Financial Services Industry
Industry: Email Alert RSS FeedGoldman represents MMC on possible Benfield bid.
Financial News, August, 2002
Byline: Michael Hoare
Goldman Sachs is advising Marsh & McLennan Companies (MMC) on a possible $1bn ([euro]1bn) bid for Benfield Group, the world's largest privately owned reinsurance intermediary.Lexicon, the financial services advisory boutique, and Morgan Stanley are advising Benfield.
The owners of Benfield may still chose to take the business public rather than let it go to a trade buyer. The UK-based company is majority-owned by its employees, who are not thought to be in a hurry to sell it.
Benfield has annual revenues of $410m, including those from EW Blanch, the US reinsurance broker it bought in May 2001. It is thought to be worth about $1bn, although the discussions with MMC are focused on differing views on price.
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