Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Alexander & Alexander Services Inc. 76 445K
2: EX-3.(7) Articles of Incorporation/Organization or By-Laws 2 9K
3: EX-10.(17) Material Contract 15 54K
4: EX-10.(18) Material Contract 4 20K
5: EX-10.(19) Material Contract 3 18K
6: EX-10.(21) Material Contract 16 46K
7: EX-10.(22) Material Contract 14 40K
8: EX-10.(23) Material Contract 14 43K
9: EX-10.(27) Material Contract 74 171K
10: EX-10.(35) Material Contract 2 11K
11: EX-21 Subsidiaries of the Registrant 16 83K
12: EX-27 Financial Data Schedule (Pre-XBRL) 1 9K
EX-21 — Subsidiaries of the Registrant
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Exhibit 21.0
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
------------- -----
=======================================================================================================================
Alexander & Alexander Services Inc............................................................ Maryland
Alexander & Alexander U.S. Inc............................................................ Maryland 88%
Alexander & Alexander Inc.(Maryland Corp.).......................................... Maryland 100%
Alexander & Alexander, Inc.(Florida Corp.)..................................... Florida 100%
Alexander & Alexander, Inc.(Louisiana Corp.)................................... Louisiana 100%
Alexander & Alexander, Inc.(Massachusetts Corp.)............................... Massachuset 100%
Alexander & Alexander, Inc.(Oklahoma Corp.).................................... Oklahoma 100%
Alexander & Alexander, Inc.(Tennessee Corp.)................................... Tennessee 100%
Alexander & Alexander, Inc.(West Virginia Corp.)............................... West Virginia 100%
Alexander & Alexander of Arizona Inc........................................... Arizona 100%
Alexander & Alexander of the Carolinas, Inc.................................... North Carolina 100%
Alexander & Alexander of Connecticut Inc....................................... Connecticut 100%
Alexander & Alexander of Kentucky Inc.......................................... Kentucky 100%
Alexander & Alexander of Mississippi Inc....................................... Mississippi 100%
Alexander & Alexander of New York, Inc......................................... New York 100%
AARE Corporation...................................................... New York 100%
A & A Real Estate Services Inc........................................ New York 100%
Alexander & Alexander Securities Corp.......................................... Delaware 100%
Alexander & Alexander of Virginia, Inc......................................... Virginia 100%
Alexander & Alexander of Wyoming, Inc.......................................... Wyoming 100%
Alexander & Associates Inc..................................................... Texas 100%
Alexander Risk Management & Consulting Services, Inc.................. Texas 100%
Alexander Managing General Agency..................................... Texas 100%
Ecco General Agency Inc............................................... Texas 100%
Ecco Services, Inc............................................. Texas 100%
Ecco Insurance Services Inc. (Calif.).......................... California 100%
Gilliland & McReynolds, Inc........................................... Texas 100%
Insurance Administrators Inc.......................................... Texas 100%
SRA, Inc.............................................................. Texas 100%
Alexander Howden Reinsurance Intermediaries Inc................................ New York 100%
Alexsis Inc.................................................................... Maryland 100%
Alexsis Risk Management Services Inc........................................... New York 100%
Claimaco Corporation........................................................... New York 100%
Corporate Group Systems, Inc................................................... Michigan 100%
Employers Underwriters, Inc.................................................... Michigan 100%
Insurance Planning Inc......................................................... Nevada 80%
R. B. Jones Corporation........................................................ Delaware 100%
Alexander & Alexander of Kansas Inc................................... Kansas 100%
Alexander & Alexander of Missouri Inc................................. Missouri 100%
SHL Pacific Regional Holdings Inc. (California Corp)........................... California 100%
Alexander & Alexander of California Inc............................... California 100%
AGR Disposition Company ....................................... California 100%
AGR (New York) Disposition Company Inc. ............... New York 100%
BIS Disposition Company ............................... California 100%
Ruben Entertainment Insurance Services................. United Kingdom 50%
Alexander & Alexander of Japan, Inc............................ Nevada 100%
Alexander & Alexander of Idaho Inc.................................... Idaho 100%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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=======================================================================================================================
Campbell & Co., Inc............................................ Idaho 100%
Alexander & Alexander of Indiana, Inc................................. Indiana 100%
Alexander & Alexander of Michigan, Inc................................ Michigan 100%
Alexander & Alexander of Ohio, Inc.................................... Ohio 100%
Ohio Cap Insurance Company, Inc................................ Bermuda 7%
Alexander & Alexander of Washington, Inc.............................. Washington 100%
Alexander of Hawaii Inc............................................... Hawaii 100%
S. Hammond Story Agency Inc.................................................... Georgia 100%
Alexander Reinsurance Intermediaries Inc....................................... New York 100%
Tifco Properties, Inc.......................................................... Illinois 100%
A&A Realty Finance Inc......................................................... Minnesota 100%
