DEF 14A of Verisk Analytics, Inc., Apr 4, 2025

DEF 14A of Verisk Analytics, Inc.

Filed Apr 4, 2025 · FY20240001193125-25-072921

Open on EDGAR

  1. Exchange Act of 1934

    | 41 | Talent Management and Compensation Committee Report | | 42 | 2024 Summary Compensation Table | | 44 | 2024 Grants of Plan-Based Awards | | 45 | 2024 Outstanding Equity Awards at Fiscal Year-End | | 46 | 2024 Option Exercises and Stock and PSUs Vested | | 46 | 2024 Pension Benefits | | 47 | 2024 Nonqualified Deferred Compensation | | 47 | Potential Payments upon Termination or Change in Control | | 48 | Equity Compensation Plan Information | | 49 | CEO Pay Ratio | | 50 | Pay Versus Performance | | 56 | Certain Relationships and Related Transactions | | 57 | ITEM 2 — Approval of the Compensation of the Company’s Named Executive Officers on an Advisory, Non-Binding Basis | | 58 | ITEM 3 — Ratification of the Appointment of the Company’s Independent Auditor | | 59 | Audit Committee Report | | 61 | ITEM 4 — Approval of the Amendment to the Certificate of Incorporation to Eliminate Supermajority Voting Standards for Limitation on Beneficial Ownership of the Company | | 62 | ITEM 5 — Approval of the Amendment to the Certificate of Incorporation to Eliminate Supermajority Voting Standards for Certain Business Combinations | | 64 | ITEM 6 — Approval of the Amendment to the Certificate of Incorporation to Limit Certain Liability of Officers as Permitted by Delaware Law |

  2. Nominees for one-year terms continuing until 2026

    Nominees for one-year terms continuing until 2026

  3. Nominees for one-year terms continuing until 2026

    | Retired Chief Executive Officer, Farmers Group, Inc. Independent Director Age: 68 Director since: 2022 Committees: • Talent Management and Compensation (Chair) • Finance and Investment • Executive | Jeffrey Dailey | | | Career Highlights Jeffrey Dailey has had a career in the insurance industry spanning more than four decades. Mr. Dailey held the position of CEO of Farmers Group, Inc., a subsidiary of Zurich Insurance Group, from 2012 until his retirement at the end of 2022, and continued to serve as its Chairman of the Board of Directors until June 2023. At Farmers, Mr. Dailey spearheaded the company’s transformation to a customer-centric and innovation-focused organization and led the acquisition and integration of MetLife’s property and casualty business. Mr. Dailey was also previously CEO of Reliant Insurance, a company he founded which was acquired by Bristol West Holdings, and earlier in his career held various senior executive roles at Progressive Corporation. Current Other Company Directorships Liberty Mutual Insurance Other Professional Experience and Community Involvement Mr. Dailey previously served as a board member of The Institutes, a leading provider of education and research on risk management and insurance. Qualifications In assessing Mr. Dailey’s skills and qualifications to serve on our Board, our directors considered his extensive experience in leading insurance company operations and understanding of market dynamics and trends facing the insurance industry, his talent management experience and his consistent record of executing strategy and creating value through operational excellence. |

  4. Nominees for one-year terms continuing until 2026

    | Retired Chairman and Chief Executive Officer, ID Analytics Independent Board Chair Age: 65 Director since: 2015 Committees: • Executive (Chair) | Bruce Hansen | | | Career Highlights Bruce Hansen brings three decades of experience building companies across the big data, AI/analytics, and fin-tech industries. From 2002 to 2012, Mr. Hansen served as Chairman and CEO of ID Analytics, a company he co-founded. Prior to that, Mr. Hansen served as President of HNC Software, Inc., a publicly traded company. Mr. Hansen has also held executive roles at CASA Inc., CitiGroup, ADP and JPMorgan Chase. Current Other Public Company Directorships LivePerson (NASDAQ: LPSN) Prior Other Public Company Directorships Mitek Systems (NASDAQ: MITK) Other Professional Experience and Community Involvement Mr. Hansen is an active member of the National Association of Corporate Directors. Qualifications In assessing Mr. Hansen’s skills and qualifications to serve on our Board, our directors considered his management and operations experience gained as a senior executive leading multiple data analytics and information services businesses, his understanding of market dynamics and trends, as well as his experience gained by his current and past service on other public company boards. |

  5. Nominees for one-year terms continuing until 2026

    | Chief Executive Officer, Vantage Group Independent Director Age: 59 Director since: 2024 Committees: • Talent Management and Compensation | Gregory Hendrick | | | Career Highlights Mr. Hendrick brings over 35 years of extensive insurance and reinsurance leadership and hands-on reinsurance underwriting experience. Since October 2020, Mr. Hendrick has served as CEO of Vantage Group, a Bermuda registered company that provides specialty insurance, reinsurance and insurance-linked securities products. From 2018 to 2020, Mr. Hendrick served as CEO of AXA XL, the P&C and specialty risk division of AXA. Mr. Hendrick was previously with numerous XL Group companies for 25 years serving in various roles, including Chief Executive of Reinsurance, Chief Executive of Insurance, Executive Vice President of Strategic Growth, President and Chief Underwriting Officer for XL Re Ltd and Vice President of US Property Underwriting for XL Mid Ocean Reinsurance Ltd. He began his career at AIG and later served as a VP in reinsurance underwriting at Winterthur Re. Current Other Public Company Directorships Vantage Group Holdings Qualifications In assessing Mr. Hendrick’s skills and qualifications to serve on our Board, our directors considered his deep domain experience and understanding of market dynamics and trends in re/insurance and underwriting gained through his various executive positions at leading insurance and reinsurance companies. |

  6. Nominees for one-year terms continuing until 2026

    | President and Chief Executive Officer, Zone Oil & Gas, LLC Independent Director Age: 64 Director since: 2016 Committees: • Audit (Chair) • Risk • Executive | Kathleen A. Hogenson | | | Career Highlights Kathleen A. Hogenson is an accomplished executive and entrepreneur with extensive worldwide operational and leadership experience. Ms. Hogenson brings more than 30 years of experience managing global company portfolios, driving global growth, navigating geopolitical issues and optimizing the workforce through skills, data and software. Ms. Hogenson has served as the President and Chief Executive Officer of Zone Oil & Gas, LLC, a company providing advisory and valuation services in energy, since 2007. Ms. Hogenson served as President and Chief Executive Officer of Zone Energy, LLC, a company she founded in 2009 and sold in 2015. Previously, Ms. Hogenson was President of Santos USA Corporation and Vice President of exploration and production technology for Unocal Corporation. Current Other Public Company Directorships First Quantum Minerals Ltd. (XTSE: FM) Prior Other Public Company Directorships Cimarex Energy Co. (NYSE: XEC), Petrofac Limited (LSE: PFC), Tamarack Valley Energy (XTSE: TVE) Other Professional Experience and Community Involvement Ms. Hogenson has previously served on the Board of Directors of Parallel Petroleum LLC and on the advisory Board of Samsung Oil & Gas USA Corporation. Qualifications In assessing Ms. Hogenson’s skills and qualifications to serve on our Board, our directors considered her proven entrepreneurial track record and extensive global commercial, operational, risk management and strategic knowledge and experience gained from leadership roles at complex, highly regulated global organizations. |

  7. Nominees for one-year terms continuing until 2026

    | Principal, WhiteGate Partners LLC Independent Director Age: 68 Director since: 2009 (served as a director of Verisk’s predecessor company, Insurance Services Office, Inc. from 2005 to 2009) Committees: • Audit • Governance, Corporate Sustainability and Nominating (Chair) | Samuel G. Liss | | | Career Highlights Samuel G. Liss is the principal of WhiteGate Partners LLC, a financial services and business services advisory firm, and an Adjunct Professor at New York University Stern Graduate School of Business. Previously, Mr. Liss served as Executive Vice President and Group Business Head at The Travelers Companies, overseeing corporate business development and one of three operating divisions — Financial, Professional Lines and International Insurance. Mr. Liss also served as Executive Vice President at The St. Paul Companies, an international commercial lines insurer. Earlier in his career, Mr. Liss was a Managing Director in the Investment Banking and the Equities divisions at Credit Suisse First Boston. Mr. Liss began his career in the equities division at Salomon Brothers and was a top ranked analyst covering the diversified financial services and insurance sectors. Prior Other Public Company Directorships DST Systems, Inc. (NYSE: DST); Argo Group International Holdings, Ltd. (NYSE: ARGO); Nuveen Investments, Inc. Other Professional Experience and Community Involvement Mr. Liss currently serves on the Board of Directors of JS Held, a private global consulting firm. He formerly served on the Board of Ironshore, Inc., a private global specialty commercial insurer. Qualifications In assessing Mr. Liss’ skills and qualifications to serve on our Board, our directors considered his management and operational experience gained as a senior executive of a global insurance business, his expertise in investment banking and the capital markets, and his expertise in corporate governance matters and best practices gained from his past board service. |

  8. Nominees for one-year terms continuing until 2026

    | President, Broadridge Financial Solutions Independent Director Nominee Age: 62 | Christopher J. Perry | | | Career Highlights Mr. Perry is a new nominee for election as a director at the 2025 Annual Meeting. Since 2020, Mr. Perry has served as President of Broadridge Financial Solutions, Inc. (NYSE: BR), a leading global Fintech company providing technology, communications and data analytics solutions and a member of the S&P 500. As President, Mr. Perry leads Broadridge’s global go-to-market organization, including relationships with its top clients and strategic partners, by managing global sales, account management and the company’s marketing, M&A, and strategic sourcing functions. He also oversees Broadridge’s international business and its overall growth strategy. From 2014 to 2020, Mr. Perry served as Broadridge’s Corporate Senior Vice President, Global Sales, Marketing and Client Solutions. From 1993 to 2014, Mr. Perry held various management and commercial roles at Thomson Reuters (NYSE: TRI) and its predecessor, Thomson Financial, including as Global Managing Director of Risk for the Financial & Risk division. Earlier in his career, Mr. Perry worked in several Fintech companies and institutional trading and retail brokerage firms. Other Professional Experience and Community Involvement Mr. Perry serves on the Board of Directors of the Financial Services Institute. Mr. Perry is also the former Chair and an ongoing member of British American Business, a membership organization that enables transatlantic commerce. Mr. Perry serves on the Boards of several non-profits including Make-A-Wish Foundation of New Jersey, NPower which is an organization that provides underprivileged youths and military veterans with opportunities to build tech skills, the United Way of NYC, and the Community Food Bank of New Jersey. Qualifications In assessing Ms. Perry’s skills and qualifications to serve on our Board, our directors considered his track record of executive leadership at large global information services public companies, his deep expertise in innovation and technology, and his extensive experience leading sales functions and client relations. |

  9. Nominees for one-year terms continuing until 2026

    | Experienced Executive, Insurance and Financial Services Industries Independent Director Nominee Age: 62 | Sabra R. Purtill | | | Career Highlights Ms. Purtill is a new nominee for election as a director at the 2025 Annual Meeting. Ms. Purtill brings over 35 years of leadership and experience in executive roles in the insurance and financial services industries overseeing corporate finance, capital markets and treasury, financial reporting and communications. Ms. Purtill is currently an advisor to American International Group, Inc. (NYSE: AIG). Ms. Purtill joined AIG in 2019 as Deputy Chief Financial Officer and Treasurer and was appointed Chief Risk Officer in 2021. In April 2022, Ms. Purtill was appointed Chief Investment Officer of Corebridge Financial Services, Inc. (NYSE: CRBG), a subsidiary of AIG at that time, before returning to serve as AIG’s Chief Financial Officer from January 2023 to November 2024. Across her insurance and financial services career, Ms. Purtill held roles at Hartford Financial Services Group, Inc. as Senior Vice President, Head of Investor Relations and Treasurer; Assured Guaranty Ltd, as Managing Director, Investor Relations and Communications; and Chubb Limited (formerly ACE Limited), as Senior Vice President, Corporate Finance. Earlier in her career, Ms. Purtill served as a sell-side analyst focused on the insurance sector and in various banking and capital markets roles. Other Professional Experience and Community Involvement Ms. Purtill serves on the Advisory Board to the Center for Politics at the University of Virginia since 2018 and as Chair since 2022. Ms. Purtill also serves on the Board of Trustees for the College Foundation of the University of Virginia and its Audit and Finance and Investment Committees since 2023. Qualifications In assessing Ms. Purtill’s skills and qualifications to serve on our Board, our directors considered her extensive experience overseeing financial reporting and analysis in large complex organizations as well as her deep expertise in investment and capital allocation decision-making, strategy and corporate development gained through her various executive positions at leading insurance and financial services companies. |

  10. Nominees for one-year terms continuing until 2026

    | President and CEO Age: 57 Director since: 2022 | Lee M. Shavel | | | Career Highlights Lee M. Shavel was appointed our Chief Executive Officer following the 2022 Annual Meeting and was elected as a director at the 2022 Annual Meeting. He assumed the title of President in January 2023. Mr. Shavel was our Group President from February 2021 to May 2022, and was our Chief Financial Officer from 2017 to 2022. Prior to joining Verisk, Mr. Shavel served as Chief Financial Officer and Executive Vice President, Corporate Strategy of Nasdaq, Inc. from May 2011 to March 2016. Before joining Nasdaq, Mr. Shavel was Americas Head of Financial Institutions Investment Banking at Bank of America Merrill Lynch. Previously, he was Head of Finance, Securities and Technology and Global COO for the Financial Institutions Group at Merrill Lynch. Current Other Public Company Directorships FactSet Research Systems, Inc. (NYSE: FDS) Prior Other Public Company Directorships Investment Technology Group, Inc. (NYSE: ITG) Qualifications In assessing Mr. Shavel’s skills and qualifications to serve on our Board, our directors considered his in-depth operations, management and financial experience and knowledge gained from the various executive positions held by Mr. Shavel within Verisk, including serving as CFO from 2017 to 2022 and as CEO since 2022, his experience and track record in investment and capital allocation decisions and strategy and corporate development to maximize returns for shareholders, as well as his current and past service as a director on other public company boards. |

  11. Nominees for one-year terms continuing until 2026

    | President and Chief Executive Officer, Intelligent Operating Solutions, Fortive Independent Director Age: 52 Director since: 2022 Committees: • Finance and Investment (Chair) • Risk • Executive | Olumide Soroye | | | Career Highlights Olumide Soroye serves as President and CEO of Intelligent Operating Solutions (IOS) at Fortive Corporation, a position he has held since August 2021, overseeing a portfolio of brands that generate strong growth, margins, and cashflow profile. Before joining Fortive, Mr. Soroye was managing director at CoreLogic from September 2013 to August 2021, where he led the transformation of the company into a highly profitable growth engine through data-driven digital workflow innovation and strategic acquisitions. He previously served as SVP of technology at QuinStreet and spent more than a decade focused on growth, product, and sales strategy in the technology sector as a partner at McKinsey & Company. Over the past 25 years, Mr. Soroye has served as an advisor or executive to more than 50 corporations. Qualifications In assessing Mr. Soroye’s skills and qualifications to serve on our Board, our directors considered his expertise in innovation, data and technology, and his track record of developing market-leading software and data-enabled workflow solutions and significantly accelerating growth and profitability for companies across a broad range of verticals. |

  12. Nominees for one-year terms continuing until 2026

    | Retired Executive, Technology and Global Information Services Industries Independent Director Age: 62 Director since: 2022 Committees: • Governance, Corporate Sustainability and Nominating • Risk (Chair) • Executive | Kimberly S. Stevenson | | | Career Highlights Kimberly S. Stevenson has had a long career in the technology industry, most recently serving as senior vice president and general manager of the Foundational Data Services Business Unit at NetApp, a global provider of cloud data services from January 2020 to August 2021. Previously, Ms. Stevenson served as senior vice president and general manager of the Data Center Group of Lenovo from May 2017 to October 2018 and as a corporate vice president at Intel from September 2009 to February 2017. Current Other Public Company Directorships Mitek Systems (NASDAQ: MITK) Prior Other Public Company Directorships Quarterhill (XTSE: QTRH), Skyworks Solutions, Inc. (NASDAQ: SWKS), Boston Private Financial Holdings (NASDAQ: BPFH), Cloudera (NYSE: CLDR), Riverbed Technology (NASDAQ: RVBD) Other Prior Professional Experience Ms. Stevenson previously served on the board of Ambiq Micro, a privately held semiconductor company. Qualifications In assessing Ms. Stevenson’s skills and qualifications to serve on our Board, our directors considered her deep expertise in innovation, data and technology, experience gained in leading information services company operations, as well as her current and past service as a director on other technology-focused public company boards. |

  13. Nominees for one-year terms continuing until 2026

    | Retired Chief Executive Officer, National Association of Insurance Commissioners Independent Director Age: 68 Director since: 2013 Committees: • Governance, Corporate Sustainability and Nominating • Audit | Therese M. Vaughan | | | Career Highlights Therese M. Vaughan was the Professional Director of the Emmett J. Vaughan Institute of Risk Management and Insurance at the University of Iowa from 2021 to 2023. Dr. Vaughan previously served as Executive-in-Residence, Distinguished Professor, Interim Dean and Dean of the College of Business and Public Administration at Drake University. Dr. Vaughan is a leading expert in insurance regulation having served as Chief Executive Officer of the National Association of Insurance Commissioners from February 2009 to November 2012 and as Commissioner of the Iowa Insurance Division, directing all insurance business transacted in the State of Iowa, from August 1994 to December 2004. Current Other Public Company Directorships West Bancorporation (NASDAQ: WTBA), Hamilton Insurance Group, Ltd. (NYSE: HG) Prior Other Public Company Directorships American International Group (NYSE: AIG); Validus Holdings, Ltd. (NASDAQ: VR), Principal Financial Group, Inc. (NASDAQ: PFG), Endurance Specialty Holding Ltd. (NYSE: ENH) Other Professional Experience and Community Involvement Dr. Vaughan has served on the Board of Directors of Wellmark Blue Cross and Blue Shield since 2013 and the Board of Directors of Food Bank of Iowa since 2018. She is a Chartered Property Casualty Underwriter (CPCU), and an Associate of the Casualty Actuarial Society (ACAS). Qualifications In assessing Dr. Vaughan’s skills and qualifications to serve on our Board, our directors considered her deep knowledge of the insurance industry, its market dynamics and trends, and its regulatory environment gained from her experience with the National Association of Insurance Commissioners and as Commissioner of the Iowa Insurance Division. |

