First Actuarial has acquired a book of almost 70 employee benefit clients from Wokingham-based Employee Benefits Partnership Limited (EBP), following the decision by two of EBP’s three directors to retire and dissolve the partnership.
The transaction was completed shortly before First Actuarial’s acquisition by Gallagher, announced at the start of last month, and gives First Actuarial recommended provider status for EBP’s former client base. The deal followed a period of due diligence, with EBP selecting First Actuarial to ensure continuity of service for its clients.
David Parfett, head of employee benefits at First Actuarial, said the acquired book represented a broad mix of organisations. “The book gives us a real cross-section of potential clients, with a wide range of business sizes and sectors,” he added.
Parfett said EBP’s partners had been focused on finding a provider that aligned closely with their own approach to client service.
“EBP told us they felt a strong synergy between their own business and the values of First Actuarial,” he continued. “They liked the fact that we’re all about quality and professionalism, and we don’t sell our clients services they don’t need.”
Under the arrangement, First Actuarial will provide employee benefit services and defined contribution pension consultancy to companies that follow EBP’s recommendation. Services will include group protection, employee healthcare benefits such as private medical insurance and dental cover, and wellbeing communications.
As part of the agreement, Neil McCormack, the third director of EBP, has joined First Actuarial.
Parfett said: “Everyone in the team feels really positive about this. It’s a great opportunity to build new relationships… Our primary aim is to give valuable continuity to EBP clients that move across to First Actuarial.”
