Broadstone has agreed to acquire UK based actuarial and financial services consultancy, OAC PLC, for an undisclosed amount.

The acquisition aims to further diversify Broadstone’s offering, with clients and staff expected to have access to a broader range of services from a larger business.

In particular, OAC’s focus on serving life and non-life insurers and redress clients, alongside its data analytics and financial modelling capability, is expected to complement Broadstone’s existing consulting and actuarial expertise.

However, OAC will maintain its brand and culture after the acquisition.

In addition to this, the company stressed that there will be a "seamless transition" for OAC clients, who will continue to be served by the same team once it is part of Broadstone.

Commenting on the news, Broadstone CEO, Tony Gusmao, stated: “I am delighted to welcome the OAC team and its clients to Broadstone and am looking forward to working with them to further strengthen our leading Consulting & Actuarial offering.

“Broadstone is focused on offering excellent service to our clients and, when opportunities arise, investing in businesses with complementary services that we can help to grow. OAC’s relentless focus on high-value consulting and actuarial services make it an ideal addition to Broadstone.”

Adding to this, OAC CEO, Darren Richards, said: “Combining our 30-year track record of providing high-quality service to the insurance sector with Broadstone’s pensions and benefits expertise is an exciting step for OAC.

“The transaction means we can continue to offer our clients the same level of dedication and sector specialism that made OAC successful while expanding the range of services we offer and building a platform for the future growth of the business.”

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