| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: NONLIFE INSURANCE |
Benfield hit by softening market, forex |
|
Fri 02 May 2008
|
LONDON (SHARECAST) - Reinsurance broker Benfield expects 2008's trading result to be marginally below 2007 due to currency moves and a softening reinsurance market.
“In the broader reinsurance market the declining trend in pricing has continued, reflecting an abundance of reinsurance capital, the absence of recent major catastrophe losses in most territories and increasing competition among reinsurers,” said the group.
The annual reinsurance renewal for the Japanese market on 1 April has shown reductions in catastrophe rates for windstorm and earthquake of up to 10%. However, the group said an improvement in the trading environment in the important Florida catastrophe reinsurance market seems increasingly likely due to the proposed revisions to the legislation regarding the Florida Hurricane Catastrophe Fund.
“The business continues to face headwinds in the form of adverse currency trends and the softening reinsurance market. Nevertheless, we are firmly focused on achieving targeted cost savings while continuing to pursue opportunities for profitable growth,” said chief executive Grahame Chilton.
“We remain committed to delivering value to shareholders through our long-term goal of growth across cycles and I am confident of the group's prospects for future progress,” he added.
|
|
| |
|
 |
Front Page Stories |
 |
|
