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London-based reinsurance broker Benfield Group Limited said it has made a $20.5 million cash investment in Globe Re, a new, limited-life reinsurance vehicle aimed at participating in a portfolio of U.S. property catastrophe risks sponsored by Hannover Re.

Benfield Advisory, Benfield’s specialist corporate finance and advisory business, is the joint structure and placement agent for the vehicle which will underwrite business from its June 1 inception.

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