Latest news with #HomeRepair
Reuters
30-07-2025
- Business
- Reuters
Verisk expands residential insurance push with $2.4 billion AccuLynx deal
July 30 (Reuters) - Data analytics firm Verisk (VRSK.O), opens new tab said on Wednesday it will buy AccuLynx, which makes software for roofing contractors, for $2.35 billion as it looks for a bigger foothold in a key segment of the residential insurance market. The all-cash deal could allow Verisk to simplify interactions between insurers and contractors, which it says will speed up claims and lower expenses for policyholders. The deal also highlights growing interest in home repair companies, as severe weather and rising repair costs pressure both insurers and homeowners. Roofing is one of the most expensive components of property insurance. The acquisition, scheduled to close by the end of the third quarter, is expected to add to Verisk's adjusted earnings per share by the end of 2026. Its shares rose 2% before the open. Goldman Sachs and PJT Partners are serving as financial advisers to Verisk, while William Blair advised AccuLynx. Verisk also reported better-than-expected profit for the second quarter on Wednesday, driven by strong demand from property and casualty insurers for its underwriting risk assessment tools. Adverse weather has prompted P&C insurers to spend more on analytics to better assess policy risks. On an adjusted basis, Verisk earned $1.88 per share in the second quarter, beating analysts' estimates of $1.77, according to data compiled by LSEG. On reported basis, the company's underwriting revenue increased 8.3% in the quarter, while claims revenue climbed 6.6%. New Jersey-based Verisk now expects adjusted earnings per share between $6.80 and $7.00 for 2025, a slightly narrower range compared with $6.80 to $7.10 it had expected earlier. But the company raised its full-year revenue forecast to between $3.09 billion and $3.13 billion, up from $3.03 billion to $3.08 billion earlier.
CNA
30-07-2025
- Business
- CNA
Verisk expands residential insurance push with $2.4 billion AccuLynx deal
Data analytics firm Verisk said on Wednesday it will buy AccuLynx, which makes software for roofing contractors, for $2.35 billion as it looks for a bigger foothold in a key segment of the residential insurance market. The all-cash deal could allow Verisk to simplify interactions between insurers and contractors, which it says will speed up claims and lower expenses for policyholders. The deal also highlights growing interest in home repair companies, as severe weather and rising repair costs pressure both insurers and homeowners. Roofing is one of the most expensive components of property insurance. The acquisition, scheduled to close by the end of the third quarter, is expected to add to Verisk's adjusted earnings per share by the end of 2026. Its shares rose 2 per cent before the open. Goldman Sachs and PJT Partners are serving as financial advisers to Verisk, while William Blair advised AccuLynx. EARNINGS BEAT Verisk also reported better-than-expected profit for the second quarter on Wednesday, driven by strong demand from property and casualty insurers for its underwriting risk assessment tools. Adverse weather has prompted P&C insurers to spend more on analytics to better assess policy risks. On an adjusted basis, Verisk earned $1.88 per share in the second quarter, beating analysts' estimates of $1.77, according to data compiled by LSEG. On reported basis, the company's underwriting revenue increased 8.3 per cent in the quarter, while claims revenue climbed 6.6 per cent. New Jersey-based Verisk now expects adjusted earnings per share between $6.80 and $7.00 for 2025, a slightly narrower range compared with $6.80 to $7.10 it had expected earlier.
