Verisk Analytics now owns Arium, a British company focused on liability risk modeling and decision support.

Neither side disclosed financial terms, but the acquisition is the latest in a series of M&A deals Verisk has pursued in recent months in order to grow and diversify.

Plans call for making Arium a part of AIR Worldwide, which is also owned by Verisk. By doing so, AIR gets additional modeling products and analytics for the casualty market, complementing what it already does for the property analytics space.

“We believe Arium’s capabilities will allow us to do for casualty analytics what we’ve already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios,” Bill Churney, president of AIR Worldwide, said in prepared remarks.

Arium has been around since 1998, with a focus on developing risk model using what it bills as a unique methodology based on dependency theory. It develops risk models, mostly for the reinsurance industry. Its founder: Robin Wilkinson, is the former head of Legal Services at British Airways.

“Arium is a valuable addition to the Verisk Analytics family of businesses, providing critical insurance expertise,” Mark Anquillare, executive vice president and chief operating officer of Verisk Analytics, said in prepared remarks.

Verisk has been focusing on smaller, targeted acquisitions in recent months.

Last November, Verisk acquired MarketStance, a well-regarded firm that provides market intelligence data and analytics for property/casualty insurance companies, brokers and agents.

Also in November, Verisk bought The GeoInformation Group, a UK-based firm that provides large-scale mapping services and geospatial data and analytics products to a wide range of companies and more than 300 public sector organizations.

Almost a year ago, Verisk bought Wood Mackensie for about $2.8 billion, gaining a company that provides data to the energy, chemicals and mining industries.

Source: Verisk Analytics