Merrill Lynch and Morgan Stanley are leading the £100m (€139m) initial public offering of Benfield Group, the global reinsurer and first trading company to float on the main market of the London Stock Exchange since last November.

The two banks are joint bookrunners and also joint financial advisers to Benfield alongside Lexicon Partners, the financial services advisory boutique set up by a group of former Donaldson, Lufkin & Jenrette bankers.