Benfield Group
Encyclopedia
Benfield Group is a leading independent reinsurance
and risk
intermediary. Customers include most of the world's major insurance and reinsurance companies as well as government entities and global corporations. A former constituent of the FTSE 250 Index
, the company has been a division of Aon Corporation since November 2008.
broker trading as Benfield, Lovick and Rees & Company. Matthew Harding
, John Coldman and Grahame Chilton led a management buy out of the business in 1988 and changed the name to The Benfield Group.
In 1995 the Company acquired Ellinger Heath Western, another Lloyd's broker, so creating Benfield Ellinger. In 1997 the Company merged with Greig Fester to form the Benfield Greig Group. In 2001 the Company merged again – this time with EW Blanch – to form The Benfield Group. The Company was first listed on the London Stock Exchange
in 2003.
On 22 August 2008, Chicago based Aon Corporation announced that it had agreed to acquire Benfield Group. The $1.43 billion deal was completed on 28 November 2008. Aon intends to fully integrate Benfield into the parent company.
: it has an international network of more than 50 offices in the US, the UK, Continental Europe
, Bermuda
and Asia.
Through the subsidiary, Benfield Corporate Risk, Benfield also caters for the complex risk management and transfer needs of corporate entities in selected industries.
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...
and risk
Risk
Risk is the potential that a chosen action or activity will lead to a loss . The notion implies that a choice having an influence on the outcome exists . Potential losses themselves may also be called "risks"...
intermediary. Customers include most of the world's major insurance and reinsurance companies as well as government entities and global corporations. A former constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
, the company has been a division of Aon Corporation since November 2008.
History
The Company was founded in 1973 as a Lloyd'sLloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
broker trading as Benfield, Lovick and Rees & Company. Matthew Harding
Matthew Harding
Matthew Harding was a British businessman, vice-chairman of Chelsea football club and a major financial supporter of New Labour .-Early years:...
, John Coldman and Grahame Chilton led a management buy out of the business in 1988 and changed the name to The Benfield Group.
In 1995 the Company acquired Ellinger Heath Western, another Lloyd's broker, so creating Benfield Ellinger. In 1997 the Company merged with Greig Fester to form the Benfield Greig Group. In 2001 the Company merged again – this time with EW Blanch – to form The Benfield Group. The Company was first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 2003.
On 22 August 2008, Chicago based Aon Corporation announced that it had agreed to acquire Benfield Group. The $1.43 billion deal was completed on 28 November 2008. Aon intends to fully integrate Benfield into the parent company.
Operations
The Company is based in London and incorporated in BermudaBermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
: it has an international network of more than 50 offices in the US, the UK, Continental Europe
Continental Europe
Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands....
, Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
and Asia.
Through the subsidiary, Benfield Corporate Risk, Benfield also caters for the complex risk management and transfer needs of corporate entities in selected industries.