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The Actuary The magazine of the Institute & Faculty of Actuaries

JLT swoops for HSBC actuarial arm

JLT Group has announced the acquisition of HSBC Actuaries and Consultants Limited (HACL) in a move to strengthen its market position in UK employee benefits and "add significantly to its expertise and capabilities".

"This acquisition brings together two market-leading employee benefit consultancies which have great synergy in both culture and client offerings," said Duncan Howorth, CEO, JLT UK employee benefits. "As a combined business we will be at the forefront of industry developments in all our principal areas of operations: defined benefit (DB), defined contribution (DC) pension solutions and wider employee benefits services.

"JLT continues to develop state-of-the-art offerings for pension schemes and, working with our new colleagues, we shall be able to provide the technology offerings we have pioneered at Profund and BenPal to their clients as well as ours".

Dominic Burke, chief executive, JLT Group added, "The acquisition, which fits squarely with our stated strategy of bolt-on acquisitions, adds substantially to a core component of the JLT Group."

In the year ended 31 December 2008, HACL revenues were circa £40 million. Employing some 440 staff, HACL operates across six practice areas: trustee consultancy; corporate consultancy; administration services; defined contribution consultancy; investment consultancy and health and risk consultancy.

Richard Reid, CEO, HACL, commented, "We are focused on ensuring that our customers continue to benefit from high quality service and financial solutions. The JLT Group is a market leader in the provision of pension solutions and wider employee benefits and we are now working together to ensure that all of our existing customers benefit seamlessly from our combined expertise.

JLT Benefit Solutions Limited (JLT) employs over 1000 professional staff in 11 offices in the UK with revenues of some £87.6m in 2008. The company offers a range of benefit and pension services, including administration, actuarial and pension consultancy, investment, wealth management, Self Invested Personal Pensions (SIPPs), Small Self Administered Schemes (SSASs) flexible benefits, healthcare, benefit communication and financial education.

Other pensions and employee benefits companies within the JLT group of companies include: Profund Solutions Limited, Independent Trustee Services Limited and Pension Capital Strategies Limited.