International Insurance Services Ltd., a Bermuda broking company, recently changed its name to Alexander Howden Group Ltd.

The Bermuda broking company shares its name with the London firm, Alexander Howden Group Ltd., the global reinsurance and specialist insurance subsidiary of Alexander & Alexander Services Inc. (A&A) which was formed over 170 years ago.

"The change of name is the culmination of 18 months of realignment,'' said managing director Mr. Joe Rego, head of the broking company.

The company announced the name change at a gathering marking a 30 year presence in Bermuda.

The anniversary celebration was held at the Mid Ocean Club last Thursday. "In the past year, we've been communicating more with London, talking to specialty brokers to make sure they are aware of what is happening in the Bermuda market,'' said Alexander Insurance Managers executive director Mr. Alan Cossar, head of the captive management company.

"The Bermuda insurance market has changed greatly over the past 30 years. The A&A group which includes the Bermuda broking and captive management companies has responded to the changes by realigning the reporting of our Bermuda operations toward London.'' A&A owns Alexander Insurance Managers, which started operating in Bermuda 30 years ago as Alexander International Ltd.

A&A formed Alexander Insurance Managers Ltd. on May 12, 1965 and A&A was the majority shareholder while the late Mr. Sydney Pine was a shareholder and director.

Mr. Pine was one of the initiators of international business in Bermuda.

"We are very proud to be one of the oldest management companies in Bermuda and of the reputation we have built for the highest quality of professional service,'' said Mr. Cossar.

"With the growth in the Bermuda market it made sense to realign the reporting with other specialist brokers to the London office,'' he said.

"We've seen more business coming out of London to us and we expect that to continue.'' The original purpose of the company was to find effective solutions for corporations to fund foreign pensions and employee health benefit schemes.

In December 1969, the company's incorporating act was amended to allow for management of insurance and reinsurance companies.

The A&A services group today is primarily the result of A&A merging in the early 1980s with Alexander Howden of the UK and then with Reed Stenhouse of Canada in the mid-1980s.

A&A's purchase of Howden and its Bermuda subsidiary became mired in controversy when allegations of fraud later emerged involving senior executives.

Alexander Howden incorporated its first company in Bermuda 25 years ago in March 1970, while Reed Stenhouse incorporated their Bermuda broking company in 1979.

The operation in Bermuda now has 50 staff.

The Alexander Howden Group, the second largest firm of Lloyd's brokers and the second largest reinsurance broker in the world, is a major producer of business for the Island's property catastrophe insurers.

The group is headquartered in Devonshire Square in the heart of London. The company receives business from 100 countries.