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LONDON-Lowndes Lambert Group Holdings P.L.C. and Fenchurch P.L.C. have agreed to merge to form Lambert Fenchurch Group P.L.C., the brokers announced last week.

Under the terms of the proposed deal, valued at (British pounds) 27.6 million ($45.4 million), Lowndes Lambert will offer Fenchurch shareholders 628 Lambert Fenchurch shares for every 1,000 Fenchurch shares. If the deal is approved by shareholders, Sir Robert Clark, non-executive chairman of Lowndes Lambert, will become non-executive chairman of the new company. Michael Small, chief executive of Fenchurch, will become non-executive deputy chairman. David Margrett, chief executive of Lowndes Lambert, will become chief executive of Lambert Fenchurch.

The merger could reduce costs for the brokers by at least (British pounds) 5 million ($8.4 million) by the year ending March 31, 1998. The combined company would rank No. 11 in the Business Insurance ranking of the world's 20 largest brokers, based on 1996 gross revenues of (British pounds) 143.4 million ($224.5 million). That potential ranking takes into account recent merger and acquisition activity among brokers.