Lighthouse Life, a subsidiary of LHH Strategies, has purchased Clearlife Limited, a UK company, and its US subsidiary, Clearlife LLC.
The financial terms of the acquisition have not been disclosed.
Founded in 2007 by Mark Venn and Chris Stuart joined together in 2008, Clearlife provides a platform for longevity risk market participants to appreciate life insurance, trade and service products.
Its main software, Clarinet, is a web-based software-and-service platform (SAAS) designed to manage operations and support decision making for life policies and portfolios.
Lighthouse Life Executive Officer, Michael Freedman, said: “The Lighthouse Life acquisition of Clearlife fires its growth as a technology leader and market manufacturer for longevity risk asset investors.
“We are committed to building and extending Clearlife capabilities in new directions. Lighthouse Life clients will also see significant benefits of integration between lighthouse life and clearance platforms.”
Clearlife also offers software and consulting services for financial asset managers and companies in the Life Insurance and Longevity Risk Sectors.
Clearlife will expand its software and consultancy services to include reversal mortgages and structured settlements.
It will work with Lighthouse Life to offer products and services to consumers of life insurance products, as well as insurance and financial consultants.
Mark Venn and Chris Stuart will continue to serve as Clearlife officials and directors following the acquisition, and all Clearlife employees will be retained as part of the integration process.
Venn said: “We are delighted to join Lighthouse Life. Lighthouse will help us serve new markets for longevity -related investors, life policy users and insurance professionals.
“We also anticipate building significant improvements to our core platform that will benefit all our existing clients.
“This is a victory, for Clearlife, for Lighthouse Life and most importantly, to our clients, who will benefit from our partnership to help them grow their own businesses.”
“Lighthouse Life Buys Clearlife was published and published to promote the offer of longevity risk market” originally by Life Insurance InternationalBrand owned by Globaldata.
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