Reinsurance intermediary, Benfield Group, has announced its 2002 results, posting a 9.5% increase in group operating profit to £56.2m.
Benfield's turnover also increased by 31.5% to £284.5m, largely as a result of recent acquisitions.
The group reported a pre-tax profit of £10.4m in 2002, an improvement of £46.2m from 2001.
Benfield chief executive Grahame Chilton said: "The ever more rapid pace of change in our industry presents many new challenges for us and our customers. In this demanding environment the intermediary who is able to provide expert advice and transactional excellence is a great asset.
"The increased depth of resources we have as a result of the expansion of the past two years and the further development of our global platform means that Benfield is well positioned to respond to the changing needs of our customers.
"Our continued success reflects the professionalism, teamwork and commitment of Benfield team members around the world. We recently consolidated our global platform under the new single brand identity of `Benfield'. We are confident that this will prove a sound foundation for the future and it remains our intention to float on the London Stock Exchange, subject to market conditions."
Benfield also appointed Paul Roy and Francis Maude as additional non-executive directors to the board.
