Deloitte buys 25-strong actuarial consulting firm Rice Warner

01 April 2021 2 min. read
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Big Four firm Deloitte has snapped up Rice Warner, one of Australia’s leading specialist actuarial firms. 

The bolt-on adds a team of 25 professionals to Deloitte’s Financial Advisory business, including Andrew Boal, CEO of Rice Warner; Stephen Freeborn, Head of Superannuation; and Jennifer Baxter, Executive General Manager, who have all been appointed a partner. Rice Warner’s founder and former CEO Michael Rice will join Deloitte in an advisory role. 

Michael Rice – described by AFR as “Australia’s top actuary” – founded Rice Warner in 1987. Over the past three decades the firm has according to the founder himself built “an unrivalled reputation as a leading Australian superannuation consultancy and research firms.” 

Deloitte buys 25-strong actuarial consulting firm Rice Warner

The Sydney-based consulting firm specialises in superannuation, including merger assistance, actuarial (financial modelling and defined benefits), benchmarking and tenders, product design and disclosure, compliance and independent monitoring and reporting. The consultancy also supports clients with life insurance matters, public policy, and wealth management advisory services.

By adding Rice Warner to its business, “Deloitte will be the pre-eminent superannuation and wealth management advisors in Australia and this transaction also strengthens our highly valued actuarial capability across Asia Pacific,” said Adam Powick, Deloitte's Asia Pacific Managing Partner for Consulting and CEO elect for Deloitte Australia.

Deloitte’s Managing Partner for Consulting in Australia Ellen Derrick added: “Advisory services across super, insurance and wealth management are highly specialised. Rice Warner has deep sector expertise and relationships, and highly valued public policy and research capabilities that will really complement Deloitte’s presence. This combination will allow us to become the leading advisor to sectors that are so important to the country’s future.”

Meanwhile, for Rice Warner, the joining of forces will enable the firm to “further enhance its offerings” and provide the firm’s employees “exciting opportunities to work with new clients,” said Andrew Boal. 

For Deloitte, which generated $2.5 billion in its 2020/21 (broken) financial year, the purchase is its seventh transaction in Australia in the past two years.