Insurance risk specialist Verisk Analytics Inc. raised $1.88 billion Tuesday in the biggest IPO by a U.S. company since March 2008 after pricing its shares at a higher-than-expected $22 each, according to the Insurance Journal.
The sale of the shares, which had been expected to price at between $19 and $21, marked the biggest IPO by a U.S. company since a $19.6 billion offering by credit card operator Visa Inc .
Verisk, which does most of its business through its subsidiary ISO and is owned by a group of insurance companies, collects actuarial and underwriting data related to U.S. property and casualty insurance risks.
Sing it with me, Mr. CLS!
My wife is now my mother’s mother
And it makes me blue.
Because, although she is my wife,
She’s my grandmother, too.
If my wife is my grandmother,
Then I am her grandchild.
And every time I think of it,
It simply drives me wild.
For now I have become
The strangest case you ever saw.
As the husband of my grandmother,
I am my own grandpa!
One more time, Mr. CLS!
All 85.25 million shares in the IPO were being sold by Verisk’s existing shareholders, which include American International Group Inc., Hartford Financial Services Group and ACE Group Holdings.
Warren Buffett’s Berkshire Hathaway Inc. is the only major shareholder not selling a stake through the IPO, which research firm Morningstar in a report posted on its website on Tuesday said was a “vote of confidence” in the company. A Morningstar analyst estimated Verisk shares to be worth between $25 and $30.
By not selling its shares, Berkshire Hathaway’s stake in the company has doubled to 10.7 percent, according to a regulatory filing.
Verisk will get no proceeds from the IPO. All the money will go to…