Deloitte is expanding its superannuation and wealth management advisory business with the acquisition last week of independent actuarial firm Rice Warner.

The terms of the transaction, which was announced last week, are confidential, Deloitte says in a statement.

It says the acquisition will strengthen its offerings in superannuation, life insurance, public policy, market research, analytics and fintech.

“Advisory services across super, insurance and wealth management are highly specialised,” Deloitte Australia Managing Partner Consulting Ellen Derrick said.

“Rice Warner has deep sector expertise and relationships, and highly valued public policy and research capabilities that will really complement Deloitte’s existing market presence.

“This combination will allow us to become the leading adviser to sectors that are so important to Australia’s economy, to businesses and families, and to the country’s future.”

Rice Warner CEO Andrew Boal and his team will formally join the consultancy on May 1. Mr Boal, Head of Superannuation Stephen Freeborn, and EGM Insurance Jennifer Baxter will become Deloitte Consulting Partners in their new roles.

Former CEO Michael Rice, who founded the actuarial firm, will join Deloitte in a consulting capacity.

“This is an exciting new chapter in Rice Warner’s history,” Mr Boal said. “Applying our proven strengths and specialised technical knowledge of the superannuation, insurance, and wealth management sectors has resulted in the development of truly unique and innovative client solutions.

“We are looking forward to further enhancing offerings, working with our new colleagues at Deloitte, with our existing clients as well as the exciting opportunity to work with new clients.”