RNS Number:5093M
Benfield Group Limited
19 June 2003

19 June 2003

This announcement is not for publication or distribution or release in the 
United States, Canada, Australia or Japan

               ANNOUNCEMENT OF EXERCISE OF OVER-ALLOTMENT OPTION

Benfield Group Limited (the "Company") announces that in connection with the
initial public offering of the Company (the "Global Offer") Merrill Lynch
International has informed it that it has exercised the over-allotment option
over 9,417,988 New Common Shares in the Company, raising an additional #23.5
million of gross proceeds for the Company at the Offer Price of 250p per Common
Share.

Application has been made to the Financial Services Authority, in its capacity
as the UK Listing Authority, for the shares resulting from the exercise of the
over-allotment option to be admitted to the Official List of the UK Listing
Authority and to the London Stock Exchange for such shares to be admitted to
trading on the London Stock Exchange's market for listed securities.

This announcement does not constitute or form part of an offer, or solicitation
of an offer to purchase or subscribe for any Benfield Group Limited shares.
Prices and values of, and income from, shares may go down as well as up. Past
performance is no guide to future performance and persons needing advice should
consult an independent financial adviser.

This announcement is not for publication, distribution or release in the United
States, Canada, Australia or Japan. This announcement does not constitute or
form part of an offer or solicitation of an offer to purchase or subscribe for
securities in the United States, Canada, Australia or Japan.

Shares in Benfield Group Limited have not been and will not be registered under
the US Securities Act of 1933 as amended and have not and will not be offered or
sold in the United States absent registration or an exemption from registration.
No public offering of securities is being made in the United States.

Merrill Lynch International and Morgan Stanley Securities Limited are the Joint
Bookrunners for the Global Offer. Merrill Lynch International is Sole Sponsor
and Broker to Benfield Group Limited. Merrill Lynch International, Morgan
Stanley Securities Limited and Lexicon Partners Limited are acting for Benfield
Group Limited in relation to the Global Offer and no one else and will not be
responsible to anyone other than Benfield Group Limited for providing the
protections afforded to their respective clients, nor for providing any advice
in relation to the Global Offer, the contents of this document or any
transaction or arrangement referred to herein.

Stabilisation/FSA


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