Benfield Share Discussion Threads

[polzeath] 26/6/2007 11:07

cheers Lex, likewise good luck ;-)

Don't be surprised if BFD gets taken over this summer! Was I right about IMP or was I not wrong? :-)

[lex1000] 26/6/2007 10:38

Polzeath,BFD unlike IMP falls outside my experience and knowledge.Therefore unable to add much to debate.fwiw think it will come good.Increased stake building by Artisan Partners suggests value to be had and possibility of future bid.Previously bounced off 305p trading between 300p & 320p.One stock of many do not hold but quite fancy is AGR.Good luck here.aimvho.dyor.

[polzeath] 26/6/2007 07:19

The biggest riser in the FTSE 250 was Benfield Group. The insurance broker enjoyed a much needed bounce after US investment group Artisan Partners added to its stake, lifting its holding to 22.9m shares, or 10.2pc of the equity. It is holding the stock on behalf of a number of investors, including State Street Nominees and Mellon Trust.

Artisan Partners is perhaps best known in recent months for accusing Countrywide management of attempting to take the estate agency business private on the cheap. Its refusal to accept a £940m bid for the group eventually led to a higher £1bn-plus offer being made for the company. Benfield, which was trading at a year low, improved 15½ to 320¼p.

[polzeath] 25/6/2007 21:50

Good chart, something's going to happen. Bid of some sort?

[polzeath] 25/6/2007 13:11

Artisan top up holding again (see RNS).

Artisan Partners Limited Partnership 22,884,234 £71,398,810 (old - now more like 23.1m shares)
Deccan Value Advisors L.P 14,066,000 £43,885,920
Harris Associates LP 11,789,000 £36,781,680
FMR Corp 10,587,900 £33,034,248
Henderson Global Investors Limited 6,815,375 £21,263,970

So the big guys hold 25% of the share capital.

I feel a bid is on the horizon, BFD must be the most wanted 'insurance' co out there yet trading at a 2 year low. Trust me, I get a funny feeling about these things :-)

Coldman not the kind of guy who likes being undervalued by the market.

[polzeath] 15/6/2007 12:15

About time for more buyback action, methinks:

8 March 2007



BENFIELD GROUP LIMITED
Preliminary Results for the year ended 31 December 2006

Benfield Group Limited ("Benfield" or "the Group"), the world's leading
specialist reinsurance and risk intermediary, today announces its preliminary
results for the year ended 31 December 2006.

Financial Highlights

• Group reinsurance broking revenue increased by 12.9% to £299.4m (2005:
£265.1m) - at constant rates of exchange(1) revenue increased by 12.6%
• Group revenue increased by 9.6% to £355.3m (2005: £324.1m) - at
constant rates of exchange(1) revenue increased by 9.4%
• Group trading result(2) increased by 18.3% to £74.9m (2005: £63.3m)
• Group trading margin(3) increased to 21.1% (2005: 19.5%)
• Profit before tax was £53.0m (2005: £53.8m)
• Profit for the financial year increased to £38.4m (2005: £34.9m)
• Basic earnings per share increased to 17.2p (2005: 15.5p)
• Diluted earnings per share increased to 15.9p (2005: 14.1p)
• The Group returned £78.3m of cash to common shareholders in 2006
(2005: £31.1m)
• Final dividend 8.0p per share (2005: 7.0p)
...

Benfield is a cash generative business and we are committed to returning surplus
capital to shareholders when it cannot be profitably invested in Benfield or
selected industry opportunities. Having chosen in 2005 to invest in reinsurance
teams and Benfield Corporate Risk, in 2006 we returned cash to shareholders in
the form of a new £75m share buy-back programme announced in June of which, by
31 December 2006, we had repurchased £59.8m. In contrast to the previous £40m
buy-back programme that started in 2004, this new programme has been partly
financed through a new £100m revolving debt facility. The Board remains
committed to continuing to review the use of surplus cash, including the further
use of debt for share buy-backs where this offers the best available return. In
total during the year, the Group returned £78.3m of cash to shareholders, more
than double the amount returned in 2005.

