Reinsurance intermediary Benfield said pre-tax profit had tripled in the 12 months ending 31 December 2003. It said pre-tax profit grew to £31.2m, up from £9.8m in 2002.
Group operating profit was £47m for the year, up from £27m in the previous year. Turnover increased from £284m in 2002 to £300m for 2003.
Benfield chief executive Grahame Chilton said: “Many of the trends in our marketplace are favourable for Benfield.
“The broker-orientated markets of Bermuda and Lloyd's have been the strongest recent performers and most of the new reinsurance capacity created since 2001 has been in these markets.
“We anticipate further consolidation in the insurance broking industry and we believe this will bring us opportunities to enhance the growth of our business.”
Benfield was listed on the stock market in June 2003, raising £131m. The total cost of the IPO was approximately £30m, the group's results revealed.
