Benfield buys into Canadian energy sector

Benfield Corporate Risk has bought the businesses of Beaufort International Insurance (BIII) and Beaufort Insurance Services (BISI), from Beaufort Group in Canada. The terms of the acquisition have not been disclosed.

Based in Calgary, Canada, BIII and BISI provide specialist insurance broking services to companies operating in the oil and gas exploration and oil sands industries throughout Western Canada. The businesses of BIII and BISI will be combined with Benfield Corporate Risk’s Calgary office which was established in January 2005 and will enhance the company’s specialty capabilities in the Canadian energy sector. The businesses will trade as Benfield Corporate Risk with immediate effect and all eleven employees from BIII and BISI will remain with the company.

In addition, Dougal Simpson, the chief executive of BIII and BISI has been appointed head of Benfield Corporate Risk’s Canadian operation.

John Lapsley, chief executive of Benfield Corporate Risk said: “BIII and BISI have excellent reputations for providing a high quality of service to their specialised energy customers. The businesses are an excellent strategic fit for Benfield Corporate Risk and these acquisitions will enable us to further expand our energy operations in this important market and will complement our Mining, Construction and Aviation operations in Calgary and Vancouver.”

Dougal Simpson, chief executive officer of Benfield Corporate Risk Canada commented: “Combining our operations with Benfield Corporate Risk will enable our existing and new customers to benefit from an enhanced level of service and capabilities. We are excited to announce our partnership with Benfield Corporate Risk and we look forward to embarking upon the next chapter of our success story. Benfield Corporate Risk’s growing reputation, global network of offices and access to markets will provide the platform for us to further develop our products and services in Canada.”