  14. Our Board unanimously recommends a vote “FOR” the election of all eleven (11) nominees. Proxies solicited by our

    | • | Determining any long-term incentive component of each executive officer’s compensation. |

  15. Our Board unanimously recommends a vote “FOR” the election of all eleven (11) nominees. Proxies solicited by our

    Succession Planning Our Board recognizes that one of its most critical responsibilities is to guarantee excellence and stability in our Company’s senior leadership. As a result, our Board is actively engaged in talent management. Our Board oversees the development of executive talent and plans for the succession of our Board, our Committee Chairs, our Independent Board Chair and Chief Executive Officer. Board Succession Planning The Governance, Corporate Sustainability and Nominating Committee considers the critical needs of the Company regularly, taking into account the results of the annual Board and Committee evaluations and other relevant data to assess Board skills and the leadership capabilities of existing directors, including to evaluate the appropriateness of new or different Committee service for our directors and to identify sitting directors who are ready to fill the role of Chair of each of our Committees should one of the directors serving in such a role vacate his or her position unexpectedly or upon retirement. Chief Executive Officer Succession Planning Our Board is responsible for the selection of our CEO. Our Board regularly reviews leadership development initiatives and identifies and periodically updates the skills, experience and attributes that they believe are required to be an effective CEO in light of the Company’s business strategy, prospects and challenges. As part of its regular succession planning review process, the Board reviews a detailed report from Mr. Shavel on recommendations for short-and long-term succession plans for the CEO position, including in the event of unanticipated vacancy. Corporate Governance Documents Verisk maintains a corporate governance website at the “Governance — Governance Documents” link under the “Investors” link at www.verisk.com. Our Corporate Governance Guidelines (including our director independence standards); Code of Business Conduct and Ethics; and Audit, Talent Management and Compensation, Executive, Finance and Investment, Governance, Corporate Sustainability and Nominating, and Risk Committee charters are available on our website at the “Governance — Governance Documents” link under the “Investors” link at www.verisk.com and are available to any shareholder who requests them by writing to Verisk Analytics, Inc., 545 Washington Blvd., Jersey City, New Jersey 07310, Attention: Corporate Secretary. The materials on our website are not part of, or incorporated by reference in, this Proxy Statement. Our Code of Business Conduct and Ethics applies to our directors, executive officers and employees. If we make any substantive amendment to, or grant a waiver from, a provision of the Code of Business Conduct and Ethics for our chief executive officer (CEO), chief financial officer (CFO), principal accounting officer or controller or persons performing similar functions, we will satisfy the applicable SEC disclosure requirement by disclosing within four business days the nature of the amendment or waiver on our website at the “Governance — Governance Documents” link under the “Investors” link at www.verisk.com. Directors’ Compensation Under the terms of the Company’s Director Compensation Plan approved by the Talent Management and Compensation Committee, each of the Company’s non-employee directors receives annual compensation in the form of (i) an annual retainer, and (ii) an annual equity grant. Annual Retainer. In 2024 each non-employee director received an annual base retainer fee of $105,000 for membership on the Board of Directors. The chairpersons of the Audit Committee and Talent Management Compensation Committee each received an additional $20,000 annual retainer fee, while each non-employee director who chairs any other committee received an additional $15,000 retainer fee. In 2024, Bruce Hansen, who served as Independent Chair, received an additional $150,000 annual retainer fee. Each non-employee director may elect to receive the annual retainer in the form of (i) cash, (ii) deferred cash, (iii) shares of Common Stock, (iv) deferred shares of Common Stock, or (v) a combination of the foregoing. Retainer amounts (to the extent not deferred) shall be payable quarterly in arrears from the annual shareholders meeting date at which such director is elected and any issued Common Stock, to the extent elected, shall vest immediately. Deferred cash or shares of Common Stock, if elected, shall be payable or issuable upon such director’s separation from the Board. Equity Grants. In 2024, each non-employee director received an annual equity award having a value of $210,000 as of the grant date pursuant to the Director Compensation Plan. One hundred percent (100%) of the value of the annual equity award was awarded, at the election of the director, in the form of either (i) deferred stock units (based on the value of a share of Common Stock on the date of grant) that vest and settle upon the director’s separation from the Board, or (ii) restricted stock units (“RSUs”) that fully vest and settle upon the earlier of (a) the following year’s annual shareholders meeting date, or (b) the one-year anniversary of the grant date. Any retainer amount payable or equity award granted to a director newly appointed or elected to the Board or with respect to any committee chair assignments on a date other than the annual shareholders meeting date will be pro-rated to reflect the remaining portion of the compensation year in which such new director is appointed or elected or new committee chair is assigned. Director Compensation Limit. Under the terms of the 2021 Equity Incentive Plan, which was approved by our shareholders at the 2021 Annual Meeting, the aggregate grant date fair value of awards granted under the plan to non-employee directors during any single calendar year, plus the total cash compensation paid to such director for services rendered for such calendar year, may not exceed $750,000. Lee M. Shavel, a director and our current President and Chief Executive Officer, has not received additional compensation for his service on the Board of Directors. The table below shows compensation paid to or earned by the directors during 2024. As noted above, directors may elect to receive compensation in various forms other than cash.

  16. 2024 DIRECTOR COMPENSATION

    2024 DIRECTOR COMPENSATION

  17. 2024 DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1)(2) | Total ($) | | Vincent K. Brooks | 105,000 | 210,000 | 315,000 | | Jeffrey Dailey | 125,000 | 210,000 | 335,000 | | Bruce Hansen | 255,000 | 210,000 | 465,000 | | Gregory Hendrick(3) | 31,500 | 257,250 | 288,750 | | Kathleen A. Hogenson | 115,659 | 219,341 | 335,000 | | Wendy Lane | 105,000 | 210,000 | 315,000 | | Samuel G. Liss | — | 324,395 | 324,395 | | Olumide Soroye | 97,581 | 232,419 | 330,000 | | Kimberly S. Stevenson | 118,233 | 210,000 | 328,233 | | Therese M. Vaughan | 110,605 | 210,000 | 320,605 |

  18. 2024 DIRECTOR COMPENSATION

    Directors’ Compensation

  19. 2024 DIRECTOR COMPENSATION

    | (1) Represents the aggregate grant date fair value of stock awards granted in 2024 computed in accordance with ASC Subtopic 718-10, “Compensation-Stock Compensation” (ASC Topic 718), excluding forfeiture estimates. For a discussion of the assumptions used to calculate the amounts shown in the option awards and stock awards columns, see Note 17 of the Notes to our audited consolidated financial statements included as part of our Annual Report on Form 10-K for the year ended December 31, 2024. |

  20. 2024 DIRECTOR COMPENSATION

    | (2) At December 31, 2024, directors had outstanding stock awards as follows: (a) Vincent K. Brooks — 3,882; (b) Jeffrey Dailey — 2,727; (c) Bruce Hansen — 13,786; (d) Gregory Hendrick — 1,134; (e) Kathleen A. Hogenson — 11,119; (f) Wendy Lane — 4,462; (g) Samuel G. Liss — 66,408; (h) Olumide Soroye — 3,103; (i) Kimberly S. Stevenson — 2,680; (j) Therese M. Vaughan — 21,526. |

  21. 2024 DIRECTOR COMPENSATION

    | (3) Mr. Hendrick was appointed to the Board of Directors effective April 1, 2024. |

  22. 2024 DIRECTOR COMPENSATION

    As of May 2023, option awards were eliminated as a component of the director compensation program. At December 31, 2024, directors had outstanding option awards (based on prior years grants) as follows: (a) Vincent K. Brooks — 3,083; (b) Jeffrey Dailey — 1,169; (c) Bruce Hansen — 20,242; (d) Gregory Hendrick – 0; (e) Kathleen A. Hogenson — 19,432; (f) Wendy Lane – 1,108; (g) Samuel G. Liss — 47,902; (h) Olumide Soroye — 738; (i) Kimberly S. Stevenson — 1,108; (j) Therese M. Vaughan — 7,402. Where no information in the table is given as to a particular type of award with respect to any individual, such individual did not hold or receive such an award during or as of the end of the last fiscal year, as the case may be. Stock Ownership Requirements for Directors Directors are subject to minimum equity holding requirements. Each non-employee director is required to hold stock with a value equal to six times their respective annual base retainer (i.e., excluding additional retainer amounts for committee chairs). The “in-the-money” value of vested and unvested options held by such directors is not included in determining compliance with this requirement. Newly elected Directors are required to comply with this requirement no later than the sixth anniversary of their election to the Board. Vincent K. Brooks, Jeffrey Dailey, Bruce Hansen, Kathleen A. Hogenson, Wendy Lane, Samuel G. Liss, Kimberly S. Stevenson, Olumide Soroye, and Therese M. Vaughan, each currently holds stock with a value in excess of six times their respective annual base retainer. Gregory Hendrick, elected to the Board on April 1, 2024, has until the sixth anniversary of his election to the Board to comply with the director stock ownership requirement and has not yet reached such anniversary date. Lee M. Shavel, a director and our President and Chief Executive Officer, does not receive an annual retainer for his service on the Board and is subject to and is in compliance with the stock ownership requirement for executive officers described in the Executive Stock Ownership Guidelines set forth in the CD&A section herein. Executive Officers of Verisk Information regarding the ages and past five years’ business experience of our executive officers is as follows:

  23. 2024 DIRECTOR COMPENSATION

    | | Lee M. Shavel (57) has been our Chief Executive Officer since May 2022 and our President since January 2023. Mr. Shavel previously served as our Group President since February 2021, and our Chief Financial Officer since November 2017. Prior to joining Verisk, Mr. Shavel served as Chief Financial Officer and Executive Vice President, Corporate Strategy of Nasdaq, Inc. from |

  24. 2024 DIRECTOR COMPENSATION

    May 2011 to March 2016. Before joining Nasdaq, Mr. Shavel was Americas Head of Financial Institutions Investment Banking at Bank of America Merrill Lynch. Previously, he was Head of Finance, Securities and Technology and Global COO for the Financial Institutions Group at Merrill Lynch. Since June 2020, Mr. Shavel has served on the Board of Directors of FactSet Research Systems, Inc. (NYSE: FDS), and from 2016 to March 2019, Mr. Shavel served as a board director and chair of the Audit Committee of Investment Technology Group, Inc., a publicly traded broker-dealer.

  25. 2024 DIRECTOR COMPENSATION

    | | Elizabeth D. Mann (49) has been our Executive Vice President and Chief Financial Officer since September 2022. Ms. Mann drives the Company’s financial strategy and capital management philosophy by focusing on creating long-term value and investing in the highest-return opportunities. Ms. Mann joined Verisk from S&P Global, where she was CFO of the Ratings and Mobility |

  26. 2024 DIRECTOR COMPENSATION

    divisions, after serving as senior vice president of capital management including oversight of S&P Global’s tax and treasury departments. Before that, she held several roles of increasing responsibility at Goldman Sachs, including managing director of the firmwide strategy group and the technology, media, and telecom investment banking group. Before assuming corporate roles, Ms. Mann was a Moore Instructor and National Science Foundation Postdoctoral Fellow at the Massachusetts Institute of Technology, a position once held by famed mathematician John Nash. Ms. Mann also serves as President of the Board of Trustees of the Winston Churchill Scholarship Foundation of the United States. In August 2024, Ms. Mann was appointed to the Board of Directors of Motorola Solutions (NYSE: MSI).

  27. 2024 DIRECTOR COMPENSATION

    | | Nick Daffan (54) has been our Executive Vice President since December 2018 and Chief Information Officer since July 2015. Mr. Daffan is responsible for technology strategy, operations and advancement of data and analytics. Mr. Daffan is an innovative leader, uncovering emerging technologies and advancements to propel our customers forward and ensure that Verisk remains |

  28. 2024 DIRECTOR COMPENSATION

    the strategic data analytics and technology partner of choice to the global insurance industry. As CIO, Mr. Daffan leads the initiative to modernize our computing platform and migrate to the public cloud infrastructure, including the ongoing oversight and management required to maintain all operational infrastructure for reliable, uninterrupted delivery of customer solutions. Mr. Daffan has headed operations, product support and information technology groups within Verisk subsidiaries before his current role. Prior to joining Verisk, Mr. Daffan worked at Unisys Corporation and First Manhattan Consulting Group.

  29. 2024 DIRECTOR COMPENSATION

    | | Kathy Card Beckles (50) has been our Executive Vice President and Chief Legal Officer since April 2021. Ms. Card Beckles provides leadership for all legal aspects of our business, as well as leading our corporate governance, compliance, internal audit and enterprise risk management functions. Ms. Card Beckles also assists the Company and our Board in driving our strategy forward |

  30. 2024 DIRECTOR COMPENSATION

    and pursing all the best practices of a modern, well-run public company to maximize performance and ensure transparency. Before joining Verisk, Ms. Card Beckles served as the General Counsel for Consumer Banking and the General Counsel for Credit Cards, Payments, Merchant Services and Digital at JPMorgan Chase. Since April 2022, Ms. Card Beckles has served on the Board of Directors of Nasdaq’s U.S. exchange subsidiaries.

  31. 2024 DIRECTOR COMPENSATION

    | | Sunita Holzer (63) has been our Chief Human Relations Officer since August 2021. Ms. Holzer leads all aspects of our human resources strategy and operations. Ms. Holzer brings three decades of enterprise-level HR leadership experience across several industries. Before joining Verisk, Ms. Holzer was CHRO at Realogy, handling HR strategy for nearly 12,000 |

  32. 2024 DIRECTOR COMPENSATION

    employees. Ms. Holzer also served as CHRO for Computer Sciences Corporation (now DXC Technology), CHRO at Chubb Insurance, and chief diversity officer at American Express. Ms. Holzer is a Human Resources Management Department Advisory Board member at the Rutgers School of Management and Labor Relations. From 2011 to February 2023, Ms. Holzer served on the board of directors and as Chair of the Compensation Committee for South Jersey Industries (NYSE: SJI), a publicly traded energy services holding company consisting of a natural gas utility and a group of nonutility energy businesses. Ms. Holzer currently serves on the board of trustees for Liberty Science Center, a nonprofit learning center with a mission that aligns with Verisk’s core values of learning and caring, reflecting Verisk’s longstanding commitment to innovation and research. Security Ownership of Certain Beneficial Owners and Management Stock Ownership of Directors and Executive Officers. We encourage our directors, officers and employees to own our Common Stock, as owning our Common Stock aligns their interests with your interests as shareholders. The following table sets forth the beneficial ownership of our Common Stock by each of our named executive officers, incumbent directors and director nominees, and by all our incumbent directors, director nominees and executive officers as a group, as of February 21, 2025. Percentage of class amounts are based on 140,276,165 shares of our Common Stock outstanding as of February 21, 2025. In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the shares issuable pursuant to stock options that are exercisable, or stock awards that may be settled, within 60 days of February 21, 2025. Shares issuable pursuant to such stock options or stock awards are deemed outstanding for computing the percentage of such person’s holdings but are not outstanding for computing the percentage of any other person. Unless otherwise indicated, the address for each listed shareholder is: c/o Verisk Analytics, Inc., 545 Washington Boulevard, Jersey City, New Jersey 07310. To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of Common Stock.