[polzeath] 11/6/2007 07:17

Benfield Group Limited
11 June 2007

Litigation Conclusion

Benfield, the world's leading independent reinsurance and risk intermediary,
today announced that it has reached a conclusion with Lloyd's in relation to the
New Central Fund dispute which was previously disclosed in Benfield's Annual
Report & Accounts 2006.

The financial impact of the agreement for Benfield will be approximately net
£8,000,000, which will be accounted for as an exceptional item.

Grahame Chilton, Chief Executive Officer of Benfield, stated "We are pleased to
have brought an end to this matter and we look forward to continuing our
excellent working relationship with Lloyd's."

Lloyd's and Benfield have agreed that the terms of the settlement will remain
confidential.

-ENDS-

Hmmm, bad news not always bad news, see below. LLoyd's wanted far more from Benfield and Aon, ie the balance between £325 million and £152 million. £8 million out, £9.5 million back in from Aon from an earlier dispute...these things happen in reinsurance.

Ref

Lloyd's to sue Benfield and Aon
Lloyd's is planning to sue insurance brokers Benfield and Aon in a compensation
claim over its long-running Central Fund dispute. The dispute began in April 2003
when six reinsurers (Swiss Re, St Paul, XL Re, Federal Insurance Company,
Hannover Re and Employers Re) refused to pay claims in respect of the reinsurance
policy for the Central Fund, claiming the policy had not been affirmed and they were
not legally bound to pay up. Lloyd's reached a £152 million settlement with the
insurers following arbitration in March 2005 and now plans to claim the shortfall of
£325 million from Benfield and Aon, who placed the policy.

[polzeath] 25/5/2007 13:52

Cheers lex, you too.

BFD: could be a buyback or could be somebody winding down a big stake and somebody else taking it up?

[lex1000] 25/5/2007 13:44

Polzeath,re:o/t has a seller.A drop below 175p for the second time.Who'd have thought?!

ATs in action fascinating to watch.No clues on pattern interested to know if anyone can.Importantly bounced @ 305p.Good luck here and on sub 165p.regards lex ;o)

[polzeath] 25/5/2007 13:31

Can anybody shed any light on this pattern?

13:14 312.25p 4,801 £14,991 Buy AT
13:14 312.00p 4,832 £15,076 Buy AT
13:13 312.00p 2,300 £7,176 Buy AT
13:11 311.75p 1,900 £5,923 Buy AT
13:11 312.00p 1,800 £5,616 Buy AT
13:11 312.00p 3,000 £9,360 Buy AT
13:02 312.00p 3,400 £10,608 Buy AT
12:56 312.75p 3,646 £11,403 Sell AT
12:56 312.75p 200 £626 Sell AT
12:56 312.75p 100 £313 Sell AT
12:56 312.75p 600 £1,876 Sell AT
12:56 312.75p 600 £1,876 Sell AT
12:55 313.75p 1,176 £3,690 Buy AT
12:55 313.75p 1,100 £3,451 Buy AT
12:55 314.00p 1,185 £3,721 Buy AT
12:50 313.50p 1,860 £5,831 Sell AT
12:44 314.00p 909 £2,854 Buy AT
12:44 314.00p 343 £1,077 Buy AT
12:44 314.00p 2,312 £7,260 Buy AT
12:43 314.00p 1,388 £4,358 Buy AT

ie all AT

[polzeath] 25/5/2007 12:47

Cheers for charts & sentiment, lex :-) O/T Sorry to see CCT dip but will not post there until I'm back in which if you're lucky will not be anytime soon (sub 165p) ;-)

[lex1000] 25/5/2007 12:23

BFD reasonable punt on takeover buy dips not chase share price higher if can afford tie money up.

Recent buying on back of Fidelity holdings.Institutional support is not 100% short term caste iron guarantee tho' must see value at these levels.

