The Benfield Group has announced its intention to seek a listing for its shares on the London Stock Exchange in the first half of 2003.

In May 2001 Benfield acquired EW Blanch Holdings - a leading US-based reinsurance intermediary, in a debt-financed transaction. Since that time, net debt levels have been significantly reduced by the issue of £40 million ($62m) of convertible preference shares and positive
cash generation from excellent trading conditions.

Benfield said that this has enabled it to repay, on or ahead of schedule, more than £65 million of bank debt in the current year. The Board said that it is now an appropriate time to raise further capital by means of a public listing.

The redomiciliation of the Group to Bermuda in October 2002 was planned to give Benfield the choice of considering an initial public offering (IPO) in the US or in the UK, said a spokesman. He added that the regulatory environment in the US has changed substantially in recent months and has yet to stabilize.

It is intended that the share offering will, subject to market conditions, take place in the first half of next year.

Grahame Chilton, Chief Executive of Benfield, commented:
"As a Group we have taken a serious look at a potential IPO in the US markets. However, recent high profile events in the US have resulted in an unattractive environment in which to pursue a US IPO at this time. This is not to say that the Benfield Group would rule out listing in the US in the future when the current uncertainties in the US market have settled.

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