Verisk Analytics, a provider of data analytics servicers to property/casualty (P&C) insurers, has agreed to purchase UK-based insurtech Rulebook in a cash deal valued $87m.

Rulebook offers business intelligence and software solutions for the London Insurance Market. Its pricing engine is used to build underwriting rules for complex specialty insurance products through a web-based platform.

Rulebook, through its platform, offers better accuracy and control over the pricing and distribution process. It also help users to gain consistency and improve regulatory reporting and compliance.

Commenting on the deal, Ian Summers, CEO of Verisk unit Sequel, said: “The acquisition will expand Verisk’s existing offerings to the specialty insurance market by adding Rulebook’s proprietary pricing and management information engines to Sequel’s specialized software suite.

“These enhanced offerings will provide our customers with more efficient methods of distribution and significantly improved data analytics capabilities.

“The complementary applications give us a unique opportunity in our sector to complete the value chain, driving data through the process from broker to underwriter and quote through to claims settlement.”

Rulebook managing director Andy Galli said: “We’re very excited to join Verisk, as this will accelerate our growing business by providing greater access to global markets and Verisk’s existing international customers.”

The acquirer will fund the transactions using cash in hand as well as existing bank facilities.

The deal is likely to conclude in the fourth quarter of 2018.