Insurance intermediary PIB Group has acquired the employee benefits division of Sanlam Wealth Planning UK.
Sanlam’s employee benefits division and client book of business will transfer into and trade under the PIB Employee Benefits brand led by David Skinner.
Sanlam supports the needs and requirements of all types of companies from small, family-run businesses to large, globally recognised household names. Its portfolio of products and services is similar to PIB’s offering, including pensions, group risk and healthcare consulting, as well as an online benefits portal for employees.
Richard Haynes, head of employee benefits at Sanlam Wealth Planning UK, said the acquisition will allow Sanlam to develop its proposition while continuing to offer a high-quality service to clients.
The deal includes an exclusive arrangement with the wider Sanlam group to provide enhanced and joined-up support for clients so that their employee benefit enquiries will be referred to and managed by PIB.
In return, PIB will introduce clients who have financial planning requirements to Sanlam’s wealth managers.
The deal follows PIB’s acquisition of i2 Healthcare in 2018.
“The combination of our existing team with our new colleagues from Sanlam and i2 Healthcare give us an even greater range of resources and capabilities to support clients in 2020 and beyond,” said Skinner.