| Fri 16 Nov 2001, 0:00 | | Alexander Forbes Limited - Acquisition Of Bufete D |
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S.C.
ALEXANDER FORBES LIMITED
ACQUISITION OF BUFETE de CONSULTORIA ACTUARIAL S.C.
Alexander Forbes, the risk management and financial planning group, is
pleased to announce that it has completed the acquisition of Bufete de
Consultor!a Actuarial S.C. ("Bufete"), a leading Mexican actuarial and
employee benefits consultancy, for an undisclosed sum. This is the first
actuarial consultancy acquired by the Alexander Forbes Group outside South
Africa.
David Batchelor, the Alexander Forbes Director responsible for Latin
America, said, "The acquisition gives us a better balanced business in
Mexico, with Bufete's actuarial and benefits consultancy expertise
complementing our own in risk services".
For Bufete, JJ Sol"rzano commented, "We see significant benefits for our
clients and our company in aligning with a larger organisation in Mexico and
feel that Alexander Forbes provides both our clients and our company with
the greatest opportunities to deliver expanded, professional services in the
future across all business streams."
Alberto Espinosa, Mexico Country Head, was delighted with the acquisition
and said, "The acquisition of Bufete provides both sides with the
opportunity for cross-selling between the actuarial and benefits consultancy
and the risk services side of the combined business. Alexander Forbes has
found a substantial partner in Bufete, strengthening our position in and
demonstrating our commitment to the Mexican market. I look forward to
welcoming Juan Jos and Marcela to the Board."
-ENDS-
David Batchelor Managing Director, 0944 20 7962 2136
International Retail
Services, Alexander Forbes
Graeme Kerrigan Group Chief Executive 011 2690636
Mobile: 0833263560
Mike Ilsley Group Finance Director 011 2690153
Mobile: 0832500127
Debbie Kotzen Investor Relations 011 2690024
Mobile: 0834448290
OTHER INFORMATION
About Alexander Forbes
Alexander Forbes is a leading international group listed on the JSE
Securities Exchanges South Africa. We are the 8th largest independent
provider of financial and risk services worldwide (source: Business
Insurance, 16 July 2001).
Financial services activities include: retirement fund administration;
employee benefit consulting; software development; actuarial and other
related services; personal financial planning; direct mass marketing of
financial products; niche life and disability insurance facilities and multi-
manager investment products.
Risk services activities include: corporate insurance broking; reinsurance
broking; risk management and risk finance consulting; cell captive and niche
general insurance facilities; claims management services; specialist
aviation, marine, professional indemnity, political and credit risk and
transportation risk services; and insurance products and services for the
individual.
Over 5500 personnel, based in over 30 countries in Africa, Asia, Latin
America and Europe, deliver services to small, medium and large
organisations and to individual clients. Our focus is on fast, efficient
service by empowered people in every country where we operate.
About Bufete de Consultor!a Actuarial S.C.
Bufete is an actuarial and benefits consultancy partnership employing 68
people and based in Mexico City. The two founding partners are JJ Sol"rzano
(64) and Marcela Flores (38).
Bufete specialises in the provision of Actuarial calculations for accounting
recognition (D-3 Bulletin, Fasb 87, 88, 106, 112, 132, and other practices
FRS17), Auditing and Valuation of Insurance Companies Liabilities reserves
and methodology development (IBNR RESERVES, SPECIAL CONTINGENCIES RESERVES,
ETC.), Social Security consulting, and design and administration of Employee
Benefits strategies, such as Pension and Retirement plans, Life and
Disability, Health Development, other contingent Benefits. Its clients
include a large segment of various markets, such as: Grupo Cintra (Mexican
airlines), Grupo Financiero BBVA (Bancomer), Bank Boston, Chase Manhattan
Bank, leading insurance companies (Grupo Nacional Provincial, Reliance
National Mexico, AIG Mexico, Allianz Mexico, etc.), and two firms of
auditors, in a widespread client base with no dependency on any single
client.
For the last full year for which figures are available, Bufete had
consulting revenues of approximately US$2.5 million.
16 November 2001