United Commercial Agencies, Ltd................................................ Cayman Islands 50%
Alexander International Insurance Services Ltd ................................ Bermuda 100%
Alexander & Alexander & Paul Mayer GMBH........................................ Austria 75%
Futuro 3000 S.R.L.............................................................. Italy 5%
Alexander Hellas Ltd........................................................... Greece 100%
Alexander Underwriting Agencies Limited........................................ Bermuda 50%
Barros & Carrion, Inc.......................................................... Puerto Rico 100%
Asesores y Corredores De Seguros S.A.................................. Puerto Rico 100%
Inter-American Underwriters, Inc...................................... Puerto Rico 100%
Hemisphere Marine & General Assurance Ltd...................................... Bermuda 100%
Alexander & Alexander Middle East Ltd................................. Bermuda 100%
Security Offshore Insurance Ltd....................................... Bermuda 3%
Inter-American Group Inc. .......................................................... Delaware 100%
Alexander Insurance Managers Ltd.................................................... Bermuda 85%
Alexander Insurance Managers (Dublin) Ltd...................................... Ireland 100%
Alexander Insurance Managers (Isle of Man) Ltd................................. Isle of Man 100%
Alexander Insurance Managers (Barbados) Ltd.................................... Barbados 100%
Alexander Insurance Managers(Cayman) Ltd....................................... Cayman Islands 100%
Alexander Insurance Managers (Holdings) Ltd.................................... Guernsey 90%
Alexander Insurance Managers (Jersey) Ltd............................. Jersey 100%
Alexander Insurance Managers (Guernsey) Ltd........................... Guernsey 100%
Bailiwick Consultancy & Management Co. Ltd..................... Guernsey 100%
Alexander & Alexander Mexico S.A. de C.V............................................ Mexico 100%
Asesores Kennedy Agente de Seguros y de Fianzas, S.A. de C.V................... Mexico 80%
Promotora Zircon S.A. de C.V................................................... Mexico 80%
Seguridad y Prevencion S.A. de C.V............................................. Mexico 80%
Servicios Administrativos Kennedy S.A. de C.V.................................. Mexico 80%
Inmuebles Niagara S.A. de C.V.................................................. Mexico 80%
Minet S.A. de C.V.............................................................. Mexico 80%
Grupo Ken S.A. de C.V.......................................................... Mexico 80%
Asesores de Reaseguros Internacionales Mexicanos S.A. de C.V.......... Mexico 99%
Consejuros Actuariales y Administrativos, S.C.................................. Mexico 80%
Servisios Immobilarios Guadalajara, S.C........................................ Mexico 80%
Wilken Asesores, S.C........................................................... Mexico 80%
The Alexander Consulting Group Inc........................................................ Maryland 100%
Alexander & Alexander Benefits Services Inc......................................... New Jersey 100%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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=======================================================================================================================
Alexander & Alexander Benefits Services (Arizona) Inc.......................... Arizona 100%
Alexander & Alexander Benefits Services of Louisiana........................... Louisiana 100%
Alexander & Alexander Benefits Services Inc.................................... Ohio 100%
Alexander & Alexander Insurance Benefits Services Inc.......................... Massachusetts 100%
Alexander & Alexander Life Agency of Ohio...................................... Ohio 100%
A&A Managing General Agency, Inc............................................... Texas 100%
PBA, Inc ...................................................................... Minnesota 100%
Pilots International Association............................................... North Dakota 100%
Alexander & Alexander Consulting Group Inc.......................................... New Jersey 100%
Alexander & Alexander Consulting Group Inc..................................... Texas 100%
Alexander & Alexander Benefits Services Inc.................................... Virginia 100%
Alexander Consulting Investment Services Inc........................................ Maryland 100%
Alexander Underwriting Services Inc....................................................... Maryland 100%
A&A Underwriting Services Inc. ........................................................... Delaware 100%
Alexander Howden North America Inc. (Georgia)....................................... Georgia 100%
AAMET Inc...................................................................... Maryland 100%
Alexander Howden North America Inc. (Ohio)..................................... Ohio 100%
Alexander Howden North America Inc. (Massachusetts)............................ Massachusetts 100%
Alexander Howden North America Inc. (N.Y.)..................................... New York 100%
Alexander Howden North America Inc. (Texas).................................... Texas 100%
Alexander Howden Insurance Services, Inc. (Texas)..................... Texas 100%
Illinois R.B. Jones Inc. ...................................................... Illinois 100%
American Special Risk Insurance Company............................................. Delaware 100%
Atlanta International Insurance Company............................................. New York 100%
Alexander & Alexander Government & Industry Affairs Inc................................... Dist. of Columbia 100%
PTS Liquidation, Co....................................................................... Pennsylvania 100%
Trust Property & Casualty Insurance Co.................................................... Vermont 100%
Alexander & Alexander Services UK Plc..................................................... United Kingdom 100%
