Arthur J. Gallagher & Co. has completed its acquisition of BCHR Holdings — also known as Buck — for US$660 million.
Through the agreement, Gallagher will expand its retirement, benefits and human resources consulting services in Canada, the U.S. and the U.K., according to a press release. Buck’s team of 2,300 employees will operate under the direction of William F. Ziebell, head of Gallagher’s employee benefits consulting and brokerage operations.
“I’m delighted to officially welcome our new Buck colleagues to the Gallagher family of professionals,” said J. Patrick Gallagher, Jr., the organization’s chairman, president and chief executive officer, in the release. “Together, our complementary strengths within retirement, benefits consulting and administration services will enhance the value we deliver to our clients and our collective expertise will provide tremendous opportunities for growth.”
In other news, Sun Life Financial Inc. has completed the sale of its U.K. pension and annuities business to London-based Phoenix Group Holdings for $385 million.
As part of the sale, Sun Life will become a strategic asset management partner to the Phoenix Group. Sun Life will also retain its economic interest in Sun Life U.K.’s payout annuities business and its asset management companies, MFS and SLC Management, will continue to manage roughly $8 billion of Sun Life U.K.’s general account.
The Phoenix Group plans to invest nearly US$25 billion in North American public and private fixed income and alternative investments over the next five years, according to a press release, which noted MFS and SLC Management will be material partners to the Phoenix Group in achieving this goal.