehensive Medicare compliance suite includes highly accurate Section 111 reporting with flexible service that is tailored to the way insurers and TPAs do business, including automated conditional payment processing, and a full range of Medicare Set-Aside (MSA) services including professional administration. In addition to full compliance support, including First Report of Injury (FROI)/Subsequent Report of Injury (SROI) and other Electronic Data Interchange (EDI) reporting, claims professionals can avail themselves of Claims Partners’ robust analytic solutions for workers’ compensation and liability claims and can leverage litigation analytics for improved claim results, as well as Verisk’s more comprehensive claim offerings which include fraud detection, investigation resources, subrogation support, and more.
The purchase price was $160 million.
*About Franco Signor *
Franco Signor, headquartered in Bradenton, FL, is a full-service provider of MSP compliance software and services. The company’s customers rely on their deep domain expertise, robust integrated technology platform, and flexible reporting capabilities to manage MSP matters on workers’ compensation, no-fault, and liability claims in compliance with long-established, complex and evolving MSP regulatory guidance.
*About Verisk *
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision-support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500^® Index and part of the Nasdaq 100 Index. For more information, please visit www.verisk.com.
*Contact:*
*Investor Relations
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Stacey Brodbar
Head of Investor Relations
Verisk
201-469-4327
stacey.brodbar@verisk.com
*Media
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Joe Madden
Verisk Public Relations
201-232-4486
Joseph.madden@verisk.com
Brett Garrison
Edelman (for Verisk)
212-639-4903
Brett.Garrison@edelman.com