Alexander & Alexander Finance Limited............................................... United Kingdom 100%
Alexander & Alexander Corretores e Consultores de Seguros Lda....................... Portugal 73%
Alexander Howden Underwriting Limited............................................... United Kingdom 100%
Couparey Nominees Limited........................................................... United Kingdom 100%
Alexander Howden Holdings Ltd....................................................... United Kingdom 100%
Alexander Howden Group Agency Management Ltd................................... United Kingdom 100%
Alexander Howden Group (Bermuda) Limited....................................... Bermuda 100%
A.H.G. Far East Ltd................................................... Hong Kong 100%
Asian Reinsurance Underwriters Ltd............................. Hong Kong 100%
Howden Sterling Asia Limited................................... Hong Kong 100%
Sphere Drake Far East Limited.................................. Hong Kong 100%
Sterling Offices Far East...................................... Hong Kong 100%
Alexander Underwriting Agencies Limited............................... Bermuda 50%
Howden Cover Hispanoamericana (Bermuda) Ltd........................... Bermuda 100%
Howden Chile Consultores Ltda.................................. Chile 51%
Alexander Howden de Espana..................................... Spain 50%
Trent Insurance Company Ltd........................................... Bermuda 100%
Alexander Howden Group Ltd. ................................................... United Kingdom 100%
Alexander y Alexander Chile Ltda...................................... Chile 26%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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=======================================================================================================================
Alexander Underwriting Services Limited............................... United Kingdom 100%
Howden Chile Reaseguros Ltda.......................................... Chile 26%
Alexander Howden Group Management Services Ltd........................ United Kingdom 100%
Alexander Howden Limited.............................................. United Kingdom 100%
Alexander Howden Reinsurance Brokers Ltd.............................. United Kingdom 100%
Alexander Howden Brasil Ltda................................... Brazil 33%
Keith Rayment & Associates Ltd................................. United Kingdom 51%
Alexander Howden Ossa de Colombia S.A.......................... Colombia 51%
Anistics Ltd.......................................................... United Kingdom 100%
Energy Insurance Brokers and Risk Management Consultants Ltd.......... United Kingdom 100%
Independent Engineering Services Ltd.................................. United Kingdom 100%
Alexander Howden Asia Pacific Ltd..................................... United Kingdom 100%
Keyaction Ltd......................................................... United Kingdom 100%
Rydata Limited........................................................ United Kingdom 100%
Alexander Howden Y Associados S.A. de C.V............................. Mexico 50%
Howden Dastur Reinsurance Brokers (Private) Ltd....................... India 40%
Mansfeld, Hubener & Partner........................................... Germany 34%
Alexander Howden (Kazakhstan) Ltd..................................... Kazakhstan 100%
Alexander Howden Financial Services Limited.................................... United Kingdom 100%
Alexander Howden International Limited......................................... United Kingdom 100%
A.H.O.H. (Bermuda) Limited............................................ Bermuda 100%
SPICAFAB Limited............................................... United Kingdom 100%
Alexander Howden Group (Australia) Ltd................. Australia 100%
Alexander Howden Reinsurance Brokers (Australia) Ltd. Australia 100%
Sterling Universal Holdings Ltd........................ Canada 30%
Sterling Universal Ltd........................... Canada 100%
Alexander Howden Canada Ltd...................... Canada 100%
IRM France SA.................................................. France 45%
Dormante Holdings Limited...................................................... United Kingdom 100%
Solar Underwriting Agencies Ltd....................................... United Kingdom 100%
Howden Management & Data Services Limited...................................... United Kingdom 100%
Alexander Howden Leasing Limited...................................... United Kingdom 100%
Alexander Howden de Espana S.A................................................. Spain 100%
Alexander Stenhouse and Partners Ltd................................................ United Kingdom 100%
Alexander Howden Y Associados S.A. de C.V...................................... Mexico 6%
Scottish & Commonwealth Insurance Co. Ltd.(Bermuda)............................ Bermuda 100%
Alexander Stenhouse Europe Ltd................................................. United Kingdom 100%
Alexander & Alexander Sigorta Musavirlk Anomim Sirketi................ Turkey 51%
Cagdas Sigorta A.S............................................. Turkey 94%
Ralph S. Harris (Insurance) Pty. Ltd.................................. Zimbabwe 100%
Reed Stenhouse Europe Holdings B.V.................................... Holland 100%
Alexander Stenhouse A.G........................................ Switzerland 100%
Reinsurance Underwriting Agency Ltd............................ Switzerland 100%
Reed Stenhouse GMBH................................................... Germany 100%
Societe Generale de Courtage d'Assurances............................. France 14%
A.M.P.R.E...................................................... France 90%
Alexander & Alexander Consultants S.A.......................... France 100%
France Cote D'Afrique.......................................... France 99%
Groupement Europeen d'Assurances Generales..................... France 100%
SASE France.................................................... France 100%
Societe de Courtage d'Assurance et de Reassurance Lange........ France 100%
