Martin-Gray is a good match for Alexander Forbes, providing as it does a comprehensive range of insurance, pension and investment services to local and international clients. Alexander Forbes said the acquisition was part of its ongoing growth strategy to expand its international business.

Martin-Gray was founded by Mr Geoffrey Martin in 1978 and built into a substantial business by Geoffrey Martin and Trevor Gray. It now employs around 34 people in total, who are split between its Jersey and Guernsey offices.

Dick Wood, Chief Executive Financial Services at Alexander Forbes UK, commented: 'Alexander Forbes has a relatively small financial services operation in Jersey. Martin-Gray is a highly professional and respected firm with a similar business profile and philosophy to us. Their business has been built on the twin pillars of professional expertise and commitment to client service. Our objective is to continue to provide a quality personal service backed by professional expertise. We are also delighted with the opportunity to be represented in Guernsey for the first time.'

Chairman and Joint Managing Director of Martin-Gray, Geoffrey Martin, will remain on the board as a non-executive Director. Trevor Gray, currently joint Managing Director of Martin-Gray, will become Managing Director of the combined business.

Trevor Gray said: 'This is an exciting opportunity for the staff and clients of both companies and will give us the ability to offer a wider and more competitive range of services to our clients both in the Islands and abroad. One area of great interest and strength is Professional Indemnity Insurance which is very much a "topic of the day" with the advent of the new Financial Services legislation. Alexander Forbes is a recognised leader in the Professional Indemnity (PI) Broking market. Alexander Forbes' expertise in PI and other classes of business will enable us to provide additional benefits to both existing and new clients over the coming years.'