BFD Benfield Group

RNS Number:1139E
Benfield Group Limited
15 October 2004

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
DISTRIBUTION OR RELEASE IN OR INTO AUSTRALIA, CANADA OR JAPAN, SOUTH AFRICA OR
THE UNITED STATES.

RNS Announcement

15 October 2004



                             BENFIELD GROUP LIMITED

                 Notice of Amendment to Employee Lock-up Expiry



Benfield Group Limited ("Benfield" or the "Company"), the reinsurance
intermediary, today announces its intention to amend the release date for a
tranche of common shares ("the shares") owned by employees and former employees
which are subject to certain lock-up restrictions put in place at the time of
its initial public offering ("IPO") in June 2003.



As indicated in the Company's interim results statement issued on 8 September
2004, the Board of Directors has decided to permit the second employee and
former employee share lock-up expiry to be brought forward from 18 December 2004
to 10 November 2004 in order to avoid the need to implement a stock market
transaction close to the Christmas holidays.



The expiry of the second lock-up entitles employee and former employee
shareholders to sell a further 25% of the shares which they held immediately
after the IPO, in addition to the 25% released from lock-up restrictions on 18
December 2003.  A further 25% of shares held as a result of exercising share
options or the distribution of deferred stock units ("DSUs") from the date of
the IPO to the end of the first lock-up period and up to one-third of shares
held as a result of exercising share options or the distribution of DSUs in the
period between the end of the first lock-up period and 10 November 2004 are also
released.



The Company has written to its employee shareholders informing them of the
lock-up expiry amendment.  The letter also sets out a proposal to operate a
Common Share Dealing Facility through the Company's corporate broker Merrill
Lynch on 10 November 2004 to enable employees to sell their shares on that date.



In the Company's interim results statement it was also announced that the
Company intends to set aside approximately #40m of available free cash to
support a share buyback programme that will be implemented over the next 18
months. To the extent that employee lock up releases provide liquidity in
Benfield shares that is not taken up by institutional investors, the Company may
consider purchasing available shares for cancellation.



For further information, please contact:


Investors & Analysts
Julianne Jessup                      Benfield                             +44 (0)20 7578 7425
Robert Bailhache                     Financial Dynamics                   +44 (0)20 7269 7200
Peter Tracey                         Merrill Lynch Corporate Broking      +44 (0)20 7996 4541
Charles Thurstan                     Merrill Lynch Corporate Broking      +44 (0)20 7996 1263
Media
David Bogg                           Benfield                             +44 (0)20 7578 7000
Peter Rigby                          Haggie Financial                     +44 (0)20 7417 8989









Benfield is the world's leading independent reinsurance intermediary and risk
advisory business.  Its customers include most of the world's major insurance
and reinsurance companies as well as Government entities and global
corporations.  Benfield employs over 1,600 people based in more than 30
locations worldwide.  The company is listed on the London Stock Exchange under
the ticker symbol BFD. www.benfieldgroup.com



This announcement is for information purposes only and does not constitute an
offer or an invitation to acquire or dispose of any securities.  Neither this
announcement nor the information contained herein is an offer of securities for
sale in the United States or in any other jurisdiction.  The securities referred
to herein have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the "Securities Act") and may not be offered or sold in the
United States absent registration under the Securities Act or an applicable
exemption from registration.  No public offering of the securities referred to
herein will be made in the United States, the United Kingdom or elsewhere.



Merrill Lynch International will be acting for the Company in connection with
the Common Share Dealing Facility and no one else and will not be responsible to
anyone other than the Company for providing the protections offered to its
clients nor for providing advice in relation to the above transaction.  No
representation or warranty, express or implied, is or will be made as to, or in
relation to, and no responsibility or liability is or will be accepted by
Merrill Lynch International or by any of its respective officers, servants or
agents as to or in relation to the accuracy or completeness of this release, or
any other written or oral information made available to any interested party or
its advisers and any liability therefore is hereby expressly disclaimed.





"Stabilisation/FSA"






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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