Alexander & Alexander France S.A............................ ......... France 100%
Societe Generale de Courtage d'Assurances...................... France 37%
A.M.P.R.E.............................................. France 90%
Alexander & Alexander Consultants S.A.................. France 100%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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France Cote D'Afrique.................................. France 99%
Groupement Europeen d'Assurances Generales............. France 100%
SASE France............................................ France 100%
Societe de Courtage d'Assurance et de Reassurance Lange France 100%
Alexander & Alexander France S.A. ............................ France 100%
Societe Generale de Courtage d'Assurances.............. France 37%
A.M.P.R.E...................................... France 90%
Alexander & Alexander Consultants S.A. ........ France 100%
France Cote D'Afrique.......................... France 99%
Groupement Europeen d'Assurances Generales..... France 100%
SASE France.................................... France 100%
Societe de Courtage d'Assurance et de Reassurance Lange France 100%
Stenhouse Reed Shaw Africa (Pty) Ltd.................................. South Africa 100%
Alexander & Alexander Ltd...................................................... United Kingdom 100%
Alexander Stenhouse Management Services Limited....................... United Kingdom 100%
Alexander & Alexander U.K. Ltd........................................ United Kingdom 100%
Alexander Stenhouse Limited .......................................... United Kingdom 100%
Alexander & Alexander (Isle of Man) Limited........................... Isle of Man 100%
Alexander Stenhouse Magee Limited..................................... Ireland 100%
Alexander & Alexander (C.I.) Limited ................................. Guernsey 100%
Alexander & Alexander (Ireland) Limited .............................. Ireland 100%
Alexander & Alexander U.K. Pension Trustees Ltd................................ United Kingdom 100%
Noble Grossart Holdings Ltd.................................................... United Kingdom 20%
Noble Grossart Ltd.................................................... Scotland 100%
Noble Grossart Investments Ltd................................. Scotland 60%
NGI SOQ Ltd............................................ Scotland 100%
NGI Securities Ltd..................................... Scotland 100%
NGI Inc................................................ Delaware 100%
Howe Securities Ltd............................................ Scotland 100%
Noble Grossart Investments Ltd........................................ Scotland 40%
NGI SOQ Ltd.................................................... Scotland 100%
NGI Securities Ltd............................................. Scotland 100%
NGI Inc........................................................ Delaware 100%
Stenhouse Marketing Services London Ltd........................................ United Kingdom 100%
Stenhouse Marketing Services Inc...................................... Delaware 100%
Halford, Shead & Co. Limited .................................................. United Kingdom 100%
IRM France SA......................................................... France 55%
Reed Stenhouse Underwriting Mgmt Ltd.................................. United Kingdom 100%
The Alexander Consulting Group Ltd............................................. United Kingdom 100%
Alexander Financial Services Ltd. .................................... United Kingdom 100%
Reed Stenhouse Companies Ltd.............................................................. Canada 100%
Duggan Insurances Ltd............................................................... Ireland 100%
National Computer Services Ltd...................................................... Canada 100%
Y & D Properties Ltd................................................................ Canada 50%
Reed Stenhouse Ltd.................................................................. Canada 100%
Reinsurance Managers Ltd............................................................ Canada 100%
Risk Management Consultants of Canada Ltd........................................... Canada 100%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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2337151 Canada Ltd.................................................................. Canada 100%
Societe de Courtage Meloche Alexander Ltd........................................... Canada 100%
Sterling Universal Holdings Ltd..................................................... Canada 70%
Sterling Universal Ltd......................................................... Canada 100%
Alexander Howden Canada Ltd.................................................... Canada 100%
The Alexander Consulting Group Ltd.................................................. Canada 100%
Alexander & Alexander Canada Inc.................................................... Canada 100%
514239 Ontario Ltd.................................................................. Canada 100%
164113 Canada Inc................................................................... Canada 100%
164226 Canada Inc.............................................................. Canada 50%
164226 Canada Inc................................................................... Canada 50%
Alexander & Alexander Australia Holdings Ltd.............................................. Australia 100%
Alexander & Alexander Ltd........................................................... Australia 100%
Anistics Pty Ltd.................................................................... Australia 100%
John C. Lloyd Reinsurance Brokers Ltd............................................... Australia 88%
Alexander Stenhouse Financial Services Ltd.......................................... Australia 100%
Alexander Stenhouse Nominees Ltd.................................................... Australia 100%
Burnie Enterprises P/L.............................................................. New Guinea 100%
Alexander & Alexander (PNG) Pty. Ltd........................................... New Guinea 63%
