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ALEXANDER & ALEXANDER COMPLETES SALE OF CONVERTIBLE PREFERRED STOCK

 NEW YORK, March 22 /PRNewswire/ -- Alexander & Alexander Services Inc. ("A&A") (NYSE: AAL) announced today that it has completed a private placement of 2.3 million shares of $3.625 Series A convertible preferred stock for net proceeds of approximately $111 million.
 The preferred stock was issued to increase A&A's capital base following the company's $157.5 million fourth quarter 1992 special charge related to sold or discontinued underwriting businesses.
 Paul E. Rohner, chief financial officer, said, "The preferred issue capitalizes on favorable stock market conditions and restores the company's financial ratios to sound levels comparable to those before the special charge."
 These shares, which pay the equivalent of 7.25 percent, are convertible (commencing 90 days after issuance) into A&A's common stock at a conversion price of $31.875 per share. They are redeemable by the company on or after March 22, 1997.
 The preferred stock was placed by the First Boston Corporation and J.P. Morgan Securities Inc.
 Alexander & Alexander 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- 3/22/93
 /CONTACT: Gary Sullivan of A&A, 212-840-8500/
 (AAL)


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

GK-CK -- NY042 -- 8167 03/22/93 11:07 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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