  33. 2024 DIRECTOR COMPENSATION

    | | Shares of Common Stock Beneficially Owned | | | | Number of Shares | Percentage of Class | | NAMED EXECUTIVE OFFICERS | | | | Lee M. Shavel(1) | 188,357 | * | | Elizabeth D. Mann(2) | 25,991 | * | | Nick Daffan(3) | 142,950 | * | | Kathy Card Beckles(4) | 25,982 | * | | Sunita Holzer(5) | 25,990 | * | | Directors | | | | Vincent K. Brooks(6) | 6,965 | * | | Jeffrey Dailey(7) | 4,743 | * | | Bruce Hansen(8) | 34,875 | * | | Gregory Hendrick(9) | 1,134 | * | | Kathleen A. Hogenson(10) | 30,551 | * | | Wendy Lane(11) | 6,417 | * | | Samuel G. Liss(12) | 114,310 | * | | Christopher J. Perry(13) | — | | | Sabra R. Purtill(14) | — | | | Olumide Soroye(15) | 4,688 | * | | Kimberly S. Stevenson(16) | 3,788 | * | | Therese M. Vaughan(17) | 28,928 | * | | ALL DIRECTORS AND EXECUTIVE OFFICERS AS A GROUP (17 PERSONS) | 645,669 | 0.46% |

  34. 2024 DIRECTOR COMPENSATION

    | (1) Includes (a) 114,013 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 20,417 shares of restricted stock which vest in four equal installments on each anniversary of the shares’ respective grant dates. Amount does not include 5,667 Relative TSR PSUs and 3,322 ROIC PSUs granted on May 25, 2022, 27,457 Relative TSR PSUs granted on May 25, 2022, 12,813 Relative TSR PSUs and 8,046 ROIC PSUs granted on January 15, 2023, 13,409 Relative TSR PSUs and 8,025 ROIC PSUs granted on January 15, 2024, and |

  35. 2024 DIRECTOR COMPENSATION

    Security Ownership of Certain Beneficial Owners and Management

  36. 2024 DIRECTOR COMPENSATION

    | 13,307 Relative TSR PSUs and 8,035 ROIC PSUs granted on January 15, 2025, which are not treated as beneficially owned under SEC rules because the holder does not have the right to acquire the underlying stock within 60 days of February 21, 2025 and, to the extent earned, PSUs will be settled in shares, cash, or a combination of both, at the sole discretion of the Talent Management and Compensation Committee. |

  37. 2024 DIRECTOR COMPENSATION

    | (2) Includes (a) 7,004 shares subject to stock options exercisable within 60 days of February 21, 2025 and (b) 5,327 shares of restricted stock which vest in four equal installments on each anniversary of the shares’ respective grant dates. Amount does not include 3,462 Relative TSR PSUs and 2,175 ROIC PSUs granted on January 15, 2023, 4,234 Relative TSR PSUs and 2,534 ROIC PSUs granted on January 15, 2024, and 3,871 Relative TSR PSUs and 2,337 ROIC PSUs granted on January 15, 2025, which are not treated as beneficially owned under SEC rules because the holder does not have the right to acquire the underlying stock within 60 days of February 21, 2025 and, to the extent earned, PSUs will be settled in shares, cash, or a combination of both, at the sole discretion of the Talent Management and Compensation Committee. |

  38. 2024 DIRECTOR COMPENSATION

    | (3) Includes (a) 82,756 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 3,948 shares of restricted stock which vest in four equal installments on each anniversary of the shares’ respective grant dates. Amount does not include 3,117 TSR PSUs and 1,957 ROIC PSUs granted on January 15, 2023 , 2,611 Relative TSR PSUs and 1,563 ROIC PSUs granted on January 15, 2024, and 2,238 Relative TSR PSUs and 1,351 ROIC PSUs granted on January 15, 2025, which are not treated as beneficially owned under SEC rules because the holder does not have the right to acquire the underlying stock within 60 days of February 21, 2025 and, to the extent earned, PSUs will be settled in shares, cash, or a combination of both, at the sole discretion of the Talent Management Compensation Committee. |

  39. 2024 DIRECTOR COMPENSATION

    | (4) Includes (a) 9,906 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 4,715 shares of restricted stock which vest in four equal installments on each anniversary of the shares’ respective grant dates. Amount does not include 2,597 Relative TSR PSUs and 1,631 ROIC PSUs granted on January 15, 2023, 2,153 Relative TSR PSUs and 1,288 ROIC PSUs granted on January 15, 2024, and 1,936 Relative TSR PSUs and 1,169 ROIC PSUs granted on January 15, 2025, which are not treated as beneficially owned under SEC rules because the holder does not have the right to acquire the underlying stock within 60 days of February 21, 2025 and, to the extent earned, PSUs will be settled in shares, cash, or a combination of both, at the sole discretion of the Talent Management and Compensation Committee. |

  40. 2024 DIRECTOR COMPENSATION

    | (5) Includes (a) 8,108 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 4,005 shares of restricted stock which vest in four equal installments on each anniversary of the shares’ respective grant dates. Amount does not include 2,164 Relative TSR PSUs and 1,359 ROIC PSUs granted on January 15, 2023, 1,835 Relative TSR PSUs and 1,098 ROIC PSUs granted on January 15, 2024, and 1,573 Relative TSR PSUs and 950 ROIC PSUs granted on January 15, 2025, which are not treated as beneficially owned under SEC rules because the holder does not have the right to acquire the underlying stock within 60 days of February 21, 2025 and, to the extent earned, PSUs will be settled in shares, cash, or a combination of both, at the sole discretion of the Talent Management and Compensation Committee. |

  41. 2024 DIRECTOR COMPENSATION

    | (6) Includes (a) 3,083 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 3,882 deferred stock units that entitle Gen. Brooks to 3,882 shares of Common Stock at the end of his service to the Board. |

  42. 2024 DIRECTOR COMPENSATION

    | (7) Includes (a) 1,169 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 847 restricted stock units that fully vest and settle upon the earlier of (i) the following year’s annual shareholders meeting, or (ii) the one-year anniversary of the grant date, (c) 2,680 deferred stock units that entitle Mr. Dailey to 2680 shares of Common Stock at the end of his service to the Board, and (d) 47 deferred stock awards that entitle Mr. Dailey to 47 shares of Common Stock at the end of his service to the Board. |

  43. 2024 DIRECTOR COMPENSATION

    | (8) Includes (a) 20,242 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 847 restricted stock units that fully vest and settle upon the earlier of (i) the following year’s annual shareholders meeting, or (ii) the one-year anniversary of the grant date, (c) 7,834 deferred stock units that entitle Mr. Hansen to 7,834 shares of Common Stock at the end of his service to the Board, and (d) 5,105 deferred stock awards that entitle Mr. Hansen to 5,105 shares of Common Stock at the end of his service to the Board. |

  44. 2024 DIRECTOR COMPENSATION

    | (9) Includes (a) 959 deferred stock units that entitle Mr. Hendrick to 959 shares of Common Stock at the end of his service to the Board, and (b) 175 deferred stock awards that entitle Mr. Hendrick to 175 shares of Common Stock at the end of his service to the Board. |

  45. 2024 DIRECTOR COMPENSATION

    | (10) Includes (a) 19,432 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 7,650 deferred stock units that entitle Ms. Hogenson to 7,650 shares of Common Stock at the end of her service to the Board, and (c) 3,469 deferred stock awards that entitle Ms. Hogenson to 3,469 shares of Common Stock at the end of her service to the Board. |

  46. 2024 DIRECTOR COMPENSATION

    | (11) Includes (a) 1,108 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 847 restricted stock units that fully vest and settle upon the earlier of (i) the following year’s annual shareholders meeting, or (ii) the one-year anniversary of the grant date, and (c) 875 deferred stock units that entitle Ms. Lane to 875 shares of Common Stock at the end of her service to the Board. |

  47. 2024 DIRECTOR COMPENSATION

    | (12) Includes (a) 47,902 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 10,798 deferred stock units that entitle Mr. Liss to 10,798 shares of Common Stock at the end of his service to the Board, and (c) 1,646 deferred stock awards that entitle Mr. Liss to 1,646 shares of Common Stock at the end of his service to the Board. |

  48. 2024 DIRECTOR COMPENSATION

    | (13) Mr. Perry is not currently serving on the Board and is a new nominee for election as a director at the 2025 Annual Meeting. |

  49. 2024 DIRECTOR COMPENSATION

    | (14) Ms. Purtill is not currently serving on the Board and is a new nominee for election as a director at the 2025 Annual Meeting. |

  50. 2024 DIRECTOR COMPENSATION

    | (15) Includes (a) 738 shares subject to stock options exercisable within 60 days of February 21, 2025, (b) 847 restricted stock units that fully vest and settle upon the earlier of (i) the following year’s annual shareholders meeting, or (ii) the one-year anniversary of the grant date, and (c) 591 deferred stock units that entitle Mr. Soroye to 591 shares of Common Stock at the end of his service to the Board. |

  51. 2024 DIRECTOR COMPENSATION

    | (16) Includes (a) 1,108 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 1,722 deferred stock units that entitle Ms. Stevenson to 1,722 shares of Common Stock at the end of her service to the Board. |

  52. 2024 DIRECTOR COMPENSATION

    | (17) Includes (a) 7,402 shares subject to stock options exercisable within 60 days of February 21, 2025, and (b) 9,840 deferred stock units that entitle Dr. Vaughan to 9,840 shares of Common Stock at the end of her service to the Board. |

  53. 2024 DIRECTOR COMPENSATION

    | * Indicates less than 1% ownership. |

  54. 2024 DIRECTOR COMPENSATION

    Principal Shareholders The following table contains information regarding each person we know of that beneficially owns more than 5% of our Common Stock. The information set forth in the table below and in the related footnotes was furnished by the identified persons to the SEC.

  55. 2024 DIRECTOR COMPENSATION

    | Name and address | Shares of Common Stock Beneficially Owned | | | | Number of Shares | Percentage of Class | | The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | 16,407,114(1) | 11.3% | | BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 12,991,667(2) | 9.0% |

  56. 2024 DIRECTOR COMPENSATION

    | (1) Based on a Schedule 13G/A Information Statement filed with the SEC on February 13, 2024 by The Vanguard Group (“Vanguard”). The Schedule 13G/A reported that Vanguard has sole voting power as to 0 shares of our Common Stock, sole dispositive power as to 15,785,859 shares of our Common Stock, shared voting power as to 193,163 shares of our Common Stock and shared dispositive power as to 621,255 shares of our Common Stock. |

  57. 2024 DIRECTOR COMPENSATION

    | (2) Based on a Schedule 13G/A Information Statement filed with the SEC on January 25, 2024 by BlackRock, Inc. (“BlackRock”). The Schedule 13G/A reported that BlackRock has sole voting power as to 11,940,928 shares of our Common Stock, sole dispositive power as to 12,991,667 shares of our Common Stock, shared voting power as to 0 shares of our Common Stock and shared dispositive power as to 0 shares of our Common Stock. |

  58. 2024 DIRECTOR COMPENSATION

    Compensation Discussion and Analysis

  59. 2024 DIRECTOR COMPENSATION

    | Road Map to Our CD&A | | | Overview | 30 | | Introduction | 30 | | Overall Compensation Philosophy | 30 | | Compensation Philosophy as It Applies to Our NEOs | 30 | | What We Paid in 2024 and Why | 31 | | Key Business Performance Highlights | 31 | | Key Compensation Decisions in 2024 for Our NEOs | 31 | | Shareholder Engagement | | | 2024 Say-on-Pay Results | 32 | | Executive Compensation Program Highlights | 32 | | Fiscal 2024 Executive Compensation Program | 33 | | Summary of 2024 NEO STI and LTI Programs | 34 | | 2024 NEO Pay Mix | 34 | | Base Salary | 35 | | Annual STI Awards | 35 | | 2024 STI Financial Metrics and Individual Target Amounts | 35 | | 2024 STI Performance | 36 | | CEO 2024 STI Target | 36 | | CEO and other NEOs’ 2024 STI Outcomes | 36 | | Annual LTI Awards | 36 | | 2024 LTI Awards | 36 | | Achievement and Payouts under 2022-2024 PSUs | 37 | | Health, Welfare and Retirement Plans | 38 | | Executive Severance Plan and Employment Agreements | 38 | | Policies and Practices | 38 |

  60. 2024 DIRECTOR COMPENSATION

    Overview Introduction This section discusses the overall compensation philosophy underlying our policies and decisions relating to the compensation of our named executive officers for 2024 (our “named executive officers” or “NEOs”). The information in this section describes the manner and context in which compensation is earned by and awarded to our NEOs and provides perspective on the tables and narrative that follow. Our NEOs for the 2024 fiscal year are:

  61. 2024 DIRECTOR COMPENSATION

    | Lee M. Shavel | President and Chief Executive Officer | | Elizabeth D. Mann | Executive Vice President and Chief Financial Officer | | Nick Daffan | Executive Vice President and Chief Information Officer | | Kathy Card Beckles | Executive Vice President and Chief Legal Officer | | Sunita Holzer | Executive Vice President and Chief Human Relations Officer |

  62. 2024 DIRECTOR COMPENSATION

    This section also presents key compensation decisions made during 2024 and a summary of our business performance supporting these decisions. Overall Compensation Philosophy Our compensation program aims to attract and retain highly skilled employees that are critical to the Company’s business objectives and create value for our shareholders. We expect that as the Company performs well, our employees will earn more and share in the results of that performance. We rely heavily on innovation to drive organic growth, and the employees that we attract come from extremely competitive talent pools. We target total compensation, both fixed and variable, within a reasonable range of market median of our peers and the broader industries from where we source talent. We appreciate that specific talent considerations such as criticality, proficiency, supply in the market, and performance may warrant compensation outside of our target range. We believe in a pay-for-performance culture that links funding for short-term and long-term incentive programs to Company performance measured against predetermined goals. Moreover, employee performance is considered in determining individual awards. Company performance objectives are rigorous but achievable. To encourage sustainable, long-term growth and align our executives and critical employees with our shareholders’ interests we use equity-based incentives as a key component of our executive compensation program. Our equity compensation vests over three or four years, which aligns with the multi-year objectives used for the performance-vesting component of the program, promotes lasting value creation, and supports our retention needs given the competition we face for talent. The mix and total target value of fixed and variable pay differ by level of seniority, with our most senior employees having a larger proportion of their total compensation opportunity at risk. For our senior executives we provide indirect elements of compensation, such as severance, benefits, and perquisites that are aligned to market levels to support attraction and retention. All other compensation policies and practices reflect best practices in corporate governance and support a culture that manages compensation-related risks throughout the enterprise. Our compensation processes and incentive program design are intended to be fair and easy to understand so that employees and shareholders alike see how the decisions surrounding pay position us for long-term success. Compensation Philosophy as It Applies to Our NEOs All of the above statements apply to our philosophy for compensating our NEOs and other executive leaders. The primary customization for NEOs is to set a substantial percentage of their compensation in the form of long-term equity awards, so that their outcomes most closely mirror those of our shareholders. As seniority increases at Verisk, the percentage of compensation delivered in the form of equity increases. What We Paid in 2024 and Why Key Business Performance Highlights Our Company had another solid performance year in 2024, with revenue from continuing operations of $2,881.7 million, an increase of 7.5% compared to 2023, net income of $957.5 million, an increase of 55.9% compared to 2023, and adjusted EBITDA of $1,576.0 million, an increase of 9.9% compared to 2023. In addition to solid financial performance, we continued to strengthen our position as a leading data, analytics and technology provider serving clients in the insurance ecosystem while continuing to deliver value to shareholders through growth and returns. Our share price continued to perform strongly, and we delivered 16.0%, 6.9% and 13.5% total annualized shareholder return, respectively, over the 1, 3 and 5-years ending December 31, 2024. The table below summarizes the Company’s financial and stock price performance during 2024.

  63. 2024 DIRECTOR COMPENSATION

    | Metric ($ amounts in millions) | | | Revenue from continuing operations | $2,881.7 | | Net Income | $957.5 | | Adjusted EBITDA from continuing operations | $1,576.0 | | 1-year TSR | 16.0% | | 3-year annualized TSR | 6.9% | | 5-year annualized TSR | 13.5% |

  64. 2024 DIRECTOR COMPENSATION

    See Appendix A for a reconciliation of the non-GAAP measures discussed herein to the most directly comparable GAAP measure. Key Compensation Decisions in 2024 for Our NEOs During 2024, we made the following key compensation decisions for our NEOs:

  65. 2024 DIRECTOR COMPENSATION

    | • | Current CEO’s total direct compensation was set at $12,000,000, reflective of Mr. Shavel’s strong performance as CEO and which remained below the peer group median for 2024. Mr. Shavel’s total direct compensation for 2024 was comprised of (i) an annual base salary of $1,000,000 (which was increased by $75,000 from 2023), (ii) a target STI award of 150% of base salary (unchanged from 2023), and (iii) a LTI award of $9,500,000 (which was increased by $2,100,000 from 2023). |

  66. 2024 DIRECTOR COMPENSATION

    | • | Annual short-term incentive (“STI”) awards to all our NEOs were made pursuant to our formulaic annual bonus program design (discussed further under “Annual STI Awards — 2024 STI Financial Metrics and Individual Target Amounts”) in order to align annual awards more closely and objectively to our business performance, consistent with prior years. |

  67. 2024 DIRECTOR COMPENSATION

    | • | The STI performance metrics of Revenue and Adjusted EBITDA and the corresponding threshold, target and maximum performance levels remained aligned with achievability based on the Company’s annual budget for such performance year. |

  68. 2024 DIRECTOR COMPENSATION

    | • | We maintained the mix of our long-term incentive (“LTI”) program awards granted to our NEOs as: (i) performance stock units that are based on the Company’s achievement of relative TSR as compared to the companies that comprise the S&P 500 Index at the beginning of the performance period (“Relative TSR PSUs”) (40%), (ii) performance stock units that are earned based on an incremental 3-year return-on-invested capital (“ROIC”) metric (“ROIC PSUs”) (20%), (iii) restricted stock awards (20%), and (iv) stock options (20%). We believe that our long-term incentive program and the current LTI award mix composition continues to strengthen the link between the compensation of our executives with shareholder value creation. |

  69. 2024 DIRECTOR COMPENSATION

    2024 Say-on-Pay Results In connection with our 2024 Annual Meeting, we received 94% shareholder “Say-on-Pay” approval in favor of the compensation for our NEOs for the 2023 performance year. Although this vote was advisory and therefore non-binding on the Company, the Board of Directors and the Talent Management and Compensation Committee carefully reviews and considers “Say-on-Pay” results and shareholder feedback when determining the size and design of NEO compensation packages, and is committed to continuing active engagement with shareholders to ensure their feedback is understood and considered. Executive Compensation Program Highlights Our primary focus for 2024 was to ensure that executive pay decisions were quantitative, transparent and performance-based in order to keep the incentives for our executives aligned with the interests of our shareholders. The following table describes the highlights of our executive compensation practices, each of which is described in more detail elsewhere in this Proxy Statement:

  70. 2024 DIRECTOR COMPENSATION

    | WHAT WE DO | WHAT WE DON’T DO | | v Require our Talent Management and Compensation Committee to be comprised solely of independent board members | v Do not accelerate equity awards on a “single-trigger” basis | | v Utilize an independent compensation consultant | v Do not provide excise tax gross-ups to our executive officers | | v Employ rigorous goal setting tied to annual and multiyear targets for our NEOs | v Do not provide excessive perquisites and personal benefits | | v Apply a primarily formulaic framework to determine our NEOs’ short-term incentive awards | v Do not allow for the repricing of stock options without our shareholders’ consent | | v Establish target and maximum awards for our NEOs | v Do not provide employment agreements to our NEOs | | v Implement and enforce a NASDAQ-compliant non-discretionary “clawback” policy which was expanded in 2024 to add Board discretion for “clawback” in the event of executive misconduct | | | v Maintain and enforce robust stock ownership and retention guidelines | | | v Prohibit our directors and employees, including our NEOs, from hedging or pledging Company securities | |

  71. 2024 DIRECTOR COMPENSATION

    Fiscal 2024 Executive Compensation Program Role of Talent Management and Compensation Committee and Management Our Talent Management and Compensation Committee is responsible for making decisions regarding the compensation of our executive officers, including our NEOs. Our Talent Management and Compensation Committee determines the compensation levels for our CEO and approves the compensation of our other NEOs based on the recommendations of our CEO. The CEO does not participate in deliberations regarding his own compensation. In addition, our Talent Management and Compensation Committee establishes and approves the financial goals for, and performance related to, the Company’s annual STI and LTI programs. Role of Compensation Consultant To ensure that our compensation program design, policies and practices remain competitive and in line with current market practice, our Talent Management and Compensation Committee has engaged FW Cook as its independent compensation consultant. In respect of 2024 compensation, the independent compensation consultant advised our Talent Management and Compensation Committee on various executive compensation matters including the target compensation levels for senior management. The independent compensation consultant’s advice is one of several inputs into our Talent Management and Compensation Committee’s decision-making process. Benchmarking Peer Group Our Talent Management and Compensation Committee has historically used a benchmarking peer group, as one of many factors, to inform pay decisions for our NEOs. The peer group below is reviewed annually by our Talent Management and Compensation Committee with the assistance of its independent compensation consultant and is comprised of companies in comparable industries to ours (focusing on information software and services companies) and within a size range comparable to ours (focusing on both revenue and market capitalization which are strongly correlated to target pay opportunities). Because the majority of our incentive compensation is provided in the form of equity awards and due to our historically high market capitalization to revenue ratio, our Talent Management and Compensation Committee focused heavily on the market capitalization comparison to peer group companies so that the resulting compensation data would accurately reflect the size and scope of our operations. In 2024, our Talent Management and Compensation Committee reviewed the existing benchmarking peer group and approved the removal of Black Knight, which was acquired by Intercontinental Exchange, and the corresponding addition of Thomson Reuters. Accordingly, our Talent Management and Compensation Committee used the fourteen-company peer group noted in the table below to inform its decisions regarding senior executive base salary changes, target opportunities under our STI program and annual equity award values granted under our LTI program. The companies and their respective stock ticker symbols listed in the table below represent those with comparable revenue and market capitalizations to ours during and throughout 2024.

