(UNAUDITED)
                                                                   EXHIBIT 11.0

                       Alexander & Alexander Services Inc.
                    Computation of per Common Share Earnings
             Three and Nine Months Ended September 30, 1996 and 1995
                   (in millions, except per share information)

<TABLE>
<CAPTION>
                                                Three Months Ended  Nine Months Ended
                                                   September 30,      September 30,
                                                ------------------  -----------------
                                                  1996      1995     1996        1995
                                                 ------    ------   ------      ------
<S>                                              <C>       <C>      <C>         <C>  
PRIMARY
-------

  Earnings Attributable to Common
  -------------------------------
  Shareholders:
  -------------
  Net income                                     $ 13.1    $ 17.5   $ 47.7      $81.9
  Less:  Preferred stock dividends                 (6.7)     (6.4)   (19.9)     (18.9)
                                                 ------    ------   ------      ------

  Earnings attributable to common
    shareholders                                 $  6.4    $ 11.1   $ 27.8      $63.0
                                                 ======    ======   ======      =====

  Average Common and Common Equivalent Shares
  -------------------------------------------
  Outstanding:
  ------------
  Average common shares outstanding                45.2      44.3     45.1        44.3
  Add shares of common stock assumed issued on
    exercise of stock options                       0.1       0.3       -          0.2
                                                 ------    ------   ------      ------
  Average common and common equivalent shares
    outstanding                                    45.3      44.6     45.1        44.5
                                                 ======    ======   ======      ======

FULLY DILUTED
-------------

  Fully Diluted Earnings Per Share:
  Net income                                     $ 13.1    $ 17.5   $ 47.7      $81.9
  Less:  Preferred stock dividends                 (6.7)     (6.4)   (19.9)     (18.9)
                                                 ------    ------   ------      -----

  Earnings attributable to common
    shareholders                                    6.4      11.1     27.8        63.0
  Add:  Series B preferred stock dividends          0.0        -       0.0        12.7
                                                 ------    ------   ------      ------
  Net income available to common shareholders    $  6.4    $ 11.1   $ 27.8      $ 75.7
                                                 ======    ======   ======      ======

  Average Common Shares Outstanding, Assuming
  -------------------------------------------
  Full Dilution:
  --------------
  Average common shares outstanding                45.2      44.3     45.1        44.3
  Add shares of common stock assumed issued on:
    Exercise of stock options                       0.1       0.3       -          0.3
    Conversion of Series B preferred stock          0.0        -       0.0        12.5
                                                 ------    ------   ------      ------
  Average common and common equivalent shares
    outstanding, assuming full dilution            45.3      44.6     45.1        57.1
                                                 ======    ======   ======      ======
</TABLE>


                                       41