Pre-tax profits and group revenue tumble.
Benfield has posted a 5% fall in pre-tax profits for the six months to 30 June 2008.
The reinsurance broker reported profit before tax of £87.7m, down 5.0% from £92.3m at the same period last year.
Group revenue also fell to £233m, a decrease of 4% to £242.7m.
The group trading margin increased to 43.6%, from 42% in the first half of last year.
In a statement, Benfield blamed the expected soft reinsurance market conditions for the loss in revenue
However, it said new business growth, particularly in Europe and Global Facultative Solutions, increased over 6% in revenue in its International Division. The US Division saw first half revenues impacted by a number of multi-year contracts where the majority of revenue was recognised in earlier accounting periods.
It added that within the Marine, Energy and Power sector, revenue grew by a further 30%.
Grahame Chilton, Chief Executive of Benfield, said: "As expected, adverse trends in reinsurance and insurance pricingcontinued in the first half of the year.
"Despite this, the International Division produced an excellent result and Benfield Corporate Risk maintained its strong new business growth.
"We have made good progress with our cost savings initiative and continue to expect our reported trading result for the full year to be marginally below that achieved in 2007.
"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."
