The Benfield Group Ltd. announced plans to raise additional capital by listing its shares on the London Stock Exchange sometime in the first half of 2003.
Benfield, the world’s third largest reinsurance broker, which completed a buyout of the U.S. E.W. Blanch Holdings in May 2001, said it had considered listing shares for sale on U.S. markets, but after considering its options found the U.K. to offer a more attractive environment.
According to a report from Dow Jones Newswires, CEO Grahame Chilton stated that “As a group we have taken a serious look at a potential IPO in the U.S. markets. However, recent high profile events in the U.S. have resulted in an unattractive environment in which to pursue a U.S. IPO at this time.”
The company gave no indication of the amount of money it intends to raise through the offering.
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