Alexander Forbes has restructured its International Risk Services (AFIRS) operations in a bid to grow in new markets.

Current chairman and chief executive John Percy-Davis will remain executive chairman, but Stewart McCulloch, who joined from Willis in January this year, will take on the chief executive role.

Following the change AFIRS will be divided into five divisions, each reporting to McCulloch.

Percy-Davis will head the specialisms division. He said the company was looking for a "quantum leap" in expansion for the division, developing its offerings in niche markets.

The professions division will be led by chairman and chief executive Tony Blyfield. McCulloch said the division wanted to expand its share of the directors' and officers' market in particular, and develop new product lines.

Roger Brown will lead the corporate risks division as chief executive. McCulloch said Brown would develop the division's major accounts service and team. Brown will also work to develop its volume business offering.

McCulloch said: "We want to expand in the US, but there are a number of significant niches where we have established skills and presence. The changes are all about positioning the right people and leaders behind those opportunities."