  72. 2024 DIRECTOR COMPENSATION

    | Clarivate (CLVT) | Gartner (IT) | MSCI (MSCI) | | CoStar (CSGP) | Global Payments (GPN) | Nasdaq (NDAQ) | | Equifax (EFX) | Intercontinental Exchange (ICE) | S&P Global (SPGI) | | Fair Isaac (FICO) | Jack Henry & Associates (JKHY) | Thomson Reuters (TRI) | | | Moody’s (MCO) | TransUnion (TRU) |

  73. 2024 DIRECTOR COMPENSATION

    At the time the peer group was approved in 2024, the median revenue (calculated as of the most recently reported four fiscal quarters as of June 30, 2024) and market capitalization (calculated as the twelve-month end average as of May 31, 2024) of our peer group was $5,662 million and $31,298 million, respectively, versus the Company’s revenue and market capitalization of $2,877 million and $34,065 million, respectively (calculated under the same time periods and methodology as the peer group). When conducting its annual market competitive compensation review, the independent compensation consultant supplements the peer group proxy information with national, proprietary technology industry survey data. The survey data is intended to be representative of each executive’s revenue responsibility, inclusive of adjustments to reflect our Company’s high operating margins relative to comparable companies, and functional role within the Company. Summary of 2024 NEO STI and LTI Programs The chart below summarizes the program features of our STI and LTI programs for our NEOs in 2024, which closely align these programs to our strategic objectives and shareholder interests.

  74. 2024 DIRECTOR COMPENSATION

    | | | 2024 Program | Rationale | | STI | Company Financial Metrics | Revenue (40% weighting) Adjusted EBITDA (40% weighting) | Simple to communicate Aligns to strategic plan Requires year-over-year top-line growth | | | Individual Awards | Primarily formulaic based on Company performance relative to pre-established threshold, target and maximum performance levels 20% weighting on individual performance | More transparent for employees and shareholders Retains heavy weight on Company performance, but allows for differentiation for NEOs based on individual achievement Primarily formulaic approach which is more consistent with market practice | | LTI | Award Mix | 40% Relative TSR PSUs, 20% ROIC PSUs, 20% stock options and 20% restricted stock | Includes a mix of time-vested (20%) and performance-based (80%) equity awards Balance absolute and relative stock price performance as well as capital allocation efficiency | | | Performance Metrics | Relative TSR versus S&P 500 constituents, measured over a three-year period ROIC measured over a three-year period | Creates alignment with our shareholders’ interest in superior returns Promotes capital allocation discipline and provides a direct incentive to deliver value to shareholders |

  75. 2024 DIRECTOR COMPENSATION

    2024 NEO Pay Mix We currently provide the following elements of compensation to our NEOs, each of which fulfills one or more of our compensation program objectives:

  76. 2024 DIRECTOR COMPENSATION

    | • | base salary; |

  77. 2024 DIRECTOR COMPENSATION

    | • | short-term cash incentive awards; |

  78. 2024 DIRECTOR COMPENSATION

    | • | long-term equity incentive awards; and |

  79. 2024 DIRECTOR COMPENSATION

    | • | health, welfare and retirement plans. |

  80. 2024 DIRECTOR COMPENSATION

    The percentage of a Verisk employee’s compensation that is variable increases with seniority, because the decisions of more senior executives have a greater impact on our performance. We have designed our compensation programs so that at least a majority of each NEO’s compensation is variable rather than fixed. Variable compensation for our NEOs consists of an annual cash payment pursuant to our STI program and a long-term equity incentive award pursuant to our LTI program. We believe the design of our compensation programs effectively encourages our senior managers, including our NEOs, to act in a manner that benefits the Company by creating long-term value for our shareholders. In evaluating NEO compensation awards, our Talent Management and Compensation Committee generally seeks to achieve compensation outcomes at market competitive levels, with differentiation by executive based on individual factors such as proficiency in role, tenure, criticality to the Company and scope of responsibility. Base Salary We pay base salaries to attract, reward and retain senior executives in a competitive landscape. Each year, our Talent Management and Compensation Committee reviews the salaries of our NEOs and makes appropriate adjustments to maintain competitive market levels, which are based on the scope of responsibilities of each NEO. In addition, each year we perform our own internal analysis of prevailing market levels of salary for comparable positions. This analysis utilizes our general knowledge of the industry, information gained by our human resources professionals in the hiring and termination process and, when available, commercially prepared market surveys obtained by our human resources professionals. We also review our NEOs’ base salaries as a percentage of their total target compensation in light of the executive’s position and function. Annual adjustments to base salaries are determined by our Talent Management and Compensation Committee (in the case of the CEO), and recommended by the CEO with the approval of our Talent Management and Compensation Committee (in the case of our other NEOs), based on the assessment of prevailing market compensation practices as described above, and based on the evaluation of individual performance factors. In 2023, Mr. Shavel’s annual base salary was $925,000, which was below the median for CEOs of our benchmarking peer group and reflective of Mr. Shavel being a recently installed CEO. In 2024, Mr. Shavel’s base salary was increased to $1,000,000 which remained below the peer group median, and base salaries for continuing NEOs were modestly increased to maintain competitive market salary levels. The table below sets forth the annual base salaries for our NEOs for the 2023 and 2024 fiscal years:

  81. 2024 DIRECTOR COMPENSATION

    | Named Executive Officer | 2023 Base Salary ($) | 2024 Base Salary ($) | Year-over-Year Increase (%) | | Lee M. Shavel | $925,000 | $1,000,000 | 8.1% | | Elizabeth D. Mann | $650,000 | $650,000 | 0% | | Nick Daffan | $535,000 | $545,000 | 1.9% | | Kathy Card Beckles | $505,000 | $525,000 | 4.0% | | Sunita Holzer | $540,000 | $550,000 | 1.9% |

  82. 2024 DIRECTOR COMPENSATION

    Annual STI Awards 2024 STI Financial Metrics and Individual Target Amounts Our annual STI program is pay-for-performance driven, aligns with our communicated financial goals and seeks to provide clarity for our employees and shareholders. Consistent with prior years, the financial metrics that we chose for our 2024 STI program were revenue and adjusted EBITDA, because we believe that achieving revenue and EBITDA targets are the most important forms of performance and the best measure of our NEOs’ performance. Awards are paid out based on the achievement of pre-established threshold, target and maximum performance levels. As may be applicable, in calculating revenue and adjusted EBITDA, the Talent Management and Compensation Committee had discretion to eliminate the financial impact of certain items, including, among others, recent acquisitions and dispositions (including businesses held for sale), the cost of earn-out payments related to acquisitions, the effect of new accounting pronouncements, certain nonrecurring expenses and the impact of changes in foreign currency exchange rates. We believe the ability of the Talent Management and Compensation Committee to make adjustments for these items is appropriate because we do not think our NEOs’ short-term incentive compensation should be impacted by events that do not reflect the underlying operating performance of the business. See Appendix A for a reconciliation of the non-GAAP measures discussed herein to the most directly comparable GAAP measure. Payouts under the 2024 STI program were determined on a formulaic basis. In 2024, the Talent Management and Compensation Committee determined that each NEO’s STI award would continue to be based 40% on achievement of revenue amounts, 40% on adjusted EBITDA amounts and 20% on individual performance. The Talent Management and Compensation Committee believes this design promotes our pay-for-performance objectives by tying a portion of each NEO’s annual STI award to the accomplishment of individual pre-established operational, capital allocation and strategic goals set in advance by the Talent Management and Compensation Committee in addition to the attainment of Company financial performance objectives. In 2024 the Talent Management and Compensation Committee reduced the multiplier of the maximum performance level of the STI program from 200% to 150%. The following table sets forth the levels for each of our financial metrics, as well as the resulting performance multipliers (from 0% to 150%) that were applied to the individual NEO bonus award targets at each performance level, with linear interpolation applied between performance levels.

  83. 2024 DIRECTOR COMPENSATION

    | Performance Levels | Revenue ($M) | | Adjusted EBITDA ($M) | | Multiplier (as a % of target) | | Below Threshold | < $ | 2,733 | <$ | 1,493 | 0% | | Threshold | | 2,733 | | 1,493 | 50% | | Target | | 2,871 | | 1,572 | 100% | | Maximum | | 3,021 | | 1,650 | 150% |

  84. 2024 DIRECTOR COMPENSATION

    2024 STI Performance Applying an adjustment as permitted under the terms of the STI program for contributions from the divested AER business as of the fourth quarter of 2024, and the impact of foreign currency exchange rate changes, for the 2024 NEO STI awards, the Talent Management and Compensation Committee determined that revenue was achieved at $2,870 million (for a funding factor of 100% of target) and that adjusted EBITDA was achieved at $1,572 million (for a funding factor of 100% of target), which produced an aggregate funding factor of 100% of target for the financial metrics achievement of the STI awards. CEO 2024 STI Target In 2024, the Talent Management and Compensation Committee established the CEO’s target STI award at 150% of his base salary (unchanged from 2023), or $1,500,000. In general, the view of the Talent Management and Compensation Committee is that progression in Mr. Shavel’s compensation package, and the total value of Mr. Shavel’s compensation package, should be tied to the progression of his equity awards (described below under “Annual LTI Awards”) and the performance of those awards in relation to the performance of Verisk’s stock. CEO’s and Other NEOs’ 2024 STI Outcomes For individual NEOs, the 2024 actual STI payouts calculated from the Company’s performance in relation to the performance grid described above resulted in a performance multiplier of 100% of each such NEO’s respective target STI award. However, 80% of the NEO’s STI award is formulaic and 20% is based on individual performance. For the portion of the STI award that is based on individual performance goals, our NEOs are expected to work collaboratively as a team, and large differentiation on this component of their annual STI award will be expected when there are notable examples of individual overperformance or underperformance. For 2024, the individual performance portion of the STI award, which accounted for 20% of each NEO’s overall STI award, was achieved at 110% for Mr. Shavel, 100% for Ms. Mann, 100% for Mr. Daffan, 100% for Ms. Card Beckles, and 100% for Ms. Holzer. Accordingly, the Talent Management and Compensation Committee approved for the CEO, based on its evaluation of Mr. Shavel’s individual performance, and for each NEO, based on Mr. Shavel’s evaluation of each NEO’s individual performance and recommendation, the following amounts in respect of their 2024 STI awards:

  85. 2024 DIRECTOR COMPENSATION

    | Named Executive Officer | 2024 Target STI (as a % of base salary) | 2024 Target STI Amount ($) | 2024 Actual STI Amount ($) | 2024 Actual STI Amount (as a % of target) | | Lee M. Shavel | 150% | $1,500,000 | $1,530,000 | 102% | | Elizabeth D. Mann | 125% | $812,500 | $812,500 | 100% | | Nick Daffan | 125% | $681,250 | $681,250 | 100% | | Kathy Card Beckles | 100% | $525,000 | $525,000 | 100% | | Sunita Holzer | 100% | $550,000 | $550,000 | 100% |

  86. 2024 DIRECTOR COMPENSATION

    Annual LTI Awards 2024 LTI Awards In 2024, we maintained within the LTI award mix the previously introduced ROIC PSU awards and Relative TSR PSU awards as well as stock options and restricted stock awards, which promote executive retention while still aligning the interests of our NEOs with those of our shareholders. We believe Relative TSR PSUs closely aligns our executives’ payments to shareholder returns, and rewards superior performance over companies with whom we compete for capital, while also retaining a retentive element through time-based vesting requirements. We believe the S&P 500 Index constituents are the appropriate comparator group for these awards because the index provides a sufficient number of comparator companies and represents the universe of companies with which the Company competes for investor capital. Accordingly, the 2024 LTI award mix for our senior executives, including our NEOs, were: (i) Relative TSR PSUs (40%), (ii) ROIC PSUs (20%), (iii) restricted stock awards (20%), and (iv) stock options (20%). 2024 LTI awards were granted on January 15, 2024. Each of the Relative TSR PSUs and ROIC PSUs vests over a three-year performance period, subject to the recipient’s continued service with our Company, with potential payouts ranging from 0% to 200% of target levels. Stock options and time-based restricted stock awards vest ratably on each of the first four anniversaries of the grant date subject to the recipient’s continued service with our Company. The performance period for the Relative TSR PSUs and ROIC PSUs (collectively, the “PSUs”) granted in 2024 is January 1, 2024 through December 31, 2026. The following tables set forth the performance multiplier (from 0% to 200%) that will be applied to the target PSUs for each of the Relative TSR PSUs and the ROIC PSUs at the end of the performance period for each performance level, with linear interpolation applied between performance levels.

  87. 2024 DIRECTOR COMPENSATION

    | Performance Level | TSR Percentile Rank Relative to S&P 500 Index Constituents | Earned Relative TSR PSUs (as a % of target) | | Below Threshold | < 25th percentile | 0% | | Threshold | 25th percentile | 50% | | Target | Median | 100% | | Above Target | 75th percentile | 150% | | Maximum | > 90th percentile | 200% |

  88. 2024 DIRECTOR COMPENSATION

    | Performance Level | Three-Year Incremental ROIC | Earned ROIC PSUs (as a % of target) | | Below Threshold | < 8.0% | 0% | | Threshold | 8.0% | 50% | | Target | 12.0% | 100% | | Maximum | 16.0% and above | 200% |

  89. 2024 DIRECTOR COMPENSATION

    The size of the CEO’s and each of our NEO’s annual grant amount for the 2024 LTI awards was determined individually, benchmarking their positions against available market data. Achievement and Payouts under 2022-2024 PSUs In January 2025, the Talent Management and Compensation Committee measured the achievement of the Relative TSR PSUs and ROIC PSUs granted to our NEOs in 2022 upon the completion of the January 1, 2022 to December 31, 2024 performance period (which were subject to the same performance levels and multipliers as the 2024 Relative TSR PSUs and 2024 ROIC PSUs as described in the table above). The Talent Management and Compensation Committee determined that (i) for the 2022 TSR PSUs the relative TSR performance metric was achieved at the 61.49th percentile, resulting in a payout of 122.98% of target to each of our NEOs in the form of shares of Common Stock, and (ii) for the 2022 ROIC PSUs the Incremental ROIC metric for the performance period was 19.0% which is achievement at the maximum performance level, resulting in a payout of 200% of target to each of our NEOs in the form of shares of Common Stock. See the 2024 Option Exercises and Stock and PSUs Vested table contained in this CD&A section for the number of shares acquired and value realized upon the vesting of the 2022 PSU awards for each applicable NEO. Design of 2025 PSUs In 2024, the Talent Management and Compensation Committee modified the design of the 2025 ROIC PSUs granted on January 15, 2025 for the January 1, 2025 through December 31, 2027 performance period. The ROIC performance metric was shifted away from an incremental ROIC growth percentage-based metric to a 3-year average absolute ROIC metric that is derived from the multi-year financial plan submitted by Company management to the Board annually. The purpose of the modification was to provide greater transparency through a simpler benchmark calculation with a capital allocation focus that aligns Company management incentive and decision-making around large M&A opportunities. Health, Welfare and Retirement Plans We offer standard health and welfare benefit programs including medical, dental, life, accident and disability insurance, to which we make contributions as a percentage of the associated costs. These benefits are available to substantially all of our employees and the percentage of the Company’s contribution is the same for all. Our tax-qualified retirement plans during 2024 included:

