JLT Group has acquired HSBC Actuaries and Consultants Limited (HACL), the employee benefits and actuarial consulting firm.
The £27.25m deal boosts JLT's presence in the UK EB market significantly. In the year ended 31 December 2008, HACL revenues were around £40m. Employing some 440 employees, HACL operates across six practice areas. In addition to a health and risk consultancy, it includes a trustee consultancy; corporate consultancy, as well as administration, pensions and investment services.
JLT Group chief executive Dominic Burke said the acquisition, "fits squarely" with the organisation's "stated strategy of bolt-on acquisitions" and 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," he said. "This transaction underlines our determination to see our employee benefits business grow as a strategically central part of the JLT Group."
Richard Reid, CEO, HACL, said that the JLT Group is a "market leader" in the provision of pension solutions and wider employee benefits.
"We are now working together to ensure that all of our existing customers benefit seamlessly from our combined expertise," he added.