Punter Southall Health & Protection Holdings Acquires Enrich Reward To Become One Of UK’s Largest Independent Intermediaries
Punter Southall Health & Protection Holdings Limited has acquired Enrich Reward Limited (Enrich), the employee benefits consultancy based in Moorgate, London in a deal that makes it one of the largest, independent health and protection intermediaries in the UK.
Punter Southall Health & Protection Holdings Limited owns Punter Southall Health & Protection Consulting Limited (PSHPC) and is part of Punter Southall Group, which has businesses in actuarial consulting, administration, financial consultancy and investment management. It is the biggest independently owned entity of its kind in the UK after buying out a minority stakeholder earlier this year.
For 100% of the share value and an undisclosed sum, the acquisition, which completed on 18 March 2013, marks another milestone for PSHPC, which has seen strong organic growth over the past five years. Combined with Enrich, the company will now advise more than 670 corporate clients, representing more than £100 million of insurance premiums.
John Dean, PSHPC’s Sales and Marketing Director, who was also once Enrich’s Managing Director, says: “One of the key factors for us in this acquisition has been the strong strategic fit between the two businesses. Both PSHPC and Enrich are recognised for their market-leading delivery of creative, expert and award-winning solutions for employee healthcare, wellbeing and protection insurances.
“The new, combined business now has the scale, technology and influence to further deliver leading customer service and consulting value across the UK. PSHPC recently launched Gladis, a unique online self-service platform for managing protection insurances, which has been extremely well received by the industry, while Enrich has developed a range of online member communication solutions. Combining the businesses will provide a wider range of leading-edge services for our clients.”
Over the next three months, the combined management teams will develop a comprehensive integration plan to maximise the substantial opportunities that exist in the market. This will include timescales for integrating Enrich’s pensions business with Punter Southall Defined Contribution Consulting. Whilst working through the integration plan, both Enrich and PSHPC will adopt a business-as-usual approach in every respect.
Gordon Wright, Enrich’s Chief Executive, says: “We are delighted to be joining forces with PSHPC and appreciate this investment in Enrich, which will allow further client service developments and provide a wider range of pensions, investment and wealth management services to the Enrich client base.”
The Punter Southall Group has been named as one of The Sunday Times Best 100 Companies to Work For 2013, following Punter Southall Limited being awarded Investors in People Gold status, achieved by only three per cent of companies accredited by the programme in the UK. This year, the group celebrates its 25th anniversary.