The Alexander Consulting Group Ltd.................................................. Australia 100%
Southern Cross Underwriting Pty. Limited............................................ Australia 56%
Reed Stenhouse Asia Pacific Ltd (U.K.).............................................. Scotland 100%
Alexander Stenhouse Accumulation Fund Nominees Ltd.................................. Australia 100%
Alexander & Alexander (Hong Kong) Holdings Ltd............................................ Hong Kong 100%
Alexander Lippo (Hong Kong) Ltd..................................................... Hong Kong 50%
Stenhouse (S.E. Asia) Pte. Ltd............................................................ Singapore 100%
Alexander & Alexander (Asia) Holdings Pte. Ltd. .................................... Singapore 3%
Alexander Howden Far East Pte. Ltd............................................. Singapore 100%
Alexander & Alexander Risk Management Services Inc............................. Taiwan 50%
Alexander & Alexander Insurance Agency Ltd..................................... Taiwan 50%
Alexander & Alexander (Malaysia) Sdn Bhd ...................................... Malaysia 49%
Alexander & Alexander Pte. Ltd................................................. Singapore 100%
Alexander & Alexander (Taiwan) Ltd............................................. Taiwan 50%
Alexander Howden Reinsurance Brokers (Asia) Pte. Ltd........................... Singapore 100%
Alexander & Alexander Holdings (N.Z.) Ltd.(Formerly Alexander Stenhouse Holdings (N.Z.) Ltd New Zealand 100%
The Alexander Consulting Group Ltd.................................................. New Zealand 100%
Alexander & Alexander Ltd. ......................................................... New Zealand 100%
Southern Insurance Brokers Limited............................................. New Zealand 100%
Southern Insurance Brokers (Miles) Limited..................................... New Zealand 100%
Alexander Benefits Services Ltd................................................ New Zealand 100%
B.A. Nelson Ltd................................................................ New Zealand 100%
Alexander & Alexander Services NZ Ltd.......................................... New Zealand 100%
Alexander & Alexander (NZ) Ltd........................................ New Zealand 100%
Alexander Anistics Services Ltd....................................... New Zealand 100%
Alexander Portfolio Management Ltd.................................... New Zealand 100%
Adam and Adam Limited.......................................................... New Zealand 100%
Superannuation Management Ltd......................................... New Zealand 100%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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British Underwriting Agencies Ltd.............................. New Zealand 100%
Alexander & Alexander Ltd. (Fiji) ............................................. Fiji 100%
Alexander Howden Reinsurance Brokers Ltd....................................... New Zealand 100%
Knight Alexander Stenhouse Ltd................................................. New Zealand 100%
Marsden & Associates(Fire & General) Ltd....................................... New Zealand 100%
Russell Brown & Co. Ltd........................................................ New Zealand 100%
Alexander & Alexander International Inc................................................... Maryland 100%
Alexander & Alexander (Thailand) Ltd................................................ Thailand 25%
Alexander & Alexander Ltd - Thailand................................................ Thailand 25%
Alexander & Alexander Europe B.V.................................................... Netherlands 100%
Alexander & Alexander Belgium NV............................................... Belgium 100%
NV Alexander Stenhouse Belgium International SA....................... Belgium 25%
Alexander & Alexander Italia S.P.A............................................. Italy 25%
Reed Stenhouse Netherlands B.V................................................. Holland 100%
Alexander & Alexander Italia S.P.A.................................... Italy 50%
Brokeraggio Assicurativo SRL................................... Italy 30%
Alexander & Alexander Insurance Brokers - Hungary.............................. Hungary 100%
Alexander & Alexander Insurance Brokers - Czech. Republic...................... Czech. Republic 100%
Alexander & Alexander Insurance Brokers - Poland............................... Poland 100%
Alexander & Alexander of Spain Correduria De Seguros, S.A...................... Spain 100%
Prevencion y Control.................................................. Spain 100%
Alexander Stenhouse SRL............................................... Spain 100%
Reed Stenhouse (Espana) S.A.................................... Spain 95%
Alexander Stenhouse Risk Management S.A............................... Spain 100%
Alexander & Alexander Holdings B.V............................................. Netherlands 100%
Brons Orobio Groep B.V................................................ Netherlands 100%
Bekouw Mendes C.V.............................................. Netherlands 26%
Brons Van Lennep B.V........................................... Netherlands 100%
Orobio Mees Herman B.V......................................... Netherlands 100%
Brons Orobio Groep (Partnership)....................... Netherlands 100%
Alexander & Alexander B.V.(formerly Bekouw Mendes B.V)................ Netherlands 100%
Bekouw Mendes Reinsurance B.V......................................... Netherlands 100%
Brons Van Lennep Den Haug B.V......................................... Netherlands 100%
Bekouw Mendes Risk Management B.V..................................... Netherlands 100%
Alexander Insurance Managers N.V............................... Nether/Antilles 100%
N.V. Verzekering Maatschappi Van 1890................................. Netherlands 100%
Bekouw Mendes C.V..................................................... Netherlands 74%
Firma A.J. Driessen C.V........................................ Netherlands 100%
Firma H.J. Reens C.V........................................... Netherlands 100%
Alexander & Alexander Scandinavia A.B.......................................... Sweden 100%
Futuro 3000 S.R.L.............................................................. Italy 95%
Alexander Coyle Hamilton Ltd................................................... Ireland 75%
Alexander Insurance Managers Ltd S.A.R.L....................................... Luxembourg 100%
NV Alexander Stenhouse Belgium International S.A............................... Belgium 75%
Fides Alexander A.G. (Switzerland)............................................. Switzerland 45%
Alexander & Alexander Europe Gmbh.............................................. Austria 51%
Alexander & Alexander of Colombia Ltda ............................................. Colombia 51%
ALEXANDER & ALEXANDER SERVICES INC. and SUBSIDIARIES
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State or Percent of
Other Voting
Jurisdiction Securities
Incorporation Owned
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Alexander & Alexander LTDA.......................................................... Brazil 100%
MacFarlane Participacoes e Corretora de Seguros Ltda........................... Brazil 50%
Alexander MacFarlane Corretora de Seguros Ltda................................. Brazil 50%
Alexander & Davidson de Colombia LTDA............................................... Colombia 49%
Alexander, Ayling, Barrios & Cia, S.A............................................... Argentina 98%
Alexander Insurance Managers (Singapore) Pte. Ltd................................... Singapore 100%
Pensions Berattings Gmbh............................................................ Germany 70%
Jaspers Industrie Assekuranz Gmbh & Co. KG.......................................... Germany 20%
Pensions Berattings Gmbh....................................................... Germany 20%
Alexander & Alexander Europe Gmbh.............................................. Austria 49%
Industrie Assekuranz Gmbh........................................................... Germany 20%
Servicios A.B.S., S.A............................................................... Mexico 75%
Alexander & Alexander (Asia) Holdings Pte. Ltd............................................ Singapore 97%
Alexander Howden Far East Pte. Ltd.................................................. Singapore 100%
Alexander & Alexander Risk Management Services Inc.................................. Taiwan 50%
Alexander & Alexander Insurance Agency Ltd.......................................... Taiwan 50%
Alexander & Alexander (Malaysia) Sdn Bhd ........................................... Malaysia 49%
Alexander & Alexander Pte. Ltd. .................................................... Singapore 100%
Alexander & Alexander (Taiwan) Ltd. ................................................ Taiwan 50%
Alexander Howden Reinsurance Brokers (Asia) Pte. Ltd................................ Singapore 100%
Alexander Clay & Partners Unlimited....................................................... United Kingdom 99%
Jufcrest Limited.......................................................................... United Kingdom 50%
Manzitti Howden Beck s.p.a................................................................ Italy 41%
L.& F. Longobardi SRL............................................................... Italy 24%
Pandi Italia s.p.a.................................................................. Italy 5%
CSA................................................................................. Italy 13%
[cover]: Alexander & Alexander 1994 Annual Report on Form 10-K
[inside front cover]:
Alexander & Alexander Services Inc. provides professional risk
management consulting, insurance brokerage and human resource
management consulting services from offices in 80 countries, with
approximately 12,000 employees and revenues of $1.3 billion.
Risk Management Consulting & Insurance Services. Alexander &
Alexander designs and implements integrated insurance and risk
management programs globally. We have the expertise to help
businesses of all sizes, as well as associations and governmental
agencies, address their risk assessment, risk control and risk financing
requirements.
Specialist & Reinsurance Broking. The Alexander Howden Group places
large and complex risks that require access to wholesale and specialist
insurance markets globally. We also provide a range of broking and
associated services to insurance and reinsurance companies and LloydAEs
syndicates.
Human Resource Management Consulting. The Alexander Consulting
Group provides advisory and support services in human resource
management, including retirement planning, health care management,
organizational effectiveness, compensation, HR-related communications
and information technologies.
ACG also offers brokerage services for group health and welfare, special
risk, and executive planning insurance coverages.
1
To My Fellow Stockholders:
During the past nine months, Alexander & Alexander has undertaken many important
changes that are described in this report. While I encourage you to read the
details, I also want to give you my overall assessment of our progress and plans
for the future.
In June 1994, during my first days as A&A's new Chairman & CEO, I told
employees that A&A had a great franchise but that we had some hard work ahead of
us. I asked them to see beyond the immediate challenges and envision a Company
that could set new standards for the way we served our clients and shareholders.
We had to reshape our organization to lead an industry that has not changed as
rapidly as its customers.
Clients expect brokers and consultants to bring them added value.
They want better, more innovative and lower-cost solutions that support their
business and financial strategies. It is our job to provide these solutions and
to produce a fair return for our shareholders.
To do this, we set out to strengthen A&A's balance sheet and earnings
capacity while enhancing sales and service. Some of the more significant
actions included:
* Appointing ten new directors, each having an international reputation
in business, law or public policy.
