Information on the target
Empower has successfully closed the acquisition of Milliman’s retirement administration business, a strategic move aimed at enhancing its workplace solutions capabilities. This acquisition, first announced on June 30, 2026, allows Empower to expand its offerings across defined benefit, defined contribution, and health and welfare benefits administration. Milliman will retain its actuarial consulting business, ensuring a focused approach to its core competencies.
With this transaction, approximately 800 employees from Milliman will join Empower, significantly bolstering its workforce. Empower has acquired around 400 defined benefit plans, which include approximately 790,000 participants and $80 billion in assets under administration. Additionally, the acquisition encompasses more than 1,100 defined contribution plans, serving around 750,000 participants and managing over $50 billion in client assets. Overall, Empower's footprint now extends to an estimated 22 million lives served, with more than $2.3 trillion in assets under administration.
Industry overview in the target’s specific country
The Property & Casualty Insurance (NEC) industry in the United States is characterized by a diverse range of offerings that protect individuals and businesses from various risks. This sector plays a crucial role in the overall financial stability of the economy, providing essential coverage against property damage, liability, and other unforeseen events. The industry has seen significant growth in recent years, driven by increasing consumer awareness and the need for comprehensive risk management solutions.
In the U.S., the Property & Casualty Insurance market is highly competitive, with numerous players vying for market share. The industry is marked by a mix of large national carriers and smaller regional firms, each offering tailored products to meet the unique needs of their clients. Regulatory frameworks at both the state and federal levels ensure that companies maintain adequate reserves and solvency, fostering consumer confidence in the products offered.
Technological advancements have also transformed the Property & Casualty Insurance landscape, enabling companies to leverage data analytics and artificial intelligence to enhance underwriting processes and improve customer service. Insurers are increasingly adopting digital platforms to streamline claims processing and enhance customer engagement, which is vital in a market where consumer expectations are continually evolving.
Furthermore, the demand for innovative insurance products, such as cyber liability and environmental liability coverage, is on the rise as businesses face new and complex risks. This trend p…