JLT pays £17m for Alexander Forbes Consultants & Actuaries

Jardine Lloyd Thompson has bought Alexander Forbes Consultants & Actuaries (AFCA) for £17m, as revealed in Corporate Adviser last month.

AFCA will become part of JLT’s Employee Benefits business, boosting its presence in the health and wellness, risk, wealth management, annuity and investment areas.

AFCA employs over 300 people in the UK and has offices in Croydon, Edinburgh, London, Solihull, Manchester and Southampton. The business generated £27.8m of revenue in the year to 31 March 2012. The transaction is subject to customary regulatory approvals.

JLT says employee benefits will represent 25 per cent of its revenues following the acquisition.

Duncan Howorth, chief executive, JLT UK Employee Benefits, says: “As a combined business we will have a stronger UK geographical footprint. AFCA’s employees will add to JLT’s depth of expertise in several key disciplines and are a very welcome addition to the Group.”

Mark Wood, Chairman, JLT UK Employee Benefits, says: “We see increased opportunities for JLT’s market leading online offerings and our combined clients will benefit from the enhanced auto-enrolment technology and consultancy solutions, stronger administration capabilities and broader range of wealth management services that we will now be able to offer to them. Together, these will help underpin the next phase of our growth in the UK.”

Tony Gusmao, chief executive, AFCA, says: “We are focused on ensuring that our customers continue to benefit from high quality service and financial solutions. JLT Employee Benefits is a market leader in the provision of pension and wider employee benefits and we are working together to ensure that all of our existing customers will benefit seamlessly from our combined expertise.”