Verisk Analytics quarterly profit falls as expenses rise

July 29 (Reuters) - Verisk Analytics reported a fall in second-quarter profit as higher taxes, interest costs and legal expenses weighed on results, despite steady demand for its data analytics products used by insurers.

Shares of the New Jersey-based data analytics provider, which are down 5% this year, fell about 1% in premarket following the results.

Here are some more details:

• Verisk's net interest expense jumped to $52.8 million in the second quarter from $35.5 million a year earlier. Its effective tax rate rose to 24.6% from 22.7%.
• The company added a litigation reserve of $2.0 million tied to its ongoing legal proceedings.
• Analysts noted that while the AI debate is active, it appears to be overdone as it underestimates the moat and complexity around Verisk's contributory network.

• Verisk's underwriting revenue increased 3.5% to $569 million in the second quarter. Its claims revenue climbed 6.3% to $237 million, primarily due to anti-fraud analytics and property and restoration solutions.
• Separately, it announced it has acquired McKenzie Intelligence Services, an event response company specializing in global real-time catastrophe and conflict event analysis.
• Net income came in at $229 million, or $1.75 per share, in the three months ended June 30, compared with $253 million, or $1.81 per share, a year earlier.