London-based insurance broker Benfield Group Ltd. reported income for the first six months dropped 7 percent compared to the period last year on a revenue decrease of 4 percent during the period.
"As expected, adverse trends in reinsurance and insurance pricing continued in the first half of the year," Grahame Chilton, Benfield's chief executive, said in a statement.
"Despite this, the international division produced an excellent result and Benfield Corporate Risk maintained its strong new business growth.," he said. "We have made good progress with our cost savings initiative and continue to expect our reported trading result for the full year to be marginally below that achieved in 2007."
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