Chart downtrending 2005 prices from that point of view negative.Hope bounce off 305p as before with 300p as back up.If not rely on supports sub 300p say 270p.Would be buyer @ 250p.

Greenspan,China,sell in May come back September do not help matters.If market crashes after UK close nothing anyone can do about it but wait until Tuesday i.e UK PLC closed bank hol monday.aimvho.dyor.


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[polzeath] 25/5/2007 10:50

BFD hit 305 intraday mid-March and bounced back strongly in the afternoon. A little chutzpah needed here, may45 :-)

You'll have seen there was a big sell at 08.31 (134291 @ 308.16p) and this needs to be soaked up.

Plenty of institutional interest if BFD gets too low so sit tight.

[may45] 25/5/2007 09:58

305 P, are supportat this price? please help....

[lex1000] 24/5/2007 08:01

Polzeath,mentioned in post 6 o/t MPH-Marchpole.Keep a watchful eye on it.regards lex;o)

[polzeath] 23/5/2007 14:11

Not too bad so far; Rome wasn't built in a day :-) Good luck to the good ship Benfield and all who sail in her LOL.

[lex1000] 23/5/2007 12:10

Charts one of a number of tools.Read into them what you like and fundementals.Ultimately comes down to individual investor combined with gut & survival instincts.Yes would be comfortable investing in BFD but not your other o/t which nervous about.Thanks for mentioning BFD. Wish you well.regards lex ;o)

[polzeath] 23/5/2007 11:55

Hushed voice...boing...question mark, caution, don't wake the baby LOL. Maybe there's something in these charts after all :-)

[lex1000] 23/5/2007 11:35

Polzeath,no you've read my post wrongly.Agree with your punt here i.e obviously both FID and company see value at these levels.Highlighted PET as share price dropped.Can't win them all ;o( PET is a punt on HCL being passed if not May sometime i.e whenever! and company being awarded contracts in Iraq.Great patience required if HCL delyed.As posted before like the looks of CCT for recover back from 160'ps to 200p.MPH 182p-183p another of mine which probably is not for you.Good luck in all that you do.regards lex;o)

[polzeath] 23/5/2007 11:18

lex - one man's falling knife is another man's recovery play LOL :-)
Profit warning all in the price IMHO.

All I need now is no more hurricanes for 2007. I'll have a look at PET, ta.

[lex1000] 23/5/2007 11:09

Polzeath,you do pick them.Profits warning failing to meet expectations;profit expected similar to 2006.Company buybacks and Fidelity obviously see value to be had here.Betting on takeover.Good luck.PET stuck 60p-70p ;o)


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[polzeath] 23/5/2007 07:24

Another day, another strategic holding. Fidelity joins the others who are positioning themselves for BFD getting taken over.

Artisan Partners Limited Partnership 21,312,118 £66,920,053
Deccan Value Advisors L.P 14,066,000 £44,167,241
Harris Associates LP 11,789,000 £37,017,461
FMR Corp 10,587,900 £33,246,007
Henderson Global Investors Limited 6,815,375 £21,400,278


Benfield Group Limited
22 May 2007


22 May 2007


Holding(s) in Company


NOTIFICIATION OF MAJOR INTEREST IN SHARES


The Company has today, 22 May 2007, been notified that Fidelity FMR Corp has an
interest in the voting rights of 10,587,900 Common Shares of 1p each in Benfield
Group Limited, representing 4.70% of the issued share capital of 224,993,847
Common Shares of 1p each of the Company.

[worlds lrgest undies] 30/3/2007 10:40

wot? no ladyboy piccies?

hugely disappointing fred.................

[jdung] 30/3/2007 08:33

good support at 315-320p.
maybe up to 340P ?

[circuit breaker] 12/3/2007 07:21

Benfield is a leading reinsurance intermediary and risk advisory business, serving many of the large insurance and reinsurance groups. The company works with customers in more than 100 countries operating out of more than 30 offices, providing additional advisory, consulting and administrative services.