Broker targets 300% growth via overseas acquisitions and specialist team hire

Alexander Forbes has set its sights on a top-three reinsurance broking spot within three to five years.

Reinsurance managing director Stephen Hitchcock said the company was aiming to reach between £50m and £60m in brokerage from reinsurance to put it into the top three.

"To reach this we will have to grow by about 300%," said Hitchcock.

The company is looking at acquiring reinsurance brokers in global hubs, he added, saying one broking firm in Bangkok had already been bought.

Hitchcock said Alexander Forbes is also planning to take on teams of reinsurance specialists to help reach its growth targets.

The company snatched a team of 11 from Heath Lambert during 2004 to help boost its division, which now has a team of 50.

The division is already strong in casualty reinsurance. Hitchcock said there were plans to expand rapidly in the property market, particularly areas such as catastrophic risk and retrocession.

"The major players in this market are becoming staid," Hitchcock said. "We have no Spitzer issues and intend to provide unparalleled service.

"We aim to be one of the major players," he added.