Verisk's (VRSK) ISO Announces Launch of Homeowners Program
Verisk Analytics, Inc.’s VRSK subsidiary Insurance Services Office (“ISO”) announced yesterday that it has launched an optional endorsement aimed at covering costs that are usually not covered by standard homeowners’ policies.
Known as ISO Homeowners Program, it covers damages to underground utility lines including wires, pipes and certain buried equipment. Along with covering direct costs, it provides coverage for loss of rental income and for additional living expenses while a property is inhabitable. ISO stated that it has started the state-by-state filing process in June.
“Our new endorsement is the kind of value-added enhancement that many consumers are looking for in today’s competitive homeowners’ market and that our insurer customers can now offer,” said Doug Caccese, president of ISO Personal Lines.
The move is expected to benefit Verisk’s insurance segment that serves property and casualty insurance customers through prediction of loss, selection and pricing of risk and compliance with reporting requirements. The segment performed well in the first quarter of 2020 with revenues of $344.1 million increasing 12.5% year over year.
Notably, Verisk’s shares have gained 17.4% year to date, outperforming the 14.8% rally of the industry it belongs to and 0.3% growth of the Zacks S&P 500 composite.
Zacks Rank and Stocks to Consider
Verisk currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Business Services sector are DocuSign DOCU, Pluralsight PS and SailPoint Technologies SAIL, each carring a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term expected earnings per share (three to five years) growth rate for DocuSign, Pluralsight and SailPoint are 31.2%, 28.6% and 15% respectively.
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