Broadstone has acquired ExactVAL in order to strengthen its position in the competitive bulk purchase annuity market.
ExactVAL offers actuarial valuations and cashflow analysis services for defined benefit schemes, enabling life insurers to conduct the complex calculations needed to facilitate transactions in the bulk annuity market with efficiency and speed.
This is becoming more critical as improved DB funding has led to more pensions schemes seeking de-rising options, creating potential capacity issues.
ExactVAL will join Broadstone’s Insurance, Regulatory and Risk Advisory division, bolstering its expertise in the life insurance market. 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.
Broadstone CEO Tony Gusmao (pictured) says: “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.”
ExactVAL managing director Bill Harris adds: “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.”
