Lighthouse Life, a subsidiary of LHL Strategies, has purchased ClearLife Limited, a UK-based company, and its US subsidiary, ClearLife LLC.

The financial terms of the acquisition have not been disclosed.

Founded in 2007 by Mark Venn and joined by Chris Stuart in 2008, ClearLife provides a platform for longevity-risk market participants to value, trade and service life insurance products.

Its primary software, ClariNet, is a web-based software-as-a-service (SaaS) platform designed to manage operations and support decision-making for life policies and portfolios.

Lighthouse Life CEO Michael Freedman stated: “Lighthouse Life’s acquisition of ClearLife fuels its growth as a technology leader and market-maker for longevity-risk asset investors.

“We are committed to building ClearLife’s capabilities and extending them in new directions. Lighthouse Life’s clients will also see substantial benefits from integration between the Lighthouse Life and ClearLife platforms.”

ClearLife also offers software and consultancy services for asset managers and financial services firms in the life insurance and longevity risk sectors.

ClearLife will expand its software and consulting services to include reverse mortgages and structured settlements.

It will work with Lighthouse Life to offer products and services for consumers of life insurance products, as well as insurance and financial advisors.

Mark Venn and Chris Stuart will continue to serve as officers and directors of ClearLife following the acquisition, and all employees of ClearLife will be retained as part of the integration process.

Venn stated: “We are thrilled to join forces with Lighthouse Life. Lighthouse will help us to serve new markets for longevity-linked investors, life policy consumers and insurance professionals.

“We also anticipate building substantial enhancements to our core platform that will benefit all our current clients.

“This is a win-win, for ClearLife, for Lighthouse Life and most importantly, for our clients, who will benefit from our partnership to help them grow their own businesses.”

"Lighthouse Life buys ClearLife to boost longevity-risk market offer" was originally created and published by Life Insurance International, a GlobalData owned brand.

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