30th Nov 2006 07:03
Benfield Group Limited30 November 2006 30 November 2006 Sale of Warrants in Lancashire Holdings Limited Benfield Group Ltd ("Benfield"), the world's leading independent reinsurance andrisk intermediary, today announces that it has sold its holding of warrants tosubscribe for 7,625,217 common shares in Lancashire Holdings Limited("Lancashire"), the Bermudian insurance company. Benfield received the warrantsas part consideration for its role in the establishment of Lancashire inDecember 2005. The warrants have been sold to J.P. Morgan Securities Limited. Benfield will receive gross proceeds of US$19.5 million from the sale. Thewarrants were accounted for as a financial instrument in the year ending 31December 2005. This transaction will not be material to the results for the yearending 31 December 2006. Grahame Chilton, Chief Executive of Benfield, commented; "Lancashire has almostcompleted its first full year of operations and we are delighted to have beenassociated with establishing such a successful Bermudian insurer. In line withour policy of retaining a focus on our core intermediary business, we have nowtaken this opportunity to sell our holding." -ENDS- Contacts: Analysts & Investors Julianne Jessup Benfield +44 (0) 20 7578 7425Rob Bailhache Financial Dynamics +44 (0) 20 7269 7200 Media David Bogg Benfield +44 (0) 20 7522 4016Peter Rigby/David Haggie Haggie Financial +44 (0) 20 7417 8989 Notes to Editors: About Benfield: Benfield is the world's leading independent reinsurance and risk intermediary.Its customers include many of the world's major insurance and reinsurancecompanies as well as government entities and global corporations. Benfieldoperates from more than 40 locations worldwide. The company is listed on theLondon Stock Exchange under the ticker symbol BFD. www.benfieldgroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings