The Group >> History

30s	On arranging a Lloyds contract with Price Forbes (a London-based insurance broker), in 1935 a Johannesburg merchant, Emile Levy & Company, consolidates its insurance agencies into a separate business. This marks the birth of what has now become Alexander Forbes group.

40s	Price Forbes buys into the business and by 1950 acquires 100% ownership in Price Forbes Africa, which pioneers insurance broking in South Africa and over time opens offices in all the main centres.

50s	Price Forbes Life & Pensions Brokers is established in 1955 (later to become Alexander Forbes Financial Services).

70's	Price Forbes Life & Pensions Brokers changes its name in 1971 to Price Forbes Employee Benefit Consultants to reflect the changing needs of clients and the company’s broadening role (soon to include actuarial services and the administration of retirement funds). Off this base, what is now Alexander Forbes Financial Services has become the largest firm of actuaries and benefit consultants in Africa.

	In 1974 Price Forbes establishes South Africa's first risk consultancy, then called Corporate Risk Management Consultants. Today Business Risk Solutions provides enterprise-wide and specialist risk services to clients within Africa and internationally.

	Mergers in 1973 and 1979 result in an increased local shareholding, coupled with our representing various multinational brokers in South Africa. One of these was Alexander & Alexander which at the time had a 5% stake in our group. Our employee benefits division adopts the name Alexander Forbes.

80's	After researching the attitude of workers to pension funds, 1982 sees us pioneering worker participation and trustee training in retirement funds in South Africa. For this we set up a dedicated Negotiated Benefits division.

	Alexander Forbes Consultants and Actuaries is established in 1988.

90's	A small grass-roots Risk Services business is established in the UK in 1990. Later a joint retail broking venture is established with Nelson Hurst, a London-listed insurance broker.

	In 1993 Alexander Forbes and a leading local insurer establishes the world's first cell-captive insurer, Guardrisk Insurance Company. Guardrisk, which now has both a short-term and a long-term insurance licence in South Africa, also operates in Mauritius and Namibia.

	On 4 November 1996, as Forbes Group Limited, the group lists on the JSE Securities Exchange South Africa.

	Investment Solutions is established in 1997 to later become South Africa’s largest multi-manager. A unit trust division is launched in 2001 and a grassroots Investment Solutions business opens in the UK in 2003.

	In 1997 a successful bid is made for 100% of Nelson Hurst plc, a London Stock Exchange listed insurance broker established in 1919. This extends our reach to nearly 30 countries in the UK, Asia and Latin America and to niche markets, enabling us to become one of the leading professional indemnity brokers in the London market. Since 1998 the group has been ranked by Business Insurance as one of the world’s top ten providers of risk and benefit services.

	“Alexander Forbes”, our common worldwide identity, is launched in 1999.

2000's	A number of Black Economic Empowerment (BEE) initiatives undertaken before the release of the Financial Sector Charter reach fruition, marking important BEE milestones in South Africa.

	Alexander Forbes joins the Brussels-based EOS Risq partnership in 2000 with other long-established independent European insurance brokers. These include Diot S.A. (of France), GrECo International (of Austria), Van Breda (of Netherlands), Grupo Assiteca (of Italy) and Ecclesia Group (of Germany), enabling clients to benefit from local service and knowledge through partners’ offices in 25 western, central and eastern European countries and elsewhere through correspondents.

	2001 brings consolidation of a number of overseas acquisitions including the retail interests of Bradstocks, Alfred Blackmore in the UK and Martin Gray in the Channel Islands. These provide services to local and expatriate clients.

	In 2002 the company acquires a 60% interest in Lane Clark & Peacock (“LCP”), an actuarial consultancy in the UK, and also Bufete de Consultoria Actuarial in Mexico. Subsequently, LCP also acquires actuarial businesses in Belgium and Switzerland.

	In 2003 30% of our South African business is sold to a Black Economic Empowerment consortium led by Shanduka Group. 5% is held by the Alexander Forbes Community Trust, which supports causes related to our business, namely the aged, disabled, women, persons affected by HIV/Aids and education. A similar empowerment transaction is concluded with Cherish Investments in respect of our Namibian business.

	VenFin becomes our largest shareholder in 2004, owning 24,9% in Alexander Forbes Limited.

	2004 – 2005 Alexander Forbes’ commitment and resources are recognised through a number of awards including innovation, service standards and our commitment in combating HIV/Aids.