During 2018, we concluded a transaction with SizweNtsalubaGobodo (SNG), which in turn joined the worldwide Grant Thornton network. SNG Grant Thornton (SNG GT) is the fifth largest accounting and advisory firm in South Africa.
Other than our improved B-BBEE position, the transaction will enable us to improve our risk management offering, while also strengthening our ability to offer services in other countries on the African continent. SNG GT benefits by gaining access to ARGEN’s actuarial expertise and can offer an enhanced service to their clients. Our company’s name subsequently changed to SNG ARGEN Actuarial Solutions.
We remain committed to delivering excellent service to our clients, working towards our vision of being the preferred provider of actuarial solutions, expanding our actuarial service offering to make a significant contribution to the financial well-being of the wider public.
ARGEN originated from a strategic merger between Arthur Els & Associates and Genesis Actuarial Solutions. This merger brought together two mid-sized firms with complementary services to create an actuarial company of significant size and scope in the South African context, whose staff is determined to challenge the African actuarial landscape.
Because the merger was effective from 1 March 2014, our history is essentially that of our two parent firms.
Arthur Els & Associates
Arthur Els & Associates started in 2004. The firm specialised in the valuation of retirement funds, in the preparation of accounting disclosure for companies’ employee benefit arrangements, in asset liability modelling, and in providing actuarial services to retirement funds.
In 2011, Arthur Els & Associates began to assist companies with managing their financial and non-financial risks by applying actuarial principles to enterprise risk management.
In 2012 and 2013, Arthur Els & Associates was nominated for the Actuarial Firm of the Year award in the Imbasa Yegolide Awards for Excellent Service to Retirement Funds.
The Arthur Els service offering included the following services:
- Actuarial valuations;
- Asset liability modelling;
- Mergers and acquisitions;
- Consulting advice;
- Independent peer reviews;
- Investment monitoring;
- Benefit calculations;
- Strategic Actuarial Partners Namibia;
- Enterprise Risk Actuaries.
Through their experience, staff at Arthur Els & Associates realised that discerning clients needed independent, professional actuarial services. They deduced that independence is sometimes compromised where companies offer additional products and services (such as asset consulting, administration, insurance broking, etc.).
As a result, Arthur Els & Associates did not accept commission or similar forms of indirect remuneration, and their fees were always fully disclosed to their clients.
Genesis Actuarial Solutions
Genesis was established in 2000 to provide actuarial calculations for the United Kingdom Pensions Review. We recruited and trained a large number of actuaries and actuarial students to be efficient in this project, which was done on an outsourced basis from South Africa. After completing the Pensions Review in 2003, the team was well placed to deliver actuarial services to the African market. Our flexible, independent and capable core team of actuaries provided the following services to South African, African and international clients:
- Pension fund services;
- Individual calculations for the Road Accident Fund and attorneys;
- Outsourcing of actuarial work.
Genesis set itself apart by providing:
- Actuarial focus: As specialists in their field, Genesis staff offered a focussed actuarial service;
- Independence: Genesis was able to offer a service independent of any insurance company, asset manager or administrator, enabling staff to provide unbiased advice;
- Significant capacity: Genesis employed several actuaries and a large complement of support staff, offering significant capacity;
- Offices in Gauteng, Cape Town and the Free State, with a network of associates in Africa, Europe and the USA;
- Continuity of service;
- High level, personal actuarial involvement;
- Cost efficiency.