Insurance brokerage Lockton Ireland has agreed to purchase two Irish financial services companies, including TotalHealthCover.ie, the health insurance advice website run by leading media commentator Dermot Goode.
Lockton will also acquire Dublin-based financial broker and corporate pensions advisor Independent Financial Advisory Trust (IFAT). The financial terms of both deals have not been disclosed.
Lockton plans to increase its workforce to 50 through a series of acquisitions, of which these are the first two with more touted for the coming months, and the company is intent on developing its consulting and broking capabilities here.
"We are delighted to welcome both TotalHealthCover.ie and IFAT to the Lockton family of companies as we continue to build Lockton’s Employee Benefits business, with a clear focus on meeting client needs and preserving the best culture in the industry," Lockton partner Ray McKenna said.
"These agreements underpin a key element of Lockton’s Irish growth strategy as we expand our presence in the Irish employee benefits market."
In Association with
Goode established TotalHealthCover.ie in 2010, and he advises both employers and individuals on health insurance plans and broader wellbeing supports.
"There are over 2 million people in this country with health insurance plans, and an estimated 50% overpay annually on their premium," McKenna said.
"Many of these plans are financially supported by employers so cost is a major issue in many companies. TotalHealthCover.ie’s renowned expertise will add a granular focus to Lockton’s health insurance advice - enabling us to deliver best in class advice in terms of benefits and cost.”
Lockton anticipates an uptick in companies reviewing the pension benefits they provide to employees with the implementation of the EU's IORP II legislation, which will set new standards for the management and supervision of pensions, necessitating the IFAT acquisition.
"Irish employers, more than ever, need truly impartial advice to navigate the imminent impact of EU pension legislation (IORP II) to ensure they appoint the most appropriate Master Trust provider that clearly meets the needs of employees in terms of flexibility and cost," McKenna explained.
"Employee benefit packages are becoming increasingly important when it comes to retention and recruitment. It has never been more important to ensure that an employer’s benefit package is sector-competitive, and that staff fully understand the true value of the benefits provided to them."
He concluded: "These acquisitions will deliver value for Lockton clients by expanding our footprint in an important and changing marketplace. More importantly, we are acquiring fantastic companies with shared beliefs that align with the Lockton culture."
Global insurance brokerage Lockton operates in 125 countries, with former KPMG managing consultant McKenna and Mercer European partner Niall O'Callaghan joining last year to spearhead the Irish arm's expansion.
(Pic: Getty Images)