CBS News
18-06-2025
- Business
- CBS News
Roofing company accused by New Jersey family of not honoring contract agreement
A New Jersey family hired a contractor to replace their roof, but three years later, the work hasn't even started. At first, the company blamed delays, and then, the family says, it stopped taking calls. CBS News New York investigative reporter Mahsa Saeidi started to dig into the business and found a trail of unhappy customers. Maria Chavez's complaints against the company After a series of storms in Lodi, New Jersey, multiple families had their roofs replaced. Maria Chavez said neighbors had used the company Home Repair. "They agreed they were going to do the repairs," Chavez said. "I trusted them based on the fact that other neighbors had work done and completed." So when her ceiling started to leak in 2022, she hired the company as well. The down payment was $3,687.22. According to the contract, the estimated job start date was 12 to 16 weeks. "It was approximately March of 2024," Chavez said, referring to the last time she heard from the company. She said while she was waiting, the company was telling her, "They were waiting for materials to arrive. Then they didn't have the correct color that we had chosen together. Then it was weather issues." When Chavez asked for a refund, she says a customer service rep emailed her, saying, "We are not in breach of our contract." Later, the rep says insurance reimbursements on other completed jobs were delayed, but if Chavez was to take out a loan and front all the cash, work would start "as soon as two weeks' time." "I am not interested in this option," she wrote back. Company owner was arrested for fraud last year, Medford P.D. says Saeidi called Home Repair to ask when the roof would be completed or if the company could give Chavez a refund. The company did not pick up the phone, has no working website, and no active license, according to state records. When CBS News New York went to the listed address for the company in Marlton, New Jersey, a receptionist said Home Repair only had a P.O. box., which was closed when it allegedly stopped making payments. According to the New Jersey Attorney General's Office, James Silva is the owner of Home Repair, LLC. Once seemingly successful, Silva was arrested last September in Las Vegas for alleged fraud and theft. Police in Medford, New Jersey, claim he took more than $140,000 from five families, and never completed the work. The Burlington County Prosecutor's Office told Saeidi there will be a pre-trial conference later this month. The Chavez family has since contacted police. Mario Blanch, Silva's attorney, told Saeidi, "While I cannot comment on the specifics, my client maintains his innocence, and we are confident... he will be vindicated at trial." Always read your insurance policy, licensed broker says "It's a very tough place to be," said Jason Bartow, a licensed insurance agent and broker. "When you have a claim, it's imperative that you get the repair work done as soon as possible." Bartow says homeowners have a duty to prevent further damage. Saeidi asked if it's possible if you wait too long that insurance companies can change their mind on the claim, to which Bartow replied, "Correct," adding, "One of the things buried, in the back of an insurance policy, is you agree, as the policyholder, to abide by the conditions in a timely manner of filing a claim and getting the claim repaired or mitigated as soon as you can." Chavez says her insurance company won't cover her loss, but if a new roofer finishes the job, it will reimburse her, minus the $3,687.22 already paid to Home Repair. "I am just worried that we will get flooded in or something worse will happen. That's my biggest fear, and it will end up costing us more in the long run," Chavez said. Chavez is in the process of finding a new roofer. Once she shows the insurance company proof that the work is done, she'll get a check for approximately $10,000. The Lodi Police Department is investigating after Chavez filed a report.
Yahoo
04-04-2025
- Health
- Yahoo
Salt Lake City to remove lead-based paint in homes using $4 million grant
SALT LAKE CITY () — Salt Lake City leadership announced a nearly $4 million grant from the U.S. Department of Housing and Urban Development will be used to tackle lead-based paint in homes. 'Every child deserves a safe and healthy home, and every parent deserves peace of mind knowing their home won't put their kids at risk,' said Mayor Erin Mendenhall. 'Removing harmful lead paint from homes is a crucial part of making our city safe for everyone.' A miracle in Nauvoo: Family says daughter's mission gets Dad life-saving transplant The Centers for Disease Control report that young children have the greatest risk of developing health problems due to lead exposure. This new program will focus on low-income households with children under the age of six. According to a press release, the funding will go toward testing and remediating lead-based paint in up to 300 units. The grant is available through the Housing Stability's Home Repair program, which offers no and low-interest loans to address other health, safety, and structural concerns in low-income households. 20,000 homes were built before 1940 in Salt Lake City, when nearly 90% of homes had lead-based paint, according to the U.S. Environmental Protection Agency. The release said that in the last decade, Salt Lake City has been able to rehabilitate over 1,300 homes with lead-based paint. 'We've already helped hundreds of residents remove lead-based paint from their homes through our Home Repair program,' said Salt Lake City Housing Stability Director Tony Milner. 'These federal funds will help us continue our critical work stabilizing Salt Lake City's low-income homeowners.' Salt Lake City residents making below 80% of the area's median income living with children under the age of six can apply for the program online. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
