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LONDONBenfield Group Ltd. has issued a profit warning in the wake of the resignation of several senior members of its facultative reinsurance team.
The reinsurance broker said that profit for the year is likely to be £10 million ($18.6 million) lower than previously expected.London-based Benfield said that, although facultative business makes up less than 6% of its revenues, the departure of several senior members of its facultative team had meant that it had "found it necessary to commence a legal process in order to protect its business interests."
The leader of Benfield's facultative team, Elliot Richardson, recently left the broker to join London based Aon Ltd. as head of its global cedent facultative reinsurance team.
A spokesman for Benfield said there had been 20 resignations from its facultative team, from a global team of about 110.Benfield previously had said it expected to record a profit of at least £86.3 million for 2006.