Benfield Group Posts Profitable 2002
By Mark E. Ruquet
NU Online News Service, May 15, 4:30 p.m. EDT?Reinsurance broker Benfield Group Ltd. reported its end-of-year results for 2002 and said operating profit grew less than 10 percent.
London-based Benfield reported a pre-tax profit for the year ending Dec. 31, 2002, of ?10.4 million ($16.9 million U.S.) compared to a loss in 2001 of ?35.8 million ($58.1 million), an improvement of ?46.2 million ($74.97 million).
The profit results were on an increase in commissions and fees of ?68.1 million ($110.53 million U.S.) going from ?216.4 million ($351.2 million) in 2001 to ?284.5 million ($461.7 million).
The firm reported that group operating profit, before exceptional charges and goodwill amortization, rose ?4.9 million ($7.95 million) from ?51.3 million ($83.3 million) to ?56.2 million ($91.2 million).
Benfield reported that the exceptional charges for 2002 were ?17.3 million ($28.1 million) compared to ?59.7 million ($96.9 million) in 2001. The 2002 charges involved the acquisition of Dallas-based insurance broker E.W. Blanch back in 2001. Benfield purchased Blanch for $179 million.
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