  90. 2024 DIRECTOR COMPENSATION

    | • | a combined 401(k) Savings Plan and ESOP, |

  91. 2024 DIRECTOR COMPENSATION

    | • | a defined benefit pension plan with (i) a traditional final pay formula applicable to employees who were 49 years old with 15 years of service as of January 1, 2002, and (ii) a cash balance formula applicable to other employees hired prior to March 1, 2005 (effective February 29, 2012, the Company implemented a “hard freeze” of such benefits under the pension plan), and |

  92. 2024 DIRECTOR COMPENSATION

    | • | a profit-sharing plan (as a component of the 401(k) Savings Plan), which is available to employees hired on or after March 1, 2005 (the Company did not make any contribution during 2024). |

  93. 2024 DIRECTOR COMPENSATION

    Our nonqualified retirement plans include a supplemental pension and a supplemental savings plan for highly compensated employees, including our NEOs. The combined 401(k) Savings Plan and ESOP and the pension/profit sharing plans are broad-based plans available to substantially all of our employees, including our NEOs. The supplemental retirement plans are offered to our highly paid employees, including our NEOs, to restore to them amounts to which they would be entitled under our tax-qualified plans but which they are precluded from receiving under those plans by Internal Revenue Service limits. The supplemental retirement plans are unsecured obligations of the Company. Effective February 29, 2012, the Company implemented a “hard freeze” of the benefits under the supplemental pension plan. We established our ESOP at the time we converted from not-for-profit to for-profit status, in order to foster an ownership culture in the Company and to strengthen the link between compensation and value created for shareholders. This plan has enabled our employees to hold an ownership interest in the Company as well as provide a stock vehicle for Company matching contributions to our 401(k) and profit-sharing plans, which has allowed employees to monitor directly, and profit from, the increasing value of our stock. Executive Severance Plan and Employment Agreements In March 2022, the Talent Management and Compensation Committee adopted the Verisk Analytics, Inc. Senior Executive Severance Benefits Plan (the “Executive Severance Plan”). The purpose of the Executive Severance Plan is to provide severance pay benefits to eligible senior executives of the Company, which includes our NEOs, whose employment with the Company is terminated involuntarily under the conditions described in the Executive Severance Plan. We believe that these arrangements provide the proper retentive incentives for executives the Company has made significant investments in while also providing a uniform baseline and process for future executive departures. For information about the provisions of the Executive Severance Plan as they apply to our NEOs, please see “Potential Payments upon Termination or Change in Control.” We have not entered into any other type of employment or severance agreement with any of our NEOs. Policies and Practices Executive Stock Ownership Guidelines Our Talent Management and Compensation Committee has adopted strict minimum equity holding requirements applicable to our executive officers, including our NEOs, as a multiple of their base salary, to further align their long-term interests with those of our shareholders. Our CEO is required to hold stock with a value of at least six times his annual base salary. NEOs other than the CEO are required to hold stock with a value of at least three times their respective annual base salary. If any of our NEOs have not met this ownership level, he or she is required to retain 50% of the after-tax value of stock acquired upon the vesting of restricted stock awards, PSUs or a stock option exercise. The “in-the-money” value of vested and unvested stock options, unvested restricted stock and unvested PSUs held by the NEO is not included in determining compliance with the stock ownership requirement. The value of vested Company stock held by NEOs in their respective 401(k) accounts or ESOP accounts is included in determining compliance with the stock ownership requirement. Mr. Shavel currently holds stock with a value in excess of the six times base salary requirement for the CEO. Ms. Mann and Mr. Daffan each currently holds stock with a value in excess of the three times base salary requirement for other NEOs. Ms. Card Beckles, appointed as Executive Vice President and Chief Legal Officer in April 2021, and Ms. Holzer, appointed as Executive Vice President and Chief Human Relations Officer in August 2021, each currently does not yet hold stock with a value in excess of the three times base salary requirement, but each has complied with the requirement to retain 50% of the after-tax value of stock acquired upon the vesting of restricted stock awards or stock option exercises since the date she was appointed an executive officer. Clawback Policy As of December 2024, the Board expanded, beyond the SEC and Nasdaq requirements, the Verisk Analytics, Inc. Financial Statement Compensation Recoupment Policy that was adopted and initially made effective in December 2023 in accordance with SEC and Nasdaq rules (the “Clawback Policy”), the intent of which was to reinforce the Company’s culture of ethical conduct by establishing the appropriate tone at the top. The Clawback Policy provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under U.S. federal securities laws and also provides the Board with discretionary authority to recoup certain executive compensation in the event of detrimental conduct (as defined the Clawback Policy) by certain executives in accordance with the terms and conditions set forth therein. The Clawback Policy is intended to comply with, and expand beyond, the requirements of Section 10D of the Exchange Act and Nasdaq Listing Rule 5608. The Clawback Policy, in the event of a financial restatement, applies to all current and former Section 16 officers of the Company who served during the three fiscal years completed immediately preceding the earlier of (i) the date the Board or a Committee of the Board concludes, or reasonably should have concluded, that the Company is required to prepare a financial restatement, or (ii) the date a court or regulator causes the Company to prepare a financial restatement (the “Recoupment Trigger Date”). Recoverable compensation under the Clawback Policy covers incentive compensation (a) based on “financial reporting measures,” which includes (i) measures determined and presented in accordance with accounting principles used to prepare financial statements and measures derived wholly or in part from such measures, (ii) stock price and (iii) TSR, and (b) determined based on goals attained in any of the three completed fiscal years, beginning with fiscal year 2023, preceding the Recoupment Trigger Date. Recoverable amounts under the Clawback Policy are calculated on a pre-tax basis as the excess of what was paid and what would have been paid had such payout been calculated based on the restated financial information and for compensation based on TSR or stock price, the excess must be calculated based on a reasonable estimate of the impact of such restatement on TSR or stock price. Recovery under the Clawback Policy in the event of a financial restatement is mandatory with no Board discretion permitted and no employee misconduct required.

  94. 2024 DIRECTOR COMPENSATION

    The Clawback Policy, in the event of detrimental conduct absent a financial restatement, applies to any member of the Senior Operating Committee of the Company as designated by the Chief Executive Officer of the Company from time to time. In the event a covered executive engages in detrimental conduct that, in the sole discretion of the Talent Management and Compensation Committee, is likely to cause or has caused material financial, operational or reputational harm to the Company, including conduct that subjects the Company to liability by any governmental authority, the Company may recover covered compensation received by the covered executive during and after the period in which such detrimental conduct occurred. Actual detrimental conduct must have occurred within the three years preceding the date on which the Talent Management and Compensation Committee determines that detrimental conduct has occurred. The Committee in its sole discretion shall determine the amount of the covered compensation to be recovered, up to and based upon the covered executive’s relative degree of fault or involvement, the impact of the conduct on the Company, the magnitude of any loss caused and any other relevant facts and circumstances that the Talent Management and Compensation Committee may consider. Recoverable compensation includes any incentive compensation (including, for the avoidance of doubt, any cash or equity or equity-based compensation, whether deferred or current), including without limitation, any bonus, short-term incentive award or amount, long-term incentive award or amount, including any equity-based awards, including those awards that vest solely based on continued service of the covered executive, such as time-based restricted share awards and options. Anti-Hedging and Pledging Policies The Company prohibits its non-employee directors and all employees, including its NEOs, from pledging Company securities, hedging Company securities, selling short or trading options or futures in Company securities, or purchasing Company securities on margin or holding Company securities in a margin account. Tax and Accounting Considerations Our Talent Management and Compensation Committee takes into consideration the accounting and tax implications of our compensation and benefit programs, including with respect to the tax deductibility of compensation paid under Section 162(m) of the Internal Revenue Code (the “Code”). Section 162(m) of the Code generally limits the tax deductibility of annual compensation paid by public companies to certain executive officers to $1 million. In the exercise of its business judgment, and in accordance with its compensation philosophy, our Talent Management and Compensation Committee continues to have the flexibility to award compensation that is not tax deductible if it determines that such award is in our shareholders’ best interests. Insider Trading Policies and Procedures The Company has insider trading policies and procedures that govern the purchase, sale, and other dispositions of its securities by directors, officers, and employees. We believe these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable listing standards. A copy of the policy is filed as Exhibit 19.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Equity Grant Processes and Timing The Talent Management and Compensation Committee does not grant equity awards in anticipation of the release of material nonpublic information (“MNPI”), and the Company does not time the release of MNPI based upon grant dates of equity. In the event MNPI becomes known to the Talent Management and Compensation Committee before granting an equity award, the Talent Management and Compensation Committee will consider such information and use its business judgment to determine whether to delay the grant of equity to avoid any appearance of impropriety. Equity awards granted to our NEOs in the form of annual LTI awards typically have a January 15 grant date, and such awards are generally approved by the Talent Management and Compensation Committee at its regularly scheduled meeting held in December of the prior year. The Talent Management and Compensation Committee meetings are normally scheduled well in advance and are not scheduled with an eye to announcements of MNPI regarding the Company. The Talent Management and Compensation Committee may make an award with an effective date in the future, including awards contingent on commencement of employment or some other subsequent event, or may act by unanimous written consent on the date of such an event when the proposed issuances have been reviewed by the Talent Management and Compensation Committee prior to the date of the event. During fiscal 2024, the Company did not grant equity awards to any NEO during any period beginning four business days before and ending one business day after the filing of any Company periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company current report on Form that disclosed any MNPI. Risk Assessment Regarding Compensation Policies and Practices When reviewing our compensation programs and approving awards under them, the Talent Management and Compensation Committee considers the potential risks associated with these policies and practices. We selected revenue and adjusted EBITDA achievement as the primary criteria for the funding of the aggregate STI award pool in 2024 because we believe that achieving revenue and EBITDA targets are the most important forms of Company performance and the best measure of our employees’ performance. We believe these financial metrics appropriately align the interests of management with those of our shareholders, while providing an appropriate balance of risk and reward that does not encourage excessive or unnecessary risk-taking behavior. In furtherance of the Talent Management and Compensation Committee’s responsibility to determine the presence and magnitude of any compensation-related risk, in 2024 the Talent Management and Compensation Committee engaged FW Cook, as independent compensation consultant, to review the Company’s annual and long-term incentive program mechanics relative to a list of standard compensation risk factors. As part of the 2024 compensation risk assessment process, the independent compensation consultant also reviewed an inventory of incentive and commission arrangements below the executive level and discussed overall plan and program design, oversight and administration with management. The Compensation Risk Assessment Report delivered by the independent compensation consultant to the Talent Management and Compensation Committee came to the conclusion that the Company’s executive compensation program does not create risks that are likely to have a material adverse impact on the Company. In reaching this determination we and the independent compensation consultant also considered the following attributes of our programs:

  95. 2024 DIRECTOR COMPENSATION

    | • | balance between annual and longer-term performance opportunities and absolute and relative performance metrics; |

  96. 2024 DIRECTOR COMPENSATION

    | • | alignment of annual and long-term incentives to ensure that the awards encourage consistent behaviors and achievable but ambitious performance results; |

  97. 2024 DIRECTOR COMPENSATION

    | • | since 2018, using a combination of 10-year stock options, restricted stock awards and PSUs, all of which vest over time; |

  98. 2024 DIRECTOR COMPENSATION

    | • | absolute and relative metrics have been incorporated into our PSU program allowing for the Company’s balance sheet and cost of capital to directly influence compensation outcomes, and therefore providing further balance; |

  99. 2024 DIRECTOR COMPENSATION

    | • | generally providing senior executives with long-term equity-based compensation on an annual basis, as we believe that accumulating equity over a period of time encourages executives to take actions that promote the long-term sustainability of our business; |

  100. 2024 DIRECTOR COMPENSATION

    | • | stock ownership guidelines that are reasonable and align the interests of the executive officers with those of our shareholders, which discourages executive officers from focusing on short-term results without regard for longer-term consequences; and |

  101. 2024 DIRECTOR COMPENSATION

    | • | a Nasdaq-compliant “clawback” policy that provides for the non-discretionary recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under U.S. federal securities laws and discretionary recoupment for executive misconduct. |

  102. 2024 DIRECTOR COMPENSATION

    Talent Management and Compensation Committee Report We, the Talent Management and Compensation Committee of the Board of Directors of Verisk Analytics, Inc., have reviewed and discussed with management the Compensation Discussion and Analysis above. Based on our review and discussions, the Talent Management and Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference into the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC. Respectfully submitted, Jeffrey Dailey (Chair) Vincent K. Brooks Gregory Hendrick Wendy Lane Executive Compensation and Benefits The following table sets forth information concerning the compensation paid to and earned by the Company’s NEOs for the years ended December 31, 2022, 2023 and 2024.

  103. 2024 SUMMARY COMPENSATION TABLE

    2024 SUMMARY COMPENSATION TABLE

  104. 2024 SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Year | Salary ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | Lee M. Shavel(4) | 2024 | 1,000,000 | 7,600,135 | 1,899,792 | 1,530,000 | — | 44,800(5) | 12,074,727 | | President and Chief Executive Officer | 2023 | 925,000 | 5,919,999 | 1,480,011 | 2,004,000 | — | 37,556(6) | 10,366,566 | | | 2022 | 806,499(7) | 6,420,689(8) | 1,105,324(9) | 1,138,863(10) | — | 25,966(11) | 9,497,341 | | Elizabeth D. Mann(12) | 2024 | 650,000 | 2,399,824 | 600,128 | 812,500 | — | 46,419(13) | 4,508,871 | | Executive Vice President and Chief Financial Officer | 2023 | 650,000 | 1,599,974 | 400,024 | 1,101,000 | — | 31,499(14) | 3,782,496 | | | 2022 | 192,329(15) | 2,999,964(16) | — | 633,646(17) | — | 17,400(18) | 3,843,339 | | Nick Daffan | 2024 | 545,000 | 1,480,074 | 369,922 | 681,250 | — | 27,623(19) | 3,103,868 | | Executive Vice President and Chief Information Officer | 2023 | 535,000 | 1,440,070 | 359,916 | 906,000 | — | 27,045(20) | 3,268,031 | | | 2022 | 525,000 | 1,411,164 | 352,836 | 626,719 | — | 26,975(21) | 2,942,694 | | Kathy Card Beckles | 2024 | 525,000 | 1,220,058 | 304,949 | 525,000 | 10,706 | 30,027(22) | 2,615,741 | | Executive Vice President and Chief Legal Officer | 2023 | 505,000 | 1,200,004 | 300,018 | 684,000 | 2,028 | 23,734(23) | 2,714,783 | | | 2022 | 500,000 | 1,200,058 | 299,942 | 467,500 | — | 19,062(24) | 2,486,562 | | Sunita Holzer(25) | 2024 | 550,000 | 1,039,968 | 259,997 | 550,000 | — | 27,024(26) | 2,426,988 | | Executive Vice President and Chief Human Relations Officer | 2023 | 540,000 | 999,903 | 250,086 | 786,000 | — | 24,062(27) | 2,600,052 |

  105. 2024 SUMMARY COMPENSATION TABLE

    | (1) This column represents the aggregate grant date fair value of (i) restricted stock awards granted in the relevant year, valued at the grant date based on the closing price of the Company’s Common Stock, and (ii) PSU awards granted in the relevant year, valued at the grant date based on the probable outcome of the performance conditions, in each case computed in accordance with ASC Subtopic 718, excluding forfeiture estimates. For a discussion of the assumptions used to calculate the amounts shown in this column see Note 17 of the Notes to our audited consolidated financial statements included as part of our Annual Report on Form 10-K for the year ended December 31, 2024. The actual number of PSUs earned (0% up to the maximum level of 200%) (i) for the Relative TSR PSUs depends on the Company’s future total shareholder return performance compared to companies that comprise the S&P 500 Index over the three-year performance period, and (ii) for the ROIC PSUs depends on the Company’s 3-year incremental return-on-invested capital. The values of each NEO’s 2024 PSU award as of the grant date, assuming maximum achievement of the performance conditions are: Mr. Shavel: $11,400,112; Ms. Mann: $3,599,697; Mr. Daffan: $2,220,006; Ms. Card Beckles: $1,830,197; and Ms. Holzer: $1,559,988. |

  106. 2024 SUMMARY COMPENSATION TABLE

    | (2) This column represents the aggregate grant date fair value of stock option awards granted in the relevant year, computed in accordance with ASC Subtopic 718, excluding forfeiture estimates. For a discussion of the assumptions used to calculate the amounts shown in the option awards columns, see Note 17 of the Notes to our audited consolidated financial statements included as part of our Annual Report on Form 10-K for the year ended December 31, 2024. |

  107. 2024 SUMMARY COMPENSATION TABLE

    | (3) The amounts in this column are cash incentive awards earned and paid under the STI program in respect of performance for the years ended December 31, 2022, 2023 and 2024, as applicable. |

  108. 2024 SUMMARY COMPENSATION TABLE

    | (4) Mr. Shavel was promoted to the role of Chief Executive Officer on May 25, 2022 and previously served as our Group President and Chief Financial Officer. |

  109. 2024 SUMMARY COMPENSATION TABLE

    | (5) Amount includes a 401(k) Savings Plan matching contribution of $20,700. |

  110. 2024 SUMMARY COMPENSATION TABLE

    | (6) Amount includes a 401(k) Savings Plan matching contribution of $19,800. |

  111. 2024 SUMMARY COMPENSATION TABLE

    | (7) Mr. Shavel’s base salary was increased from $663,000 to $900,000 upon his promotion to Chief Executive Officer on May 25, 2022. |

  112. 2024 SUMMARY COMPENSATION TABLE

    | (8) Amount includes (i) a restricted stock award with a grant date value of $567,200, (ii) a Relative TSR PSU award with a grant date value of $1,134,400, and (iii) a ROIC PSU award with a grant date value of $567,200, each of which was granted to Mr. Shavel upon his promotion to CEO in 2022 as part of a one-time top-up LTI award. Amount also includes a one-time Relative TSR PSU award with a grant date value of $2,000,000 which will be payable only upon the achievement by the Company of a relative TSR at or above the 65th percentile as compared to the companies that comprise the S&P 500 Index over a three-year performance period. |

