Benfield Group Limited said it would see a short-term hit to its profit margin as it invests in an infrastructure expansion.

The London-based reinsurance broker said it anticipates its 2005 results to be flat, but expects to see an increase in revenues in 2006 and 2007.

The broker said it expects recruitment costs will add approximately ?12 million ($22 million U.S.) to expenses this year. Benfield said an additional ?8 million ($14 million) of net investment will go into development of a specialist insurance broking business in the energy, marine and power sectors.

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