Broadstone has announced the acquisition of ExactVAL, aimed at strengthening its capabilities in the life insurance and bulk purchase annuity (BPA) market, for an undisclosed amount.

ExactVAL provides outsourced actuarial valuation and cashflow analysis services to several life insurers, supporting transactions in the BPA market.

These services help insurers perform complex and onerous calculations more efficiently.

Broadstone noted that this capability is “critical” for supporting activity in the BPA market, which is experiencing strong demand as pension schemes look to de-risk following recent improvements in funding levels.

ExactVAL will become part of Broadstone’s Insurance, Regulatory and Risk Advisory division, which also operates in the non-life insurance sector, including the Lloyd’s and London markets.

Commenting on the deal, Broadstone CEO, Tony Gusmao, 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.”

Adding to this, ExactVAL managing director, Bill Harris, stated that Broadstone’s growth ambitions and offering in the insurance sector make this an “exciting opportunity” for ExactVAL to increase its capacity and take its 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,” Harris added.

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