Transamerica to acquire Mercer’s US book of business
Global consulting firm Mercer has entered into a strategic alliance with US-based insurance firm Transamerica whereby Transamerica will acquire Mercer’s US defined contribution (DC) administration book of business. Transamerica will also become Mercer’s preferred DC record keeping provider.
The agreement is expected to close by the end of 2015.
Ken Haderer, Mercer’s chief operating officer (COO), said: “We are excited about this alliance with Transamerica as both firms share a deep passion for service excellence and value delivery.
“After the transaction is complete later this year, we will partner with Transamerica for our defined contribution recordkeeping administration business. We also want to clearly state that we are committed to continuing to provide best of class service to our defined benefit and health clients through our own solutions."
Kent Callahan, president and chief executive officer (CEO) of the investments and retirement division of Transamerica, added: “We are looking forward to continuing Mercer’s tradition of delivering excellent customer service to the defined contribution clients who will transition to Transamerica and expand our large market presence as part of this transaction.
“At the same time, they’ll gain the advantage of our enhanced retirement planning and reporting capabilities, mobile account management and retirement counselling services. We are thrilled to bring these two great teams and our collective capabilities and talents together to further benefit our clients.”
Mercer’s US DC retirement administration business has more than $71 billion in plan assets, 148 clients and more than 917,000 participants.
