| Type | Wholly owned subsidiary |
|---|---|
| Industry | Reinsurance and risk |
| Founded | 1973 |
| Headquarters | London, UK |
| Key people | John Coldman, Chairman Grahame Chilton, CEO |
| Revenue | £339.2 million (2007) |
| Operating income | £56.5 million (2007) |
| Net income | £36.8 million (2007) |
| Owner(s) | Aon Corporation |
| Website | www.benfieldgroup.com |
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.
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The Company was founded in 1973 as a Lloyd's 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.[1] The $1.43 billion deal was completed on 28 November 2008.[2] Aon intends to fully integrate Benfield into the parent company.[2]
The Company is based in London and incorporated in Bermuda: 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.