South African financial and risk services group Alexander Forbes has secured £100m of offshore funds for an acquisition spree in the UK.

The cash was raised by the issue of exchangeable bonds to be listed on the Luxembourg stock exchange.

The company says the move is in line with the stated aim of “significantly increasing its presence in the UK retail client market.”

Around £30m will go to repay bank loans raised for the acquisition of financial services group Johnstone Douglas in April.

Chief executive Graeme Kerrigan said: “Our planned UK acquisitions include financial services businesses as well as the purchase of retail broking businesses on a selective basis.”

He added that a number of acquisitions are in progress “and we hope to be able to make further announcements in the not too distant future.”

International development director Quintin Heaney said further acquisitions would probably be announced over the coming weeks and months.

He added: “We hope to complete the majority of our targets in time for Christmas.”

The buys are likely to consist of a few larger ones rather than a number of small acquisitions.

The bonds have been subscribed for by RFS Holdings, an associate of the South African Rembrandt Group.

Alexander Forbes' international operations, which account for 43% of revenues, is based in London.

International activities include risk management and finance, insurance and reinsurance broking, insurance underwriting and claims management.

  • Alexander Forbes Solicitor Claims Service (AFSCS), the new solicitors' professional indemnity claims service, this week selected its panel of 13 specialist professional indemnity solicitors.

    AFCS says it aims to provide solicitors with the highest standards of professional identity claims handling following the introduction of the commercial professional indemnity market on September 1 this year.

    Users of the service can receive an instant online update of their full policy and claims details on the secure website,

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