Towers Watson Takes Steps to Enhance Long-Term Care Insurance Capabilities
DaVinci Consulting, long-term care insurance thought leader, set to join Towers Watson (TW)
NEW YORK--(BUSINESS WIRE)-- Towers Watson, a leading global professional services company, announced today that it plans to acquire the business of the DaVinci Consulting Group, a boutique actuarial consulting firm that specializes in the long-term care insurance market, on or about November 1, 2012. The acquisition is subject to completion, joint approval and signing of the purchase agreement. Vince Bodnar, principal, DaVinci, and certain members of his team have already signed offer letters with Towers Watson.
Towers Watson anticipates that DaVincis range of services for life insurance, health insurance and managed care products, including long-term care combination products linked to life insurance and annuities, will increase its competencies and experience in the long-term care insurance market.
DaVincis expertise with long-term care insurance analytical services and its innovative risk management strategies fit our broader efforts to protect insurers capital and profitability, said Craig Buck, managing director, Life practice, Towers Watson. Were extremely pleased about the opportunity to welcome the DaVinci team to Towers Watson.
Co-founded by Bodnar, the Yardley, PA-based firm has prepared a large number of long-term care insurance block analyses. The principals and 10-member consulting staff of DaVinci are expected to join Towers Watsons Life practice and to be based in the Philadelphia area. The deal would not change Towers Watsons financial results for the fiscal year.
The long-term care industry is facing significant challenges in todays low interest rate environment, said Bodnar. DaVinci has played an instrumental role in addressing these challenges by helping clients deploy a more effective risk management strategy on the foundation of more accurate loss projections.
Were pleased with the opportunity to join a leading company with deep actuarial resources and market knowledge, and look forward to creating opportunities to grow this business across global markets. Our long-term care thought leadership, combined with Towers Watsons market reputation, will be a win-win for both companies clients, continued Bodnar.
About Towers Watson
Towers Watson is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.
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Source: Towers WatsonCopyright Business Wire 2012