* Eliminating more than $100 million in non-essential expenses and
reinvesting part of the savings to enhance A&A's information
technology, product development and employee training.
* Divesting non-core businesses so we can further concentrate on our
clients' central need -- cost-effective, high-quality risk and human
resource services.
* Addressing a number of longstanding litigation and other
contingencies.
Some of these actions were evident in 1994's net operating loss of
$82.9 million. The loss included a $69 million restructuring charge for the
consolidation of real estate affecting 48 offices worldwide as well as early
retirement programs and workforce reductions involving more than 1,100
positions. It also included $24.9 million in charges to settle litigation and
to strengthen reserves related to A&A's professional indemnity program.
Non-operating results included $69.7 million for a previously
announced settlement with Shand/Evanston Group, Inc., and for increased reserves
relating to lawsuits and other disputes brought against A&A and Shand/Evanston
affiliates by the rehabilitator of Mutual Fire, Marine & Inland Insurance Co.
In keeping with plans to divest certain non-core assets, we sold our
U.S. personal lines business for $30 million, resulting in a $20 million pre-tax
fourth quarter gain, or $0.28 per share after taxes.
We subsequently sold A&A's third party claims administration unit for
$47 million in cash, resulting in a first quarter 1995 pre-tax gain of
approximately $30 million. In January 1995, we completed the sale of our
minority interest in a
privately held U.K. merchant bank for $7.2 million. Proceeds from the sales were
set aside to pay for litigation, contingency and other settlements.
Our actions have improved A&AAEs earnings capacity and liquidity. At
year-end, the Company had more than $300 million in operating funds that
included proceeds from the $200 million investment by American International
Group, Inc. In March 1995, we established a new $200 million, three-year
revolving credit facility that will be available for general corporate purposes.
As we achieved our initial objectives, we have now shifted emphasis to
growing the Company. In the U.S., for example, we began by reshaping sales and
marketing to respond with greater focus and depth to complex client needs. We
are pursuing a proven market segmentation strategy, organizing resources around
our risk management and insurance service businesses, as well as other important
segments.
We began a new approach for product development to better coordinate
with the R&D departments of capital market providers, including insurance
companies. Investments in technology have been accelerated to enhance our
ability to provide cost-effective, quality service. We are putting fresh
resources into training employees and recruiting the best possible talent. And
we are open to growing A&A through strategic acquisitions.
The Company is making important cultural changes that are signified by
an innovative pay-for-performance philosophy that will reward employees who are
best at meeting the needs of our clients and shareholders. Through equity
compensation programs, we expect to more closely align the interests of our
employees with the interests of our shareholders. The change has begun at the
top: The Board of Directors recently voted to link its compensation to the
value of our common stock.
We have a great deal more to do but the fact that we have been able to
achieve so much in such a short time bears testimony to thousands of our
employees whose hard work has put A&A on solid footing for renewed growth.
In addition, I appreciate the support of Dr. Robert E. Boni, Chairman
of the Board's Executive Committee, whose leadership and vision early last year
set the stage for our subsequent progress. I look forward to his continued
involvement in the new A&A.
Sincerely,
[signed]
Frank G. Zarb
Chairman of the Board
President & CEO
March 31, 1995
[text includes black & white photograph of Frank Zarb]
BOARD OF DIRECTORS & EXECUTIVE OFFICERS
BOARD OF DIRECTORS
Frank G. Zarb (1)(5)
Chairman of the Board, President & Chief Executive Officer
Dr. Kenneth Black, Jr. (1)(3)
Regents' Professor Emeritus of Insurance
Georgia State University
John A. Bogardus, Jr. (2)
Former Chairman of the Board
Dr. Robert E. Boni (1)(3)
Retired Chairman of the Board & Chief Executive Officer,
Armco Inc.
W. Peter Cooke (4)(5)
Chairman, World Regulatory Advisory Practice
Price Waterhouse
E. Gerald Corrigan (1)(3)
Chairman, International Advisors
Goldman Sachs & Co.
Joseph L. Dionne(1)(3)
Chairman & Chief Executive Officer
McGraw-Hill, Inc.
The Hon. Gerald R. Ford (3)(5)
Former President of the United States
Peter C. Godsoe (4)
President & Chief Executive Officer
The Bank of Nova Scotia
Angus M.M. Grossart (4)
Managing Director
Noble Grossart Limited
Maurice H. Hartigan II (1)(2)
Retired Senior Managing Director
Chemical Banking Corp.
James B. Hurlock, Esq. (2)
Partner & Chairman of the Management Committee
White & Case
Ronald A. Iles (4)(5)
Senior Vice President
Alexander & Alexander Services Inc.
Chairman
Alexander Howden Group Limited
Edward F. Kosnik
Executive Vice President & Chief Financial Officer
Vincent R. McLean (1)(2)
Retired Executive Vice President & Chief Financial Officer
Sperry Corporation
James D. Robinson III (4)(5)
President
J.D. Robinson Inc.
