Moody's Corporation today announced the capture of Edinburgh-based risk management modelling firm Barrie & Hibbert in a deal worth £50m...
The acquisition will broaden Moody's Analytics' suite of software solutions for the insurance sector, with Barrie & Hibbert's offerings and expertise in understanding the risks in long-term asset and liability management also expected to enhance Moody's data management, capital calculation and regulatory reporting platform.
Mark Almeida, Moody's Analytics president, said: "Barrie & Hibbert has built a strong reputation for its specialized expertise and unique product offerings for insurance risk. Barrie & Hibbert's skills and experience to Moody's Analytics expands our ability to help insurers meet worldwide solvency modernisation initiatives including Solvency II and other regulatory challenges, and reinforces our commitment to assisting financial institutions as they address a growing array of risk management needs."
The deal was funded from cash on hand, reflecting the unfavorable impact of purchase accounting and integration costs. The transaction is expected to be several US cents dilutive to Moody's GAAP earnings per share in 2012.
Andy Frepp, Barrie & Hibbert chief executive (pictured), added: "We are pleased to be joining a dynamic organisation that is recognized as a global leader in helping financial institutions manage risk. The combination of Moody's Analytics and Barrie & Hibbert will benefit our clients by providing them with a broader and more robust set of tools and services to assess financial risk and respond to regulatory requirements."
