First Actuarial has acquired the employee benefits book of business from Employee Benefits Partnership Limited (EBP).
This deal, which covers around 70 clients, was completed shortly before First Actuarial was itself acquired by Gallagher.
The deal was prompted by the retirement of two of the three directors of EBP, who selected First Actuarial to provide ongoing services to clients, once the partnership was dissolved.
The third partner of EBP, Neil McCormack, has joined the First Actuarial team as part of the agreement.
First Actuarial head of employee benefits David Parfett says: “First Actuarial is purchasing access to EBP’s book of business, with the status of recommended provider. The book gives us a real cross-section of potential clients, with a wide range of business sizes and sectors.”
First Actuarial will deliver employee benefit services and DC pension consultancy to companies that follow EBP’s recommendation.
The employee benefit services include group protection (life assurance, income protection and critical illness cover), employee healthcare services (private medical insurance, dental insurance and health cash plans) and wellbeing communications.
Parfett adds: “EBP told us they felt a strong synergy between their own business and the values of First Actuarial. Our primary aim is to give valuable continuity to EBP clients that move across to First Actuarial.”
