JLT Expands UK Employee Benefits
JLT Expands UK Employee Benefits Activities through the Acquisition of HSBC Actuaries and Consultants
1st December 2009, London: JLT Group will strengthen its market position in UK Employee Benefits and add significantly to its expertise and capabilities through the acquisition of HSBC Actuaries and Consultants Limited (HACL); a leading Employee Benefits and actuarial consulting firm.
Duncan Howorth, CEO, JLT UK Employee Benefits, says "This acquisition brings together two market leading employee benefit consultancies which have great synergy in both culture and client offerings. 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. I look forward to welcoming our new colleagues from HACL to a Group in which Employee Benefits is right at the centre of our strategic ambitions".
Dominic Burke, Chief Executive, JLT Group said, "The acquisition, which fits squarely with our stated strategy of bolt-on acquisitions, adds substantially to a core component of the JLT Group. It is a complementary deal, playing to our strengths and adding capabilities in important professional fields. This transaction underlines our determination to see our employee benefits business grow as a strategically central part of the JLT Group.
In the year ended 31 December 2008, HACL revenues were circa £40 million. Employing some 440 employees, 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, says "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.
William Nabarro, Chairman, JLT's International EB Group, concludes, "The combination with HACL will add significantly to JLT's expertise in Employee Benefits and will reinforce our market leading position. It will allow us to offer a wider range of services to a larger client base and will support our drive to coordinate and grow Employee Benefits activities internationally. This really is a great day for both businesses".
--ENDS--
Enquiries:
JLT Group
Dominic Burke, Group Chief Executive +44 (0)20 7309 8145
William Nabarro, Chairman JLT Employee Benefits Group +44 (0)20 7528 4026
Duncan Howorth CEO JLT UK Employee Benefits +44 (0)20 7309 8331
Isabella Young Group Corporate Communications +44 (0)20 7558 3387
Editor's Notes:
About JLT Benefit Solutions Limited
JLT Benefit Solutions Limited (JLT) is one of the UK's leading employee benefit providers offering a wide 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.
Authorised and regulated by the Financial Services Authority, JLT employs over 1000 professional staff in 11 offices in the UK with revenues of some £87.6m in 2008. JLT supplies the pension administration for over 1 million members, paying £750m in pensions every year. Through its Healthcare businesses JLT places cover for a quarter of a million people each year.
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.
JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson Group plc. As well as being a major provider of employee benefits services and related consultancy advice the Jardine Lloyd Thompson Group of companies is a leading risk management adviser, insurance and reinsurance broker.
Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international group of Risk Specialists and Employee Benefits Consultants and one of the largest companies of its type in the world. JLT offers a distinctive choice to clients and partners through our combination of independence, scale and specialism.
Jardine Lloyd Thompson Group plc is quoted on the London Stock Exchange and employs 6000 people worldwide and through JLT NetworkTM provides services in more than 120 countries.
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