LONDON, Dec. 11, 2003 (PRIMEZONE) -- Benfield Group Limited, the world's leading independent reinsurance intermediary, today issues an update on trading prior to the end of its financial year.
Reported revenues for the Group in 2003, on a constant currency basis, are expected to achieve the rate of growth anticipated at the time of the recent Initial Public Offering. Similarly, the Group is set to achieve the improved level of trading margin anticipated at that time. Cash flows remain strong.
The US division has continued to perform well with further growth from property and casualty placements. Although the weakness of the US dollar will affect the reported results, on a constant currency basis the US operation will have registered strong performance and grown its market share.
The results of the International division, which will also be impacted by the weakness of the US dollar, continue to demonstrate steady progress. The targeted growth areas have performed well, particularly in Central and Eastern Europe.
Market conditions in casualty classes remain strong although there is some pressure on rates in property classes. Overall, the outlook for 2004 shows good opportunities for further growth in revenue and margin and further improvement in market position.
About Benfield:
Benfield is the world's leading independent reinsurance intermediary and risk advisory business. Its customers include most of the world's major insurance and reinsurance companies as well as Government entities and global corporations. From advising on risk management to accessing contingent capital, Benfield's business philosophy is founded on working in partnership with its customers to enhance their success. Benfield employs over 1,700 people based in more than 30 locations worldwide. The company is listed on the London Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com
This information is provided by RNS
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-0- For further information, please contact: David Bogg (media) + 44 (0) 20 7522 4016 Julianne Jessup (investors) + 44 (0) 20 7578 7425 Benfield David Haggie/Peter Rigby (media) + 44 (0) 20 7417 8989 Haggie Financial