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News Focus - Benfield reports healthy profits despite stormy 2005.
(From Reinsurance)
Benfield has announced that despite difficult market conditions, it made a profit of GBP34.8m over 2005, up 12% on the GBP31m it made during the previous year.
The broker said it had missed the fall-out from New York attorney general Eliot Spitzer's investigation into the insurance industry, as it did not offer contingent commissions. However, it acknowledged that its January 2006 renewals had been affected by the record catastrophe losses chalked up during the 2005 Atlantic storm season.
According to Benfield, the catastrophe losses in the market meant that the previous downward trend in reinsurance rates generally stabilised; there were also substantial rate increases for loss-affected areas, although competition was still evident for certain non-loss-affected business, particularly in Europe.
Underlying demand for reinsurance was strong, partly due to higher levels of modelled exposure driving increased regulatory and rating agency capital requirements. However, buyers sought to manage costs as well as to secure the most appropriate reinsurance protection. Benfield said that it expects the full impact of the unprecedented ...
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