Consultancy and administration business XPS Group is to acquire APR Actuarial Solutions, a UK-based actuarial consultancy advising insurers and financial institutions.
The move looks to further accelerate XPS’ diversification strategy and aim of becoming a market leading financial services consulting and administration provider.
APR was established in 2006 and has over 45 insurers and financial sector clients. It also has a team of over 70 client-facing employees which, combined with the existing XPS Insurance Consulting team and access to wider XPS actuarial teams, is expected to provide greater scale and enhanced capabilities in delivering insurance consulting services to clients.
APR also has expertise in the UK’s general insurance consulting market, which is estimated to have an annual value of £1.5bn. This can enable XPS to become a broader insurance consulting provider.
Paul Cuff, co-CEO of XPS Group, says: “We are delighted to announce our transaction with APR, and we look forward to welcoming our new colleagues to XPS. We have been admirers of the APR business for some time, with its strong culture, its highly talented people and its deep relationships in the insurance market.”
The transaction is expected to complete on or around 31 July.
