Interim Management Statement

RNS Number:6134T
Benfield Group Limited
02 May 2008



2 May 2008


                             BENFIELD GROUP LIMITED

Interim Management Statement for the period from 1 January 2008 to today's date

Benfield Group Limited ("Benfield" or "the Group"), the world's leading
independent reinsurance and risk intermediary, issues an Interim Management
Statement in relation to the period from 1 January 2008 to today's date and on
the outlook for the remainder of the year ending 31 December 2008, in advance of
Benfield's Annual General Meeting which is scheduled to take place at 12 noon
today.

Performance during the period

Overall there has been little change to the trading environment described in the
Preliminary Results announcement on 13 March 2008. The principal indicator of
the trend in catastrophe reinsurance pricing since this date has been the annual
reinsurance renewal for the Japanese market on 1 April 2008.  This showed
reduction's in catastrophe rates for windstorm and earthquake of up to 10%,
which was in line with Benfield's expectations. In the broader reinsurance
market the declining trend in pricing has also continued, reflecting an
abundance of reinsurance capital, the absence of recent major catastrophe losses
in most territories and increasing competition among reinsurers. As previously
noted, Benfield has not been materially affected by the global credit crisis and
although it has had an adverse effect on some reinsurers, the overall impact on
the global reinsurance market has been muted.

The Group is implementing expense reduction initiatives designed to achieve
annualised savings of #15m from 2009, as announced in the Preliminary Results
for 2007. Under the #150 million share buyback programme which commenced in
December 2007, the Group has so far bought back 13.1 million shares at a cost of
#35.1m. This buyback programme is expected to be completed by the end of 2009,
subject to market conditions.

Grahame Chilton, Chief Executive of Benfield, commented, "The business continues
to face headwinds in the form of adverse currency trends and the softening
reinsurance market. Nevertheless, we are firmly focused on achieving targeted
cost savings while continuing to pursue opportunities for profitable growth,
particularly those made available by our capital markets expertise. An
improvement in the trading environment in the important Florida catastrophe
reinsurance market seems increasingly likely as a result of the proposed
revisions to the legislation regarding the Florida Hurricane Catastrophe Fund.
However, at this stage, absent any significant improvement in market conditions,
we continue to anticipate the 2008 trading result* will be marginally below that
for 2007. We remain committed to delivering value to shareholders through our
long-term goal of growth across cycles and I am confident of the Group's
prospects for future progress."

There have been no material events or transactions in this period and there have
been no significant changes in the financial position of the Group since the
Preliminary Results Announcement on 13 March 2008.

* Trading result comprises operating profit from continuing operations before
goodwill impairment, amortisation of intangible assets, depreciation of
property, plant and equipment and exceptional items.

                                     -ENDS-



Contacts:


Grahame Chilton, Chief Executive      Benfield              +44 (0) 20 7578 7000
John Whiter, Chief Financial Officer  Benfield              +44 (0) 20 7578 7000


Analysts & Investors

Julianne Jessup                       Benfield              +44 (0) 20 7578 7425
Rob Bailhache                         Financial Dynamics    +44 (0) 20 7269 7200


Media

David Bogg                            Benfield              +44 (0) 20 7522 4016
Peter Rigby/David Haggie              Benfield              +44 (0) 20 7417 8989



Benfield is the world's leading specialist reinsurance and risk intermediary.
Its customers include many of the world's major insurance and reinsurance
companies as well as government entities and global corporations.  Benfield
operates from more than 50 locations worldwide and is listed on the London Stock
Exchange under the ticker symbol BFD. www.benfieldgroup.com.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

IMSQFLFBVEBXBBQ
Benfield (LSE:BFD)
過去株価チャート
から 6 2024 まで 7 2024