Acquisition: Broadstone Takes Over ExactVAL
Broadstone Strengthens Life Insurance and Bulk Purchase Annuity Market Expertise with ExactVAL Acquisition
Broadstone, a UK-based financial services consultancy, has made a strategic move by acquiring ExactVAL, a specialist bulk purchase annuity (BPA) actuarial analysis firm. This acquisition is set to bolster Broadstone's capabilities in the life insurance and BPA market.
In a statement, Tony Gusmao, CEO of Broadstone, highlighted the high-quality, specialist expertise that ExactVAL brings to the table. He explained that this move enhances Broadstone’s expertise in regulated roles and enables it to expand its service offerings to life insurers, including with-profits, product development, and M&A advisory services.
ExactVAL's specialization in BPA, a growing segment where insurers buy pension liabilities in bulk, complements Broadstone’s strategic growth ambitions in this space. The acquisition is part of Broadstone's broader strategy to build out its life insurance practice, as evidenced by the hiring of Rob Kerry as actuarial director—someone with extensive experience in BPA and life insurance from his time at Utmost Life and other major insurers.
The acquisition will also strengthen Broadstone's Insurance, Regulatory and Risk Advisory division's expertise in the life insurance market. This division, a strategically important focus of Broadstone’s growth, also provides services in the non-life insurance market, including the Lloyds and London markets.
Bill Harris, Managing Director of ExactVAL, commented that the acquisition presents an opportunity to increase ExactVAL's capacity and take its services to a wider market. ExactVAL provides outsourced actuarial valuation and cashflow analysis services to life insurers, facilitating transactions in the BPA market. The services offered by ExactVAL help life insurers conduct complex calculations with greater efficiency, expertise, and speed.
In addition to the acquisition of ExactVAL, Broadstone has also acquired Vestigo Partners Limited, an analytics and credit risk consultancy established in 2017. Vestigo primarily provides credit risk, modelling, and analytics services to lenders.
Broadstone has also launched its standalone Insurance, Regulatory & Risk Advisory division, dedicated to the life and non-life insurance sector including Lloyds. This division is expected to play a crucial role in supporting life insurers with actuarial, regulated, and advisory roles in an evolving and fast-growing segment of the insurance market.
Broadstone has published its 2024/25 Sustainability Policy and updated on progress to meeting its six sustainability targets. The company is committed to operating responsibly and sustainably, and this acquisition is a testament to that commitment. By strengthening its capabilities in the life insurance and BPA market, Broadstone is better equipped to help life insurers price more accurately and efficiently, and increase their ability to perform more transactions, due to the demand for pension scheme de-risking.
- This acquisition of ExactVAL by Broadstone, a UK-based financial services consultancy, will boost their expertise in the life insurance and bulk purchase annuity market, particularly in regulated roles such as with-profits, product development, and M&A advisory services.
- The acquisition of ExactVAL, a firm specializing in bulk purchase annuities (BPA), aligns with Broadstone's strategic growth ambitions in the insurtech sector, as it bolsters their capacity to facilitate transactions in the growing BPA market.
- Broadstone's commitment to operating responsibly and sustainably is evident through the acquisition of ExactVAL, as it enhances their ability to help life insurers price more accurately and efficiently, contributing to the demand for pension scheme de-risking in the evolving and fast-growing financial services industry.
