First Actuarial lands 70-strong client book in EBP deal
First Actuarial has purchased a book of almost 70 clients from Employee Benefits Partnership. The move was prompted by the retirement of two of the other firm’s partners.
David Parfett, First Actuarial’s head of employee benefits, explained, “First Actuarial is purchasing access to Employee Benefits Partnership’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.”
Two of EBP’s three directors found themselves approaching retirement in 2025, and having built strong relationships with their clients over many years, the partners were keen to find the most suitable provider of advisory service to transfer them to. After a period of due diligence, they selected pensions consultancy First Actuarial for the deal.
According to a release from the firm, EBP sensed “a strong synergy” between the businesses. Completed shortly before the acquisition of First Actuarial by Arthur J. Gallagher & Company, the move saw the firm snap up a book of almost 70 clients from EBP.
Parfett added, “They liked the fact that we’re all about quality and professionalism, and we don’t sell our clients services they don’t need. We’re simply helping our new clients settle in with First Actuarial and getting to know them before looking at other areas where we may be able to provide support.”
Looking ahead, First Actuarial will deliver employee benefit services and defined contribution 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.
“Everyone in the team feels really positive about this,” Parfett concluded. “It’s a great opportunity to build new relationships. And we’ve all given a warm welcome to Neil McCormack, the third director of EBP, who has joined the First Actuarial team as part of the agreement. Our primary aim is to give valuable continuity to EBP clients that move across to First Actuarial.”
