First Actuarial becomes part of Gallagher amid UK expansion

Global insurance brokerage, risk management and consulting services firm Gallagher has announced it has acquired UK-based First Actuarial. The deal concludes for an undisclosed fee, and will help the US-based acquirer expand its offerings in the UK and Europe.

David Joy, managing partner at First Actuarial, said, "We’ve enjoyed 21 wonderful years building a business our clients love and we’re now really excited to be joining the Gallagher family to continue our journey. We’ve enjoyed getting to know the Gallagher team during our discussions and the overlap in our values quickly became clear. We share a strong focus on clients, a commitment to professionalism, and a caring and warm culture. We’ve come a long way since 2004 and we feel like we’ve found our new home at Gallagher. With their support and investment we’re going to go a long way in the future."

First Actuarial provides pensions administration, employee benefits, consultancy and investment services to employers and pension plans throughout the UK. Over the last three years, the firm’s growth stands at an average of 17%, well above the consulting market average over the same period. Encouragingly for investors, First Actuarial also confirmed that its revenue increases ran across all business areas in the last year – even as the broader advisory sector saw expansion grind to a halt.

The firm’s deep actuarial expertise, strong client relationships and stronger financial performance have subsequently attracted, a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

First Actuarial, which will retain its current branding for the foreseeable future, will help to position Gallagher as a leading pensions and benefits consultancy firm in the British market. Its entire management board and all its partners are staying on in the same roles – giving staff and clients comfort that it will continue to deliver business as usual, while also sharing ideas the team’s new colleagues at Gallagher to help offer clients even a broader service.

Meanwhile, as the UK pensions scene evolves with increasing complexity and regulatory change, First Actuarial will bring “complimentary capabilities that enhance our combined ability to serve clients across the full spectrum of plan sizes, ensuring seamless integration and a unified approach to delivering exceptional service”, a release from Gallagher read.

“First Actuarial is a highly regarded firm that expands our pension service capabilities in the UK and complements our employee benefits consulting operations,” added J. Patrick Gallagher, Jr., Chairman and CEO. “I am very pleased to welcome David and his associates to our growing, global team.”