  113. 2024 SUMMARY COMPENSATION TABLE

    | (9) Amount includes an option award with a grant date value of $567,200 that was granted to Mr. Shavel upon his promotion to CEO in 2022 as part of a one-time top-up LTI award. |

  114. 2024 SUMMARY COMPENSATION TABLE

    | (10) Mr. Shavel’s total 2022 STI award reflects an increase of his target from 125% to 150% of his then in-effect annual base salary, prorated for the remaining portion of the 2022 performance year during which Mr. Shavel served as CEO. |

  115. 2024 SUMMARY COMPENSATION TABLE

    | (11) Amount includes a 401(k) Savings Plan matching contribution of $17,400. |

  116. 2024 SUMMARY COMPENSATION TABLE

    | (12) Ms. Mann commenced her employment and was appointed Chief Financial Officer on September 15, 2022 and qualified as a Named Executive Officer for the 2022 fiscal year. |

  117. 2024 SUMMARY COMPENSATION TABLE

    | (13) Amount includes a 401(k) Savings Plan matching contribution of $20,700. |

  118. 2024 SUMMARY COMPENSATION TABLE

    | (14) Amount includes a 401(k) Savings Plan matching contribution of $19,800. |

  119. 2024 SUMMARY COMPENSATION TABLE

    | (15) Amount represents prorated 2022 annual base salary of $650,000. |

  120. 2024 SUMMARY COMPENSATION TABLE

    | (16) Amount represents a one-time restricted stock award with a grant date value of $2,999,964 granted to Ms. Mann in connection with her appointment as our CFO that vested in two equal installments on the first and second anniversaries of the October 1, 2022 grant date pursuant to Ms. Mann’s employment offer letter. |

  121. 2024 SUMMARY COMPENSATION TABLE

    | (17) Amount represents guaranteed STI award of $375,000 pursuant to Ms. Mann’s employment offer letter in recognition of the economic value Ms. Mann forfeited under her previous employer’s STI program, plus a prorated STI award for the portion of the 2022 performance year Ms. Mann was employed with the Company and was determined subject to the achievement of Company financial metrics and individual performance. |

  122. 2024 SUMMARY COMPENSATION TABLE

    | (18) Amount includes a 401(k) Savings Plan matching contribution of $17,400. |

  123. 2024 SUMMARY COMPENSATION TABLE

    | (19) Amount includes a 401(k) Savings Plan matching contribution of $20,700. |

  124. 2024 SUMMARY COMPENSATION TABLE

    | (20) Amount includes a 401(k) Savings Plan matching contribution of $19,800. |

  125. 2024 SUMMARY COMPENSATION TABLE

    | (21) Amount includes a 401(k) Savings Plan matching contribution of $17,400. |

  126. 2024 SUMMARY COMPENSATION TABLE

    | (22) Amount includes a 401(k) Savings Plan matching contribution of $20,700. |

  127. 2024 SUMMARY COMPENSATION TABLE

    | (23) Amount includes a 401(k) Savings Plan matching contribution of $19,800. |

  128. 2024 SUMMARY COMPENSATION TABLE

    | (24) Amount includes a 401(k) Savings Plan matching contribution of $17,400. |

  129. 2024 SUMMARY COMPENSATION TABLE

    | (25) Ms. Holzer qualified as a Named Executive Officer for the first time for the 2023 fiscal year upon determination by the Board. |

  130. 2024 SUMMARY COMPENSATION TABLE

    | (26) Amount includes a 401(k) Savings Plan matching contribution of $20,700. |

  131. 2024 SUMMARY COMPENSATION TABLE

    | (27) Amount includes a 401(k) Savings Plan matching contribution of $19,800. |

  132. 2024 SUMMARY COMPENSATION TABLE

    Grants of Plan-Based Awards The following table sets forth information concerning grants of plan-based awards made to the NEOs during the Company’s fiscal year ended December 31, 2024.

  133. 2024 GRANTS OF PLAN BASED AWARDS

    2024 GRANTS OF PLAN BASED AWARDS

  134. 2024 GRANTS OF PLAN BASED AWARDS

    | Name | Grant Date(1) | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(2) | | | | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | | | Lee M. Shavel | January 15, 2024 | — | — | — | — | — | — | — | 35,585 | 236.77 | 1,899,792 | | | January 15, 2024 | — | — | — | — | — | — | 8,025 | — | — | 1,900,079 | | | February 13, 2024 | (3) | (3) | (3) | — | — | — | — | — | — | — | | | January 15, 2024(4) | — | — | — | 6,705 | 13,409 | 26,818 | — | — | — | 3,799,977 | | | January 15, 2024(5) | — | — | — | 4,013 | 8,025 | 16,050 | — | — | — | 1,900,079 | | Elizabeth D. Mann | January 15, 2024 | — | — | — | — | — | — | — | 11,241 | 236.77 | 600,128 | | | January 15, 2024 | — | — | — | — | — | — | 2,534 | — | — | 599,975 | | | February 13, 2024 | (3) | (3) | (3) | — | — | — | — | — | — | — | | | January 15, 2024(4) | — | — | — | 2,117 | 4,234 | 8,468 | — | — | — | 1,199,873 | | | January 15, 2024(5) | — | — | — | 1,267 | 2,534 | 5,068 | — | — | — | 599,975 | | Nick Daffan | January 15, 2024 | — | — | — | — | — | — | — | 6,929 | 236.77 | 369,922 | | | January 15, 2024 | — | — | — | — | — | — | 1,563 | — | — | 370,072 | | | February 13, 2024 | (3) | (3) | (3) | — | — | — | — | — | — | — | | | January 15, 2024(4) | — | — | — | 1,306 | 2,611 | 5,222 | — | — | — | 739,931 | | | January 15, 2024(5) | — | — | — | 782 | 1,563 | 3,126 | — | — | — | 370,072 | | Kathy Card Beckles | January 15, 2024 | — | — | — | — | — | — | — | 5,712 | 236.77 | 304,949 | | | January 15, 2024 | — | — | — | — | — | — | 1,288 | — | — | 304,960 | | | February 13, 2024 | (3) | (3) | (3) | — | — | — | — | — | — | — | | | January 15, 2024(4) | — | — | — | 1,077 | 2,153 | 4,306 | — | — | — | 610,139 | | | January 15, 2024(5) | — | — | — | 644 | 1,288 | 2,576 | — | — | — | 304,960 | | Sunita Holzer | January 15, 2024 | — | — | — | — | — | — | — | 4,870 | 236.77 | 259,997 | | | January 15, 2024 | — | — | — | — | — | — | 1,098 | — | — | 259,973 | | | February 13, 2024 | (3) | (3) | (3) | — | — | — | — | — | — | — | | | January 15, 2024(4) | — | — | — | 918 | 1,835 | 3,670 | — | — | — | 520,021 | | | January 15, 2024(5) | | | | 549 | 1,098 | 2,196 | — | — | — | 259,973 |

  135. 2024 GRANTS OF PLAN BASED AWARDS

    | (1) The equity incentive awards reflected in this table were approved by the Talent Management and Compensation Committee on December 18, 2023 and the non-equity incentive awards reflected in this table were approved by the Talent Management and Compensation Committee on February 13, 2024. |

  136. 2024 GRANTS OF PLAN BASED AWARDS

    | (2) This column represents the aggregate grant date fair value of the following awards granted in the relevant year under the 2021 Equity Incentive Plan in accordance with ASC Subtopic 718, excluding forfeiture estimates, to the extent applicable: (i) restricted stock awards and stock option awards, valued at the closing price of the Company’s Common Stock on the applicable grant date, and (ii) PSU awards, valued based on the probable outcome of the performance conditions as of the grant date. For a discussion of the assumptions used to calculate the amounts shown in this column see Note 17 of the Notes to our audited consolidated financial statements included as part of our Annual Report on Form 10-K for the year ended December 31, 2024. |

  137. 2024 GRANTS OF PLAN BASED AWARDS

    | (3) As described in the “Compensation Discussion and Analysis,” our NEOs are eligible for an annual incentive compensation cash award under our STI program, which will be paid out based on the achievement of pre-established threshold, target and maximum performance levels. For additional details regarding the NEO STI program, including the relevant performance factors for 2024, see “Compensation Discussion and Analysis — Annual STI Awards — 2024 STI Financial Metrics and Individual Target Amounts” and “Compensation Discussion and Analysis — Summary of 2024 NEO STI and LTI Programs.” For the actual amounts of cash incentive awards paid to each of our NEOs under our STI program in respect of performance for 2024, see the “Non-Equity Incentive Plan Compensation” column of our 2024 Summary Compensation Table. |

  138. 2024 GRANTS OF PLAN BASED AWARDS

    | (4) Represents grant of Relative TSR PSUs. |

  139. 2024 GRANTS OF PLAN BASED AWARDS

    | (5) Represents grant of ROIC PSUs. |

  140. 2024 GRANTS OF PLAN BASED AWARDS

    Outstanding Equity Awards at Fiscal Year End The following table sets forth information concerning unexercised options, unvested restricted stock and unvested PSUs held by our NEOs as of the end of the Company’s fiscal year ended 2024 based on a market value of $275.43 per share (our closing market price on December 31, 2024).

  141. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

  142. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | | | Option Awards(1) | | | | Stock Awards(2) | | | | | Name | Date of Award Grant | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) | | Lee M. Shavel | 4/1/2018 | 17,674 | — | 104.00 | 4/1/2028 | — | — | — | — | | | 4/1/2019 | 18,227 | — | 134.24 | 4/1/2029 | — | — | — | — | | | 1/15/2020 | 18,881 | — | 158.65 | 1/15/2030 | — | — | — | — | | | 1/15/2021 | 13,750 | 4,584 | 190.02 | 1/15/2031 | 843 | 232,187 | — | — | | | 1/15/2022 | 6,378 | 6,379 | 198.15 | 1/15/2032 | 1,358 | 374,034 | — | — | | | 1/15/2022 | — | — | — | — | — | — | 4,010 | 1,104,337 | | | 5/25/2022 | 6,917 | 6,917 | 170.72 | 5/25/2032 | 1,661 | 457,489 | — | — | | | 5/25/2022 | — | — | — | — | — | — | 4,495 | 1,237,920 | | | 5/25/2022(4) | — | — | — | — | — | — | 27,457 | 7,562,482 | | | 1/15/2023 | 7,758 | 23,276 | 183.95 | 1/15/2033 | 6,034 | 1,661,945 | — | — | | | 1/15/2023 | — | — | — | — | — | — | 10,430 | 2,872,597 | | | 1/15/2024 | — | 35,585 | 236.77 | 1/15/2034 | 8,025 | 2,210,326 | — | — | | | 1/15/2024 | — | — | — | — | — | — | 10,717 | 2,951,783 | | Elizabeth D. Mann | 1/15/2023 | 2,097 | 6,291 | 183.95 | 1/15/2033 | 1,632 | 449,502 | — | — | | | 1/15/2023 | — | — | — | — | — | — | 2,819 | 776,299 | | | 1/15/2024 | — | 11,241 | 236.77 | 1/15/2034 | 2,534 | 697,940 | — | — | | | 1/15/2024 | — | — | — | — | — | — | 3,384 | 932,055 | | Nick Daffan | 4/1/2018 | 16,496 | — | 104.00 | 4/1/2028 | — | — | — | — | | | 7/1/2018 | 11,295 | — | 107.64 | 7/1/2028 | — | — | — | — | | | 4/1/2019 | 15,619 | — | 134.24 | 4/1/2029 | — | — | — | — | | | 1/15/2020 | 15,541 | — | 158.65 | 1/15/2030 | — | — | — | — | | | 1/15/2021 | 9,020 | 3,007 | 190.02 | 1/15/2031 | 553 | 152,313 | — | — | | | 1/15/2022 | 4,182 | 4,183 | 198.15 | 1/15/2032 | 890 | 245,133 | — | — | | | 1/15/2022 | — | — | — | — | — | — | 2,630 | 724,243 | | | 1/15/2023 | 1,886 | 5,661 | 183.95 | 1/15/2033 | 1,468 | 404,331 | — | — | | | 1/15/2023 | — | — | — | — | — | — | 2,537 | 698,766 | | | 1/15/2024 | — | 6,929 | 236.77 | 1/15/2034 | 1,563 | 430,497 | — | — | | | 1/15/2024 | — | — | — | — | — | — | 2,087 | 574,822 | | Kathy Card Beckles | 7/1/2021 | — | — | — | — | 1,386 | 381,746 | — | — | | | 1/15/2022 | 3,555 | 3,556 | 198.15 | 1/15/2032 | 757 | 208,501 | — | — | | | 1/15/2022 | — | — | — | — | — | — | 2,236 | 615,861 | | | 1/15/2023 | 1,572 | 4,719 | 183.95 | 1/15/2033 | 1,224 | 337,126 | — | — | | | 1/15/2023 | — | — | — | — | — | — | 2,114 | 582,259 | | | 1/15/2024 | — | 5,712 | 236.77 | 1/15/2034 | 1,288 | 354,754 | — | — | | | 1/15/2024 | — | — | — | — | — | — | 1,721 | 473,877 | | Sunita Holzer | 10/1/2021 | — | — | — | — | 1,250 | 344,288 | — | — | | | 1/15/2022 | 2,846 | 2,847 | 198.15 | 1/15/2032 | 606 | 166,911 | — | — | | | 1/15/2022 | — | — | — | — | — | — | 1,789 | 492,607 | | | 1/15/2023 | 1,311 | 3,933 | 183.95 | 1/15/2033 | 1,020 | 280,939 | — | — | | | 1/15/2023 | — | — | — | — | — | — | 1,762 | 485,170 | | | 1/15/2024 | — | 4,870 | 236.77 | 1/15/2034 | 1,098 | 302,422 | — | — | | | 1/15/2024 | — | — | — | — | — | — | 1,467 | 403,918 |

  143. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | (1) The right to exercise stock options vests ratably on the first, second, third and fourth anniversaries of the date of grant. |

  144. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | (2) The stock awards shown in these columns are restricted stock awards that vest ratably on the first, second, third and fourth anniversaries of the date of grant unless otherwise stated. The PSUs shown in these columns are scheduled to vest on December 31 of the third year of the |

  145. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | award’s respective performance period which for (a) the Relative TSR PSUs are based on the achievement of the Company’s total shareholder return performance compared to companies that comprise the S&P 500 Index over such three-year performance period, and (b) for incremental ROIC PSUs are based on the incremental return-on-invested capital over such three-year performance period. |

  146. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | (3) The number of unvested PSUs reported in this column reflects achievement of threshold performance goals unless otherwise noted. |

  147. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | (4) Represents a one-time Relative TSR PSU award with a grant date value of $2,000,000 which will be payable only upon the achievement by the Company of a relative total shareholder return at or above the 65th percentile as compared to the companies that comprise the S&P 500 Index over a three-year performance period. Since the payout of this one-time Relative TSR PSU award is binary (0% or 100% payout), the number of unvested PSUs reported in this column reflects achievement of the performance goal resulting in the vesting of 100% of the award in shares of Common Stock. |

  148. 2024 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    Option Exercises and Stock and PSUs Vested The following table sets forth information concerning each exercise of stock options and vesting of restricted stock and PSUs for the NEOs during 2024. Restricted stock awards vest in four equal installments on the first, second, third and four anniversaries of their grant date. PSUs granted in 2022 had a three-year performance period, and such awards vested on December 31, 2024 and were settled and issued in the form of shares in January 2025.

  149. 2024 OPTION EXERCISES AND STOCK AND PSUS VESTED

    2024 OPTION EXERCISES AND STOCK AND PSUS VESTED

  150. 2024 OPTION EXERCISES AND STOCK AND PSUS VESTED

    | | Option Awards | | Stock Awards | | PSUs | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | | Lee M. Shavel | — | — | 5,122 | 1,225,043 | 12,184 | 3,355,839 | | Elizabeth D. Mann | — | — | 9,339 | 2,491,348 | — | — | | Nick Daffan | 11,480 | 1,812,388 | 2,111 | 499,821 | 7,989 | 2,200,410 | | Kathy Card Beckles | — | — | 2,172 | 557,702 | 6,794 | 1,871,271 | | Sunita Holzer | — | — | 1,892 | 487,781 | 5,434 | 1,496,687 |

  151. 2024 OPTION EXERCISES AND STOCK AND PSUS VESTED

    Pension Plans The following table sets forth information with respect to each plan that provides for payments or other benefits at, following, or in connection with retirement. Eligible employees hired prior to March 1, 2005 participate in the Pension Plan for Insurance Organizations, or PPIO, a multiple-employer pension plan in which we participate. The PPIO provides a traditional final pay formula pension benefit, payable as an annuity, to employees who were 49 years old with 15 years of service as of January 1, 2002. Effective January 1, 2002, this formula benefit was frozen for all eligible employees. Effective January 1, 2002, a cash balance pension benefit, also payable as an annuity, was established under the PPIO. Employees hired prior to January 1, 2002 receive their frozen traditional benefit as well as their cash balance benefit. Employees hired from January 1, 2002 to March 1, 2005 receive only the cash balance benefit. Effective February 29, 2012, the Company implemented a “hard freeze” of benefits under the PPIO. Accordingly, after February 29, 2012 benefits under the PPIO will no longer increase as the result of new compensation earned or continued service. The Supplemental Cash Balance Plan, or the Supplemental Plan, provides a benefit to which the participant would be entitled under the PPIO but which is subject to caps imposed by IRS regulations. Employees hired on or after March 1, 2005 were not eligible to participate in the PPIO or the Supplemental Plan. Effective February 29, 2012, the Company implemented a “hard freeze” of benefits under the Supplemental Plan.

