Global professional services company Towers Watson is planning to acquire DaVinci Consulting, a boutique actuarial consulting firm, in an effort to enhance its capabilities in the long-term care insurance market.
Financial terms of the deal have not been disclosed, although it is expected to take place on or about 1 November 2012, pending completion, joint approval and signing of the purchase agreement.
DaVinci offers services for life insurance, health insurance and managed care products, , including long-term care combination products linked to life insurance and annuities.
Towers Watson life practice managing director Craig Buck said, "DaVinci’s expertise with long-term care insurance analytical services and its innovative risk management strategies fit our broader efforts to protect insurers’ capital and profitability."
As part of the purchase plans, Vince Bodnar, principal, DaVinci, and certain members of his team have already signed offer letters with Towers Watson.
Following the completion of transaction, the principals and 10-member consulting staff of DaVinci are expected to join Towers Watson’s Life practice and to be based in the Philadelphia area.
The acquirer helps organizations improve performance through effective people, risk and financial management and offers services pertaining to benefits, talent management, rewards, and risk and capital management.