Benfield says agreed new 300 mln stg debt facility; plans 150 mln stg buyback |
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Published
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Mon, 10 Dec 2007 08:21
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LONDON (Thomson Financial) - Benfield Group Ltd said it plans to buy back up to 150 mln stg of shares over the next two years and added it has arranged a new debt facility for up to 300 mln stg with Bank of Scotland PLC, Barclays Capital and Lloyds TSB Corporate Markets to fund the buyback programme and to meet its capital requirements.The reinsurance and risk intermediary also said the trading environment remains challenging and the weak dollar will have a further adverse impact on reported results for the second half of 2007.Consequently, the company said it expects trading profit for 2007 to be marginally lower than previous expectations. It said the outlook for 2008 is also likely to be affected by the weak dollar, and it expects further softening of rates over the next 12 months.The company said the current trend for insurers to retain more risk is expected to continue into 2008.TFN.newsdesk@thomson.comans/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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