Press releases
2006
Sale of Warrants in Lancashire Holdings Limited
30 Nov 2006
Benfield Group Ltd ("Benfield"), the world's leading independent reinsurance and risk intermediary, today announces that it has sold its holding of warrants to subscribe for 7,625,217 common shares in Lancashire Holdings Limited ("Lancashire"), the Bermudian insurance company. Benfield received the warrants as part consideration for its role in the establishment of Lancashire in December 2005. The warrants have been sold to J.P. Morgan Securities Limited.
Benfield will receive gross proceeds of US$19.5 million from the sale. The warrants were accounted for as a financial instrument in the year ending 31 December 2005. This transaction will not be material to the results for the year ending 31 December 2006.
Grahame Chilton, Chief Executive of Benfield, commented; "Lancashire has almost completed its first full year of operations and we are delighted to have been associated with establishing such a successful Bermudian insurer. In line with our policy of retaining a focus on our core intermediary business, we have now taken this opportunity to sell our holding."
-ENDS-
Contacts:
| 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 |
Notes to Editors:
About Lancashire
Benfield is the world's leading independent 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 40 locations worldwide. The company is listed on the London Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com