Business News: ISO, Erie Insurance, Verisk Analytics

ISO, a Verisks Analytics business, announced a new Miscellaneous Professional Liability Program to help insurers cover one of the fastest-growing sectors of the U.S. economy.

The professional services industry in the United States rose by 542,000 jobs from a year ago, accounting for about 23 percent of the non-farm job growth, according to the latest statistics from the U.S. Department of Labor.

The program features rules, forms, and loss costs for 27 professional business classes experiencing growth, including career counselors, concierge professionals, staffing agencies, photographers, and salon operators. It also provides options to cover the defense of professional disciplinary and licensing proceedings because many professional services today face increased regulatory activity and oversight.

The program, which has been filed on a multistate basis, complements ISO’s current professional liability offerings, including forms tailored to lawyers and to agents and brokers in both the insurance and real estate professions.

Executives of Erie Indemnity Company announced the construction of a new office building on the Erie Insurance Home Office campus in downtown Erie, Pa. The 346,000 square foot building will be located on East Sixth Street next to the historic Erie Insurance Heritage Center and extending to East Seventh and French Streets. Total building and related project costs are estimated to be $135 million. Construction is expected to begin in spring 2017, lasting about three years.

At a news conference earlier, Erie Insurance CEO Timothy G. NeCastro said the new building will ease capacity issues for Erie County’s only Fortune 500-headquartered company.

The LEED-certified, environmentally friendly building will have four larger floors and three, smaller tower floors. Special features of the building include large collaboration areas, an open courtyard, and bridges connecting to other ERIE buildings and parking ramps. It will be the largest building on ERIE’s campus, housing up to 1,200 employees.

The company has engaged the Albert Kahn Associates architectural firm from Detroit and construction manager PJ Dick from Pittsburgh to design and build the new office complex.

Verisk Analytics, Inc., a data analytics provider, announced the acquisition of The GeoInformation Group, a leader in the field of geographic data solutions based in Cambridge, United Kingdom.

The GeoInformation Group offers large-scale mapping services and geospatial data and analytic solutions to a wide array of companies and more than 300 public sector organizations.

Geoinformation will continue to operate in its current location.