  152. 2024 PENSION BENEFITS

    2024 PENSION BENEFITS

  153. 2024 PENSION BENEFITS

    | Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) | | Lee M. Shavel | N/A | N/A | N/A | N/A | | Elizabeth D. Mann | N/A | N/A | N/A | N/A | | Nick Daffan | N/A | N/A | N/A | N/A | | Kathy Card Beckles | N/A | N/A | N/A | N/A | | Sunita Holzer | N/A | N/A | N/A | N/A |

  154. 2024 PENSION BENEFITS

    Nonqualified Deferred Compensation Table Certain highly compensated employees, including our NEOs, are eligible to participate in the Supplemental Executive Retirement Savings Plan (the “Top Hat Plan”). The Top Hat Plan allows participants to elect to defer compensation on a non-tax qualified basis and provides a vehicle for the Company to provide, on a non-tax qualified basis, matching contributions that could not be made on the participants’ behalf to the tax-qualified 401(k) Savings Plan due to limits imposed by IRS regulations. The deferred amounts are notionally invested in the same investment options selected by the participant under the 401(k) Savings Plan. Participants elect to receive payment at termination of employment or some other future date. See the “Compensation Discussion and Analysis — Health, Welfare and Retirement Plans” section of this Proxy Statement for additional information. The following table sets forth information with respect to the Top Hat Plan.

  155. 2024 NONQUALIFIED DEFERRED COMPENSATION

    2024 NONQUALIFIED DEFERRED COMPENSATION

  156. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Name | Executive Contributions in Last FY ($)(1) | Registrant Contributions in Last FY ($) | Aggregate Earnings/ (Losses) in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($) | | Lee M. Shavel | — | — | — | — | — | | Elizabeth D. Mann | — | — | — | — | — | | Nick Daffan | — | — | — | — | — | | Kathy Card Beckles | 9,188 | — | 1,519 | — | 23,449 | | Sunita Holzer | — | — | — | — | — |

  157. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) All amounts shown are also included in the 2024 Summary Compensation table in the “Salary” and/or “Non-Equity Incentive Plan Compensation” column. |

  158. 2024 NONQUALIFIED DEFERRED COMPENSATION

    Potential Payments Upon Termination or Change in Control Below is a description of the arrangements in place applicable to the NEOs relating to payments upon termination or change in control, other than severance payments upon termination (other than for cause) available to all salaried employees. In March 2022, the Talent Management and Compensation Committee adopted the Executive Severance Plan. The purpose of the Executive Severance Plan is to provide severance pay benefits to eligible senior executives of the Company, which includes our NEOs, whose employment with the Company is terminated involuntarily under the conditions described therein. Upon a qualifying termination, which is defined as (i) an involuntary termination of the eligible executive by the Company without Cause (as defined in the Executive Severance Plan) (whether or not in connection with a change in control), (ii) a resignation of employment by the eligible executive for Good Reason (as defined in the Executive Severance Plan) during the two year period following a Change in Control (as defined in the Executive Severance Plan), or (iii) resignation of employment by the eligible executive (whether or not in connection with a change of control), following the provision of 60 days’ prior notice and an opportunity for the Company to cure, as a result of (a) a material adverse reduction in the eligible executive’s base salary, (b) a material adverse reduction in responsibilities, duties, or authority; or (c) the material relocation of the eligible executive’s principal place of employment by more than 40 miles from the eligible executive’s principal place of employment, if such relocation materially increases the executive’s commute, eligible executives shall be eligible to receive the following benefits:

  159. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) Severance: |

  160. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | for the Chief Executive Officer, a severance payment equal to twenty-four (24) months of salary at then-current base pay (paid in a one-time, lump sum amount, less lawful deductions) |

  161. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | for all other eligible executives, a severance payment equal to eighteen (18) months of salary at then-current base pay (paid in a one-time, lump sum amount, less lawful deductions) |

  162. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (2) Bonus: |

  163. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | for the Chief Executive Officer, two times (2x) target STI award payment for the applicable year of termination (paid in a one-time, lump sum amount, less lawful deductions) |

  164. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | for all other eligible executives, one and one-half times (1.5x) target STI award payment for the applicable year of termination (paid in a one-time, lump sum amount, less lawful deductions) |

  165. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (3) Health Benefits: for all eligible executives, payment by the Company for up to eighteen (18) months of the employer-portion of any COBRA premium payments (subject to the eligible executive’s timely election of continuation coverage under COBRA and provided the eligible executive remains responsible for the employee portion in the same amount they would have paid/contributed as an active employee), and |

  166. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (4) Equity: for all eligible executives, the acceleration and vesting at the date of a qualified termination of (x) the prorated portion of the eligible executive’s unvested time-based equity awards (non-qualified stock options and restricted stock awards) at the date of a qualified termination, based upon the number of months of service prior to the qualified termination date (taking into account any previously vested portion of the applicable award), and (y) the prorated portion of the eligible executive’s unvested PSUs at the date of a qualified termination, based upon the number of months of service prior to the qualified termination date (and which for purposes of calculation such awards’ performance level will be set at “Target”). |

  167. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (5) Outplacement: for all eligible executives, a one-time lump sum payment of $50,000, less lawful deductions and withholdings, for outplacement assistance services. |

  168. 2024 NONQUALIFIED DEFERRED COMPENSATION

    The Executive Severance Plan does not provide for any “single-trigger” severance payments or acceleration of equity awards solely upon a change in control of the Company. The Executive Severance Plan replaced and superseded all prior plans, programs, understandings and arrangements providing severance-type benefits to eligible executives, including our NEOs. Receipt of these benefits is conditioned upon the recipient executing a general release of claims against the Company, and complying with perpetual confidentiality obligations and noncompete and non-solicitation obligations for a period of 12 months. None of our NEOs will be entitled to excise tax gross-ups as the Executive Severance Plan does not provide for such payments. The following table sets forth the value of the severance benefits that would have been payable to our continuing NEOs in the event of a qualifying termination on December 31, 2024 based on the closing price of our Common Stock of $275.43 on December 31, 2024.

  169. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Name | Cash Severance ($) | STI Cash Payment ($) | Time-Based Equity Vesting Acceleration Value ($) | PSU Vesting Acceleration Value ($) | | Lee M. Shavel | 2,000,000 | 3,000,000 | 3,562,310 | 14,653,976 | | Elizabeth D. Mann | 975,000 | 1,218,750 | 624,934 | 1,672,846 | | Nick Daffan | 817,500 | 1,021,875 | 1,175,442 | 1,328,621 | | Kathy Card Beckles | 787,500 | 787,500 | 832,933 | 1,103,674 | | Sunita Holzer | 825,000 | 825,000 | 616,012 | 925,716 |

  170. 2024 NONQUALIFIED DEFERRED COMPENSATION

    Equity Compensation Plan Information The following table sets forth certain information, as of December 31, 2024, concerning the Company’s equity compensation plans.

  171. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | Equity compensation plans approved by security holders(1) | 1,345,181 | $161.16 | 12,813,327 |

  172. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) Reflects the 2021 Equity Incentive Plan and the Verisk Analytics, Inc. 2013 Equity Incentive Plan. See “Verisk Analytics, Inc. 2021 Equity Incentive Plan” included in Appendix A to the Company’s Proxy Statement on Schedule 14A, dated April 2, 2021 and “Verisk Analytics, Inc. 2013 Equity Incentive Plan” included in Appendix A to the Company’s Proxy Statement on Schedule 14A, dated April 1, 2013, respectively, and Note 17 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 for a discussion of the material features of our 2021 Equity Incentive Plan and 2013 Equity Incentive Plan. The 2021 Equity Incentive Plan, as approved by our shareholders on May 19, 2021, replaced the 2013 Equity Incentive Plan and no further awards have been granted under the 2013 Equity Incentive Plan after such approval date. |

  173. 2024 NONQUALIFIED DEFERRED COMPENSATION

    CEO Pay Ratio In accordance with the requirements of Section 953(b) of the Dodd-Frank Act and Item 402(u) of Regulation S-K (which we collectively refer to as the “Pay Ratio Rule”), we are providing the following estimated information for 2024:

  174. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | the median of the annual total compensation of all our employees (except our CEO) was $91,464; |

  175. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | the annual total compensation of our Chief Executive Officer was $12,074,727; and |

  176. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | the ratio of these two amounts was 132 to 1. We believe that this ratio is a reasonable estimate calculated in a manner consistent with the requirements of the Pay Ratio Rule. |

  177. 2024 NONQUALIFIED DEFERRED COMPENSATION

    SEC rules for identifying the median employee and calculating the pay ratio allow companies to apply various methodologies and apply various assumptions and, as a result, the pay ratio reported by us may not be comparable to the pay ratio reported by other companies. In calculating the median of the annual total compensation of all of our employees (other than our Chief Executive Officer) for 2024, as permitted by the Pay Ratio Rule, we are using the same median employee we used in the 2022 and 2023 pay ratio calculation, as there have been no material changes in our employee population or employee compensation arrangements that we reasonably believe would result in a significant change to our pay ratio disclosure. As we disclosed in last year’s Proxy Statement, we determined that, as of December 31, 2022, our employee population consisted of approximately 7,000 individuals worldwide, of which approximately 66% were located in the United States and 34% were located in jurisdictions outside the United States. Our employee population consisted of our global workforce of full-time, part-time, seasonal and temporary employees. As permitted by the Pay Ratio Rule, we adjusted our total employee population (as described above) for purposes of identifying our “median employee” by excluding approximately 113 of our employees located in certain jurisdictions outside of the United States given the relatively small number of employees in those jurisdictions and the estimated costs of obtaining their compensation information, as follows: approximately 48 employees from Costa Rica; approximately 18 employees from Singapore; approximately 11 employees from Australia; approximately 11 employees from Israel; approximately 10 employees from China; approximately 5 employees from Japan; approximately 2 employees from Denmark; approximately 2 employees from Netherlands; approximately 1 employee from France; approximately 1 employee from Argentina; approximately 1 employee from Brazil; approximately 1 employee from Mexico; approximately 1 employee from Bermuda; and approximately 1 employee from South Korea. After taking into account the above-described adjustments to our employee population as permitted by the Pay Ratio Rule, our total adjusted employee population for purposes of determining our “median employee” consisted of approximately 6,886 individuals. To identify our “median employee” from our total adjusted employee population, we compared the amount of base wages of our employees as reflected in our payroll records. We identified our “median employee” using this compensation measure, which was consistently applied to all our employees included in the calculation. Using the methodologies described above, we determined that our “median employee” was a full-time, salaried employee located in the United States. Once we identified our “median employee,” we then calculated such employee’s annual total compensation for 2024 using the same methodology we used for purposes of determining the annual total compensation of our NEOs for 2024 (as set forth in the 2024 Summary Compensation in the Compensation Analysis and Discussion section of this Proxy Statement). Our CEO’s annual total compensation for 2024 for purposes of the Pay Ratio Rule is equal to the amount reported in the “Total” column in the 2024 Summary Compensation Table. In accordance with the SEC’s disclosure requirements regarding pay versus performance (“PVP”), this section presents the SEC-defined “Compensation Actually Paid” (“CAP”). Also as required by the SEC, this section compares CAP to relevant performance metri cs for the Company. Most Important Metrics Used for Linking Pay and Performance The list below shows, in compliance with PVP regulations, the most important metrics the Company and the Talent Management and Compensation Committee used in the most recent fiscal year to link CAP to Company performance. These measures, along with others, significantly impact compensation outcomes for the NEOs.

  178. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Metrics | | Adjusted EBITDA | | Revenue | | Relative TSR | | Incremental ROIC |

  179. 2024 NONQUALIFIED DEFERRED COMPENSATION

    We consider Adjusted EBITDA to be the most important financial measure used to link CAP with performance in 2024 because it (1) measures our ability to balance revenue achievement with cost management and investing for future growth, (2) is used to determine 40% of the annual STI award payout for our NEOs, and (3) is strongly correlated to our stock price performance. Accordingly, Adjusted EBITDA is our Company Selected Measure reported in the table below. See Appendix A for a reconciliation of the non-GAAP measures discussed herein to the most directly comparable GAAP measure. Pay versus Performance Table In accordance with the SEC’s PVP rules, the following table sets forth the compensation for the principal executive officer (“PEO”) and the average compensation for the other NEOs, both as reported in the 2024 Summary Compensation Table (“SCT”) above in this Proxy Statement and with certain adjustments to reflect the CAP to such individuals, for each of 2024, 2023, 2022, 2021, and 2020. The table also provides information on the Company cumulative TSR, the cumulative TSR of the Company’s peer group, GAAP Net Income and Adjusted EBITDA.

  180. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Year(1) | Summary Compensation Table Total for PEO | | Compensation Actually Paid to PEO(2)(3)(4) | | | Average Summary Compensation Table Total for Non-PEO NEOs | Average Compensation Actually Paid to Non-PEO NEOs(2)(3)(4) | Value of Initial Fixed $100 Investment Based on: | | GAAP Net Income ($M)(6) | Adjusted EBITDA (SM)(7) | | | Shavel | Stephenson | Shavel | Stephenson | | | | Verisk TSR (f) | Peer Group TSR (5) (g) | | | | (a) | (b) | (b) | (c) | (c) | | (d) | (e) | | | (h) | (i) | | 2024 | $12,074,727 | N/A | $21,282,096 | | N/A | $3,163,867 | $4,834,504 | $190.33 | $181.25 | $958 | $1,576 | | 2023 | $10,366,566 | N/A | $21,717,026 | | N/A | $3,090,834 | $5,238,100 | $164.08 | $159.07 | $614 | $1,433 | | 2022 | $9,497,341 | $11,539,051 | $6,732,273 | ($ | 6,332,838) | $4,134,272 | $2,547,625 | $120.44 | $123.70 | $954 | $1,285 | | 2021 | N/A | $12,796,321 | N/A | | 16,416,053 | $3,207,448 | $3,917,525 | $155.07 | $156.06 | $666 | $1,248 | | 2020 | N/A | $10,013,372 | N/A | | 27,909,134 | $3,262,117 | $7,939,143 | $139.89 | $127.00 | $713 | $1,376 |

  181. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) Scott G. Stephenson was the PEO in 2020, 2021 and from January 1, 2022 through his retirement on May 25, 2022. Beginning on May 25, 2022, Lee M. Shavel was the PEO. For 2024, the non-PEO NEOs included Elizabeth D. Mann, Nick Daffan, Kathy Card Beckles and Sunita Holzer. For 2023, the non-PEO NEOs included Elizabeth D. Mann, Nick Daffan, Kathy Card Beckles and Sunita Holzer. For 2022, the non-PEO NEOs included Elizabeth D. Mann, Nick Daffan, Kathy Card Beckles and Mark V. Anquillare. For 2021, the non-PEO NEOs included Lee M. Shavel, Nick Daffan, Kathy Card Beckles and Mark V. Anquillare. For 2020, the non-PEO NEOs included Lee M. Shavel, Nick Daffan, Mark V. Anquillare and Kenneth E. Thompson. |

  182. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (2) SEC rules require certain adjustment s b e made to the amounts reported in the Summary Compensation Table to determine CAP, as reported in the PVP table above. The following tables detail the applicable adjustments that were made to determine CAP by deducting and adding the following amounts from the “Total” column of the Summary Compensation Table and does not reflect the actual amounts of compensation earned by or paid to such NEOs during the applicable year. |

  183. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | PEO SCT Total to CAP Reconciliation | 2024 | | 2023 | | 2022 | | | | 2021 | | 2020 | | | | Shavel | | Shavel | | Stephenson | | Shavel | | Stephenson | | Stephenson | | | Summary Compensation Table Total | | 12,074,727 | | 10,366,566 | | 11,539,051 | | 9,497,341 | | 12,796,321 | | 10,013,372 | | Deduction for SCT “Stock Awards” column value | ($ | 7,600,135) | ($ | 5,919,999) | ($ | 8,400,001) | ($ | 6,420,689) | ($ | 7,875,006) | ($ | 5,625,065) | | Deduction for SCT “Option Awards” column value | ($ | 1,899,792) | ($ | 1,480,011) | ($ | 2,100,016) | ($ | 1,105,324) | ($ | 2,625,006) | ($ | 1,874,942) | | Deduction for SCT “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column value | | 0 | | 0 | | 0 | | 0 | ($ | 98,355) | ($ | 73,496) | | Total Deductions from SCT | ($ | 9,499,927) | ($ | 7,400,010) | ($ | 10,500,017) | ($ | 7,526,013) | ($ | 10,598,367) | ($ | 7,573,503) | | Increase for service cost and prior service cost for pension plans | | 0 | | 0 | | 0 | | 0 | | 0 | | 0 | | Increase for year-end fair value of unvested equity granted during the year | | 12,058,835 | | 11,356,589 | | 2,686,913 | | 7,539,174 | | 14,021,396 | | 13,298,392 | | Increase /(deduction) for change in fair value of unvested equity granted in prior years | | 5,516,920 | | 6,371,264 | ($ | 3,245,127) | ($ | 1,743,448) | | 2,539,694 | | 10,128,267 | | Increase for vesting date fair value of equity granted and vested during the year | | 0 | | 0 | | 1,751,269 | | 0 | | 0 | | 0 | | Increase /(deduction) for change in fair value of vested equity granted in prior years | | 1,131,542 | | 1,022,617 | ($ | 8,564,927) | ($ | 1,034,781) | ($ | 2,342,991) | | 2,042,605 | | Increase based on value of dividends not otherwise reflected in fair value or total compensation | | 0 | | 0 | | 0 | | 0 | | 0 | | 0 | | Total Adjustments | | 18,707,296 | | 18,750,470 | ($ | 7,371,873) | | 4,760,945 | | 14,218,099 | | 25,469,265 | | Compensation Actually Paid (SCT minus deductions plus total adjustments) | | 21,282,096 | | 21,717,026 | ($ | 6,332,838) | | 6,732,273 | | 16,416,053 | | 27,909,134 |

