Insurance risk specialist Verisk Analytics Inc. raised $1.88 billion Tuesday in the biggest IPO by a U.S. company since March 2008. The move comes after the company priced its shares at a higher-than-expected $22 each.

The sale of shares was priced at between $19 and $21 and it marked the strongest IPO by a U.S. company since $19.6 billion offering by credit card operator Visa Inc.
Verisk aims at gathering actuarial and underwriting data linked to U.S. property and casualty insurance risks. The company, owned by a group of insurance companies, does most of its business through its subsidiary ISO.

American International Group Inc., Hartford Financial Services Group and ACE Group Holdings, are the existing shareholders of Verisk and the thing to note is that all 85.25 million shares in the IPO were being sold by these companies. 

The only major shareholder not selling a stake through the IPO is Warren Buffett's Berkshire Hathaway Inc, due to which, its stake in the company has doubled to 10.7 percent. 

Furthermore, no proceeds from the IPO would be acquired by Verisk. 

According to Scott Sweet, a senior managing partner with advisory firm IPO Boutique, "They have become the industry standard in insurance, risk management, and fraud prevention and detection." 

In 1971, Verisk launched off as a non-profit association of property and casualty insurers in order to assist them meet regulatory reporting requirements. The company also provides fraud detection analytical tools.