To expand its coverage of the property and casualty insurance industries, CoreLogic has agreed to buy DataQuick Information Systems, DataQuick Lender Solutions and Marshall & Swift/Boeckh (MSB) from parent company TPG Capital Decision Insight Information Group for $661 million.
DataQuick Information Systems is a supplier of real estate data, analytics and business solutions to mortgage originators and servicers, investors, real estate professionals and the public sector. With a database of more than 120 million U.S. residential properties, DataQuick provides customized analytical solutions, credit reporting, flood zone determination services, fraud monitoring, property valuation and automated decision software.
MSB is a provider of building-cost information, residential and commercial analytics solutions and business management services for property insurance companies, financial services organizations and the public sector. Using proprietary data, algorithms and platforms that leverage best-in-class replacement and repair cost estimates, analytics and other services, MSB assists insurers in analyzing risk, underwriting property insurance coverage, and estimating, managing and analyzing claims.
‘The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business,’ said Anand Nallathambi, president and CEO of CoreLogic. ‘The combination of MSB and our existing geo-spatial business capabilities and property-related data assets allows CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property coverage as well as managing natural hazard risks and claims.’
Frank Martell, chief financial officer for CoreLogic, said the acquisition, which is expected to close during the third quarter, will help the company meet its goal of growing its D&A segment to more than 50% of total company revenue.
In April, CoreLogic bought the Case-Shiller home price indexes from Fiserv for $6 million.