William M. Wilson (4)
Former Deputy Chairman
& Executive Vice President
(1) Member, Executive Committee
(2) Member, Audit Committee
(3) Member, Compensation, Benefits and Nominating Committee
(4) Member, Finance/Investment Committee
(5) Member, Public Policy and Ethics Committee
EXECUTIVE OFFICERS
Frank G. Zarb
Chairman of the Board, President & Chief Executive Officer
Lawrence E. Burk
Chairman & Chief Executive Officer
Alexander & Alexander Inc.
Elliot S. Cooperstone
Senior Vice President & Chief Administrative Officer
Alexander & Alexander Services Inc.
Executive Vice President & Chief Operating Officer
Alexander & Alexander Inc.
Kenneth J. Davis
Chairman
Alexander & Alexander International Inc.
Chief Executive Officer
Alexander & Alexander Europe
Timothy P.S. Gibson
Chief Executive Officer
Alexander & Alexander Limited
Asia Pacific Region
James S. Horrick
President & Chief Executive Officer
Alexander & Alexander/Reed Stenhouse Companies Limited
Ronald A. Iles
Senior Vice President
Alexander & Alexander Services Inc.
Chairman
Alexander Howden Group Limited
R. Alan Kershaw
Vice President & Treasurer
Edward F. Kosnik
Executive Vice President & Chief Financial Officer
Dennis L. Mahoney
Deputy Chairman
Alexander Howden Group Limited
Dan R. Osterhout
Senior Vice President
Alexander & Alexander Services Inc.
Chairman & Chief Executive Officer
Alexander Underwriting Services Inc.
Albert A. Skwiertz, Jr.
Vice President & General Counsel
Donald L. Seeley
Senior Vice President
Alexander & Alexander Services Inc.
President & Chief Executive Officer
The Alexander Consulting Group Inc.
Richard P. Sneeder, Jr.
Controller
Alan E. Williams
Chairman, Marine & Aviation
Alexander Howden Group Limited
INVESTOR INFORMATION
CORPORATE HEADQUARTERS
Alexander & Alexander Services Inc., 1185 Avenue of the Americas, New York, N.Y.
10036
PRINCIPAL WORLDWIDE OPERATIONS
Risk Management & Insurance Services
Alexander & Alexander
Alexander Insurance Managers Limited
Alexander Underwriting Services Inc.
Anistics
Specialist & Reinsurance Broking
Alexander Howden Group Limited
Alexander Reinsurance Intermediaries, inc.
Human Resource Management Consulting Services
The Alexander Consulting Group Inc.
ANNUAL MEETING OF STOCKHOLDERS
The 1995 Annual Meeting of Stockholders will be held 9:30 a.m. on Thursday, May
18, at the McGraw-Hill Building Auditorium, 1221 Avenue of the Americas, 2nd
floor, New York City.
APPROXIMATE NUMBER OF EQUITY SECURITY HOLDERS
As of March 17, 1995, there were approximately 2,102 record holders of the
Company's Common Stock, 529 beneficial holders of Class A Common Stock and
1,211 record holders of Class C Common Stock.
EXCHANGE LISTINGS
Alexander & Alexander's Common Stock is listed on the New York Stock Exchange
(symbol: AAL) and the International Stock Exchange of the United Kingdom and
the Republic of Ireland. Its Class C Common Stock is listed on the
International Stock Exchange of the United Kingdom and the Republic of Ireland.
Reed Stenhouse's RSC Class 1 Special Shares, associated with the shares of
Alexander & Alexander's Class A Common Stock, are listed on the Toronto Stock
Exchange and Montreal Stock Exchange.
TRANSFER AGENTS AND REGISTRARS
Stockholders inquiring about security transfer matters, dividend payments,
address corrections and other issues related to their account should contact:
First Chicago Trust Company of New York
P.O. Box 2500
Jersey City, N.J. 07303-2500
The R-M Trust Company
Balfour House
390 High Road
Ilford, Essex IG1 1NQ
England
Montreal Trust Company of Canada
151 Front Street West
Toronto, Ontario M5J 2N1
Canada
FINANCIAL INFORMATION
Securities analysts and other persons seeking financial information about the
Company should contact Alan Kershaw, Treasurer, at (410) 363-5873; facsimile
(410) 363-5300. In Europe, contact Peter R.J. Tritton, director, Public &
Client Relations, Alexander & Alexander Services UK plc, at 44 (171) 623 5500;
facsimile 44 (171) 626 1178.
GENERAL INFORMATION
For general information about the Company, its products or services contact
Corporate Communications in New York at (212) 444-4583; facsimile (212)
444-4697, or Public & Client Relations in London at 44 (171) 623 5500; facsimile
44 (171) 626 1178. Our internet address is alexalex@attmail.com.
AUDITORS
Deloitte & Touche
Dates Referenced Herein and Documents Incorporated by Reference
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