  184. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | Average Non-PEO NEO SCT Total to CAP Reconciliation | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | | Summary Compensation Table Total | | 3,163,867 | | 3,090,834 | | 4,134,272 | | 3,207,448 | | 3,262,117 | | Deduction for SCT “Stock Awards” column value | ($ | 1,534,981) | ($ | 1,309,988) | ($ | 2,690,771) | ($ | 1,520,386) | ($ | 1,373,430) | | Deduction for SCT “Option Awards” column value | ($ | 383,749) | ($ | 327,511) | ($ | 297,717) | ($ | 425,107) | ($ | 457,820) | | Deduction for SCT “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column value | ($ | 2,677) | | 0 | | 0 | ($ | 58,174) | ($ | 66,761) | | Total Deductions from SCT | ($ | 1,921,406) | ($ | 1,637,499) | ($ | 2,988,488) | ($ | 2,003,667) | ($ | 1,898,011) | | Increase for service cost and prior service cost for pension plans | | 0 | | 0 | | 0 | | 0 | | 0 | | Increase for year-end fair value of unvested equity granted during the year | | 2,435,580 | | 2,513,010 | | 2,821,246 | | 2,587,735 | | 3,247,054 | | Increase /(deduction) for change in fair value of unvested equity granted in prior years | | 608,136 | | 947,600 | ($ | 835,414) | | 551,657 | | 2,768,097 | | Increase for vesting date fair value of equity granted and vested during the year | | 0 | | 0 | | 0 | | 0 | | 0 | | Increase /(deduction) for change in fair value of vested equity granted in prior years | | 548,328 | | 324,155 | ($ | 583,991) | ($ | 425,648) | | 559,886 | | Increase based on value of dividends not otherwise reflected in fair value or total compensation | | 0 | | 0 | | 0 | | 0 | | 0 | | Total Adjustments | | 3,592,043 | | 3,784,765 | | 1,401,841 | | 2,713,744 | | 6,575,037 | | Compensation Actually Paid (SCT minus deductions plus total adjustments) | | 4,834,504 | | 5,238,100 | | 2,547,625 | | 3,917,525 | | 7,939,143 |

  185. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (3) The fair value of PSUs reporting for CAP purposes in columns (c) and (e) assumes estimated performance results as of the end of each fiscal year for internal metrics (i.e., EBITDA & ROIC) and Monte Carlo simulation valuation model for market metrics (i.e., TSR vs. performance peer group), in accordance with FASB ASC 718. PSUs will ultimately vest based on measured performance through the end of the three-year performance period for the relevant metrics. |

  186. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (4) The fair value of stock option awards reporting for CAP purposes in columns (c) and (e) was determined using the Black-Scholes option pricing model using materially the same assumptions as disclosed at the initial grant. |

  187. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (5) Reflects the total shareholder return indexed to $100 per share for the fourteen-company peer group we use for executive compensation benchmarking purposes which is also the industry line peer group reported in our Annual Report on Form 10-K for the year ended December 31, 2024. One company in the peer group from the 2023 Pay versus Performance disclosure (Black Knight) is no longer publicly traded and was replaced in the current peer group. Two companies in the peer group from the 2022 Pay versus Performance disclosure (CoreLogic and IHS Markit) are no longer publicly-traded and were replaced in the 2023 peer group. The comparable cumulative total shareholder return for the most recent prior peer groups for the periods starting on January 1, 2020 and ending on December 31 st of the following years would be: 2020 ($ 128.58 ), 2021 ($153.33), 2022 ($117.78), 2023 ($147.94), and 2024 ($169.21). |

  188. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (6) Reflects “Net Income” for each applicable year as set forth in our Consolidated Statements of Operations included in our Annual Report on Form 10-K for each of the applicable years. |

  189. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (7) Reflects the Adjusted EBITDA amounts for each applicable year as set forth in our earnings release filed as an exhibit in our Current Report on Form 8-K for each of the applicable years. In 2023 and 2024, our Talent Management and Compensation Committee used Adjusted EBITDA on an absolute dollar basis, and in years 2020-2022 used Adjusted EBITDA year-over-year percentage growth rates, to determine our NEOs STI outcomes. EBITDA represents GAAP Net Income from continuing operations adjusted for (i) depreciation and amortization of fixed assets; (ii) amortization of intangible assets; (iii) interest expense; and (iv) provision for income taxes. Adjusted EBITDA represents EBITDA adjusted for acquisition-related costs (earn-outs), gain/loss from dispositions (which includes businesses held for sale), and nonrecurring gain/loss. Adjusted EBITDA was subject to further normalization by our Talent Management and Compensation Committee in 2023 and 2024 to eliminate the financial impact of certain items, including, among others, contributions from acquisitions not included in the Company’s budget, the timing of the divestitures, and the impact of fo reign currency exchange rate changes. |

  190. 2024 NONQUALIFIED DEFERRED COMPENSATION

    Pay versus Performance Description of Relationships We align pay with Company performance to support our pay-for-performance culture that links funding for STI and LTI programs to Company performance measured against pre de termined goals. Moreover, individual employee performance is considered in determining individual awards. The year-over-year changes in CAP are primarily due to the result of our stock performance and varying levels of achievement against pre-established performance goals under the STI and LTI programs as described in the CD&A above. Relationship Between Compensation Actually Paid and Company TSR, and Comparison of Peer TSR versus Company TSR The following graph sets forth the relationship between “Compensation Actually Paid” to our PEO(s), the average of “Compensation Actually Paid” to our other NEOs, and our Company’s cumulative TSR during the five most recently completed fiscal years, as well as a comparison of the Company’s cumulative TSR over the same period to that of the fourteen-company peer group we use for executive compensation benchmarking purposes which is also the industry line peer group reported in our Annual Report on Form 10-K for the year ended December 31, 2024. Relationship Between Compensation Actually Paid and GAAP Net Income The following graph sets forth the relationship between “Compensation Actually Paid” to our PEO(s), the average of “Compensation Actually Paid” to our other NEOs, and our Net Income during the five most recently completed fiscal years. Relationship Between Compensation Actually Paid and Adjusted EBITDA The following graph sets forth the relationship between “Compensation Actually Paid” to our PEO(s), the average of “Compensation Actually Paid” to our other NEOs, and our Adjusted EBITDA during the five mos t re cently completed fiscal years. Certain Relationships and Related Transactions Customer Relationships In 2024, we received fees from Vantage Group in the amount of $2,314,032 for extreme event and catastrophe risk modeling solutions. Gregory Hendrick, one of our directors, is the CEO and a director of Vantage Group. In 2024, we paid fees to Broadridge Financials Solutions, Inc. in the amount of $443,890 for proxy tabulation, distribution and annual meeting services. Christopher Perry, one of our new director candidates nominated to stand for election at the 2025 Annual Meeting, is the President of Broadridge Financial Solutions, Inc. Statement of Policy Regarding Transactions with Related Persons Our Board of Directors has adopted a written statement of policy regarding transactions with related persons and has designated the Governance, Corporate Sustainability and Nominating Committee to oversee it. Our related person policy requires that a “related person” (as defined as in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to the Corporate Secretary any “related person transaction” (defined as any transaction that is reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest). The Corporate Secretary will then promptly communicate that information to the Governance, Corporate Sustainability and Nominating Committee, which must approve or ratify any related person transactions. Any directors interested in a related person transaction will recuse themselves from any vote of a related person transaction in which they have an interest. In reviewing a transaction, the Governance, Corporate Sustainability and Nominating Committee will consider all relevant facts and circumstances, including without limitation, the commercial reasonableness of the terms, the benefit and perceived benefit, or lack thereof, to the Company, opportunity costs of alternate transactions, the materiality and character of the related person’s direct or indirect interest and the actual or apparent conflict of interest of the related person. No related person transaction will be approved or ratified unless, upon consideration of all relevant information, the transaction is in, or not inconsistent with, the best interests of the Company and its shareholders. Item 2 — Approval of the Compensation of the Company’s Named Executive Officers on an Advisory, Non-binding Basis At the 2023 Annual Meeting of Shareholders, we conducted an advisory, non-binding vote regarding the frequency with which we would seek approval of the compensation of our named executive officers. At such meeting, shareholders expressed their preference for an annual vote on executive compensation on an advisory, non-binding basis and, consistent with this preference, the Board of Directors determined that we would conduct such a vote on an annual basis. Accordingly, and pursuant to Section 14A of the Exchange Act, we are providing our shareholders with the opportunity to approve the compensation of our named executive officers for 2024 as disclosed in this Proxy Statement on an advisory, non-binding basis (“Say-on-Pay”) through the following resolution: “RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed in the Company’s Proxy Statement for the 2025 Annual Meeting of Shareholders pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED.” Because your vote is advisory, it will not be binding on the Board of Directors and will not overrule any decision by the Board of Directors or require the Board of Directors to take any action. However, the Board of Directors and the Talent Management and Compensation Committee will take into account the outcome of the Say-on-Pay vote when considering future executive compensation decisions for named executive officers. The Talent Management and Compensation Committee believes that the Company’s compensation programs and policies and the compensation decisions for 2024 described in this Proxy Statement, including in the Compensation Discussion and Analysis, appropriately reward our named executive officers for their and the Company’s performance and will assist the Company in retaining our senior leadership team. You are strongly encouraged to read the full details of our executive compensation programs and policies under the section titled “Executive Compensation” above. Our Board unanimously recommends a vote “FOR” the approval of the compensation of the Company’s named executive officers as disclosed in this Proxy Statement. Proxies solicited by the Board will be voted “FOR” this resolution unless otherwise instructed. Broker non-votes will not be counted in determining the results of the vote. Item 3 — Ratification of the Appointment of Verisk’s Independent Auditor The Audit Committee appointed Deloitte & Touche LLP (“Deloitte & Touche”) as independent auditors for 2025 and presents this selection to the shareholders for ratification. Deloitte & Touche will audit our consolidated financial statements for 2025 and perform other permissible, preapproved services. A Deloitte & Touche representative will attend the 2025 Annual Meeting to respond to your questions and will have the opportunity to make a statement. The Audit Committee will consider the result of the vote but may decide to continue to retain Deloitte & Touche or appoint a different auditor regardless of the vote outcome if the Audit Committee believes it is in the best interest of the Company. Our Board unanimously recommends a vote “FOR” the ratification of Deloitte & Touche’s appointment as our independent auditor. Proxies solicited by the Board will be voted “FOR” this ratification unless otherwise instructed.

  191. 2024 NONQUALIFIED DEFERRED COMPENSATION

    Independent Auditor’s Fees. The following table summarizes the aggregate fees (including related expenses, in thousands) billed in 2024 and 2023 for professional services provided by Deloitte & Touche.

  192. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | | 2024 | 2023 | | Audit fees(1) | $2,575 | $2,554 | | Audit-related fees(2) | 139 | 726 | | Tax fees(3) | 1,278 | 1,382 | | Total | $3,992 | $4,661 |

  193. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (1) Audit fees consisted of fees billed for audits of our consolidated financial statements included in our Annual Reports on Form 10-K and in our Registration Statements on Form S-3 and Form S-8, and reviews of the interim condensed consolidated financial statements included in our quarterly reports on Form 10-Q. |

  194. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (2) Audit-related fees consisted of fees incurred in conjunction with regulatory audits, due diligence, accounting consultations and audits related to acquisitions and dispositions, and amounts for 2023 reflect additional services required in connection with the disposition of the Energy business. |

  195. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | (3) Includes tax compliance and other tax services not related to the audit, and amounts for 2023 reflect additional services required in connection with the disposition of the Energy business. |

  196. 2024 NONQUALIFIED DEFERRED COMPENSATION

    Preapproval Policy of the Audit Committee of Services Performed by Independent Auditor The Audit Committee has implemented preapproval policies and procedures related to the provision of audit and nonaudit services by the independent auditor to ensure that the services do not impair the auditor’s independence. Under these procedures, the Audit Committee preapproves both the type of services to be provided by the independent auditor and the estimated fees related to those services. During the preapproval process, the Audit Committee considers the impact of the types of services and the related fees on the independence of the auditor. Even if a service has received general preapproval, if it involves a fee in excess of $350,000 or relates to tax planning and advice, it requires a separate preapproval, which may be delegated to the Chair of the Audit Committee so long as the entire Audit Committee is informed at its next meeting. The services and fees must be deemed compatible with the maintenance of the auditor’s independence, including compliance with SEC and PCAOB rules and regulations. In accordance with this preapproval policy, all audit and nonaudit services were preapproved by the Audit Committee in 2024. Audit Committee Report The Audit Committee operates under a written charter adopted by the Board. The charter is available on our website at the “Governance — Governance Documents” link under the “Investors” link at www.verisk.com. The Audit Committee is responsible for the oversight of the integrity of the Company’s consolidated financial statements, the Company’s system of internal control over financial reporting, the Company’s policies and practices with respect to risk assessment and risk management in coordination with the Risk Committee, the qualifications and independence of the Company’s independent registered public accounting firm (“independent auditor”), and the performance of the Company’s internal auditor and independent auditor. The Audit Committee has the sole authority and responsibility to appoint, compensate, evaluate and, when appropriate, replace the Company’s independent auditor. In making such determinations, the Audit Committee considers, among other things, the recommendations of management of the Company. The Board has determined that all of the Audit Committee’s members are independent under the applicable independence standards of the Nasdaq listing rules and the Exchange Act. The Audit Committee serves in an oversight capacity and is not part of the Company’s managerial or operational decision-making process. Management is responsible for the financial reporting process, including the system of internal controls, and the preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States. The Company’s independent auditor, Deloitte & Touche, is responsible for auditing those financial statements and expressing an opinion as to their conformity with accounting principles generally accepted in the United States and expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. The Audit Committee’s responsibility is to oversee the financial reporting process and the Company’s internal control over financial reporting. The Audit Committee relies, without independent verification, on the information provided to us and on the representations made by management, the internal auditor and the independent auditor. The Audit Committee held seven meetings during 2024 and has met in 2025 to discuss the Company’s financial statements for the year ended December 31, 2024. With respect to the year ended December 31, 2024, the Audit Committee, among other things:

  197. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed the Company’s quarterly earnings releases; |

  198. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed (i) the quarterly unaudited consolidated financial statements and related notes and (ii) the audited consolidated financial statements and related notes for the year ended December 31, 2024 with management and Deloitte & Touche; |

  199. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed the annual plan and scope of work of the independent auditor; |

  200. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed the annual plan and scope of work of the internal auditor and summaries of significant reports to management by the internal auditor; |

  201. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | met with Deloitte & Touche, the Chief Internal Auditor, the Chief Legal Officer, the Chief Financial Officer, the Chief Executive Officer, and Company management in executive sessions; |

  202. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed certain critical accounting policies; |

  203. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed business and financial market conditions, including an assessment of risks posed to the Company’s operations and financial condition; |

  204. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and strengthened risk oversight with management in coordination with the Board’s Risk Committee and other Committees as appropriate; |

  205. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed the results of the Company’s annual greenhouse gas emissions inventory; |

  206. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed compliance with legal and regulatory requirements and the whistleblower in-take process; and |

  207. 2024 NONQUALIFIED DEFERRED COMPENSATION

    | • | reviewed and discussed the transition to a new Enterprise Resource Planning system and related processes. |

  208. 2024 NONQUALIFIED DEFERRED COMPENSATION

    These reviews included discussions with management and the independent auditor of the quality (not merely the acceptability) of the Company’s accounting principles, the reasonableness of significant estimates and judgments, and the disclosures in the Company’s consolidated financial statements, including the disclosures relating to critical accounting policies. The Audit Committee discussed with Deloitte & Touche matters that independent registered public accounting firms must discuss with audit committees under generally accepted auditing standards and the applicable requirements of the Public Company Accounting Oversight Board (the “PCAOB”) and the SEC. The Audit Committee has received the written disclosures and the letter from Deloitte & Touche required by applicable requirements of the PCAOB regarding its communications with the Audit Committee concerning independence, and represented that Deloitte & Touche is independent from the Company. The Audit Committee discussed with Deloitte & Touche their independence from the Company and considered if services they provided to the Company beyond those rendered in connection with their audit of the Company’s consolidated financial statements, and reviews of the Company’s interim condensed consolidated financial statements included in its Quarterly Reports on Form 10-Q, compromise independence. Audit Committee Report During 2024, the Audit Committee received regular updates on the amount of fees and scope of audit and audit-related services provided. In addition, the Audit Committee reviewed and approved audit and non-audit services provided by Deloitte & Touche pursuant to the preapproval policies and procedures related to the provision of audit and non-audit services by the independent auditor as described above under “Preapproval Policy of the Audit Committee of Services Performed by Independent Auditor.” Based on the Audit Committee’s review and these meetings, discussions and reports discussed above, and subject to the limitations on our role and responsibilities referred to above and in the Audit Committee charter, the Audit Committee recommended to the Board that the Company’s audited consolidated financial statements for the year ended December 31, 2024 be included in the Company’s Annual Report on Form 10-K. The Audit Committee also appointed Deloitte & Touche as the Company’s independent auditor for 2025 and is presenting the appointment to the shareholders for ratification. Respectfully submitted, Kathleen Hogenson (Chair) Samuel G. Liss Therese Vaughan Item 4 — Approval of the Amendment to the Certificate of Incorporation to Eliminate Supermajority Voting Standards for Limitation on Beneficial Ownership of the Company Article Thirteenth of the Certificate of Incorporation currently provides that the affirmative vote of the holders of at least two-thirds of the voting power of the outstanding shares of common stock is required to amend, alter, repeal or otherwise modify Article Sixth (the “Insurer Group Supermajority Amendment”). Article Sixth requires that no “Insurer Group” shall beneficially own more than ten percent of the aggregate outstanding shares of common stock of the Company. “Insurer Group” is defined to mean any insurance company whose primary activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies or any other entity controlling, controlled by or under common ownership, management or control with such insurer or reinsurer.