XPS Pensions buys insurance consultancy Austin Professional Resourcing

XPS Pensions Group PLC on Friday said it has agreed to buy the trade and assets of UK-based specialist actuarial consultancy Austin Professional Resourcing LLP for up to £16.3 million.

Reading, England-based XPS Pensions provides pension and insurance consulting and administration. The deal ‘further accelerates [its] diversification strategy into this large tangential addressable market and its aim of becoming a market leading financial services consulting and administration provider,’ the company said.

XPS Pensions noted that London-based APR has expertise in the UK general insurance consulting market, which it estimates has an annual value of around £1.5 billion, and client relationships with over 20 general insurers. APR was formed in 2006.

XPS will pay £3.3 million in cash on completion, followed by another non-contingent sum of £3.0 million in cash on March 31 next year. A further up to £10.0 million payable in years two and three, subject to the achievement of ‘stretching business performance criteria’.

XPS expects to complete the acquisition on or around July 31.

XPS shares were up 0.8% to 303.50 pence early Friday in London. The wider FTSE 250 index was down 0.1%.

‘With this transaction, XPS will have doubled our total addressable market to £6 billion plus in the space of less than two years, through strategic acquisitions and senior recruitment,’ remarked Paul Cuff, co-chief executive officer.

‘We are very excited about what the future holds as we become a broader financial services firm providing outstanding client service to pension schemes and insurers alike.’

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