Everyone enjoys are good lunch, but it seems Benfield brokers maybe enjoying one too many.

The reinsurance broking giant posted a drop in its 2005 profits last week, partly as a result of increased "operating expenses".

A closer look at its results, revealed an £18m travel and entertaining bill for the year, up 22% on 2004.

The broker explained the increase on its "hiring programme" for the year.

Backchat expects the profits of Benfield's local steak and claret houses to be looking pretty rosy.