 | |
| Industry | Reinsurance and risk |
|---|---|
| Founded | 1973 |
| Headquarters | London, UK |
Key people | Michael O'Halleran, Executive Chairman Eric Andersen, CEO |
| Owner | Aon Corporation |
Benfield Group was a leading independent reinsurance and risk intermediary. Customers included most of the world's major insurance and reinsurance companies as well as government entities and global corporations. A former constituent of the FTSE 250 Index, the company has been a division of Aon Corporation since November 2008.
The company was established as a Lloyd's broker in 1973 as Benfield, Lovick, and Rees & Company (BLR). In 1988, a management buyout led to the formation of Benfield Group. [1]
In the 1990s and early 2000s, the company grew through a series of mergers with Ellinger Heath Western, Greig Fester, and E.W. Blanch. The company was first listed on the London Stock Exchange in 2003. [1]
On 22 August 2008, Chicago-based Aon Corporation announced that it had agreed to acquire Benfield Group. [2] The $1.43 billion deal was completed on 28 November 2008. [3] Aon's reinsurance broking business continued to operate under the name Aon Benfield until 2018.
Benfield Group was based in London and incorporated in Bermuda. It had an international network of more than 50 offices in the US, UK, Continental Europe, Bermuda and Asia.
Benfield was a reinsurance broker, acting as an intermediary between reinsurance companies and reinsurance purchasers. More than 90% of its revenues came from its reinsurance brokerage business. [1]
Through its subsidiary, Benfield Corporate Risk, Benfield also operated in the primary insurance brokerage space, catering to the complex risk management and transfer needs of corporate entities in selected industries. [1]
Aon PLC is a global professional services and management consulting firm that offers a range of risk-mitigation products, including commercial risk, investment, wealth, health, human capital, and reinsurance solutions. The firm also provides data and analytics services, strategy consulting through Aon Inpoint and investment banking advisory through Aon Securities. Aon has approximately 50,000 employees across 120 countries.
Financial services are economic services provided by the finance industry, which together encompass a broad range of service sector firms that provide financial management, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.
Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.
Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia, and founded in 1930, Markel reports its ongoing underwriting operations in three segments, and products originate from three insurance divisions and one reinsurance division. Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.
Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.
Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois. The firm was established in 1927 and is one of the largest insurance brokers in the world.
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
Patrick G. Ryan is an American billionaire insurance businessman. He is the founder and retired chairman and CEO of Aon Corporation. In 2010, he founded Ryan Specialty Group (RSG) as a holding company aimed at providing specialty services to insurance brokers, agents and carriers. RSG's first subsidiary, ThinkRisk, began business in December 2009 to provide underwriting and claims management services for media, technology, advertising and network security.
Jardine Lloyd Thompson Group plc, also known as JLT Group or simply JLT, was a British multinational corporation that had its headquarters in London, England. It provided insurance, reinsurance, employment benefits advice and brokerage services. It was a constituent of the FTSE 250 Index until it was acquired by Marsh McLennan in April 2019.
Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company with its headquarters in the Willis Building in London until its merger of equals with financial services company Towers Watson in 2016. It was the world's third-largest insurance broker when measured by revenues. Willis has around 400 offices in 120 countries and approximately 18,000 employees.
Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts. Captive insurance companies sometimes insure the risks of the group's customers. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more control over how they are insured.
Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a subsidiary of the Dutch multinational ING Group under the name ING Canada. Intact Financial directly underwrites insurance through its subsidiary companies Intact Insurance and Belair Insurance, as well as operating additional brokerage, insurance service, and damage restoration subsidiaries. As of 2017, Intact was the largest provider of property and casualty insurance in Canada by annual premiums.
Juniperus Capital Limited is a Bermuda-based hedge fund. It was incorporated in Bermuda on April 11, 2008. The investment management company became operational in May 2008.
Aon Hewitt was a provider of human capital and management consulting services headquartered in Lincolnshire, Illinois in the United States. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services. The "Aon Hewitt" brand and legal entities have now been absorbed into the "Aon" business, leaving obsolete the names "Hewitt" and "Aon Hewitt."
Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.
Argo Group International Holdings, Ltd, or Argo Group, is a Bermuda-based international underwriter of specialty insurance products in the property and casualty market. Argo Group and its insurance subsidiaries are rated "A−" by Standard & Poor's. Argo's insurance subsidiaries are rated "A−" by AM Best. In 2017, the San Antonio Express News wrote that "The company has made more than $1 billion in profit over the last decade as a mid-sized player in a niche field insuring complex or hard-to-price risks other insurers won’t touch." Argo was listed on the New York Stock Exchange in May 2018.
Covéa is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).
Willis Towers Watson Public Limited Company is a British-American multinational company providing insurance services. The company was founded in 2016, following a merger of the Willis Group and Towers Watson.
Marsh is a global professional services firm, headquartered in New York City with operations in insurance broking and risk management. Marsh is a subsidiary of Marsh McLennan and a member of its Risk & Insurance Services business unit. Currently, approximately 45,400 Marsh employees provide risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in more than 130 countries. Marsh's $10.208 billion in revenue in 2021 accounted for 52% of the parent company's fiscal year revenue.
Dominic Gerard Christian is a Councilman of the City of London Corporation where he represents the Ward of Lime Street. He is Global Chairman of Aon Reinsurance Solutions and a member of Aon's Global Executive. He is also the Deputy Chairman of Lloyd's of London.
 | This article on an insurance company is a stub. You can help Wikipedia by expanding it. |