NEWS RELEASE FROM ALEXANDER FORBES LIMITED
ALEXANDER FORBES LIMITED
JSE Code: AFB
ISIN: 000018230
13 February 2004
Alexander Forbes Limited subsidiary, Lane Clark & Peacock LLP (LCP), the
actuarial and benefits consultancy, has announced that it has acquired Ernst &
Young Belgium"s Actuarial Consulting and IT business.
The acquisition provides LCP with a leading position in the actuarial market in
Belgium. Following the acquisition the business will trade under the LCP brand,
and will be called Lane Clark & Peacock Belgium. Mr. Peter Bastiaens will
continue to head up the practice and will become a partner of LCP.
The deal brings a team of approximately 15 specialists to LCP, launching LCP"s
direct European presence in employee benefits, life and non-life insurance
consulting.
This acquisition represents the first stage of a project to significantly
strengthen LCP"s pan European service.
Rael Gordon, Group Chief Executive of Alexander Forbes commented that he was
delighted that LCP had acquired such a high quality group and that they were now
entering Europe, in line with the stated strategy when Alexander Forbes acquired
a 60% shareholding in the UK actuarial consultancy.
Tony Cunningham, Strategy Partner, LCP, says:
"We have had the benefit of working with our new colleagues on projects in the
past and are fully aware of the quality and strength of their service offering
to the Belgian market. We look forward to developing these services in Belgium
further, assisted by appropriate resources from within our Group companies."
Peter Bastiaens, Senior Partner, LCP Belgium, says:
"It was important to the Actuarial team that we found an organisation with the
same values and services standards as Ernst & Young. In LCP, we believe we have
found a perfect partner to enable us to further develop our services in
Belgium."
Date: 16/02/2004 12:55:03 PM Supplied by www.sharenet.co.za
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