Alexander Forbes, the South African insurance broker and eighth-largest financial services group in the world, is seeking a listing on the London Stock Exchange.
Forbes' plan is part of an expansion which has seen its overseas revenue grow from 5% to 50% in the past five years. It aims to raise this figure to 70% by 2003.
The company's expansion drive began when it bought out wholesale insurance broker Nelson Hurst in 1997 and acquired 80% of Media Insurance Services the following year.
More recent acquisitions have included insurance indemnity firm Alfred Blackmore and much of reinsurance broker Bradstock's retail business.
Worldwide group finance director Mike Ilsley told Insurance Times the company was looking to make an acquisition on the financial services side of the business rather than brokerage.
The firm's reasons in seeking a listing on the London Stock Exchange were to help it gain international capital and offer a hard currency share incentive scheme for employees.
He said: “At this stage, we're busy completing our technical application to the South African Reserve Bank.
“It's likely to be a long time in terms of completing the process.”
Chairman and chief executive of Alexander Forbes UK John Percy-Davis said: “A London listing would be helpful in raising our profile, widening our shareholder base and generating greater liquidity in the market for our shares.”
The company, which posted a profit o
