NEW YORK, Oct. 15 -- Towers Watson issued the following news release:
Towers Watson (NYSE, NASDAQ:TW), 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 DaVinci's 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.
"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," said Craig Buck, managing director, Life practice, Towers Watson. "We're 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 Watson's Life practice and to be based in the Philadelphia area. The deal would not change Towers Watson's financial results for the fiscal year.
"The long-term care industry is facing significant challenges in today's 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.
"We're 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 Watson's market reputation, will be a win-win for both companies' clients," continued Bodnar.
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