CoreLogic® announced the closing of its acquisition of Marshall & Swift/Boeckh (MSB), a leading provider of residential and commercial property valuation solutions to the property and casualty insurance industry, DataQuick Information Systems (DataQuick), a property data and analytics information company, and the credit and flood services operations of DataQuick Lending Solutions from the Decision Insight Information Group.
Founded in 1930, MSB is the leading provider of building cost information, residential and commercial analytics solutions and business management services for property insurance companies, financial services organizations and the public sector. DataQuick is a supplier of real estate data, analytics and business solutions to mortgage originators and servicers, investors, real estate professionals and the public sector.
"The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business. The combination of MSB and our existing geo-spatial business capabilities and property-related data assets allows CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property coverage as well as managing natural hazard risks and claims," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "The combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities through the introduction of new products, data-enabled services and workflow tools which draw from a wide range of gold-standard data assets and analytical capabilities."
MSB operations and DataQuick's data licensing and analytics units will be reported within the Company's D&A segment. DataQuick's flood zone determination and credit servicing operations will be integrated into the Technology and Processing Solutions segment.
In connection with the receipt of regulatory approval for the transaction from the Federal Trade Commission, CoreLogic has agreed to enter into a commercial data license agreement with a third party. Under the agreement, CoreLogic will license to the third party national real property public record data for a limited term.