UK- Financial and risk services provider Alexander Forbes is taking a 60% stake in the UK consulting actuaries Lane Clark & Peacock in a deal valuing the latter at around £46 million.
Under the terms of the proposed move, Lane Clark & Peacock will become a limited liability partnership that continues to trade under its current name.
Alexander Forbes can become a member of this limited liability partnership in June 2002 with an initial 60% stake and it has the option to increase this to 80% after 3 years.
Alexander Forbes chief executive, Graeme Kerrigan, and UK director Dick Wood will join the Lane Clark & Peacock Board.
Lane Clark & Peacock has 40 partners and over 250 staff, including more than 60 qualified actuaries, and specialises in providing actuarial and other related services to occupational pension schemes, companies and insurance related organisations.
It operates in the UK and is part of the Multinational Group of Actuaries & Consultants ("MGAC") network of consulting actuaries.
Martin Slack, senior partner at Lane Clarke Peacock, says: "the market for actuarial services is becoming increasingly global. The partners of LCP are delighted to have found a major international strategic partner.”