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A&A LIKELY TO REPORT THIRD QUARTER LOSS; IN ADDITION, UNDERSTANDING IS REACHED ON TERMS FOR SETTLING IRS CLAIMS

 NEW YORK, Sept. 28 /PRNewswire/ -- Alexander & Alexander Services Inc. (A&A) (NYSE: AAL) today announced that it is likely to report a loss for the quarter ending Sept. 30, 1993. The expected results reflect a review of the ultimate realization of revenues related to work in progress from human resource management services provided in the United States by its subsidiary, the Alexander Consulting Group Inc. Additionally, the company anticipates an increase in reserves for professional liability claims.
 A&A stated that operating results are affected by weak insurance prices in North America and difficult economic conditions worldwide. Further, fiduciary investment income continues to be negatively affected by low interest rates.
 The company also announced that it had reached an understanding with the appeals office of the Internal Revenue Service on the terms for settling tax issues for the years 1980 through 1986. The understanding, which is subject to further governmental review, would result in a settlement within the company's previously established reserves.
 A&A Services Inc. is a global organization of professional advisers providing risk management, insurance brokerage and human resource management consulting services from offices in more than 80 countries.
 -0- 9/28/93
 /CONTACT: Gary Sullivan of Alexander & Alexander Services Inc., 212-444-4572/
 (AAL)


CO: Alexander & Alexander Services Inc. ST: New York IN: INS SU: ERP

TW -- NY023 -- 6248 09/28/93 09:15 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
Words:226
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