Betsy Hopkins (AMS)
ISO ACQUIRES ASSETS OF INSURANCE INFORMATION EXCHANGE FROM AMS TO BOLSTER ITS UNDERWRITING PRODUCT WITH MOTOR VEHICLE REPORT DATA
JERSEY CITY, NJ, March 13, 2002 Insurance Services Office, Inc. (ISO) has acquired the assets and business of Insurance Information Exchange (iiX), an operating unit of AMS Holding Group (AMS), based in College Station, Texas. Terms of the acquisition from AMS were not disclosed.
iiX is a premier provider of Motor Vehicle Report (MVR) data to insurers, agents and brokers. This information is used by insurance companies and agents during the risk assessment, rating and underwriting process for issuing personal auto policies.
The iiX business pioneered the agent "point-of-sale" program for insurance information products to the independent agency marketplace. Prospective employers also use MVR information under applicable privacy laws and restrictions during pre-employment screening and to determine driving eligibility for commercial vehicle operators.
iiX's Motor Vehicle Report information is used in close association with ISO's Automobile-Property Loss Underwriting Service (A-PLUSTM) that provides underwriters five years of auto and property loss-history information. The iiX and A-PLUS information is delivered through iiX's Express products and will be further expanded through ISO's new underwriting-services delivery system ISO PassportSM.
"iiX products and services expand the range of ISO's underwriting, loss-history and claims services, bolstering our industry position and recognition as an end-to-end provider of insurance information solutions," said Frank J. Coyne, ISO's president and chief executive officer.
"In this seamless transfer, iiX's 20,000 customers can continue to rely on ISO for high-quality motor vehicle information. ISO is committed to enhancing the value iiX has offered its customers over the past 18 years," Coyne added.
Euan Menzies, president and chief executive officer of AMS Holding Group, noted, "We are pleased that iiX is joining the ISO organization. With their complementary strengths, ISO and iiX are well positioned to assume a leading position in the insurance information arena. The proceeds from this transaction will further strengthen our balance sheet and increase the funds available for future investment."
iiX will retain its name and remain in College Station. Sean Quillivan will continue to direct iiX operations. IiX will be part of ISO's AISG business unit.
ISO is a leading source of information, products, and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analysis; consulting and technical services; policy language; information about specific locations; fraud-identification tools; and data processing. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, and insurance regulators and other government agencies.
AMS Holding Group is a leading U.S. provider of software and automation services to insurance agents, brokers, carriers, banks, MGAs, and other distributors of insurance and financial services.