Actuary Hymans Robertson is hiving off its insurance consulting business following a tie-up with international consultant organisation Milliman Global.
The firm will join the network as the exclusive UK employee benefits consulting partner while its insurance business will become part of Milliman UK, a wholly-owned subsidiary of Milliman USA.
The global consultant network has 25 independent consulting firms in 32 countries. Hymans Robertson said the move will create a stronger international capability for both its employee benefit and insurance clients and that both businesses will benefit from shared infrastructure and support services.
The insurance business of Hymans Robertson, under senior partner Mike Arnold, becomes part of Milliman UK which will operate from Hymans Robertson’s London office in Bunhill Row.
The announcement follows a strategic review of the 80–year-old partnership which resulted in the separation of its insurance practice.
Arnold said: “The separation of our insurance practice from employee benefits and investment consulting is a carefully considered response to the specific needs of each part of our business. It reflects our continued commitment to growth and provides a unique framework to enable us to focus on our clients’ needs.
“Our membership of Milliman Global enables us to maintain the strong ties which have bound our insurance and employee benefits partners together for the last 80 years.”
Hymans is in the process of recruiting new staff to bolster its bid for new investment consulting business as a result of the its membership to Milliman Global.
The five insurance partners of Hymans Robertson will become principals in Milliman UK when the transaction is finalised in April 2002. Milliman UK will have initially a staff of 30 but it is anticipated that this will grow to between 65 and 70 within five years, backed by the global brand name and financial strength of Milliman USA.
The restructured 17-partner Hymans Robertson firm plans to increase its staff of 220 by a further 30 within 12 months.
Hymans head of employee benefits and investment consulting Ronnie Bowie said: “Membership of Milliman Global will enable us to offer our access to a much wider range of professional services. The ICU will ensure that we harness the resources of Milliman firms to deliver truly seamless services to our increasing range of multinational clients.”
Hymans Robertson will continue to operate from offices in London, Glasgow, Birmingham and Manchester.
By James Wallace
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