Insurer unit buys Milliman’s retirement and benefits arm for US$340 million
Empower, a subsidiary of Great-West Lifeco, has agreed to acquire Milliman Inc's retirement plan and benefits administration business for US$340m. The deal brings a defined benefit administration platform in-house and opens a new line in health and welfare administration. The business administers defined contribution, defined benefit and health and welfare plans for corporate, public sector, trade labour union, multi-employer and non-profit clients, holding roughly US$130bn in assets across 1.5m participants. Great-West Lifeco said the acquisition lifts Empower's workplace platform to about 21m...
