AFRICA - Alexander Forbes (AF) has agreed to acquire 60% of East African actuarial services firm Hymans Robertson Kenya for approximately £650,000 with the balance of the shareholding being held by senior Hymans Robertson Kenya staff.
Last June AF acquired a 60% interest in consulting actuaries Lane Clark & Peacock in the UK and in November 2001 acquired Bufete de Consultoría Actuarial, a Mexican actuarial and employee benefits consultancy.
Alexander Forbes Financial Services (East Africa) will immediately assume the ranking of largest actuarial consultancy firm in East and Central Africa with a significant pensions and insurance client base in East Africa, Ethiopia and Eritrea.
Existing Hymans Robertson Kenya actuarial services platform users will have access to the full spectrum of Alexander Forbes financial services.
“This deal has allowed us to buy into an established East African business with a great pedigree and top management,” said Rael Gordon, chief executive officer, Alexander Forbes.
“The firm currently consults to most of the large retirement funds registered in Kenya which gives us a great entry point to offer a full range of services to these companies and organisations.
“The firm is the appointed agency to 18 life companies in the East African Community – Kenya, Tanzania and Uganda – and actuaries to over 200 retirement benefit schemes in Kenya, two thirds of which by value are public sector schemes.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers