US-based Lockton snaps up Alexander Forbes IRS

Alexander Forbes International Risk Services (AFIRS), the international insurance and risk management arm of Alexander Forbes, has been acquired by US broker Lockton creating, what it claims to be, the largest independent and privately owned global insurance broker.

The £90.2m transaction is expected to be completed by 31 October 2006, subject to regulatory approvals, and will operate as Lockton International Holdings and remain based in London.

Stewart McCulloch, ceo of AFIRS, who will become