UK-based Alexander Forbes Consultants & Actuaries division sold to the JLT Group
Alexander Forbes announced today that it has reached an agreement to sell a portion of its UK business - Alexander Forbes Consultants & Actuaries (AFCA) - to the Jardine Lloyd Thompson Group plc (JLT) to become part of JLT's Employee Benefit business, for a cash consideration of £17m. This is subject to regulatory approval.
Edward Kieswetter, Group Chief Executive of Alexander Forbes said: “The disposal brings together complementary organisations committed to ongoing positive and impactful client service. JLT will gain access to AFCA’s proven expertise and loyal customer base, who in turn stand to benefit from the increased scale of the combined business”. The augmented employee benefits business will employ more than 2,000 staff, including approximately 70 actuaries, 180 consultants and 35 Wealth Management Advisors.
The turnaround of AFCA over the past three years is clear evidence of the success of its strategy. The acquisition of AFCA will impact on the scale of JLT, which will better enable it to meet the challenges of a changing employee benefits market; as well as consolidating its position as one of the UK’s leading full-service employee benefits consultants.
Duncan Howorth, CEO of JLT UK Employee Benefits, said: “This acquisition brings together two market-leading employee benefit businesses which share similar culture, drive and client offerings. Our combined clients will benefit in several ways, particularly through enhanced enrolment technology, access to a broader range of Wealth Management services and strong administration capabilities.”
Edward Kieswetter, Group Chief Executive of Alexander Forbes said: “the Alexander Forbes Group’s presence in the UK and the rest of Europe continues through its significant interests in LCP, Investment Solutions, Media Insurance Services, Alexander Forbes Offshore and Alexander Forbes Trustee Services”.