Benfield Group

The company was established as a Lloyd's broker in 1973 as Benfield, Lovick, and Rees & Company (BLR). In 1988, a management buyout led to the formation of Benfield Group.[1]

In the 1990s and early 2000s, the company grew through a series of mergers with Ellinger Heath Western, Greig Fester, and E.W. Blanch. The company was first listed on the London Stock Exchange in 2003.[1]

On 22 August 2008, Chicago-based Aon Corporation announced that it had agreed to acquire Benfield Group.[2] The $1.43 billion deal was completed on 28 November 2008.[3] Aon's reinsurance broking business continues to operate under the name Aon Benfield.

Benfield Group was based in London and incorporated in Bermuda. It had an international network of more than 50 offices in the US, UK, Continental Europe, Bermuda and Asia.

Benfield was a reinsurance broker, acting as an intermediary between reinsurance companies and reinsurance purchasers. More than 90% of its revenues came from its reinsurance brokerage business.[1]

Through its subsidiary, Benfield Corporate Risk, Benfield also operated in the primary insurance brokerage space, catering to the complex risk management and transfer needs of corporate entities in selected industries.[1]