| Fri 7 Jun 2002, 0:00 | | Alexander Forbes Acquires 60% Of Lane Clark & Peac |
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Alexander Forbes acquires 60% of Lane Clark & Peacock
Alexander Forbes limited
7 June 2002
Alexander Forbes acquires 60% of Lane Clark & Peacock
Alexander Forbes ("AF") today announces that, under the terms of the
agreement announced on 30 January 2002, it yesterday acquired a 60% interest
in leading consulting actuaries Lane Clark & Peacock ("LCP") for a
consideration of GBP27.6 million. AF has a further option to increase its
stake to 80% after 3 years. The deal values LCP`s entire business at about
GBP46 million.
Under the terms of the proposal LCP has become a limited liability
partnership ("LLP"), and it will continue to trade under the LCP name. As
also announced in January, AF Group Chief Executive, Graeme Kerrigan, and UK
director, Dick Wood, now join the LCP Board.
-ENDS-
For further information please contact:
Graeme Kerrigan, Group Chief Executive,
Alexander Forbes Limited +27 83 3263560
Dick Wood, Director,
Alexander Forbes +44 20 8256 0824
Quintin Heaney, International Development
Director, Alexander Forbes +44 7785 507305
Debbie Kotzen +2711 2690024
Notes to Editors
About Alexander Forbes
Alexander Forbes is a leading international group listed on the JSE
Securities Exchanges South Africa. It is 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 5,500 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. Alexander Forbes`s focus is on
fast, efficient service by empowered people in every country where it
operates.
The group`s website is: www.alexanderforbes.com
About Lane Clark & Peacock
LCP is one of the leading independent firms of consulting actuaries in the
UK, with a list of blue chip clients. The firm currently has 40 partners
and over 250 staff, operating out of offices in the West End of London,
Winchester and Manchester.
The firm provides actuarial advice including employee benefit, investment,
insurance and risk management related advice.
LCP`s website may be accessed on www.lcp-actuaries.co.uk
Date: 07/06/2002 05:33:20 PM Produced by the SENS Department
