Broadstone acquires ExactVAL to strengthen capabilities in the life insurance space

UK financial services consultancy Broadstone has sealed the acquisition of ExactVal. The move will boost the acquiring party’s specialist expertise in the life insurance sector.

The UK life insurance market is going through a period of change. According to Ibis World research, while revenues in the British market are estimated at £37 billion per year, that has declined at a compound annual rate of 3.6% over the past five years. As insurers contend with new regulations and market disruptions, consultants in the sector are in demand to support their transformations.

ExactVAL supports many of the most active life insurers with their outsourced actuarial valuation and cashflow analysis services, which facilitates transactions in the highly competitive bulk purchase annuity (BPA) market. Its services help life insurers conduct complex and onerous calculations with greater efficiency, expertise and speed – which enables firms to capitalise on a BPA market which is seeing strong demand as pension schemes seek to de-risk, following significant funding improvements.

This has attracted interest from Broadstone – an advisor to insurers, pension scheme trustees, employers and lenders. Following a deal between the firms, ExactVAL will now join Broadstone’s insurance, regulatory and risk advisory division, bolstering its expertise in the life insurance market. 

Tony Gusmao, CEO of Broadstone, said, “The ExactVAL team bring high-quality, specialist expertise to Broadstone, bolstering our proposition to the life insurance market, at this time of unprecedented demand for de-risking solutions.”

The division – which also provides services in the non-life insurance market including the Lloyds and London markets – is a strategically important focus of Broadstone’s growth.

Bill Harris, Managing Director of ExactVAL, added, “Broadstone’s growth ambitions and high-quality offering in the insurance sector make this an exciting opportunity for ExactVAL to increase our capacity and take our services to a wider market. Leveraging our shared expertise and values, we can help life insurers price more accurately and efficiently, and increase their ability to perform more transactions,  at a time when the market is seeing unprecedented demand for pension scheme de-risking.”