Data analytics provider Verisk Analytics has announced the acquisition of Arium, a company specializing in risk modeling and decision support.

Arium will become part of Verisk’s AIR Worldwide business to aid insurers and reinsurers better manage risk across their portfolios, according to Air Worldwide President Bill Churney. AIR Worldwide, a catastrophe modeling firm, was purchased by Verisk Analytics in 2002.

Arium’s casualty analytics platform enables companies to run historical and emerging scenarios to visualize how a single event can affect multiple business lines. Insurers can also create scenarios of their own, the company said.

“Arium is a valuable addition to the Verisk Analytics family of businesses, providing critical insurance expertise,” said Mark Anquillare, executive vice president and chief operating officer of Verisk Analytics, in a statement. “Combined with AIR’s leading models, Arium’s solutions will now enable customers to manage their extreme event risk from both property and casualty catastrophe exposures.”

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