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Spiller resigns from Benfield

Spiller resigns from Benfield

David Spiller has resigned from his position as CEO of Benfield Group's International Division, the company announced in a statement to the London Stock Exchange this morning (7 July).

Spiller, a Benfield stalwart whose days with the independent reinsurance broker stretch back more than quarter of a century, will step down with effect from 31 July 2005.

Dominic Christian who, since his appointment to the Benfield board last September has worked closely with Spiller managing the International Division, will take over the role.

Benfield Group CEO Grahame Chilton commented: "I would like to thank David for the contribution he has made to the development of Benfield's global platform since the acquisition of Greig Fester in 1997.

"After 26 years with the Group, David has decided that his future lies elsewhere and we wish him well in his future endeavours. I look forward to working with Dominic, utilising his wealth of experience to develop further our International Division."

The company added that trading conditions remain consistent with recent market updates.

Benfield warned last month that 2005 profits would be lower than last year as a result of an increasing cost base together with flat revenues. It added that US revenues have fallen as a result of the various investigations into the insurance industry.

The broker is developing a primary energy, marine and power business centred around former Marsh executive John Lapsley in response to "strategic opportunities" arising from the "unprecedented changes in the insurance industry".

At the time of the warning Benfield shares dropped 8 percent to 254p on the London Stock Exchange.

Shares have since rallied and were trading at 285p at the time of going to press.

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